In recent years, the booming technology track has brought a steady stream of investment opportunities to the market. Recently, Feng Mingyuan, deputy general manager of Cinda Aoyin fund and the proposed fund manager of Cinda Aoyin Zhiyuan holding hybrid fund for three years, said in an interview with China Securities Journal that the science and technology industry will probably maintain a high outlook for a long time, and the emerging science and technology theme will still be the mainstream investment opportunity in the A-share market in the next few years. Next, it will follow the tide of science and technology development, Focus on three core tracks: new energy vehicle industry chain, semiconductor and high-end manufacturing.
Focus on the matching degree between growth rate and valuation
In terms of investment direction, Feng Mingyuan believes that in the face of large industrial trends, it is necessary to compare among industries, pay attention to the development trend and potential of the industry, and select the big opportunities for layout in advance. We should be tolerant and open to emerging products and earn money for the long-term development of the industry. At the same time, we should pay attention to the "background of the times" and actively look for the endogenous investment and research power required by the times.
In the process of investment, Feng Mingyuan said that he did not pursue market hot spots, but improved the accuracy of investment by grasping the objective law of the internal development of the science and technology industry. From the perspective of position portfolio, Feng Mingyuan holds scattered shares and has no absolute heavy positions, which can avoid overweight single stock positions to control risks. In addition, Feng Mingyuan's fund position does not choose the timing of large categories of assets, but through a reasonable grasp of the valuation, that is, lock in the income and control the risk by overestimating the selling and undervaluing the buying strategy.
As for stock selection, Feng Mingyuan said that the bottom-up stock selection method is adopted, the matching between enterprise performance growth and valuation is concerned, the position structure is dynamically adjusted according to the principle of valuation cost performance, and no position timing transaction is conducted. Feng Mingyuan pointed out that the science and technology industry is different from traditional industries. Most Chinese science and technology companies rely on industrial chain development. Science and technology stock investment needs to judge the direction of technology development and the change trend of industrial chain through a large number of enterprise research, so as to better grasp science and technology stock investment.
In the public investment circle, Feng Mingyuan is known as the "research expert" and "either to research or on the way to research". According to Feng Mingyuan, he has nearly 11 years of field research experience in the field of science and technology. Feng Mingyuan said that in the research of science and technology enterprises, he will judge the "quality" of enterprise fundamentals by observing the two aspects of "customers" and "management". First, the customer base can reflect the characteristics of the company. For example, enterprises with many important institutional customer groups are often good companies, similar to Apple industrial chain, Tesla industrial chain and other related enterprises. Secondly, we can know the development prospect of the enterprise by observing the management's measures in business philosophy and talent training. For example, most of the excellent management of emerging industries will pay attention to R & D, talent incentive mechanism and customer service.
The theme of science and technology is still the mainstream investment opportunity of a shares
In order to layout the investment opportunities in 2022, the new fund Cinda Aoyin Zhiyuan three-year holding hybrid securities investment fund (hereinafter referred to as "Cinda Aoyin Zhiyuan three-year holding hybrid fund") to be managed by Feng Mingyuan will be put on public sale from January 12, 2022, which is the first three-year holding fund managed by Feng Mingyuan.
Feng Mingyuan said that the investment of the new fund will focus on the direction of the times and follow the tide of China's scientific and technological development. China's industrial upgrading will continue to deepen. The current period is at the initial stage of a new round of science and technology cycle. The development of science and technology industry will probably maintain a high momentum for a long time, gradually build the stickiness of manufacturing industry chain and form excellent supporting capacity of industry chain. Emerging science and technology themes will still be the mainstream investment opportunities in the A-share market in the next few years.
In terms of plate layout, Feng Mingyuan said that he would be optimistic about three core directions: first, the new energy vehicle industry chain. In 2022, the problem of core shortage of new energy vehicles can be alleviated, and some cost inflection points will be downward, which will also bring excess returns in some fields. In addition, the vehicle intelligence in the new energy vehicle industry chain deserves special attention. Automotive intelligence will bring new solutions in many fields. These links are not necessarily supplied by traditional auto parts manufacturers, but by some companies in the field of electronics or communication.
Second, semiconductors. With more and more Chinese wafer factories put into operation, the demand for new materials will be gradually released, and will enter an accelerated stage in the next few years.
Third, high-end manufacturing. Taking new energy as an example, whether it is lithium battery equipment, wind power equipment or photovoltaic equipment, the prosperity of Chinese enterprises is very high. Not only China's market share is increasing, but also overseas market share is expanding. These enterprises have accumulated strong technical capabilities and have become global leading enterprises.
(source: China Securities Journal · China Securities Network)
