Warehouse Vane | HSBC Jinxin Fund Lu Bin: Focus on growth sections such as new energy sources

China Fund reporter Cao Wenzheng

Editor's note: Recently, the Fund's second quarterly report has disclosed that the positioning movements and position changes of the star fund managers have also become the focus of the attention of the citizens. Behind each regular report, these outstanding manager's "investment secrets" are also hidden. Fund Jun will continue to update the character's database feature [positioning vane], decoding star fund product holding changes and its manager's investment philosophy.

Since 2020, Lu Bin's reputation of HSBC. As the annual performance champion of the stock fund of the year, his in -depth research on new energy and other industries has gradually been aware of the industry and institution. More attention. With the disclosure of the second quarterly report, Lu Bin's latest positioning idea was exposed.

On the whole, Lu Bin maintained about 90 % of the position in the second quarter. In terms of heavy warehouse stocks, in terms of his masterpiece HSBC Jinxin low -carbon pioneer stocks, Guanghui Energy and Bishui source withdrew from the top ten, and Yiwei Lithium Energy and believed in the top ten new entry.

In this issue of "Warehouse Vane", Fund Jun will explain the second quarter report and its positioning of HSBC Jinxin Lu Bin.

The management scale is nearly 34 billion, maintaining the operation of the high position

According to statistics from the second quarter report, Lu Bin's latest management scale was 33.9 billion yuan, an increase of 10.37%over 30.715 billion yuan at the end of the first quarter.

From the point of view of the position, in the second quarter, Lu Bin maintained more than 90 % of the high position operation, and the position reduction was not large. For example, at the end of June, HSBC Jinxin's low -carbon pioneer stock position was 90.53%, a slight decrease of nearly 2 percentage points from the end of March. The stock position of HSBC Jinxin Intelligent Manufacturing Pioneer was 90.12%, a decrease of 2.25 percentage points from the end of the first quarter.

As the A -share market bottomed out since the end of April, the new energy sector has become a pioneer in rebound. Lu Bin's six products under the second quarter of the second quarter received positive income, of which the net value growth rate of HSBC in Longteng in the second quarter of Longteng reached 19.29%. In addition, three products such as HSBC Jinxin's core growth, HSBC Jinxin research selection, HSBC Jinxin dynamic strategy exceeded 10%in the second quarter, which were 12.78%, 11.09%, and 10.02%, respectively.

In terms of redeeming in the second quarter, HSBC, with the strongest rebound of net worth rebound in the second quarter of the second quarter, was 6.2569 million, with a total redemption of 3.969 million, that is, 2.2873 million nets were purchased. The remaining five funds had a different degree of net redemption in the second quarter. Among them, HSBC Jinxin's research selection in the second quarter has the largest net redemption share, reaching 435 million copies. As of the end of the second quarter, the fund's total share was 4.684 billion.

Heavy warehouse lithium cobalt, reduce holding BYD

Take HSBC Jinxin low -carbon pioneer as an example. From the perspective of the top ten overall positions, the main investment direction focuses on the new energy industry represented by electric vehicles. In terms of individual stocks, Guanghui Energy and Bishui Source withdraw from the top ten; Yimei Lithium Energy and believe in the top ten in the new entry. The number of shares of the Ningde Times and Ganfeng Lithium remain unchanged. After the completion of the positioning, the top five heavy stocks of the fund were Tianqi Lithium, Ningde Times, Yahua Group, Yimei Lithium, and Ganfeng Lithium.

It is worth mentioning that with the stock price of Tianqi Lithium in the second quarter, Lu Bin reduced the holdings of Tianqi Lithium, and the number of shares dropped from 9.3473 million shares at the end of the first quarter to 811,500 shares at the end of the second quarter, but The market value of holding the shares still exceeds 1 billion yuan, and it has jumped to the largest heavy stock. In addition, Lu Bin also reduced the recent BYD, which has attracted much attention, from 1.7887 million shares at the end of the first quarter to 1.568 million shares at the end of the second quarter.

As of the first quarter report, HSBC Jinxin's low -carbon pioneer holding concentration has increased, from 61.36%at the end of the first quarter to 66.76%in the second quarter.

Lu Bin's longest management time HSBC Jinxin Intelligent Manufacturing Pioneer, also a stock with a new energy chain. Huayou Cobalt has entered the top ten, and Guangxin shares withdrew from the top ten.

Lu Bin's other fund HSBC Jinxin dynamic strategy was mixed, and the adjustment of the top ten heavy stocks was different. On the one hand, the configuration of new energy stocks has been increased, such as the number of holdings of Ganfeng Lithium, Ningde Times, and Tianqi Lithium industry have increased significantly; on the other hand, Vanke A, Guanghui Energy, and Kaile Ying withdrew from exiting The top ten, and China Taibao, CITIC Securities, and convinced the top ten in the top ten. From the perspective of holding, the new energy content of this fund is lower than that of other funds. The financial and information industry accounts for about 16%.

Let the bullet fly for a while, "smart electric vehicle" is the main line of growth this year

Lu Bin said in the quarterly report that at the end of 2021, he believed that the main line of market investment in 2022 was "value return" and "high -quality growth". Standing at the present, he preferred "high -quality growth" will become the main investment in the subsequent market. Chance.

In the era of China's economic structure transformation, industrial upgrading, and technological innovation, we can see more and more high -quality growth industries and companies (new energy, new materials, high -end equipment, medicine, new consumption, TMT technology, etc.), because The outbreak of industrial demand, increased global market share, new product volume or import substitution, etc. The overall industry space is large, and the company's competitiveness is increasing. In the next few years, it is expected to achieve a rapid compound growth rate.

"This general trend will not change with the fluctuations of the short -term capital market. After the comparison of the central viewing industry and the bottom -up stock research, many growth industries and company valuations are now relatively due to market decline or performance growth. Large investment attraction. Therefore, we believe that the main line of investment in the subsequent market is 'high -quality growth'. "He wrote in the second quarterly report. Lu Bin suggested at the HSBC Jinxin Fund in 2022: "Let the bullets fly for a while."

Lu Bin said that with the gradual recovery of the economy, the increase in fiscal and monetary policy, and the heating up, as well as the relatively stable period of the overseas market rate hike expectation, the internal and external environment of the A -share market in the third quarter was better. At the same time, the current main investment line is clearly visible, and the market in the third quarter may be as gorgeous as summer flowers. "

Recently, the new energy sector has high popularity, but the market has caused a certain difference in its continuity. Lu Bin said that many investors have regarded the significant rise in the new energy industry as risk accumulation, and significant declines as possible problems with industry needs. In fact, industrial trends have not changed. "The industrial trend of the new energy industry may continue until 2025, and even after 2030, the industry space is very large and the penetration rate continues to increase. From the fundamental point of view, this is an industrial investment opportunity for 3 to 5 years." Lu Bin said that Lu Bin said Essence

In particular, I remember at the end of March this year, Lu Bin once said that in the perspective of the dimension of one or two years, many industries and companies have a big chance. The main investment line in the next three quarters will be "high -quality growth".

In mid -to -late May of this year, he bluntly said again: "The current investment opportunities are greater than investment risks, and they have to run in time! I am not anxious about the market decline, but some investment opportunities that need to be verified and will be quickly discovered in a short time. "

Standing at the moment, Lu Bin believes that the sustainability of new energy markets this year will be relatively strong, and the main line of growth is very clear, which is "smart electric vehicle".

(Note: If there is no special indication of the chart data in this article, it comes from Zhijun Technology and Wind data)

Risk reminder: The fund has risks, and investment needs to be cautious. Fund's past performance does not indicate its future performance. Fund research and analysis do not constitute investment consulting or consulting services, nor does it constitute any substantial investment suggestions or commitments to readers or investors. Please read the "Fund Contract", "Recruitment Manual" and related announcements carefully.

- END -