Fund manager's notes: market fluctuations, adhere to the core logic of high prosperity

Agricultural Bank of China Rotation Mixing A/C (660015/015850)

Agricultural Banking New Energy Mixed A/C (002190/016494)

Fund Manager Xing Junliang

Recently, market shock fluctuations, and the growth sector has experienced significant adjustments. The new energy sector, which has rebounded more since April, has encountered adjustment pressure again, and "old energy" such as coal power has performed well.

Is the new energy sector a short -term risk release or a long -term trend change? Should the New Energy Fund be stopped or upside down? This is an investment discussion that will appear every time in the market adjustment. We might as well analyze the reason why the recent adjustment. On the whole, there are three main factors in market changes in the near future.

First of all, the growth track has accumulated significant excess returns in the early stage. The market crowded to a historical high, and investors are more sensitive.

Secondly, the RMB exchange rate has recently been adjusted rapidly. Some of the performance reports have not reached the expected situation in listed companies, allowing the growth sector to encounter the pressure of valuation and performance adjustment, and many factors suppress market risk preferences.

Third, the domestic "steady growth" policy has continued to increase since August, the market has improved in advance of the market, and the expectations of economic stability. Under the stock game, some funds are diverted to financial real estate and consumption, forming a crowding effect on the growth sector.

In the future, the high probability of the market will still maintain a shock in the short term. Although the style is balanced, the industry and style rotation speed is relatively fast, and the investment operation is more difficult. It is recommended to flexibly layout for a long -term dimension.

From the perspective of medium -term dimensions, in a macro environment with continuous disturbance of domestic epidemic, weak economic recovery, and relatively restrained currency but relatively restrained, it is difficult for the market to have systemic style switching. When the stable growth policy accelerates the landing, the traditional value sector has the opportunity to repair the valuation repair.

The performance angle of the interim and third quarterly report. The technology growth represented by the new energy sector is still the direction of strong performance and continuing prosperity advantages. With the strong fundamental support of the sector, the future will still be the direction of the market advantage. The new energy sector will be the new energy sector. After valuation digestion, you can choose to configure.

From the perspective of specific investment opportunities, after the growth style adjustment, it is recommended to combine high -quality assets that are in place with market fluctuations in the valuation of valuations and long -term prosperity. Among them, the shortcoming direction is still an investment direction that meets the high prosperity and high definition in the future.

Secondly, under the global energy tension, my country's "carbon neutrality" is imperative, and energy power is a breakthrough. Among them, the production side, the scenery is the main force of the future, and has gradually opened the era of stock replacement. In the demand side, the vehicle is accelerated and electrified to further promote carbon neutrality.

Daily Economic News

- END -