Warehouse Vane | Dacheng Fund Han Chuang: The leader of the Real Estate Industry in the Real Estate Industry, surrounding the industry's prosperity, company's competitive advantage, and valuation

China Fund Newspaper Ma Zutong

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.

Dacheng Fund Han Chuang, because of his outstanding acquisition capacity of the dark horse -type fund manager, which was widely circled in 2021, the core capacity circle focused on "cycle+growth".

Recently, the second quarterly newspapers managed by Han Chuang have been released! The "Hou Lang" of the Fund Manager's latest positioning trend was also exposed. In the second quarter of 2022, Han Chuang raised the real estate sector sharply. Real Estate Leading Stock A. Poly developed into the top ten heavy stocks on its representative products, while Guiyan Platinum Industry, Luyang Energy Conservation, and Zijin Mining withdrew from the top ten heavy stocks. List.

In this issue of [Warehouse Vane], Fund Jun will explain the second quarter report and position changes of Dacheng Fund Han Chuang.

Operation of high warehouses, focusing on industry prosperity, company competition advantages, and stock valuation dimension configuration

In the second quarter of this year, under the disturbance of factors at home and abroad, the market can be described as storm. In this context, Han has always maintained a high position operation. As of the end of the second quarter, its representative products reached 90.12%, a slight increase of 1.34%compared with 88.78%in the first quarter, ranking at a high level. In this regard, Han Chuang once said: "I generally don't make adjustments in the position, and basically maintain the high position operation. I think it should not be adjusted unless it is predictable to have a big bear market."

The market shock has intensified, and the management scale of many fund managers is "diving", and Han Chuang still has certain market appeal. In the second quarter, the scale of Hanchuang's management dropped slightly from 29.598 billion yuan to 29.260 billion yuan, which was still one step away from the scale of 30 billion yuan.

In the second quarter of this year, the market style changed dramatically, the growth track rebounded sharply, and the performance of the value and cycle sector was relatively sluggish. Many fund managers of the one -value track of the single -value track were also affected. Facing the adjustment of structural differentiation, Han Chuang still kept thinking independently and did not blindly bet on the track to catch up with the hotspots.

Under the frequency of "steady growth" and "stable economy" policies, industries such as real estate, such as real estate, are expected to usher in dilemma reversal. In the second quarter, Hanchuang, additional ingredients, real estate sectors, prefer basic chemical, non -ferrous metals, and automobile industries, and the configuration is relatively balanced.

For the timing of layout, Han Chuang has his own unique thinking. Han Chuang said that the time to weigh the risk income to decide to buy. "I think that investment cannot only consider the three or two copper plates in front of you, and refuse to bear all risks. At the same time, investment cannot be caught in a grand narrative, and slogan -type investment will only bring unspeakable risks. The direction of guidance is correct, but how to choose the specific target and when to buy, it depends on the bottom -up research. I think weighing the risk income ratio is the first problem in investment. After the risk of the stock price is down, the potential income is meaningful. "Han Chuang said.

At the level of investment strategy, Han Chuang attaches great importance to the security of investment. It mainly focuses on the three main lines of the industry's prosperity, the company's high -quality competition, and reasonable valuation, and invests in the medium and long -term combination.

Han Chuang believes that the industry's prosperity can be divided into two categories: industrial trends and industry comparison. "The former refers to the mid-to-long-term growth that can reach 5-10 years or even longer, while the industry comparison is more focused on the medium-term industry that focuses on 2-3 years." Han Chuang said.

Due to the more accurate capture of high -quality tracks, under the low performance, Han Chuang obtained a range income of 14.73%in the past March, with a higher ranking ranking. (Data source: Zhijun Technology; Over the Date: July 28, 2022)

It is worth noting that Han Chuang's configuration style is balanced and dispersed. In the second quarter, the Shanghai and Shenzhen 300 retraceed, and Han Chuang still stabilized the retracement performance, and had a strong risk resistance ability. In the second quarter, Han Chuang's largest dynamic retracement was -21.01%, which was far lower than the largest dynamic retracement of the Shanghai and Shenzhen 300-34.31%.

Increased positions, companies that prefer the characteristics of the times

Specific to the level of positioning, from the perspective of its position at the end of the second quarter of its representative products, salt chemicals in basic chemical stocks also entered the top ten heavy stocks. In addition, the development of Vanke A and Poly, the leading stocks in the real estate industry of Han innovation, and the number of positions in Poly, with the number of positions of 18.90255 million shares, 18.5586 million shares, and 22.96574 million shares, ranking sixth, ninth, and tenth.

Han Chuang is biased towards the "gray horse" stock in investment. He said: "The gray horses I call are generally the leader in the industry. Just these industries may be relatively subdivided, and the market has not yet high awareness. ","

For chemical stock tire tires, Maixing Energy, Haohua Technology, non -ferrous metal stocks Mingtai Aluminum and Chifeng Gold, Han Chuang increased its holdings in the second quarter, accounting for 9.45%, 8.43%of the net asset value ratio, and 8.43%, respectively. 6.46%and 4.69%, the increase in holdings compared with the first quarter.

In addition, if Han Chuang further increased its holdings of the large financial circuit, the emergency position proportion of China Railway in the second quarter accounted for 4.01%.

On the other hand, Guiyan Platinum Industry, Luyang Energy Conservation, and Zijin Mining have withdrawn from its top ten heavy stocks. In terms of shareholding concentration, in the second quarter, its representative product holding concentration further increased, from 52.51%to 57.82%, showing that in addition to Han Chuang's cautious and optimistic attitude towards the market outlook,

In terms of stock selection, Han Chuang pays attention to the reasonable level of valuation, and most of the company's valuation of the company's company is not more than 30 times. Han Chuang proposed: "The valuation will be compared from the horizontal and vertical angles, and the horizontal direction is compared with other companies in the market in the market; the vertical is to compare it with the historical valuation range. The value is significantly higher than the historical valuation center, so is there a reasonable fundamental reason for explanation? If there is, it is acceptable, otherwise I will be more cautious. Of course, the valuation is significantly lower than the historical center, and a reasonable explanation must be found. Because there may be a lot of investment opportunities here, it is also easy to fall into the low valuation trap. "

In the second quarter, Han Chuang made some adjustments to the position. The overall is still configured around several dimensions of the industry's prosperity, the company's competitive advantage, and the relatively reasonable stock valuation. The short -term market fluctuations beyond Han Chuang's own scope of judgment, but the medium and long -term value judgment is a direction that needs to be continuously advanced. Han Chuang will create better investment returns for investors under the premise of controlling risks.

Looking forward to the market outlook, Han Chuang is confident in the policy goals of the central government. "On the one hand, there are actually many domestic policy tools that can be used in China this year. Real estate and infrastructure can be available in areas, and these are not contrary to long -term policy goals. On the other hand, domestic is very different from overseas low inflation levels. Wait, it also reserves a large space for the stimulus policy. In terms of external environment, we should not worry too much about the Fed's monetary policy, because with the significant improvement of my country's comprehensive national strength, the impact of the Fed's liquidity on my country is constantly weakening. "Han Chuang said.

(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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