While innovating high, refreshing low!The gap between the fund's performance is large, and the difference between the first and tails exceeds 110 percentage points!New and old energy are the hottest

Since the beginning of this year, the market conditions have been extremely differentiated, and the performance gap between the active equity funds has also increased, and the difference has exceeded 110 percentage points.

According to Wind data statistics, as of September 6, among the active equity funds in the entire market, one of the best performances this year has earned 70.73%, and one of the worst performances has 42.12%. Especially since September, the market has intensified, and fund performance has been differentiated. Some funds have set a new high net worth, but some funds have reached a record low.

Behind the wide range of fund performance gaps, the polarization between the industry sectors. Among them, although the new and old energy sources are one after another, it is undoubtedly the two popular tracks this year, which has led the performance of heavy warehouse funds to lead, while science and technology, consumption, medicine and other tracks have been sluggish, and related funds are also facing great losses.

The difference between the end of the year exceeds 110 percentage points

On the whole, there are two main types of funds that have temporarily led the performance during the year. One type of heavy warehouses are old energy represented by coal, and the other types of new energy represented by "landscape storage".

Specifically, the first place in the current first place is the macro -selection of Wanjia macro -selection strategy managed by Huanghai, with a yield of 70.73%during the year. In addition, the Wanjia Xinli Mixed and Wanjia selected hybrid A managed by Huang Hai ranked second and third, respectively, and the yields during the year were 64.67%and 56.72%, respectively.

The three funds mentioned above were heavy coal stocks this year in the first half of the year, and further increased their positions in the second quarter. Taking the Macro -selection strategy mixed as an example, as of the end of the second quarter, seven of the top ten heavy stocks of the fund, including Shaanxi Coal Industry, China Coal Energy, Lai'an Environmental Energy, etc. The stock price of Shaanxi Coal Industry in Shaanxi Coal has doubled, up over 115%during the year.

Similar to the Huanghai, in the top funds this year, Zhang Heng's Wan Jiayi, Zhang Yuan, and Tang Ge's British state -owned enterprise reform, Yang Zongchang's Yifangda supply reform, etc., also re -positioned coal stocks. The yields were 36.09%, 32.96%, and 28.72%, respectively.

The reform of the British -General State -owned Enterprise also explained the logic of the soaring coal stocks this year in the quarterly report. It believes that with the continuous fermentation of "wide currency sequelae" with the global scope, the outbreak of the Russian and Ukraine War is superimposed. The company shows a significant relative income.

At the same time, some heavy -duty new energy funds have also been caught up since the second quarter, and gradually jumped at the top of the performance list.

For example, as of September 6, Wang Peng's Tedda Manuro Smart Wisdom was 35.48%during the annual selection of the year, ranking fifth in the active equity fund. Concept stocks. In addition, Zhou Ziguang's CITIC built investment in low -carbon growth and Sun Difa's advanced manufacturing, etc., all of which all have a large proportion of new energy sources.

The backward funds have multiple positions in technology and consumption sectors. According to Wind data statistics, as of September 2nd, a total of 4 active equity funds in the market fell more than 35%. The worst of which due to heavy positions such as China Software, Guardian, Nasda and other TMT stocks. Falling 42.12%, nearly 113 percentage points from the first place.

Innovation high and innovation low

Due to the large differences in the fund configuration, although the market has returned to shock in the near future, the gap between the fund's performance has continued to increase.

According to Wind data statistics, from the beginning of September to September 6, the net value of 79 active equity funds has a record high in September. Among them, there are three products of the above -mentioned Wanjia Fund Yellow Sea. The three funds are all in September 6 has just reached a new high since its establishment.

On the whole, the funds that have recently hit the new highs are also mostly products such as heavy -duty coal and petroleum. For example, Li Yan's investment promotion stabilized and balanced the position of China Shenhua and Yankuang Energy. Karma, etc., these funds all reached a new high value on September 6.

In addition, the special one is that this year's "window fund" Jin Yuan Shun'an Yuanqi also hit a new high on September 6, with a yield of 34.68%during the year. The fund is famous for its scattered positions, flexible operation, and smooth net value curve, but due to the small strategic capacity, the purchase has been suspended from August 22.

At the same time, 175 active equity funds set a new low in September, and these funds are mostly concentrated in pharmaceutical, consumption, semiconductor and other sectors. For example, a consumption upgrade theme fund fell over 25%during the year. This fund not only established not only for more than a year, but also renovated a record low on September 5.

Extremely differentiation in the market

Behind the large gap between the fund's performance is the ultimate differentiation of the market conditions. Among them, the old and new energy are undoubtedly the most eye -catching "Gemini" this year.

Taking the one -level industry index as an example, among the 30 segments industry indexes, only two industries have risen and decline within the year. Among them, as of September 7, the Shenwan Coal Industry has increased the highest increase since this year, reaching 41.32%, and far exceeding the second Shenwan Petroleum Petrochemical Index (2.29%); in a sharp contrast The annual declines of the industry, Shenwan Media Industry, and Shenwan Electronics industry were 28.22%, 27.23%, and 26.31%, respectively, and the declines exceeded 25%. While the old energy is far ahead, new energy is unwilling to show weakness. Looking back on the stock market this year, from the uniqueness of coal stocks at the beginning of the year, to the sharp rebound of new energy in the second and third quarters, and then to the new energy sector since August, the market hotspot has returned to old energy such as coal and petroleum petrochemical.

Can the ultimate market of the main line of new and old energy continue? Will there be "high and low switching" in the market? Become a hot topic recently.

Wang Xinyue, an analyst at Galaxy Securities Strategy, believes that the switching of market style often requires the change of industry fundamentals. At present, the upstream resource products are still the most determined sector in performance, and the uncoordinated and uncoordinated new and old energy conversion has also brought the reshape of the old energy valuation. With the tight supply and demand and the long logic of the long logic, the coal and other sectors remain still During a large rising cycle. In addition, the transformation of the energy structure makes the new energy industry chain in the upward range of the industrial cycle, and the industry's fundamentals are stronger than other industries. In the short term, the industry's rising logic has not been seen. Therefore, she believes that the old and new energy sources are still in the general trend, and the market style will not be switched.

"But it should be noted that as the structural differentiation is interpreted towards an increasingly extreme direction, the market micro -transaction structure is becoming more and more crowded. Some tracks may face the pressure of profit and profit. Obviously, a fund manager in Shanghai told reporters.

Responsible editor: Yang Yucheng

School pair: Zhao Yan

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