Tune Vane | CCB Fund Tao Can: Industrial upgrading and consumption upgrade is the only way for economic sustainable growth

China Fund News Sun Xiaohui

Editor's note: Recently, the Fund's second quarterly report has been disclosed. The changes and changes in the position and position 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 A -share market was suppressed first. From the perspective of the style, compared with the first quarter, a large switching, gradually transitioning from steady growth to the regulatory field. Among them Energy and home appliances have increased, while comprehensive finance, real estate, and media have fallen forward.

Under such a market, Tao Can, executive general manager of the CCB Rights Investment Department, was dispersed due to the balanced investment style. During the second quarter, the overall purchase of funds was still mainly purchased, and the scale also increased.

The second quarterly report of the just disclosed in 2022 shows that Tao Can managed the overall stock of stocks. In addition to the short -term setting of funds, most of the high positions were maintained by more than 90%, up to 94%. The new fund, which is still in the construction period, has also promoted the position of equity in a timely manner.

In terms of positioning combination, Tao Can manage the fund in the second quarter, which is still based on balanced configuration, but there are slight differences between different funds. For example, the main configuration of Caixin's long -lasting value focuses on the field of adjustment, and some of them participated in the configuration of the stable growth areas. In the second quarter, the CCB Reform Bonus Fund appropriately balanced the combined structure through the discrimination of large -scale asset allocation dimensions. The production and logistics supply chain indicators, the main position is allocated in the related fields of the manufacturing industry upgrade of the supply chain recovery, while strengthening the configuration of theme sectors such as equity incentives, industry system reform, and industrial policy optimization.

Tao Can said that the twists and turns of economic activities in the first half of the year have made us more clearly see that industrial upgrading and consumption upgrade are the only way for economic sustainable growth. In the second quarter, the comprehensive framework system of the three factors of the asset allocation and judgment system, the three factors of the industry, and the company's level was further improved, and strived to contribute excess returns to the holder in the variable market.

In this issue of [Warehouse Vane], Fund Jun will explain the second quarter report of Tao Chan, the manager of the CCB Fund Star Fund.

Keep a higher position on the overall new fund to speed up the rhythm of the construction of the position

Since the beginning of this year, Tao Can has managed the product, due to the balanced positions, the overall performance is relatively stable, and the overall retracement control is stable. During the first quarter, the maximum net value of the stock -type fund of the growth style has not exceeded 18%. The quarterly rebound is also warm. However, from the perspective of medium and long -term performance of 1, 3 years, and 5 years, it still has a significant winning benchmark, and many products even rank among the top of similar products. Among them, CCB Reform Bonus, who has worked the longest time, has reached 476.10%in 8 years, with an annualized return of 23.82%, ranking first in similar products.

The second quarterly report showed that as of the end of June, Tao Can exceeded 17.171 billion in the scale of eight funds, an increase of more than 1.7 billion over 15.458 billion in the previous quarter. From the perspective of fund shares, most funds are mainly net purchase. Taking the CCB Reform Dividend as an example, the fund's net worth has increased from 1009 million yuan at the end of the first quarter to 1.195 billion yuan at the end of the second quarter, and the fund share increased by 38.77 million to 207 million. Although the energy sources increased from 5.478 billion yuan at the end of the first quarter to the 6.171 billion yuan at the end of the second quarter, the fund share of 147 million copies of net redemption was 2.266 billion yuan.

Tao Can Management Fund List

From the perspective of position levels, the overall positions during the second quarter were mainly added. Except for two funds with shorter establishment, the rest maintained a higher position of more than 90%, up to 94%. Among them, Jianxinxinli increased from 85.72%at the end of the last quarter to 94.37%,

CCB Xingrun, established in August last year, increased from 67.49%to 84.59%.

The CCB Woxin, which was established in January this year, was held in the second quarter. Because it was still in the construction period, Tao Chan seized the opportunity of the epidemic relief, resumed production, and logistics recovery. 71.97%. Tao Chan said that overall in a weak city, he maintained a low position, raised the equity position in the recovery period, and initially achieved the goals and expectations during the construction stage.

The combination of moderate balancing structure field is the main configuration

From the perspective of holding, Tao Can manage the fund in the second quarter, which is still based on balanced allocation. The concentration of holdings has been improved compared with the previous quarter. The positioning structure has also been adjusted, but the focus of different funds is slightly different.

For example, the main configuration of CCB's long -lasting value focusing on the field, and some of them participated in the configuration of the stable growth field. The CCB Reform Bonus Fund appropriately balanced the combined structure through the discrimination of large -scale asset allocation dimensions. The supply chain indicator, the main position is allocated in the related fields of manufacturing industry upgrading in the manufacturing industry with the recovery of the supply chain, and at the same time, the allocation of relevant stocks, industry system reforms, and industrial policy optimization areas have been strengthened. Caixin New Energy is over -reached and upstream plates with relatively low valuations and high performance elasticity.

Taking the top ten heavy stocks of CCB's long -lasting value as an example, Jingsheng Mechanical and Electrical, Ningde Times, Tianhua Chaojing, and Zhenhua Technology remain unchanged, and Xinlai should be reduced. The top ten heavy stocks such as Red Arrow, TCL Central Central, and other top ten heavy stocks, Zhongke Electric, Tsingtao Beer, Nord, and China Merchants Shekou faded out. Among the top ten heavy warehouses in CCB New Energy, Ningde Times and Tianhua Super Clearance remain unchanged. Cheng; Enjie, China Science and Technology, Nord's shares, and Tianshunfeng can fade out. China Mining Resources, TCL Central, Rongbai Technology, and Yongxing Materials New Top Ten Top Ten Top Ten Top Ten Wendeng Stocks.

It is worth mentioning that the Hong Kong stocks configured in some funds have reduced their holdings. At the beginning of this year, Tao Can once said that for Hong Kong stocks, it will mainly adopt the right layout strategy.

Industrial upgrading and consumption upgrade are the only way for economic sustainable growth

Tao Can said that in the second quarter, the equity market has gone through stricter epidemic control and logistics restrictions. As the May epidemic relief, relaxation of control, and logistics recovery, manufacturing and operation activities represented by cars, consumer services with consumer services, consumer service The represented offline consumption has gradually returned to normal, and the stock market follows the fact that this fact is reflected.

After experiencing the twists and turns of economic activities in the first half of the year, it is clearer to see that industrial upgrading and consumption upgrade are the only way for economic sustainable growth.

It is worth mentioning that when a large fluctuation adjustment appeared in the combination position, Tao Can used the "waiting period" method to test the holding stocks. During the fundamental recovery stage, the stock that was adjusted in the early stage also rebounded after a short "waiting period". Essence

In the investment framework, Tao Can strengthened the discrimination of large -scale asset allocation dimensions in the second quarter. The three factors of the previous industry and the three factors of individual stocks were constructed to build a more complete framework system, and strived to contribute to the holder in the variable market.

Earlier, Tao Can said that for the second half of the year, when the growth of stable growth, market investment opportunities will also return to the field. The matching of the valuation and performance growth rate of the combination of positions is still hoped to get better opportunities in the style switching of the second half of the year.

(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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