In the first week of 2022, the overall performance of the A-share market was weak, and the Shanghai stock index fell by 1.65%. The major indexes rebounded after the weak shock, and are still looking for short-term support. The market profit-making effect was poor, with only about 1000 stocks rising and more than 3000 stocks falling.
In terms of industry, the market decline last week was mainly concentrated in new energy, CXO medicine, medical and chip sectors. The main rising sectors are heavyweights such as home appliances, banks, petroleum and petrochemical and real estate.
In this case, fund managers are looking for new investment directions.
Lu Bin, fund manager of HSBC Jinxin, who is outstanding in new energy investment, said that real estate has turned into a public utility and become a value stock; Jinzicai, the "growth master" of CAITONG fund, who is good at TMT growth investment, suggests agricultural investment opportunities
track investment is urgent
On the ranking list of public fund income in the first week of 2022, some fund products with heavy positions in new energy, medicine and other prosperous tracks have retreated significantly, and the champion fund in 2021 can not escape the fate of decline.
However, according to wind information data, in the first week of 2022, there are still 365 active equity funds (common stock type, balanced hybrid type, partial stock hybrid type and flexible allocation type, calculated separately for different shares) with positive returns.
active equity fund with high yield in the first week of 2022
Such "good start" fund products focus on value, blue chip, finance, real estate and other sectors, benefiting from the recent changes in market style. However, among the above "good start" fund products, there are few large-scale products.
Taking Huatai bairuixin financial real estate with a total return of nearly 5% since 2022 as an example, the scale of the fund at the end of the third quarter of 2021 was 37 million yuan, and the stock position was 93.03%. The top ten heavy positions were Shenzhen Overseas Chinese Town Co.Ltd(000069) , Jinke Property Group Co.Ltd(000656) , Seazen Holdings Co.Ltd(601155) , Yango Group Co.Ltd(000671) , Jiangsu Zhongnan Construction Group Co.Ltd(000961) , Industrial Bank Co.Ltd(601166) , Bank Of Chengdu Co.Ltd(601838) , China International Capital Corporation Limited(601995) , New China Life Insurance Company Ltd(601336) and Petrochina Company Limited(601857) shares respectively.
fund manager "turn"
HSBC Jinxin Fund pointed out that in combination with the industry, the boom leader fell in the process of this decline, which had a certain impact on the mood. From the perspective of market style, it is a switch from overvalued value to undervalued value.
In such a switch, it is interesting that some fund managers began to turn to areas that are different from their "market labels".
Previously, Lu Bin, HSBC Jinxin fund manager characterized by new energy investment, put forward the market keyword "value return and high-quality growth" in 2022.
He believes that "value return" mainly includes insurance and real estate, two controversial industries. Lu Bin measured the overall valuation level of the insurance industry through the valuation profit strategy. Combined with very conservative and neutral assumptions, he believes that the insurance industry is currently on the left side of the fundamentals, but the long-term implied compound rate of return of the industry has been relatively high.
As for the real estate industry, from the fundamental point of view, both the land acquisition speed of the industry and the recent policies have changed. Lu Bin believes that the profit center and valuation center of the real estate industry may usher in reconstruction in 2022.
For real estate stocks, Lu Bin put forward an interesting and distinctive point of view - turning real estate into public utilities.
"The real estate industry may restructure from the past financial business model to a public utility business model. Such value stocks represented by real estate are expected to usher in a major reconstruction of the business model and pricing and valuation system." Lu Bin said.
Similarly, jinzicai, the "growth star" of CAITONG fund, has a different voice recently.
The growth momentum of CAITONG and CAITONG's innovative products in the new year shows that CAITONG's smart and win's innovative products have a good growth momentum.
Jin Zicai said that from a macro top-down perspective, PPI continued to operate at a high level in 2021, while CPI was relatively bleak. PPI may enter a high and slow decline cycle. At the same time, the gradual rise of commodity prices will slowly transmit to CPI, and CPI may enter an upward cycle. "In general, we believe that differentiation may converge in 2022, the structure tends to be balanced, the market probability is still dominated by structural opportunities, and booming industries coexist with investment opportunities for valuation repair."
In the industry sector, Jin Zicai highlighted opportunities in agriculture, aviation, hotels, food and beverage.
In terms of investment opportunities in agriculture, Jin Zicai said that the downstream sub fields of agriculture are highly correlated with CPI. Generally speaking, agriculture may have excess returns in the upward cycle of CPI. Among them, pork, as the largest weight of CPI, may have a trend upward under the influence of its structural upward trend. Agriculture is currently hovering at the bottom, which may not be far from the bottom, and its structural upward opportunity may begin to appear gradually in the second quarter of 2022. The clearing of the supply of aquaculture sector may have reached the medium term, and may reach the critical point in half a year, and the inflection point of stock price may appear ahead of the inflection point of supply and demand.
(source: China Securities Journal)
