Tune Vane | SDIC UBC Fund Capital: Reuse the upstream non -ferrous metal sector, optimistic about "photovoltaic, lithium battery, semiconductor"

China Fund reporter Zhang Yanbei

Editor's note: Recently, the Fund's second quarterly report has disclosed that the positioning movements and position changes of the star fund managers have also become the focus of the attention of the citizens. Behind each regular report, these outstanding manager's "investment secrets" are also hidden. Fund Jun will continue to update the character's database feature [positioning vane], decoding star fund product holding changes and its manager's investment philosophy.

At present, the second quarterly reports of the products managed by SDIC UBS fund managers have been released. With the rebound of the fund's performance, Shicheng's total management scale increased to nearly 25 billion.

In the second quarter, Shi Cheng continued his previous offensive style, and many funds still maintained higher positions in the second quarter. He still firmly maintains a centralized holding of new energy and reuses upstream non -ferrous metal sectors.

Looking forward to the second half of the year, Shi Cheng believes that the increase in demand comes from the domestic link, and the supply of most provided by overseas. He said that from liquidity to industry fundamentals to support the upstream market, in the direction of configuration, the direction is still concentrated in industries with rapid growth momentum such as photovoltaic, lithium battery, and semiconductors. Improvement and capital expenditure are more enthusiastic. "

Keep higher position operation

A few days ago, the five products of SDIC UBS were released in the second quarter.

From the perspective of performance, with the prospects of the new energy sector in the second quarter, the net value of the fund of these products generally ushered in a large rebound. Among them, the BBY industry upgrade established at the end of January happened to catch up with the rebound market since the end of April. Since its establishment, it has obtained a rate of 14.3%.

From the perspective of the fund scale, as of June 30, Shicheng's total management scale reached 24.716 billion yuan, an increase of 4.4 billion yuan over 20.339 billion yuan at the end of the first quarter. Among them, except for the two years of the BBC industry upgrade, which was established in the first quarter of this year, SDIC UBS New Energy, SDIC UBS manufacturing, SDIC UBS industry trend, and SDIC Yinjinbao and other management Funds that have operated for more than one year have increased assets in the second quarter of this year.

The report shows that the latest scale of SDIC UBS new energy was 9.093 billion yuan, an increase of 1.219 billion yuan from 7.874 billion yuan at the end of the previous quarter; Above; SDIC UBS industry trend increased by nearly 500 million yuan in a quarter.

From the point of view of stock positions, the second quarter of Shi Cheng still maintained a higher position in the second quarter. SDIC UBS New Energy, SDIC UBC's advanced manufacturing, SDIC UBS industrial trend, and SDIC Yinjinbao's stock holders at the end of the first quarter were more than 90%, with an average position of 91%. At the end of the first quarter, the average position was It is 90.56%.

For example, the position of SDIC UBS new energy stock position was 91.42%, an increase of 2.38%from the end of the previous quarter; the stock position of the UBS industrial trend of the SDIC was 92.1%, an increase of 1 percentage point from the last quarter. In addition, SDIC UBC's advanced manufacturing and SDIC Yinbao stock positions all exceeded 90%; in addition, the SDICS UBS industry upgraded in March this year held a stock position of 61.91%.

Maintain a concentrated holding of new energy, reuse the upstream non -ferrous metal sector

From the perspective of specific positions, the confidence in Shizheng in the second quarter has not shaken the new energy track. The management of its management still maintains a concentrated stock style. The new energy industry chain stocks are still the main force of the position. Back a large range.

From the perspective of the top ten heavy warehouses, the allocation of several funds is relatively similar. The overall heavy -duty of the upstream non -ferrous metal sectors, including Tibet Mining, Rongjie, Tianqi Lithium, China Mining Resources, Huayou Cobalt Industry, Shengxin Lithium Energy, etc. Essence In addition, it is equipped with Koda manufacturing, Yongxing Materials, and Jiangte Electric.

Taking the largest SDIC UBS New Energy in the tube scale as an example, as of the end of the second quarter, the top ten heavy warehouse stocks of SDIC UBS New Energy were: Tianqi Lithium, Yongxing Materials, Jiangte Electric, and Section of Keye Da manufacturing, Rongjie, Huayou Cobalt, China Mining Resources, Tibet Mining, Shengxin Lithium, Tibetan Mining.

From the perspective of holdings, Kodak Manufacturing, China Mining Resources, and Tibet Mining are the top ten heavy stocks in the newly added. Dongyue Group, Salt Lake shares, and northern rare earth withdrew from the top ten heavy warehouses. The overall configuration logic has not changed much. New Energy is still the main force.

Optimistic about photovoltaic, lithium battery, semiconductor

Looking forward to the future, Shi Cheng's expected economy has entered an accelerated upward phase in the third quarter, especially the growth of the growth industry will be very rapid, and it will determine that the domestic supply and demand will be strong. Overseas, especially Europe, caught in the quagmire of the Russian and Ukraine War, and it is difficult to get out of the foreseeable future. The new round of new crown virus in the new variant will also affect their economy, so it can be expected that overseas supply and demand will weaken. Domestic supply and demand are strong, and overseas supply and demand are weak. He said that the basic ideas of the second half of the year began.

He bluntly stated that the bottleneck of resource products will not be relieved until the end of 2023, so as long as the needs are better, the upstream will earn most of the profit of the industrial chain. This is an objective law and does not transfer people's will.

Shi Cheng wrote in the quarterly report that starting in late April, the middle and lower reaches of the sub -industry and the company have risen significantly, and the increase in June exceeded the upstream. He believes that this phenomenon can be explained from industry conduction order and Meilin clock. From the perspective of the Meilin clock, the economic cycle has declined -recovery -overheating -stagnation, the recovery stage is better, and the resource advantages of the overheating phase are greater; from the perspective of industry conduction Improvement -shortage of upstream resources. As long as the supply of upstream resource products is limited and the demand for downstream is strong, then this interpretation is a time problem. In the end, the industry rotation will return to the upstream. At present, after a significant rise in new and downstream stock prices of new energy, he believes that from liquidity to the industry's fundamentals, the upstream has supported the upstream market. From the perspective of the industry, his direction is still concentrated in industries with rapid growth of kinetic energy such as photovoltaic, lithium battery, and semiconductor. At present, the market is more enthusiastic about equipment improvement and capital expenditure in the direction of new technology. This is the direction of Shi Cheng's focus on the future.

In terms of new energy vehicles, he is still optimistic that the sales of electric vehicles have increased rapidly. At present, people who are suspected of demand have gradually decreased, but there is still controversy for further upward upward upward upward upward upward upward rise. As the state stimulates car consumption, the first- and second -tier cities have introduced many local subsidies to promote it. The scale of local subsidies in these cities has significantly alleviated the pressure brought about by the price increase of upstream resources, so that Chinese car companies can purchase more globally to purchase more. Lithium carbonate (this will further promote the upward lithium price). Therefore, he believes that a new round of price increases occurred in the third quarter is a high probability event.

In the new energy power generation industry, the growth of the industry is still subject to the release of silicon material capacity. Shi Cheng still expects that in the third and fourth quarters, the contradiction between supply and demand of silicon materials will gradually alleviate. At present, there are problems with the profitability of some links in the industrial chain. Therefore, after the price of silicon material is reduced, the profitability of the manufacturing link will rise.

Shi Cheng still determines that the biggest beneficiary of new energy power generation may be the energy storage industry, which will be deployed at an appropriate time. The TMT industry is optimistic about smart cars. He predicts that the electric vehicle industry will still be restricted by lithium resources in the second half of the year. On the one hand, there will be ceilings with volume, and on the other hand, profitability will be under pressure.

However, from the perspective of technological progress, due to the advancement of DMI and extended products, it has fully benefited from high oil prices and high lithium prices. In the second quarter of this year, a larger level has also appeared. Therefore, in the future automotive industry, he pays more attention to product innovation. And because in the field of new energy vehicles, there are currently no Apple -like companies that leave rich profits for suppliers. The entire vehicle link is better than components.

(Note: If there is no special indication of the chart data in this article, it comes from Zhijun Technology and Wind data)

Risk reminder: The fund has risks, and investment needs to be cautious. Fund's past performance does not indicate its future performance. Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors. Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

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