On January 9, 10 billion private equity Juming Investment released the minutes of the annual strategy meeting, and Liu Xiaolong, chairman and investment director, and Wang Wenxiang, general manager and ** manager, shared the topics of "practice and thinking of the equity market under the new situation" and "manufacturing strategy under the new macro challenges".
A market reversal is getting closer
Liu Xiaolong said that the valuation of GEM and Wind All A is at the bottom of history, and the adjustment cycle is long enough, and the market reversal is getting closer and closer.
At present, the focus is on innovative drugs and cross-border e-commerce. Liu Xiaolong said that starting in 2023, domestic innovative drug companies with certain strength will receive payment, and the buyers are often the world's leading pharmaceutical companies, which confirms the progress of the overall strength of China's innovative drug companies.
For cross-border e-commerce, Liu Xiaolong said that there are now a considerable number of enterprises that directly export their brands to the United States and Europe through China's e-commerce platforms, and the production and transportation efficiency is extremely high. These companies have explored new business chains and quickly formed a scale, bringing prosperity to the entire chain of cross-border logistics.
Three directions to seek new opportunities in the manufacturing industry
Wang Wenxiang said that in 2024, new alpha opportunities will be sought in the manufacturing industry in the three directions of automobiles, consumer electronics and semiconductors.
For the automotive industry, he said that China has become the world's largest auto exporter in 2023, and it is expected that the volume of auto exports in 2024 will increase by 30% on the basis of the previous year. At the same time, with the automobile as the traction, the auto parts track has broad prospects.
After nearly a year of continuous destocking, the current inventory level of various consumer electronics products has been in a healthy state. Wang Wenxiang believes that looking forward to 2024, the release of AI and MR blockbuster products may lead the recovery of consumer electronics demand. With the blessing of AI, the PC industry chain will usher in the dual logic superposition of "localization + replacement tide".
In addition, Wang Wenxiang said when talking about the semiconductor industry, the localization rate of 20%-30% has basically reached in China, and it is expected that each link will increase by 10 percentage points in 2024.