Warehouse Vane | ICBC Credit Suisse Fund Du Yang: In the second half of the year, the economy is cautious and optimistic semiconductor, new energy vehicles and other sectors.

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.

As an all -around player, Du Yang, deputy general manager of the Research Department of the ICBC Credit Suisse Research Department, includes both market funds and industry -themed funds. There are also differences in positioning, investment scope, performance benchmark, and operating ideas between different products. Essence

However, under the increasing market fluctuations this year, due to the large -scale positioning of some funds and market styles, the advantages of balanced resistance and decline have not been fully reflected.

The second quarterly report of the 2022 disclosed in the second quarter of the second quarter of Duyang's fund stock positions have a large differentiation, and both funds have been greatly increased. Speed ​​reduction, such as ICBC Credit Suisse New Energy Vehicles from 80.84%at the end of the first quarter to 62.11%. During the period, under the premise of the benchmark as the anchor, most funds maintain the stability of the basic configuration structure, choose the opportunity to reduce its holdings lower than the expected varieties, and continue to increase the varieties with high valuation security and strong performance.

Du Yang said that in the second half of the year, the challenges faced by our country are still large, but they still maintain a cautious and optimistic attitude. In terms of industry, some companies in the domestic semiconductor industry are growing in the early stage of growth. It can continue to grow through product expansion and customer expansion, which can resist cycle fluctuations and bring long -term returns. In addition, in the case of strong demand, the medium and long -term development of the entire industrial chain of the new energy vehicle remains optimistic.

In this issue of [Warehouse Vane], Fund Jun will give you a detailed explanation of Du Yang's second quarter report and change of position adjustment of the Star Fund Manager of the ICBC.

Different types of funds plus positioning operation differentiation

Super -Displayed Growth Industry

As the deputy general manager and investment director of the Research Department of the ICBC, Du Yang has a strong industry coverage and control of different funds. This ability is inseparable from its multi -industry research accumulation for more than 10 years. At present, Du Yang is not only the leader of the energy facility group, but also in charge of the upstream and the middle reaches of the research team. In addition, he also attaches great importance to benchmark and excess returns. Therefore, the combination of Du Yang's management is more balanced.

However, under the increase in this year's fluctuations and low front and back height, because most funds are mainly related to the stable growth industry such as banks and real estate, there are deviations in the market style. Earth reflection. However, the products they managed are still prominent in short, medium and long -term performance. Taking the theme of the strategic transformation of ICBC Credit, the fund's total return of nearly 280%. Among them, in the past year, three years, and five years, it has ranked among the forefront of similar products, of which fourth in similar products.

While the investment capacity is gradually well known, the size of Du Yang's management has continued to grow, and as of the end of last year, it has exceeded 15 billion yuan. After receiving the ICBC's new energy vehicles in January this year, the size of the seven funds exceeded 25.5 billion yuan in the scale of the fund. However, shrinking during the second quarter, the scale was less than 24.9 billion yuan at the end of June.

Among them, at the end of the first quarter of the first quarter of the first quarter of the ICBC Credit, the scale of the strategic transformation of the ICBC was 5.354 billion yuan, and by the end of the second quarter, it would become 5.2 billion yuan. In the second quarter, it was 6.473 billion yuan at the end of the second quarter. It is worth mentioning that Du Yang's management funds have a net redemption of shares.

List of Duyang Management Fund

The Fund's second quarterly report showed that Du Yang maintained the stability of the basic configuration structure among multiple funds in the second quarter, and selected the opportunity to reduce its holdings that were lower than expected. Strong variety. In the two -year opening of the ICBC GEM, the benchmark is anchor, and the decline space in the GEM has limited space in the GEM and has the potential to continue to grow. ICBC Credit Suisse New Energy Vehicle focuses on high -quality individual stocks in each segment, reduced holdings of upstream resource products, and properly adjusted the positions according to the changes in market strength and weakness. In addition, ICBC's strategic emerging industries focused on the science and technology sector in the first half of the year. Under the premise of the benchmark as the anchor, it was preferred to choose a high booming track, and the stocks with good competitive patterns and clear competition advantages were selected.

In the position, different fund stock positions have been differentiated, and some of the large positions have also been significantly reduced. For example, from a higher position to a neutral level, for example, ICBC's Credit Suisse strategies increased from 83.67%to 93.29%at the end of the first quarter; the steady growth of ICBC Creditions increased from 69.96%to 94.29%; ICBC GEM's two -year setting up positions increased nearly nearly near 11 percentage points, to 83.70%; ICBC's new energy vehicles decreased from 92.44%at the end of last year to 80.84%at the end of the first quarter, and the theme of ICBC decreased from 88.32%to 86.10%at the end of the second quarter. In addition, ICBC's strategic emerging industries decreased by 7 percentage points to 71.93%.

Specifically, in the theme of the strategic transformation of ICBC Credit, Chinese buildings are still the largest heavy stocks, but the number of shares has decreased. , Goldland Group, China Merchants Shekou increased their holdings, torch electronics faded out, and Huajie Group was new. ICBC Credit Council Strategic Transformation Theme of the Top Ten Wenden Stocks in the end of the second quarter

In the Far opinion of the ICBC Credit, China Construction and Industrial Bank are still the first and second major heavy positions. Ming Kangde and Jianlang Hardware remain unchanged. In addition to the fast -holding holdings in Hong Kong stocks, there are also the top ten heavy stocks in Meituan, and Hua Railway Emergency fades out.

ICBC Credit Council Strategy Farfen Far in the top ten heavy stocks in the end of the second quarter

Among the ICBC Credit Suisse New Energy Vehicles, Ningde was still the largest heavy stocks in the Ningde era, with a small reduction of holdings. BYD reduced its holdings of more than 60 %. Industry, Yiwei Lithium, Tianqi Lithium, and Xingyuan Materials faded out.

ICBC Credit Suisse New Energy Vehicle in the top ten heavy warehouses at the end of the second quarter

It is worth mentioning that the second quarterly report showed that, like the position, the concentration of Du Yang's management of the product also differentiated, and some still continued the upward trend since the fourth quarter of last year, which was higher than the same average level. For example, ICBC Credit Credit strategy transformation; some concentration has declined sharply, such as ICBC Credit Suisse New Energy Vehicles.

Be careful and optimistic about the economy

Pay attention

Du Yang analyzed in the second quarterly report that in the first half of 2022, China's and global macroeconomics were affected by more risk events. Internal pressure came from the rapid decline in real estate sales and land acquisition and the epidemic again. External pressure came from Russia and Ukraine. Inflation in Europe and the United States has increased significantly, the Federal Reserve ’s interest rate hikes, and the rapid rise in the expected economic recession in Europe and the United States. However, at the same time, the domestic liquidity environment has maintained a certain amount of easing. In the second quarter, the RMB exchange rate depreciated, which provided a certain support for the restoration of exports and domestic production economy. The overall performance of the country was better than foreign countries.

Looking forward to the second half of the year, Du Yang believes that the challenges faced by our country are still large, but they still maintain a cautious and optimistic attitude. Since 2020, my country's macro policies have been tight as a whole, and the room has a large room. From a macro perspective, as long as the internal causes are resolved, the impact of external causes is relatively controllable. At present The speed is also accelerating. If the epidemic is controlled, the production and travel are restored to normal levels, and the real estate sales will gradually bottom out. Economic expectations will have a large change. The impact of external impact may weaken, and market confidence will continue to improve.

Du Yang said that the growth style performance in the first half of the year, especially the science and technology field represented by the TMT sector, ranked at the bottom of the science and technology field. The suppression factors include: 1. The transaction is crowded. The valuation pressure has increased. After three consecutive years of performance, the valuation of many stocks is in a high position in history, and more performance is required for digestion valuations; 3. Global demand such as semiconductors has begun to weaken. Looking back at the past, investors need to make a choice between long -term industrial trends, short -term prosperity and dynamic valuation. The consequences of the growth of three years of growth are high valuations, investors are extremely sensitive to short -term prosperity changes, long -term space space, long -term space In the case of overdrawn, you need to do a game, and the wind blowing even will even evolve into a stamping. In the future, it will be combined with market conditions to gradually build and increase the stocks with good governance structure, a certain growth space, good competition pattern, stable profitability, and current valuation with certain security margins.

Regarding the new energy vehicle sector, Du Yang said that after the sales of the epidemic in April and May, the sales volume rebounded quickly, showing a strong toughness. Prove the competitiveness of new energy vehicles. Although the current capacity of upstream and middle reaches is still restricted, supply is not always a factor restricting the development of the industry. When the demand remains strong, the medium- and long -term development of the entire industry chain is still optimistic. In the first half of this year, the New Energy Vehicle Fund focused on high -quality stocks with weak price cycle, technology barriers, long -term value and market share increase; continued to maintain a greater configuration of the industry leaders, and continued to be optimistic about the leading Chinese company company Global market share expansion. On the whole, the configuration is relatively balanced, and the selection of high -quality stocks in each segment is selected. The position has been appropriately adjusted according to the strength of the market.

In addition, Du Yang said that ICBC's strategic emerging industries focused on the science and technology sector in the first half of the year. Under the premise of benchmarking as the anchor, it was preferred to choose a high booming track and select stocks with good competitive and clear competition advantages. Specific directions: 1. Software and Internet, with excellent business models, strong user stickiness and business ductility. In the past year, policy supervision has been strengthened. Relevant companies have quickly adjusted and optimized business and personnel. It is also necessary to show the vitality and toughness of Internet companies. By the second quarter of this year, policy supervision has entered a normalization, and the business has gradually stabilized and returned to growth. The medium and long term is expected to bring continuous returns. Over the inflection point of penetration, intelligence entered the 0 to 1 stage in 2022. The industry is growing in the early stage of growth, and the prosperity is high; 3. Semiconductor, global semiconductor prosperity has gradually moved down, and the Philadelphia semiconductor index has fallen huge. Most of the performance decline risk. Looking forward to the future, some companies in the domestic semiconductor industry are growing in the early stages of growth. Through product expansion and continuous growth of customer expansion, it can resist cycle fluctuations and bring long -term returns. (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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