Core view
Strategic view
Looking back on March, the market fluctuated greatly throughout the month. In the first half of the year, due to the comprehensive influence of factors such as the escalation of the conflict between Russia and Ukraine, the expectation of the Federal Reserve to raise interest rates and the repeated global epidemic, the market risk aversion increased and the global stock assets were sold off; The financial committee meeting in the second half of the year made clear the focus and orientation of the current economic work, and the market gradually warmed up after transmitting the signal of stabilizing market expectations and confidence. At the same time, the signal conveyed by the China US dollar first meeting was also relatively positive, and the market warmed up in the second half of the year. Looking forward to April, the market will enter the disclosure period of the first quarterly report. It is suggested to layout from the perspective of performance, pay attention to the direction of reasonable valuation and good growth, such as agriculture, high-end manufacturing, energy industry chain, etc.
Investment suggestions:
First, the direction of agriculture. As a large consuming country, China firmly adheres to the key point of ensuring national food security. At the same time, under the current background of “anti globalization”, ensuring food “self-sufficiency” is the key.
The second is the energy industry chain. The 14th five year plan for modern energy system has clearly planned the development of a variety of traditional energy and new energy. At the same time, the current energy shortage in Europe highlights the importance of “energy security”.
Third, high-end manufacturing, domestic substitution and independent and controllable industrial chain are the key directions of policy development, while at the demand side, new energy vehicles, UHV construction, 5g communication equipment and industrial Internet construction will be their increments.
Portfolio performance review in March
The return of Sichuan financial stock portfolio in March was – 12.36%, the Shanghai and Shenzhen 300 index fell 7.84% in the same period, and the excess return of Sichuan financial stock portfolio this month was – 4.52%. The subject matter with the highest increase in the gold stock portfolio is: Sichuan Injet Electric Co.Ltd(300820) (+ 10.64%). Overall, the excess return of gold stocks was poor this month. On the one hand, stimulated by the intensification of the conflict between Russia and Ukraine and the interest rate increase of the Federal Reserve, the market risk aversion was heavy, and the valuation of track stocks was squeezed; On the other hand, due to our neglect of opportunities in the real estate sector, Sichuan finance and financial stocks performed relatively poorly this month.
Sichuan finance securities gold stock portfolio in April 2022
At the end of the last year of the ), China Oilfield Services Limited(601808) (mining), China Petroleum & Chemical Corporation(600028) (chemical industry).
Risk warning: the profit of the enterprise is less than expected; Increased volatility in overseas markets; Systemic risk.
