The market is currently at the bottom of the region, and there is little room for further decline. In the short term, the valuation contraction is coming to an end, and the overall A-share and some high-quality target valuations are at the historical average or even low position. In the medium and long term, the impact of the epidemic on us will eventually end in the next year or two.
Many very high-quality growth stocks have adjusted a lot, but after our research, most of their own performance expectations have not been revised, but many have strengthened their advantages in the industry. Therefore, we will also focus on high-quality growth stock investment in consumption and technology. The position will remain relatively high. We think this valuation division is at a very attractive stage in history.
The problem of new energy transaction congestion has been solved, and the valuation quantile is also low. From the perspective of three years, it will still maintain relatively fast performance growth. Therefore, from the perspective of growth stock investment, new energy is still the most attractive growth investment sector.
On March 29, Li Xiaoxing, managing director and fund manager of Yinhua Fund, appeared in the live broadcast room, shared his views on the current market and made a detailed interpretation of future investment opportunities.
In Li Xiaoxing's view, the current market is in the bottom area, and there is little room for further decline; After a round of adjustment, the valuations of many growth stocks are at a very attractive stage in history, and most of their performance has not been revised down, so they will still focus on the investment of growth stocks. From the three-year perspective, new energy is still the most attractive investment sector.
Li Xiaoxing, managing director and fund manager of Yinhua Fund
During the live broadcast, Li Xiaoxing admitted that this year is the third difficult time he has encountered since he became a fund manager, and his inner anxiety comes more from the periodic losses brought to the holders; Making the net worth reach a new high is still the direction of his unremitting efforts.
market is currently at the bottom
"The recent market adjustment is the result of the comprehensive action of internal and external factors." For the recent market adjustment, Li Xiaoxing said that external factors led to a decline in market risk appetite, while the internal factor was the epidemic, which made everyone lack confidence in short-term economic development and had a certain impact on consumption.
However, Li Xiaoxing is not pessimistic. In his opinion, the market is currently at the bottom and there is little room for further decline. "In the short term, the valuation contraction is coming to an end, and the overall A-share and some high-quality target valuations are at the historical average or even low position. In the medium and long term, the impact of the epidemic on us will eventually end in the next one to two years."
Although the Fed has stepped into the interest rate hike cycle, "I personally judge that our monetary policy is still 'dominated by me'." For China's monetary policy, Li Xiaoxing said, "the focus of the policy is still steady growth. Within the optional range, it should maintain a relatively loose monetary state."
new energy is still the most attractive growth sector
No matter how the market changes, in Li Xiaoxing's view, the stock will eventually earn money for the growth of the company's performance. Therefore, he will still focus on the growth sector.
\u3000\u3000 "Since the beginning of the year, we have seen a lot of very high-quality growth stocks with a large adjustment range, but after our research, most of their own performance expectations have not been revised down, but many have strengthened their advantages in the industry. Therefore, we will still focus on high-quality growth stocks in the two tracks of consumption and technology. The position will remain relatively high, and we think this valuation position is at a very attractive stage in history." Li Xiaoxing said.
"The opportunities for the new energy sector in the future are still relatively large." Li Xiaoxing said that after a round of adjustment, the problem of congestion in new energy transactions has been solved, and the valuation quantile is also low. From the perspective of three years, it will still maintain relatively fast performance growth. Therefore, from the perspective of growth stock investment, new energy is still the most attractive growth investment sector.
For the consumer sector, Li Xiaoxing said: "the traditional consumption industries, such as Baijiu and catering related industries, including the selected products, soy sauce and so on, have a lot of readjustment. Although the short-term performance is unpredictable, we feel that the adjustment has been made from the valuation division. From the perspective of more than one year, these sectors have a small absolute income space.
strive to improve the net value of the Fund
"This year is the third difficult time I have encountered since I became a fund manager." In the live broadcast, Li Xiaoxing admitted that the first time was in early 2016 and the second time was at the end of 2018. At that time, the withdrawal rate of the fund from the highest point was almost the same as now. I am still very optimistic about the investment opportunities in the equity market, and my personal assets have basically bought my own fund. It is undeniable that the decline since the beginning of the year has caused periodic losses to holders, and I am also anxious. After all, when the holder hands over the money to us for management, he just hopes that his wealth can grow.
At the end of 2018, Li Xiaoxing once made a new year's wish in his circle of friends. "In 2018, which is about to pass, the biggest anxiety comes from being ashamed of the holders who trust me and failing to protect your wealth. I don't want to make any excuses, but just want to say sorry to you. There is only one wish now. No matter how long it takes, I can make the net worth back to a new high in the future."
Standing at the current time point, Li Xiaoxing said: "we will strive to improve the net value of the fund, which is the direction of our efforts now."
fund positions further dispersed
On March 29, Yinhua Fund disclosed its 2021 annual report. Yinhua Xinyi flexible allocation hybrid fund managed by Li Xiaoxing held 103 stocks by the end of 2021, of which 24 stocks accounted for more than 1% of the net asset value of the fund. inaddition to the top ten heavy positions of the Zhejiang Dahua Technology Co.Ltd(002236) \ etc.
Compared with Yinhua Xinyi's 2021 interim report, the fund's positions are further dispersed. On the one hand, the number of stocks held by the fund increased from 97 to 103; On the other hand, in the mid-2021 report, the fund held 8 stocks accounting for more than 5% of the fund's net asset value, with Contemporary Amperex Technology Co.Limited(300750) accounting for more than 9% of the fund's net asset value and Shenzhen Inovance Technology Co.Ltd(300124) accounting for more than 8% of the fund's net asset value; In the 2021 annual report, there are only five stocks in the fund's position portfolio accounting for more than 5% of the fund's net asset value, Contemporary Amperex Technology Co.Limited(300750) accounting for the highest proportion of the fund's net asset value, which is 6.22%.
According to the annual report, the net share growth rate of Yinhua Xinyi flexible allocation hybrid fund in 2021 was 38.62%, with a scale of 12.095 billion yuan.
