12 years of investment research veterans at the helm, using the tracement of the law to understand the market, and the investment promotion is issued in a balanced growth

Since the market low on April 27, the growth style has continued to dominate. Wind data shows that from April 27th to August 26th, the relevant growth style indexes 1000 index and the GEM index rose by 32.54%and 22.78%, respectively, all exceeding the Shanghai and Shenzhen 300 (8.55%), and the Shanghai Stock Exchange 50 (2.63 2.63 %) Waiting for the blue chip style index of the broader market. It is reported that the investment promotion balancing growth of the growth investment style (Class A: 016524, Class C: 016525) was officially issued on September 1st. Zhang Xilin, deputy director of the China Merchants Fund Research Department as the fund manager. Strictly select the investment strategy of good growth in the future, and strive to buy high -energy visibility enterprises at reasonable prices to earn money for enterprise growth.

Public information shows that the investment in the investment promotion is a polarized stock hybrid fund with a stock investment ratio of 60%-95%. Among them, the share investment ratio of the Hong Kong Stock Connect is not more than 50%of the fund's stock assets. In terms of stock selection strategies, the balanced growth of investment promotion is mainly through the combination of quantitative analysis and qualitative analysis, as well as comprehensive and in -depth research on high -quality enterprises, selecting good -growing listed companies, and sharing its available in the context of China's economic growth. Continuous growth, and through profitability, growth capacity, valuation level, and company quality assessment of four -dimensional stock selection, actively deploy performance support, certain growth industry, or listed companies. Taking the dimension of corporate governance evaluation as an example, this indicator is to investigate listed companies, comprehensively examine key factors such as company governance, company development strategy, fundamental changes, competitive advantages, and management levels, and evaluate the company's medium and long -term development prospects, growth and core competitiveness Essence

Investment balancing growth judges excellent growth targets from two aspects of endogenous growth and extension mergers and acquisitions. On the one hand, the endogenous growth dimension is to select the company's business model, competitive advantage, and industry prospects to choose companies with the fastest performance and stronger continuity. On the other hand, the extension M & A dimension is a company that enables the expansion of operating scale through overall listing, mergers and acquisitions and reorganizations, as well as companies that have been acquired, assets, or brand value, and have greatly improved operating improvement and profitability after mergers and acquisitions.

Zhang Xilin, Manager of China Merchants Balanced Growth, has more than 12 years of investment research and product investment management experience over 12 years. Zhang Xilin understands the market from the retrospective of sociological theory. Understand the "cause" behind different perspectives. After constantly iterating, find a more explanatory path, until it is overturned and find a new explanation again. Over the years, he has managed the product with an absolute income thinking. Under the condition of the risk premium model, the adjustment of low -frequency positions is a low -frequency and high win rate. In terms of industry configuration, Zhang Xilin maintains the integrity of the industry and divides the industry into two categories: Beta type and Alpha type. The former mainly earns money to return, and the latter mainly makes money for performance growth.

To implement the stock selection, he values ​​quality, certainty, and visibility. He prefers slow business, attach importance to the internal cause of the enterprise, and believe that the long -term quality of the enterprise is more important than the short -term potential energy. In essence, it is a stock selection idea of ​​the DCF framework, which prefer to buy long -term assets. From the actual effect, taking the first public fund management of Zhang Xilin as an example, according to the disclosure data of the Fund's second quarter report, as of June 30, 2022, China Merchants Anbo A's yield in the past three years was 79.27%, compared with the same period compared to the same period, The performance comparative benchmark, the fund excess yield reached 62.32%.

As my country enters the stage of high -quality development, the balancing growth of investment promotion will anchor the areas with high definition of medium- and long -term growth. Fund managers' investment opportunities in the field of allocating growth in the industry, such as chips, new materials, detection services, R & D production outsourcing services and other productive services; ophthalmology, higher vocational education, pension and other population changes in the trend of changes in population changes in the population of the population Wait.

Risk reminder: Fund investment is risky. Investors should carefully read legal documents such as the "Fund Contract" and "Recruitment Manual" before investing. my country's funds have a short operation time and cannot reflect all stages of the stock market development. The fund manager promises to manage and use fund assets with the principles of honesty, trustworthiness, and diligence. The past performance and net value of the company's funds do not indicate its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of fund performance.

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