Three quarterly report "pre -joy" starts!The fund ambush performance excellent shares, this sector once again sucks "gold", how to operate in the shock pattern?

In the third quarter, the market was about to end, and the performance of listed companies became the focus of general attention of fund managers and fund agencies. In the recent disclosure of the performance trailers, many outstanding companies have been successfully "pre -judged" and increased their positions by public funds, but some funds have chosen to retreat and make a profit.

In the context of marketing clouds and the main lines of the market, whether it is based on the considerations and valuations, the switching of the sector, or the change of the prosperity, it can be speculated that the fund managers can be speculated from the fund's valuation deviation. Putting up positions in a timely manner.

Public Fund "China Middle" performance excellent company

According to Wind data, as of the release of China's China, a total of 50 listed companies in A shares have released the first three quarters of the performance of the first three quarters of 2022. From the perspective of the upper limit of net profit changes, a total of 39 listed companies are "pre -happy", accounting for 78%of the number of listed companies.

Among the above -mentioned listed companies, 10 listed companies are expected to double their net profit in the third quarter. Among them, the upper limit of the net profit increase during the reporting period of Yaguang Group, Haiguang Information, and Tianli Lithium is currently ranked among the top three, with 479.16%, 465%, and 345.87%, respectively. From the perspective of the stock price, in addition to the new stocks, the average increase in these "pre -happy" listed companies has increased by 3.06%since the end of the second quarter, which is rare in the background of the overall decline of A shares.

The fund is also ambushing these excellent shares. Whether it is increasing or reducing positions, the professionalism and forward -looking of public funds are prominent.

Taking the best performance lithium ore company As an example, according to the performance forecast, the company's net profit in the first three quarters increased by 447.53%-479.16%year-on-year, of which the net profit in the third quarter was 1.2 billion to 1.4 billion yuan, an increase of year-on-year increase There are more than 3 times.

The semi -annual report shows that the three funds of HSBC Jinxin Low Carbon Pioneer Stocks, HSBC Jinxin Dynamic Strategy, and HSBC Jinxin Intelligent Manufacturing Pioneer Stocks are ranked second, seventh, and ninth. However, HSBC Jinxin Low -Carbon Pioneer stocks selected over 2 million shares in the second quarter, and HSBC Jinxin Intelligent Manufacturing Pioneer shares reduced the stock over 1.5 million shares. In the third quarter, the trend of the stock price of the Yahua Group is not ideal, as of the decline in the press time, it has exceeded 18%.

Another stock Jacques is a good example of stock price and performance resonance. The company's expected net profit in the first three quarters is 442 million yuan to 492 million yuan, a year-on-year increase of 13.28%-26.11%; and it is estimated that the maximum net profit in the third quarter is expected to increase by more than 4 times. In terms of public offering positions, Zhu Shaoxing's management of the wealthy country Tianhui has grown up 3 million shares in the second quarter, ranking fourth largest shareholders of the listed company with 12 million shares; Many of its funds also added Jacques technology, and the stock price of the listed company rose 27%in the second quarter.

In addition, there are companies such as Yanjinpu, Coron Pharmaceutical, Goer's shares, and Lixun Precision in the first three quarters. The public offering fund holding a shareholding ratio exceeds 10%.

These funds have been actively adjusted

Fund managers often need to adjust their positions to conform to the changes in the market, and the traces of the positioning are reflected in the valuation of the fund. The fund valuation information announced by the current platforms is calculated by the semi -annual report as of the end of June. In the third quarter, it will end. During this period, if the fund manager is adjusted, the fund's valuation and net value will be different.

On September 16, A shares fell across the board, and the large market opened low and low, and the three major indexes fell more than 2%. Only the software and digital economy -related sectors have strengthened the trend, while securities firms and coal are collectively adjusted collectively.

It is not difficult to see in the net value information published after the market that the valuation of many funds is far from the net value. For example, the growth valuation of Huitianfu's strategy has fallen by 2.82%, but the net value rose slightly by 0.47%, deviating from separation, deviating from separation, deviating from separation, deviating, and deviating, it deviated from separation and deviated. 3.29%. In the second quarterly report, the fund manager Ma Xiang said, "At some point in the second half of the year, we will see the repair path of economic departments such as infrastructure, consumption, real estate chain, and manufacturing investment. Sexual drive valuation repair, the cycle growth of profit -driven driving. This kind of company is now a calm layout period. "

It is worth noting that on July 28, Huitianfu's digital economy core industry was issued in one year, and it was Ma Xiang's proposed fund manager. It revealed the fund's investment direction in the recruitment instructions: one is the digital product manufacturing industry; the other is the word product service industry; the third is to engage in software development, telecommunications, radio and television and satellite transmission services, Internet access services, Internet search services, Internet search services , Internet game services, etc.; The fourth is the digital factors driving industry. This is quite consistent with the A -share digital economy sector last Friday. Although the fund is still raising, if the fund manager is optimistic about this industry, Huitianfu's strategy growth is the first to test the water as the "old fund" managed by Ma Xiang.

Coincidentally, Penghua's innovation driver mixed is similar to that, with a valuation of 1.82%. On August 6 this year, Yang Fei took over the fund and has only been 42 days to date. Yang Fei revealed its attention in recent interviews: first, the semiconductor industry represented by domestic replacement; second, the software and smart automobile industry represented by the digital economy; the third is the new energy industry represented by low -carbon; Fourth, the military industry represented by national security.

In addition, there are many recent valuations and net valuations and net valuations such as Eastern Alpha selected mixing, Huitianfu Duofu strategy, and Nord's new life mixing. Public funding prompts market style or facing steering

Recently, the market hotspot switching frequently. From the perspective of response to risks, Huaxia Fund believes that the current "chaos period" brought about by the reduction of risk preferences. It is recommended to prepare a balanced industry configuration in both hands to reduce the fluctuations of the growth sector The value sector, pay attention to the configuration opportunities of the cycle (coal, oil transportation), white home appliances, and banks; on the other hand, further focus on a more growing direction during the decline, and Continue to grasp.

Looking at it later, Qianhai Open Source Fund believes that the high probability of the market in the short term will still be dominated by shocks, and the style will continue to converge. Consumption and real estate are expected to obtain staged relative benefits. However, under the macro environment of the domestic economic recovery and the loose currency but not systematic "large water irrigation", it is difficult to have systemic switching. In the middle and long term, the relative strength of the prosperity and the relative changes in performance will still be the core of the market style. Taking advantage of the adjustment, investors are currently focusing on, layout of three quarters and even the direction of the prosperity of next year.

The Noon Fund stated that the fluctuation pattern of the market in late September is still in the process of forming a new balance. At present, A -shares are at the bottom of the valuation, and the structural valuation differentiation has begun to converge, and the market heat has become more balanced. In the future, the policy will continue to release a good signal. The economic weak recovery and the long -term trend of the long -term market will not be changed, but due to the influence of the peripheral market, the stock game and the careful mentality, the continuity of the hotspots of the sector is not high. Therefore Essence At present, it is an important timing of the bottom strategic layout. The value of long -term investment is prominent. It can pay attention to the high cost -effective variety that matches the current valuation and future prosperity.

Responsible editor: Gui Yanmin

School pair: Gaoyuan

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