The Lantern Festival on the fifteenth day of the first lunar month, also known as the Shangyuan Festival, the small New Year or the Lantern Festival, the folk have a saying that the Lantern Festival is the end of the year. As the first full moon of the Year of the Dragon, it also carries countless good expectations.
The new atmosphere of the Year of the Dragon A-shares also adds a lot of festive colors to the festival. Huaxia ** regular investment group wishes everyone a reunion for the Lantern Festival, and the account is long red! **Manager's latest views sent!
*Manager: Zheng Zehong.
Huaxia Energy Innovation, etc.
Investment opportunities in A-shares may be late, but they will not be absent
The Lantern Festival is coming soon, I wish you all a happy holiday, all the best, and a happy family!
From the high point at the beginning of 2021 to now, before you know it, the market has been adjusting for almost three years. The past three years have been difficult for A-share investors. In the past three years, the median of public equity has exceeded 20%, which is relatively rare in the entire history of A-shares. Although in the short term, pessimists still have many reasons to be pessimistic. But if we look at the long term, we have reason to believe that we are already in the bottom area of a medium to long cycle. There is nothing new under the sun, and the market is always in a cycle of repeated movements from extreme optimism to extreme pessimism, and the current position is undoubtedly in an extremely pessimistic position, and medium and long-term opportunities often arise at such times.
If we dig deeper into various industries, we can see more reasons for optimism. In the field of automobiles, we are pleased to see that China has become a major exporter of automobiles;These changes will bring significant investment opportunities in these sub-sectors. Looking at the world again, the overseas interest rate hike in 2023 has come to an end, and overseas risk assets have performed relatively well in 2023 in advance, and the performance of A-shares is relatively lagging behind, but we believe thatInvestment opportunities in A-shares may be late, but they will not be absentWe are confident in the return on investment of A-shares in the next few years. We will also stick to regular investment with you and draw a smile curve together.In the era of electric vehicles, we have achieved corner overtaking, and domestic electric vehicles have been at the forefront of the world in terms of technology and product performance;
In the field of semiconductor equipment, although facing strict overseas technology blockades, we have achieved breakthroughs in advanced processes in many equipment fields, and the proportion of domestic equipment has increased significantly;
In the field of mobile phones, domestic core manufacturers have realized the independent localization of high-end machines, which will drive the rise of domestic first-chain enterprises in the future;
In the field of lithium battery, the domestic leader has become the global leader, and in the foreseeable future, many links will also enter a new round of cycle inflection point upward process.
*Manager: Lv Jiawei.
Huaxia energy conservation and environmental protection, etc.
Identify companies with long-term competitive advantage and growth potential
In the new year, I wish all investors and friends all the best, happiness and health!
After more than two years of development, the photovoltaic industry is currently at a low level as a whole. Specifically, since 2023, new production capacity in all links of the industrial chain has begun to be gradually released, and the industrial chain has entered a period of rapid adjustment, which is reflected in polysilicon, wafers, cells, modules, etc. In our view, the industrial chain is conducive to the release of demand, and the accelerated iteration of new technologies is conducive to promoting the continuous cost reduction of the industry and the continuous growth of demand. The continuous release of cost reduction dividends and the temporary end of overseas interest rate hikes are expected to drive the overall market growth in the future.
We will continue to identify companies with long-term competitive advantages and growth potential, and look for investment opportunities that benefit from the upgrading of the manufacturing industry and the trend of "dual carbon" industries.
*Manager Zhou Keping.
Chinese rejuvenation, Chinese scientific and technological innovation, etc.
The "breaking process" has come to an end, and it is expected to see more "standing signals".
Happy Lantern Festival to all!
After the active adjustment of the market since 2018, the total clearing process of the bubble in the past 20 years represented by the real estate market from 2021 to 2023 will beWe tend to think that the "breaking process" is already at the end stage, and we may see more "standing signals" in the future.
In the new cycle, we will match more resources to enterprises that can build sustainable competitiveness in the internal and external dual circulation, maybe our recovery speed will not be particularly fast, it is a wave-like and tortuous upward, but the direction change and the inflection point area may be close or at the moment. When everyone accepts the fact that although the speed of development has slowed down, there is more room for development, a new narrative logic will quietly unfold, and the capital market will usher in a new cycle.
In this case, we will mainly match the assets with global competitiveness, including new energy, automobiles, semiconductors, medical devices, and other high-end manufacturing, as well as software services, medical services, artificial intelligence and other emerging technology service industries, and strive to seek to achieve steady and steady growth in a round of long-term industrial restructuring and steady growth.
*Manager Tu Huanyu.
Huaxia Innovation Frontier, Huaxia Internet Leader, etc.
The reversal elasticity of high-quality Internet targets in Hong Kong stocks is larger
Looking back on Hong Kong stocks in 2023, on the one hand, in terms of corporate fundamentals, the fundamentals of the entire Internet industry are differentiated. Some companies have strong business barriers and a lot of room to reduce costs and increase efficiency, and they have strong alpha, and the performance of such companies is relatively good. The rest of the companies that do not have strong alpha themselves are susceptible to macroeconomic influences, and the phased deterioration of the competitive landscape will also lead to poor performance realization. On the other hand, since most Internet companies are gathered in Hong Kong, in addition to paying attention to the company's fundamentals, it is also necessary to consider how to allocate funds in global investment. Due to the large number of overseas assets in 2023, the attractiveness of Hong Kong stocks to funds has decreased, which has affected the market trend to a certain extent.
After a large number of events in the past two years, the current valuation level of high-quality Internet targets in Hong Kong stocks is at a low position, and the reversal elasticity is large. With the marginal convergence of the strong fundamentals of the United States relative to non-U.S., the liquidity pressure of Hong Kong stocks will be released, and with the steady recovery of the domestic economy, it is expected that the bottom of Hong Kong stock earnings will stabilize, and the pressure on the downward revision of numerator earnings will also be eased.
Finally, the Lantern Festival is coming, I wish all investors a happy family and all the best in 2024!
*Manager: Yang Yu.
Huaxia new energy vehicle leader.
Focus on the sea breeze, large storage, lithium battery leading companies and power equipment to go to sea opportunities
Happy Lantern Festival to all!
At present, although the market is under pressure as a whole, there are still investment opportunities in the entire new energy industry, focusing on Haifeng, large storage, lithium battery leading companies, etc. In addition, we have recently observed that there may be opportunities for transformers and other power equipment to go overseas, which is mainly reflected in two aspects: first, its demand side has increased significantly, and the response speed of overseas production capacity is weaker than that of China; Second, China has a complete power grid industry chain, and domestic brands are globally competitive. We will continue to conduct in-depth research and strive to uncover structural opportunities in the overall market!
*Manager Wang Zeshi.
Huaxia innovative pharmaceutical leader, etc.
ADC drugs and first-class drugs have brought new vitality to the innovative drug market
I wish all investors and friends a happy and happy family during the Lantern Festival!
With regard to the pharmaceutical sector, after the development of domestic innovative drug companies in the past few years and the support of policies, the pattern has gradually become clear, and some innovative products are close to listing or have entered the commercialization stage. Globally, the emergence of new products in recent years, such as ADC drugs and first-class drugs, has also brought new vitality to the innovative drug market. Domestic high-end medical equipment and consumables are gradually entering high-level hospitals, and domestic substitution and industrial upgrading of medical devices are also gradually advancing. The "anti-corruption" in the national pharmaceutical field will help the pharmaceutical industry to clean up the source and return to the essence of medical treatment in the long run. We will insist on regular investment and wait for spring with everyone.
*Manager Ye Lizhou.
Huaxia Innovation Research Selection.
At present, the investment cost performance of Hong Kong stocks is very high
Thank you for your trust and support, and wish you all a happy and happy Lantern Festival.
Looking forward to Hong Kong stock investment in 2024, although it is difficult to judge the short-term trend changes in specific liquidity and risk appetite, from a medium to long-term perspective, Hong Kong stock investment at the current point in time is indeed very cost-effective. In the Hong Kong market, we are most optimistic about the direction of science and technology Internet. We focus on companies that have structural advantages in the economic recovery process and companies with long-term innovation, and Hong Kong-listed technology and internet companies have both advantages. In addition, we believe that technology and Internet companies will deeply benefit from the wave of AI technology. In addition to the direction of science and technology Internet, we also focus on consumer service enterprises in the Hong Kong ** market and high dividends, good fundamentals of investment targets, we will be based on macroeconomic changes and the risk-return ratio between sectors to allocation, hope through in-depth fundamental research tracking, for investors to obtain long-term excess returns.
*Manager Xu Meng.
ChinaAMC Food & Beverage ETF and Connectivity, etc.
Pay attention to the opportunities for qualitative changes after the continuous improvement of economic fundamentals and policies
Thank you for your trust in ChinaAMC and your strong support for ChinaAMC ETF.
This year is the year of the effect of the steady growth policy, and the year of the Fed's monetary policy turn, I believe that there will be more important and positive changes in the market. During the spring holiday, the number of tourists and consumer spending across the country increased significantly, and second-hand housing transactions also showed signs of recovery, which improved investors' expectations for the macro economy to a certain extent. At present, the valuation of A-shares is at a very low level, and the long-term capital inflow of the stable market continues to flowThere is no need to be too pessimistic about the A** field, but to see the qualitative change opportunities after the continuous improvement of economic fundamentals and policies。Here, I also wish everyone a happy Lantern Festival, a full moon and a full moon!
*Manager Honored.
ChinaAMC MSCI China A50 Connect ETF and connection, etc.
Core asset valuations are expected to recover
Since 2021, under the background of stable growth, the overall liquidity has been loose, and the "dual carbon" strategy has been superimposed, and the high-prosperity track represented by new energy has performed well, and the small and medium-cap style has continued to dominate; The MSCI China A50 Connect Index was affected by events such as the collapse of the market as a whole and the core assets represented by "Maoning", and there was a relatively large drawdown.
At this point in time, after a three-year correction of core assets, the possibility of its re-leading return is gradually increasing.
As long as the investment logic is not subverted, the "value return" will only be late and will not be absent, and after clearing and reconstruction, it deserves a reasonable price. Looking ahead, once the Fed enters the interest rate cut cycle, factors such as interest rates, capital and subsequent global demand will continue to improve, stock prices will adjust to the deviation from fundamentals, and core asset valuations will be repaired.
Finally, the Lantern Festival is coming, I wish all investors a happy family and all the best in 2024! I also hope that investors who have been insisting on regular investment will have something to gain in the new year.
*Manager: Zhao Zongting.
ChinaAMC chip ETF and connection, etc.
The prosperity of the semiconductor industry is expected to gradually increase
The Lantern Festival is coming soon, first of all, I wish all investors a happy family, happiness and health!
Semiconductor chips are a typical cyclical growth industry, which can be divided into long, medium and short cycles due to factors such as technology upgrading, capacity investment, and inventory cycles. The long-term cycle is the innovation cycle, and the large-scale cycle opportunities of 8-10 years depend on the upgrading of new terminal technologies and new generation terminal applications. The mid-cycle is the demand cycle, and the cycle brought about by the increase in the penetration rate of end products after reaching a certain level. The short-term cycle is a more significant inventory cycle, and due to the changes in the relationship between supply and demand in the industry and self-regulation, the growth rate of industry sales and inventory shows cyclical fluctuations.
Looking forward to 2024, with the impact of policy efforts, macroeconomic recovery, and the upgrading of AI large model computing power, the prosperity of the semiconductor industry is expected to gradually increase, showing a trend of demand recovery.
* Manager Lu Yayun.
ChinaAMC Growth Enterprise Market Growth ETF Connection, etc.
The STAR 50 and ChiNext related indices, which represent growth, are expected to come out of the bottom range
On the first reunion day of the Year of the Dragon, first of all, I wish everyone a happy Lantern Festival and a happy family!
As the old saying goes, the Lantern Festival is the real end of the New Year, and all walks of life have returned to a tense and busy rhythm. Whether it is for the people or the manager, they all hope that there will be a good income in 2024, and through reasonable allocation in the market, healthy financial management will make the portfolio more stable and sustainable. In 2024, I will also enter the third year of my regular investment in the GEM Growth Index, although the capital market fluctuates and changes greatly in the process, and everyone will feel that it is not easy to persevere, but I am still confident in the future. The explosive emergence of global AI applications continues to shock and shock us. Both foreign and domestic enterprises are actively embracing this trend and change, and I believe that in the near future, we can see more and more domestic hard science and technology innovation enterprises will also bloom and the world will contend. The STAR 50 and ChiNext related indexes, which represent growth, may also come out of the bottom range and achieve a new Davis double-click to meet the double repair of earnings and valuations. I will also continue to accompany you all the way forward and witness the blossoming of flowers through regular investment and opinion output! Thank you!
The views are for reference only and do not constitute investment advice. Risk Warning:1Investors should fully understand the difference between regular fixed investment and lump sum deposit and withdrawal. Regular investment is a simple and easy way to guide investors to make long-term investments and average investment costs. However, regular investment does not avoid the inherent risks of investment, does not guarantee that investors will obtain returns, and is not an equivalent financial management method to replace savings. 2.Before investing, investors should carefully read the "Contract", "Prospectus" and "Product Key Facts Statement" and other legal documents, fully understand the risk-return characteristics and product characteristics, and fully consider their own risk tolerance according to their own investment objectives, investment period, investment experience, asset status and other factors, and make rational judgments and prudent investment decisions on the basis of understanding the product situation and sales suitability opinions, and independently bear investment risks. The manager reminds investors of the principle of "buyer's responsibility" in investment, and after investors make investment decisions, investors are responsible for the investment risks caused by fluctuations in operating conditions, share listing and trading, and changes in net value. 3.**The Manager does not guarantee profitability and does not guarantee a minimum return. 4.The views expressed in this material are for informational purposes only and are not intended as any legal documents, and all information or opinions expressed in this material do not constitute final operational advice on investment, legal, accounting or taxation, and we do not make any guarantee for the final operational advice regarding the content of the material. Under no circumstances shall the Company be liable to any person for any loss arising from the use of any content in this material. The market is risky, and you should be cautious when entering the market.