**: 21st Century Business Herald.
With the recovery of the market, active rights and interests have "returned".
In the first wave of this year, there have been more than 40% of the income.
When the success of the "national team" gradually retreated, did your ** return to its roots? Next is the bargain layout of these wrongly killed good**, good**, or a big retreat? What to buy now?
*。On February 6th, the horn sounded in the A**field. With the entry of the "national team" in a big way, the Shanghai Composite Index returned to around 3,000 points.
The main indices of the market are comprehensive**:
As of February 27, the Shanghai Composite Index rose 1159%, the Shenzhen Component Index rose 1638%, the GEM index rose 1481%, the CSI 300 index rose 92%, the CSI 500 Index rose 19%, and the CSI 1000 Index rose 2565%, the CSI 2000 index rose 2841%, the Science and Technology Innovation 50 Index rose 1775%, the Hang Seng Index rose 826%, the Hang Seng Tech Index rose 1528%。
To put it simply, the indices that rose from high to low were: small and micro cap stocks, small cap stocks, mid-cap stocks, and ** stocks.
From the perspective of industries, all 31 Shenwan first-level industry indices in the same period were **, of which 27 rose by more than 10%.
The top 4 with the largest increases are all TMT industries, including computers, media, communications, and electronics14%。
In addition, machinery and equipment, national defense and military industry, automobiles, social services, basic chemicals, light manufacturing, environmental protection, beauty care, medicine and biology, trade and retail, power equipment, comprehensive, non-ferrous metals and other 13 industries also rose by more than 16%.
At the same time, ** is also "reinblooded".
Wonder Partial Equity Mixed Index **1463%, ordinary ** type *** 1531%。
Overall, in this round, the performance of active equity, growth style is better than value style, small and mid-cap style is better than style, and high is better than low.
Who is the pioneer?
In this round (February 6 to February 27, the same below), among the outstanding managers, there are many familiar names, such as Yan Siqian, Zheng Weishan, Mo Haibo, Zhai Xiangdong, Jin Zicai, ......
Among them, the second-generation of many celebrities performed eye-catchingly.
Yan Siqian is the best performer in this round, and her 4 are all up more than 40% in this wave. Among them, Penghua carbon neutrality theme A rose 4682%, leading the market**.
In March 2023, she took over the management of Penghua Innovation Future LOF managed by Wang Zonghe, who was once known as the "national ** manager". This star** was established at the end of September 2020, with an issuance scale of 12 billion yuan, and it was sold out in one day. However, during the two and a half years of Wang Zonghe's management, the ** frequently stepped on the wrong rhythm, accumulating **45%, and the income ranked in the bottom 1% of the same category, and the scale shrank to about 20% at the time of issuance. Nearly a year after Yan Siqian took over, the ** again exceeded 50%, and the net value fell to less than 3 corners, leaving only 0$27. But in this wave, Penghua Innovation Future LOF rose 44%, and the net value rose to 039 yuan.
In this wave, Liu Huiying also performed well, she took over the 3 ** managers of Cai Songsong, who left at the end of September 2023, and the management scale soared to more than 20 billion yuan, when its investment manager was less than 1 year. In this wave**, Sino Analytica's positive return income** was as high as 39%, Sino Analytica's optimal allocation A income** was 24%, and Sino Analytica's growth income** was 19%.
In addition, Wu Yuanyi also performed well, and the GF Technology Innovation managed by Liu Gexiang, the star manager he took over, has a profit of up to 34%. At present, Wu Yuanyi's management scale exceeds 10 billion yuan, and there are 2 other companies under his umbrella that have earned more than 20% in this wave.
And the most familiar 10 billion star ** managers, Zheng Weishan, Huang Xingliang, Mao Wei, Hu Yibin, Cui Chenlong, Lu Bin, etc., have one or more of their ** rose by more than 25% in this wave**.
There are also some celebrity managers who are relatively average in this wave, such as Zhang Kun, Ge Lan, Liu Yanchun, Jiao Wei, Jiang Cheng ......
E Fund Blue Chip Select and E Fund Quality Enterprises managed by Zhang Kun have been held for three yearsAbout 5%, lagging behind the 1463%。
The new starting point of CEIBS Mingrui managed by Gülen and the new starting point of CEIBS Healthcare A rose by 10around 7%, China-Europe medical innovation rose nearly 13%; Liu Yanchun's 6 *** earnings are about 7%; The 3 ** managed by Jiao Wei have a return of less than 6%; Most of the income managed by Jiang Cheng is around 6%.
Overall, the best performance in this wave is the best managers who invest in AI and energy tracks. The relatively lagging performance is the first managers who invest in consumption, finance, and public utilities, as well as the first managers of some deep value investments.
Has it paid off? After this wave, since the beginning of this year, as of February 27, the Shanghai Composite Index has turned from falling to rising, with a total of **136%。
So, has it paid off?
The answer is, no, most active equity** is still negative this year.
There are only a small number of returns, among them, this year's star managers with positive returns include Zhang Kun, Jiang Cheng, Bao Wuke, Liu Xu, Jiao Wei, Wang Bin, Xiao Nan, Shi Bo, Han Chuang, Dong Chen, ......
As of February 27 (the same below), the best performing active equity** this year is the positive return A of Sino Analytica managed by Liu Huiying, with a return of 2043%。It is mainly heavy in TMT industries such as communications, computers, and electronics.
E Fund Asia Select, managed by Zhang Kun, has returned 7 this year22%, which is a QDII**. It mainly invests in overseas technology, Internet, energy, etc. In addition, the other 3 ** managed by Zhang Kun have a revenue of about -2% this year, which is not far from returning to the capital.
Jiang Cheng, Bao Wuke, etc. are balanced managers who are partial to value investment, and they have not risen much in the latest wave, but in the long run, this year's income has been very stable, and the drawdown is small.
The industry believes that judging from the recent market performance, A-shares have seen a wave of upward attack, especially the low valuation and high dividend yield represented by the Chinese word head are more prominent. Driven by the launch of the SORA** model by Open AI, the entire AI sector has also seen a relatively significant improvement, and the recent market growth of these Chinese prefixes and AI sectors has been obvious, but most of the other sectors have not performed very well this year and are still at a low point.
Judging from the holdings in the fourth quarter of last year, the first batch of ** can be attributed to several factors:
The first is to invest in AI, which has been very large recently, of which the communication industry index has been **3% since the beginning of the year, and in addition, the media industry has almost wiped out the beginning of the year with this round.
Second, it has a heavy position in value stocks and overseas technology stocks in Hong Kong stocks. Among them, since the beginning of the year, the decline of the Hang Seng Index has narrowed to -1Around 5%, while the NASDAQ is up nearly 7%.
The third is the heavy position of "special assessment", such as coal, finance, petroleum and petrochemical, transportation, public utilities, etc., this year's 31 Shenwan first-class industry index, only 8 have positive returns, most of which involve "special assessment" related industries.
Fourth, the balanced configuration controls the drawdown.
What to buy? After the Shanghai Composite Index returned to around 3,000 points, since February 22, the amount of new ** ETFs in the "national team" has begun to decrease, the traces of retreat are obvious, and the market has entered a moment of self-adjustment.
At this point, how do you invest?
Many people in the industry believe that this round of ** or the first wave of the bottom **.
You can lay out these good**, good** that were mistakenly killed, and then wait patiently for the arrival of the next round. Yang Delong, chief economist of Qianhai Open Source, believes that the market structural bull market is about to come out, which may give investors the opportunity to pull back a game, especially some of the high-quality and high-quality products that have been mistakenly killed, and there may be better upside opportunities in the Year of the Dragon.
He is optimistic about the medium- and long-term performance of new energy, as well as consumer stocks, leading technology stocks, and low-valued Hong Kong stocks.
In addition, many investment institutions recommend continuing to adopt the "dumbbell strategy" - one hand of high-growth technology stocks, the other hand of stable growth dividend stocks.
Morgan Stanley** said that it will continue to focus on technology, high-end manufacturing, pharmaceuticals and other fields represented by AI, as well as companies with stable operations, abundant cash flow and the ability to increase dividends.
China Securities Construction Investment believes that although the follow-up market may face some repetitions, but in view of various conditions, the bottom of the market may have been established in the early stage, strategically or need to get out of the bear market thinking, tactically it can be slowly figured out, or can consider the high dividend bottom position + part of the boom industry allocation ideas, and actively grasp the computing power industry chain, media and other high-boom technology directions, focusing on power, oil, coal, media, communications, computers, electronics, military industry, etc.
China Merchants believes that the recent market transaction hotspots may mainly revolve around three directions: artificial intelligence computing power, central state-owned enterprises and robots.
CEIBS** suggests that in the short term, focus on targets with more improved liquidity, and pay attention to medium and long-term allocation opportunities that emerge from technology themes after the overfall. Looking back at the year-to-date dividend stocks and large-capitalization styles, he believes that the current market may not focus on high dividends, but on the quality of high asset revaluations, because the asset quality of large-capitalization leading companies with high dividend yields is higher and should enjoy higher premiums under the new valuation system, and it is recommended to pay more attention to the performance of large-capitalization style companies.
Author: Pang Huawei Editor: Jiang Shiqiang).