The practitioner who is changing from time to time and is integrated with knowledge and deeds

introduction

Since the new crown epidemic, global economic vitality has continued to be sluggish. In the past two years, the central banks of major economies in the world have repeatedly "opened their brakes" to cope with the economic downturn, which has led to their anxiety about inflation worldwide. In addition, the geopolitics caused by Russia and Ukraine in early 2022 also directly affected the world economic pattern, making the entire capital market fragile and sensitive.

Under the pessimistic emotions, the global capital market seems to be in a very severe moment. However, Zhang Xinchu, the founding partner of Yixiang Capital, was not pessimistic. Instead, he believed that in the current environment, he should see a positive side.

This kind of optimism does not originate from the rude understanding and blind obedience of "others fear me greedy, others are greedy for my fear", but from Zhang Xinchu and their team's clear understanding of their own advantages and abilities, as well as a deep understanding of the global and future markets. Essence

01

Global market

Since the beginning of this year, the value of the first public distribution (IPO) in the United States and Europe has fallen by 90%. According to data from professional data agencies Dealogic, only 157 companies in the European and American markets in the first five months of 2022 raised a total of $ 17.9 billion, while the same period last year, 628 companies raised $ 192 billion.

Globally, the value of IPO has decreased by 71%during this period -from US $ 283 billion to $ 81 billion -the number of listings from 1,237 to 596. These data show that in the first quarter of 2022, Russia's "special military operations" caused by Russia's "special military operations" plummeted decline has not eased. As of the end of this month (June) at the end of the second quarter, the circulation will also decline significantly year -on -year.

It is undeniable that the current domestic and global environment is indeed experiencing a cold winter. However, Zhang Xinchu believes: "Mature and experienced investors should not only have a cold winter in their eyes, and even choose to lie flat, but they should see and find opportunities in the winter. Determined factor will become clearer. "

02

Under the cold winter

The reason why this thinks is from Yixiang Capital's deep understanding of the global economic cycle. The global economic operation always shows the cyclical phenomenon of economic expansion and tightening alternate change and recycling. For example, the well -known Meilin investment clock theory divides the economic cycle into four stages: recovery, overheating, stagnation, and decline. The economic weak recovery stage under the influence of the global epidemic. In this context, through research and analysis, the Yixiang Capital Investment and Research Team continuously maintained and revised the global hedging strategy in the background of the global assets+the background of the economic weak recovery.

The investment research team of Yixiang Capital believes that there are two main reasons for economic fluctuations.

First, the impact of macro supply and demand based on Keynes' economic theory, such as climate change, natural disasters, epidemic influence, scientific and technological progress and resources, material price fluctuations, and other factors such as the imbalance. In response to such impacting Yixiang Capital, the "time -selected hedging strategy" can be used to determine the market trend in real time according to the macro event, the transitional situation of the epidemic, and the situation of the Russian and Ukraine situation that affects the changes in the global market.

Second, the impact from the national macroeconomic demand, such as fiscal, currency, exchange rate policy, and regional sanctions or cooperation, the global economic form change. In response to such impacting Yixiang Capital, it adopted the "exchange rate macro strategy" to track the monetary policy of mainstream currencies, establish a corresponding multi -short dialogue inch, and manage the risk of fluctuations in the exchange rate.

In addition, based on the understanding of the economic cycle, Yixiang Capital believes that technological progress or innovation can also bring new demand. Looking back at history, you will find that many great companies have also been born in the depression of the economy, such as P & G and General Electric were born during the period of economic panic in 1873; the recent global financial crisis in 2008 has also been born. enterprise. Therefore, Yixiang Capital followed the principle of "value investment", and also combined the "new shares and sale strategy" and "global stock investment strategy". Through research on the issuance of stock prices, supporting the company's many years of experience in planting the IPO market as the support, investment potential value enterprises to ensure a higher Sharp rate reinforcement configuration; Growing the target to invest in band investment to ensure higher overall income.

Through the above -mentioned targeted global assets refined allocation, combined with global hedging strategies, even in the cold winter, they can seize opportunities and stabilize.

03

Stable and far away

Seeing the market environment is to discover "problems", not "answers", but the answer is always one dimension higher than the question. How to find and seize the opportunity in the cold winter? Zhang Xinchu's answer is: "Two eyes look at the road." "Two eyes" refers to the "international vision" and "forward -looking field of view" that Yixiang Capital has always emphasized. At a glance, looking at the global market situation and the future market trend.

Zhang Xinchu has studied in the United States, and at the same time serves as a representative of the American investment business of Songcheng Group and a director of the National Trade Council. He has rich experience in overseas combat experience. He pays great attention to the "international and future investment vision". It is thanks to his many years of investment experience and a highly high investment vision that he can lead the team to quickly grasp the market trend, timely launch an investment strategy that adapts to the general trend, and ensure the investment income of the company and investors.

04

Dalang Tao Sand

Before the arrival of the cold winter, it seems that it is an opportunity. Investment in the capital market is extensive, and it can also gain a good return. But after the cold winter arrives, such an extensive investment model is tantamount to suicide. This transformation has led to the since this year, the rhythm of the capital market has slowed down, the pace of corporate has slowed or stagnated, and some of them even chose "lying down" directly. This change is a test for private equity investment institutions for private equity investment institutions, because without making corresponding adaptation and changes, a large number of private institutions may face survival problems in the next few years. The natural law of "survival" is also applicable in the capital market. Only by timely adjusting its own asset allocation model, and actively studying the investment strategy that adapts to the current market can we conform to the global general trend in the shortest time and maintain stable and sustainable development.

Zhang Xinchu said: "At present, the global market environment is becoming increasingly complicated, and the moment of the test of basic skills and the ability of investment research has arrived. Testing and opportunities always coexist, go to pseudo -use, and practice their own 'internal skills' in a down -to -earth manner. Stand firmly and achieve the established development goals. "

Conclusion

Nowadays, just looking at the investment model of one city and one place, it is no longer able to control the current capital market. In the past, there are not enough things, and now you must not only see more, but also look at more dimensions and higher perspectives in order to control the global market situation and future market trends.

In Zhang Xinchu's field of vision, although the industry's survival logic is undergoing fundamental changes because of the influence of the environment, as long as you dare to change from time to time, face the challenge, and actively exert your own advantages, you will be united in the cold winter. , Be prepared to start again, then the current macro situation will become an opportunity to go against the trend.

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Mr. Zhang Xinchu

Ease Capital partner, former director of the US National Trade Council, the head of the US -acquisition of Songcheng Group, and a master's degree in economics of Northeastern University in the United States.

With nearly 10 years of international investment project management and operation experience, focus on the allocation of large global assets, be proficient in the research and development and management of private equity, securities, and fund projects, and be good at the operation of capital operations such as restructuring and listing, equity and bond financing, and mergers and acquisitions. It has invested in many well -known projects such as Greentown Service, Alibaba, Jiangnan Buyi, Tiger Securities, Meituan, Tesla, Greentown Management, and Zhongyuan Jianye.

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