Since May, the stock index has fluctuated around 3000 points. Should we be more cautious or moderately optimistic now? Recently, Guan Huayu, a well-known private placement boss and founder of Shanghai Heyuan private placement, rarely spoke and made a detailed interpretation of the recent market situation, follow-up market outlook and investment opportunities.
Guan Huayu said that the market faced an unfriendly environment in the first half of this year, so there were significant fluctuations. However, in the early stage, the Shanghai stock index was once adjusted below 2900 points. From the perspective of vertical and horizontal valuation levels, the risk release is relatively sufficient. It is a good position for warehouse building near 3000 points. At present, it mainly focuses on scientific and technological innovation and advanced manufacturing industries such as new energy, wind and solar power storage, electric vehicles, digital automation, high-end equipment manufacturing, as well as investment opportunities in the field of large consumption.
Statistics show that Guan Huayu managed more than 10 billion yuan during his tenure as fund manager of Tongyuan investment, and the annualized rate of return of his management products exceeded 28% over the five-year period. In 2022, Guan Huayu founded Shanghai Heyuan private equity fund "on his own". Although he has been relatively low-key in the industry, his market views and trends have attracted investors' attention due to his outstanding performance.
The reporter learned that Shanghai Heyuan Private Equity Fund Management Co., Ltd. (hereinafter referred to as "Heyuan fund") has completed the registration with China Securities Investment Fund Industry Association on May 13, and the product issuance will probably be started in June.
3000 is a good warehouse building point
Since this year, the market has fluctuated and adjusted. Guan Huayu said that after two years of comprehensive bull market of A-Shares in 2019 and 2020 and the structural market in 2021, the market environment in the first half of 2022 is not friendly. From a macro perspective, China's economic growth is under pressure and overseas monetary policies tend to normalize. Both factors lead to poor performance of stocks in high growth industries.
However, according to Guan Huayu, the market was adjusted to below 2900 points in the first half of the year. Whether from the perspective of valuation or the operation and business conditions of listed companies, the risk release is relatively sufficient near the early low point, and the policy bottom has already appeared. Judging from the medium-term Perspective, we can look at the market with optimism and look for high-quality investment opportunities. "3000 points is a good position for warehouse building. It's no problem to build a warehouse faster within the allowable range of the safety cushion mechanism."
For the specific investment direction, Guan Huayu said that at present, the most concerned direction is advanced manufacturing and scientific and technological innovation. China has entered the stage of high-quality development. Improving its hard power has high strategic significance. Moreover, China has perfect infrastructure and a large team of engineers, and has formed more industrial clusters. Leading enterprises pull and unite the whole industrial chain to participate in global competition. Its competitive advantage is very obvious. In addition, the large consumption field can also provide steady income opportunities. Those enterprises that can seize the consumption upgrading and new consumption channels bring many structural investment opportunities to the secondary market. Moreover, after the epidemic improves, with the decline of various costs and the market getting rid of the weak state, the income and profit ends of such enterprises may improve.
rooting era selected growth
In addition to the in-depth analysis of the market, Guan Huayu also summarized his own investment philosophy. He said that his position is a value investor rooted in the times and selected for growth.
"This sentence has three meanings. First, it believes in the basic concept of value investment and emphasizes the value creation of enterprises to obtain income without market game; second, it is rooted in the times, deeply observes the changes of society and industry, follows the development of the times, and does not 'choose a good track to win'; third, it selects growth, focuses on growth, makes in-depth research, grasps valuation, discriminates' authenticity ', and does not bet on hot topics and trend rotation." Guan Huayu said.
In Guan Huayu's opinion, in the field of value investment, you can not only invest in the way of deep value, but also lock in high-quality and high-growth industries and fields for portfolio. These are two subdivision directions under the framework of value investment. The development stages of the two ways involved in industries and enterprises are different. The subsequent construction of your own portfolio will be firmly based on the basic idea of growth value. When screening enterprises, Like high-quality enterprises that are in long-term growth industries, have no defects in business model, have excellent governance structure, and the management needs to have a relatively outstanding pattern and ability, have good profit quality, and match valuation and growth.
Guan Huayu said that China's economic industry changes rapidly, and the leading industries or industries leading economic growth will change greatly every 3-5 years. If we can buy the enterprises with the fastest value creation and the highest quality in the next 3-5 years, it will play an important role in improving the portfolio yield.
Heyuan private placement has been filed
6 months or start "starting"
According to public information, Guan Huayu has infiltrated the capital market for many years. He once served as the investment director of Bank of communications Schroeder fund, and then joined Tongyuan investment as the general manager in June 2015. After Guan Huayu joined, the scale of Tongyuan investment increased steadily and entered the ranks of 10 billion private placement in 2020. According to the data of private placement drainage network, the net value of two private placement products managed by Guan Huayu was updated to the beginning of January this year. Among them, "Tongwang phase 1 No. 1" established on December 14, 2015 to January 7, 2022, with a cumulative yield of 367.58%. Another product, Tongyuan Tongchuang phase 1 A, has an annualized yield of more than 30% since its establishment in 2016.
Guan Huayu and three other partners registered and established a new private placement platform - Shanghai Heyuan private placement fund management Co., Ltd. on March 21. It is reported that Heyuan fund has successfully registered as a private equity fund manager in China Fund Industry Association on May 13, and may start the issuance of new products in June.
