Strategic view
In December, the central economic conference set the tone of "stable growth" in 2022, and mentioned that fiscal policy and monetary policy will be coordinated together, which means that this year, not only the monetary policy will be relatively loose, but also the fiscal side will continue to make efforts, which is expected to form a strong support for China's macro liquidity and national economy. As for the investment ideas in January, we believe that the layout should be carried out from the perspective of "policy support + performance improvement", and it is suggested to focus on power infrastructure, agriculture (Rural Revitalization Catalysis), military industry and so on.
Investment suggestions:
First, the direction of Rural Revitalization. From the statement of the central economic conference, rural revitalization is expected to be one of the main keynote of the policy in 2022. Rural Revitalization is another consolidation and effective connection of poverty alleviation, can effectively prevent rural residents from returning to poverty again, and is also a key link to achieve common prosperity. It pays attention to agriculture and rural infrastructure.
Second, the direction of military industry. Recently, many military enterprises have restructured or injected capital, and the industry boom is good; During the "14th five year plan" period, the equipment was updated and the increment was clear, which supported the profits of industrial enterprises; In terms of institutional allocation, the current allocation proportion of institutions to the military industry is also growing.
Third, the direction of auto parts. The automobile core shortage is alleviated, and the industry is expected to enter the stage of large capacity in 2022; At the same time The fall in commodity prices will reduce industry costs and industry profits are expected to improve.
Portfolio performance review
The historical performance of Sichuan financial stock portfolio is significantly better than that of the market. It outperformed the Shanghai and Shenzhen 300 index in 9 months in 2021. In December, the yield of Sichuan financial stock portfolio was 9.26%, the CSI 300 index rose 2.24% in the same period, and the excess return of Sichuan financial stock portfolio in December was 7.02%. Among the gold stock portfolios, the top gainers are: Huaneng Power International Inc(600011) (+ 56.04%), China Huadian (+ 21.52%) and Chengdu Leejun Industrial Co.Ltd(002651) (+ 16.87%). From January to December this year, the cumulative yield of Sichuan financial stock portfolio was 47.11%, the CSI 300 index fell 5.20% in the same period, and the excess return of Sichuan financial stock portfolio was 52.31%. According to the science and technology statistics of each city, the overall yield of Chuancai 2021 annuity stock portfolio ranks third in the whole market.
Gold stock portfolio of Chuancai securities in January 2022
Zhejiang Fenglong Electric Co.Ltd(002931) (machinery), Sichuan Crun Co.Ltd(002272) (machinery), Avic Electromechanical Systems Co.Ltd(002013) (military industry), Chengdu Leejun Industrial Co.Ltd(002651) (electric power), Kweichow Moutai Co.Ltd(600519) (food and beverage), Mianyang Fulin Precision Co.Ltd(300432) (automobile), Shenzhen Dynanonic Co.Ltd(300769) (chemical industry), Sichuan Development Lomon Co.Ltd(002312) (chemical industry), China Oilfield Services Limited(601808) (mining), Chengdu Haoneng Technology Co.Ltd(603809) (automobile).
Risk warning: the enterprise's profit is less than expected; Increased volatility in overseas markets; Systemic risk.
