Yesterday, the new energy, liquor, brokerage, semiconductor and other sectors collectively **, finally have the day to dare to look at the account!Looking back at this year, it can be described as a twist and turn, no one would have thought that at the beginning of the year, it was close to returning to the capital, **abruptly, and then all the way**, until it fell below 2900 points......
Data**: Oriental Wealth Choice data, statistical interval 2023 1 1 2023 12 28, no investment recommendation) During the year, the major indices in the market were also green. The GEM index fell by nearly 20%. 
Data**: Oriental Wealth Choice data, statistical interval 2023 1 1 2023 12 28, no investment recommendation) In the first half of the year, driven by ChatGPT, A-shares set off a technology frenzy, and artificial intelligence, computers, communications, media and other sectors collectively **, but in the second half of the year, the limelight was stolen by robots and the Beijing Stock Exchange. 
Data**: Oriental Wealth Choice data, statistical interval 2023 1 1 2023 12 28, no investment recommendation) The performance of the ** heavy position sectors of new energy and liquor is not satisfactory. So does yesterday's ** mean that the New Year's Eve ** is coming?
Huajin** research report believes that looking back at history, the spring restlessness of A-shares is mainly driven by fundamentals, liquidity, valuation sentiment, policies and external events. Looking back at the trend of A-shares during the spring turmoil since 2010 (from New Year's Day to before the two sessions), it can be seen that the Shanghai Composite Index has a total of **8 times and **6 times, with mixed gains. The core factors influencing the spring restlessness** are: fundamentals, liquidity, valuation sentiment, and external events. 
Huajin ** Research Institute "Spring ** is still expected", release time: 2023 12 23, no investment recommendation).
At present, Huajin believes that spring is still expected, and is more optimistic about TMT, new energy, consumption and other industries. Comparing the historical review, the current view: (1) The trend of economic and profit margin repair continues. First, in the first quarter of next year, the trend of economic recovery will continue under the support of the credit peak, the implementation of trillions of national bonds, and the peak season of construction and consumptionSecond, the profit growth rate of industrial enterprises has bottomed out, and the first quarter is likely to be in a rebound cycle, and the profit growth rate of A-shares is also in an upward trend under the rebound of profit growth in sectors such as technology and consumption. (2) Liquidity may be marginally loose. (3) Current valuations and sentiment are at historically low levels. (4) The growth policy is expected to rise further, and the risk of overseas shocks is small. (5) Compared with the current macro environment and valuation level from January to March, the spring of 2024** is still expected. The highest income in the year is more than 50%, can you chase it?
Today is the last trading day of 2023, and the **annual ranking that everyone cares about will also be settled tomorrow, and this year's hot rotation has also added a bit of suspense to this list.
In the equity**, the innovative small and medium-sized enterprises of the China Beijing Stock Exchange have stood on the throne of the first increase in the year as of the 27th because of the recent popularity of the Beijing Stock Exchange. During the year, it reached 5014%, followed by the Eastern Regional Development Mix and the Soochow Mobile Internet Mix.
Data**: Oriental Wealth Choice Data, Galaxy**, Statistical range of changes in the year: 2023 1 1 2023 12 27, since its establishment, the statistics of the rise and fall are as of 2023 12 27, and the scale statistics are as of 2023 9 30, and the relevant risks of specific **, **Manager changes, etc., are detailed in each **Legal documents and announcements, historical data does not represent the future, and no investment recommendations are made) Among them, China Beijing Stock Exchange Innovative Small and Medium-sized Enterprises Selection** Founded on November 23, 2021, the position is mainly held on the Beijing Stock Exchange**.
Data**: Oriental Wealth Choice data, statistics as of 2023 9 30, no investment recommendation).
It was also the strong performance of the Beijing Stock Exchange that began in the fourth quarter that made this ** come from behind. Judging from the performance of the Beijing Stock Exchange 50 Index, it began to rise sharply on October 24, and rose by 49 on November 2734%。
Data**: Oriental Wealth Choice data, statistical interval 2023 1 1 2023 12 28, no investment recommendation).
The development of the eastern region is because of the pressure on the technology stocks in the first half of the year, and in the second half of the year, the whole body retreated, and the layout of liquor stocks and reaped considerable results. Judging from the changes in its top 10 heavy stocks, ** from the end of 2022 to the end of the first quarter of this year, all its positions are technology stocks;At the end of the second quarter of this year, all of them were switched to alcohol stocks, including seven liquor stocks, two beer stocks and Bairun shares, which is mainly engaged in cocktailsAt the end of the third quarter, all of them were replaced by liquor stocks. 
Data**: Oriental Wealth Choice data, statistics as of 2023 9 30, no investment recommendation).
The scale of this ** is relatively small, which can also allow the ** manager to have room for flexible position adjustment.
For the short-term performance, it is more likely that you have stepped on the hot spot of the current market, and if you blindly copy the homework, you are likely to stand guard at a high level. However, we can combine short, medium and long-term performance and excess returns that exceed the performance benchmark to make a comprehensive evaluation, and then choose the right one for you according to the manager's investment style and scale.
It's like some of the previous **styles** that held new energy, liquor, and medicine performed well, but in the past two years, the performance of these ** has not been satisfactory. Therefore, instead of betting on a single industry and a single **, you might as well balance the allocation of various styles, industries and stocks and bonds.
Although the partial equity hybrid ** index ** during the year**, the pure bond ** index still reaped positive returns during the year. 
Data**: Oriental Wealth Choice data, statistical interval 2023 1 1 2023 12 28, no investment recommendation).
A balanced allocation may be able to reduce the volatility of some portfolios, and can give us more security when the market is the best.
How to choose in 2024?
According to the performance of the company in 2023, Huaan will perform well in 2023 and follow the following label characteristics: 1. Scattered shareholdings, industry dispersion, and high returns on stock selection;
2. Holding unpopular stocks, scarce performance (low degree of homogeneity with active equity), diversified performance;
3. Transaction on the left side, do not chase up, take profit in time, and grasp the selling point well;
4. Small-cap value, heavy profit and light beta;
5. Heavy positions in TMT, coal, new infrastructure, special valuation and other themes. (*Hua'an ** Research Institute, "The Law of Steady and Long-term Success: Diversification, Equilibrium and Dispersion - 2024 Public Offering** Strategy and Prospects", release time: 2023 12 16, no investment recommendation).
(*Hua'an ** Research Institute, "The Law of Steady and Long-term Success: Diversification, Equilibrium and Dispersion - 2024 Public Offering** Strategy and Prospects", release time: 2023 12 16, no investment recommendation).
In the quantitative base selection formula, Huaan constructs gene selection based on historical data for scoring, and tests the strengths and weaknesses and stability of the factor's ability to achieve future returns. In 2023, there will be a more obvious new change in the effect of different types of gene selection.
Among them, the base selection effect of income momentum factors (indicators such as return in the past year, FAMA-FRENCH three-factor alpha, Sharpe ratio, etc.) has deteriorated, and there has even been a relatively obvious drawdown, on the one hand, it is related to the switching of style and theme;On the other hand, it is a rational behavior for investors to chase performance, but the market has an obvious phenomenon of diminishing returns to scale (the scale becomes larger, the performance becomes worse), so it is reasonable for the performance momentum to decay after the investor's learning ability becomes stronger.
Compared with the past performance, it is necessary to pay more attention to the past performance of "stable good" and "continuous good". Holding experience factors include: maximum drawdown, number of new highs in net worth, drawdown shadow area, cross-product ratio, ......
The importance of stock selection income even exceeds the industry allocation income, due to the poor continuity of market theme investment, the trend is not clear, so the bottom-up emphasis on stock selection is stronger.
For the base selection strategy in 2024, the strategy given by Huaan** is the "core" + "satellite" strategy: the core part focuses on the CSI 1000 enhanced CSI 2000 enhanced products, dividend and low-volatility style products, industry balanced multi-industry moderate rotation, high stock selection returns allocation products, small and medium-scale, swing operation, a certain turnover rate, active take-profit and stop-loss trading flexible products. The satellite part is actively stocking growth themes**, looking for opportunities to deploy TMT and pharmaceuticals on the left side, and in the short term, it can participate in policy-driven bank ETFs and brokerage ETFs. (*Hua'an ** Research Institute, "The Law of Steady and Long-term Success: Diversity, Equilibrium and Diversification - 2024 Public Offering** Strategy and Outlook", release time: 2023 12 16, no investment recommendation) Although there is no way to start again in 2023, there is still a long way to go in the future, so you might as well put aside this year's dark clouds, sum up your experience, and prepare for the next year. Investment is a long-distance run, and only by choosing the best that suits you and doing a good job in asset allocation can you go further on the road of investment.