Tune Vane | Celene Fund Yao Zhipeng: Make fine -tuning in the key layout industry to increase investment in Hong Kong stocks

China Fund News Sun Xiaohui

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.

In the second quarter of this year, the stock market has experienced a sharp decline and a strong rebound. The net value of the product managed by Yao Zhipeng, director of the Growth Fund's growth style, has also undergone a large retracement, and has been repaired in the rebound.

The second quarterly report just disclosed shows that, like the first quarter report this year, the products managed by Yao Zhipeng still maintain a higher position level as a whole, up to 94%.

In terms of positioning combination, Yao Zhipeng's core heavy positions have not changed significantly compared with before, and still the direction of the electric vehicle industry chain and informatization of the electric vehicle. However, the positioning structure has been adjusted, especially in some funds, and some funds have changed significantly.

In the second quarter report of 2800 words, Yao Zhipeng still explained the industrial trends of the electronic industry of the automotive industry, the opportunities for enterprise innovation, innovative drugs, and the military industry of the military industry. And in this context, various industries have global competitive pioneers.

He believes that at the end of April, there is basically clear a medium -sized bear market area. At present, there are significant signs of slowing down in the second half of the year of the overseas economy, and we must pay more attention to the structural factors of the investment industry. Starting from demand, smart cars, advanced fighters, missiles, live e -commerce, digital economy and innovative drugs are becoming a clue of China's important economic transformation and upgrading.

In this issue of [Warehouse Vane], Fund Jun will describe the second quarter report and positioning of the Castrol Fund Yao Zhipeng.

Continue to operate the Hong Kong stock sector in the second quarter

Before the end of April this year, Yao Zhipeng's short -term net value of the products managed by Yao Zhipeng was large, but with the later rebound, the fund's net worth was obviously returned. It is worth mentioning that the rewards of the Casino Smart Automobile and Castrol New Energy and New Energy and New Materials, which have the longest management time, are close to 260%and 215%, respectively, and the annualized returns are 22.78%and 23.88%, respectively. Essence

As of the end of June, with the increase in net worth, each of Yao Zhipeng's eight funds in charge increased, and the total scale increased from 25 billion yuan at the end of the first quarter to 28.8 billion. From the perspective of redeemed, the fund is mainly based on net purchase. Only part of the net redemption is partial, and the proportion of net redemption is generally not large.

Among them, the scale of Castrol New Energy New Materials was 5.948 billion yuan at the end of the first quarter, but by the end of the second quarter, it would become 6.826 billion yuan, and the fund share increased by more than 40 million to 2.063 billion in a single quarter.

Yao Zhipeng Management Fund List

According to the 2022 Fund's second quarterly report, Yao Zhipeng's products still maintained higher position operation, and most of them increased slightly compared with the previous quarter, all of which were more than 90%, and the Castrol Times pioneer reached 94%.

From the perspective of the top ten heavy warehouses in the fund, during the second quarter, Yao Zhipeng did not conduct a significant adjustment of stock conversion. Core heavy stocks such as Ningde Times, Pai Tailai, Enjie Co., Ltd. were still listed. Only some heavy positions were adjusted For example, Jinshan Software has been reduced, Xingyu shares re -warehouses, and Hikvision and the ideal car are listed in the new stocks. It is worth mentioning that at the end of the second quarter, some fund stocks in Hong Kong stocks changed significantly.

Taking Castrol Power Pioneer as an example, among the top ten heavy stocks of the fund, the ideal car-W, Hikvision, Xingyu, and Junshi Bio are ranked in the top ten. Among them Three major heavy positions; Hong Kong stocks Galaxy Entertainment, Hong Kong stocks Jinshan Software, Jiayuan Technology, and are convinced of the top ten heavy stocks in the top ten heavy stocks. In Ningde Times, Hengli Petrochemical's holdings remain unchanged.

Among the Castrol Smart cars, Ningde Times, Pu Tailai, Tianci Materials, New Zebang, Xingyu Co., Ltd., and Betry have a large increase in positions. Among them, the number of Tianci materials has increased more than doubled. New Zebang's stocks have doubled; Enjie, Tiannai Technology, and Kodari have unchanged shares. BYD's top ten heavy warehouse stocks, Jiayuan Technology faded out.

Celene Smart Automobile's top ten heavy stocks at the end of the second quarter

Choose an industry that can grow rapidly in the next three years

Yao Zhipeng stated in the second quarterly report that the market performance in the second quarter can be said to be unexpected by most investors, but from the historical law, there is not much surprise. The pendulum of market sentiment and valuation fluctuations will never stop, and most of the time presents trend, but when it reaches a limit state, trending power failure, the reversal situation is easy to start. As stated in the first quarterly report, the yield yields of most of the market wide-based indexes in March to April in March to April are in the position of the standard deviation of the standard deviation of the standard difference between the historical average, which is very close to the relatively large level in history. At the bottom of, the risk income ratio is relatively high. It was precisely because of the low estimation state of the limit at that time that after the marginal ease of some suppression factors, the market ushered in a large and faster rebound.

Yao Zhipeng believes that the global commodities have initially showed signs of seeking. The new crown inflation of the two -year dimension expected in the third quarter of 2020 gradually gradually ended. Global geopolitics has gradually cooled. The overall market shows signs of recovery. From the perspective of historical valuations and other indicators, at the end of April, a medium -sized bear market area is basically clear. The entire market needs to be more actively looking for important investment clues in future economic life. All things are cycles, and all walks of life have tide. Yao Zhipeng said that from the history of the global capital market in the past three decades, only the growth of performance can cross the cycle, whether it is science and technology, medicine, or liquor faucet, has contributed hundreds of times the increase. Therefore, when we look forward to the next three or five years of the next right side of a bear market, those companies that can crazy creating profits are the focus of attention and research. Once the bubble of the cycle is broken, the repair process will be very long. Therefore, looking for the growth of corporate profits is inseparable from the growth of the industry in the enterprise and the company's own Alpha. Choosing an industry that can maintain rapid growth in the next three years is an important foundation. Looking forward to the future, we are in the economic transformation and upgrading. At present, "houses do not fry" and "4 trillion" ten years ago have many similarities. When we reduce the high leverage of real estate, the economy will inevitably enter a process of heavy structural light.

At present, there are significant signs of deceleration in the second half of the overseas economy, and we need to pay more attention to the structural factors of the investment industry. Starting from demand, smart cars, advanced fighters, missiles, live e -commerce, digital economy and innovative drugs are becoming a clue of China's important economic transformation and upgrading. With the weakening of the epidemic, travel has recovered rapidly, and the offline service industry is recovering one after another. For more than two years of epidemics, the reshaping of some industry structures will also bring improvement of some industrial profit centers.

Focusing on the three major strategic directions of energy, information and life

Optimistic about smart cars, digitalization, innovative medicine, military industry

Yao Zhipeng said that the assets of the market can be divided into value, cycle, prosperity and stable growth based on volatility and growth. Among them, the rise in value stock prices often rely more on the liquidity of the overall society, and the changes in cyclical stock prices themselves rely more on marginal changes. The growth of prosperity is often highly fluctuating high -growth assets, and rely on the growth of its own performance and the fluctuation of valuation. Steady growth has an unpleasant growth of itself, and at the same time it will benefit from the valuation swing caused by liquidity.

In the past two years, the economy has been in the uplink period, and the supply -side reform and supply and demand mismatch are superimposed. Many cyclical stocks are at the high point of historical profit, while bringing huge valuations. The loose liquidity also brings a large value of value stocks. The subsequent assets face the weakness of the total growth and the re -balance of the profit center. At the same time, under the resonance of stable growth assets in the past few years, the valuation has also been greatly improved under the resonance of foreign investment and the pricing of domestic liquidity loose. Pass. At the same time, if it is in the period of economic transformation, the decline of the demographic dividend will also reduce the growth center of such assets. Therefore, the future structural opportunities will focus more on the growth of prosperity, especially in the industry that still has a large space in the growth of prosperity. Finding a big space industry is essentially inseparable from the three ultimate pursuit of human beings "energy, information and life".

Yao Zhipeng believes that in all industries, cars will be an unavoidable direction. Judging from the leading industries of developed countries around the world, cars are the common pillars of the main power. The global automotive industry is a hundred trillions of industries. Therefore, the upgrading and breakthrough in the automotive field will make the Chinese car into the world will become the battle of China's national movement. It is also an inevitable choice for us to get out of the middle income trap.

We see that even under the impact of the epidemic impact supply chain and upstream raw materials significantly increased price increases, the sales of domestic electric vehicles in June are still expected to hit a record high, and follow -up with a large number of new models, including some phenomenal products, the gradual delivery of some phenomenal products gradually delivery , Subsequent sales are expected to continue to see upward trends. Although the market was large in the first half of the year, we have never worried about the needs of electric vehicles. The underlying factors of this conclusion are similar to the penetration trends of various emerging industries and the pioneers in the past. From the perspective of the development history of the Internet, smartphones, etc., after the penetration rate exceeds 15%, it is faster. The speed of the speed is more than 70%or even the comprehensive penetration process, and few emerging industries are at the top of 20%of the penetration rate. From the perspective of the infiltration trend of electric vehicles in Europe, it often continues to break through the 15%penetration rate. Upward, and quickly reached a very high level. The penetration curve of these history is actually the commonality of scientific and technological consumer goods, and it is also the common law of industrial trends at a certain level.

Yao Zhipeng said in the quarterly report that after the recent release of a explosion model, the full brand 4S shop was full, which made him think of when the iPhone was released ten years ago. History will not be simply repeated, but there are always similar rhymes. The popularity of the last round of smartphones has born with a large number of 10-30 times increase in supply chain companies, as well as the highest terminal product manufacturer of nearly 100 times. The industry trend of global smart cars has just emerged. It is believed that in this round of trends, it will be born comparable and even higher -level industrial opportunities. And such an industrial trend is the most in line with the current background. If the industrial development cycle can be combined with the background of the times, large -level opportunities will often be brewed. The "Mao Index" of the last 5 years, and pushing another 5 years of Internet assets are all under the trend of the times. Micro epitome and reflection. Now reviewing history, investors who are optimistic about and empty consumer electronics ten years ago finally lost consumer electronics. Therefore, in the face of historical industrial trends, do not do opportunist, the strategic leader of choosing the industrial hub link will become the best answer to growth investment. We are unwilling to judge lightly, and we are more willing to cultivate in the industry. The historical experience curve proves that once the 15%penetration rate has passed, the industry often accelerates instead of deceleration. And even after the global penetration rate reaches 70%after four or five years, we will still face the total demand opportunity brought by the iterative cycle, as well as the opportunity for future industrial upgrading and business model changes. As the traditional Internet platform gradually becomes infrastructure, the efficiency of society will be further improved. However, the digital transformation of the enterprise is still an important direction in the medium term. Digital assets will become the most important assets in the future. Whether it is data generated and processed based on enterprises, or a small amount of traffic highlights such as live e -commerce companies still exist on the Internet, or they are breeding. Web 3.0, the direction of new data and information will still contain new investment opportunities. At the same time, as the car becomes a new smart terminal, super computing power and super energy storage will also produce new business models.

At the same time, human beings still face the trouble of tumor, new coronary pneumonia, and cardiovascular disease. Whether it is targeted therapy or cell gene therapy, new treatment technology is also bred. Although domestic pharmaceutical policies are more welfare, the probability of breeding in large market value pharmaceutical companies in the future requires occupying international markets such as the United States. At present, the innovative drug cycle is still at a low tide, and we are also patient research waiting for the birth of FIRST in Class, which belongs to China. In the future, the birth of large items will bring the next wave of innovative drug cycles.

The military industry is still an important pillar of great powers, and the conflict of international geopolitics will accelerate the development of the military industry in the future. Focusing on the next -generation combat unit fighters and missiles, the related industrial chain will maintain rapid growth, and it is still a rare certainty growth in the economic downturn.

Yao Zhipeng said that in the present, combined with our grasp of various asset spaces, positions, and directions, we will continue to lay out the three major strategic directions of energy, information and life, find representative companies in the future Chinese economy, and rise with China.

(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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