原标题：疯狂！ 一天中有超过300亿的认购，该基金“吸金”的魅力丝毫没有减弱！ 如何应对“持有股票”的急剧下降？ 这些基金经理怎么说？
概括
[Crazy!Thecharmofsubscribingtomorethan30billionfundsinonedayisnotdiminished!Howtodealwiththesharpdropin”Baotuanstocks”?】Sincethebeginningoftheyearfundissuancehascontinueditshottrendand“explosivefunds”haveemergedoneafteranother”10billion20billion30billion”OnFebruary22ndthe”topstream”ofHarvestFund-themanagingdirectorofHarvestFundHongliu’snewproductthecompetitiveselectionofHarvestattractedtheattentionoftheentiremarket
Since the beginning of the year,Fund issuanceContinue to continue the hot trend, “explosive styles” one after another.
“10 billion, 20 billion, 30 billion…” On February 22,Harvest Fund“Top Stream”-HarvestfundHong Liu Xinfa, Managing DirectorproductHarvest’s competitive selection has attracted the attention of the entire market.
As of 3:30 pm,BrokerageChinese reporters have learned that the total market subscription amount for the product has exceeded 30 billion, and most channels have ended the fundraising ahead of schedule. According to the upper limit of the 8 billion fundraising scale, the product placement ratio is less than 30%.
Fund issuance has already heated up.On February 22 alone, over 30 funds (shares are counted separately, the same below) were officially issued. This weekNew fundOver 50, involving 40 companiesfund company, Product types are mostly biasedStock baseJinheETFfund.
Torrent has sold more than 30 billion yuan!
The Harvest Competitive Choice, which was issued on February 22, can be invested in A shares or in the Hong Kong market, participating in Hong Kong stock investment.PositionUp to 50%. The proposed fund manager Hongliu has its own flow. Hongliu has 21 years of experience in securities industry and 10 years of actual investment experience. After multiple rounds of bull-bear cycle conversions in A shares, he has a solid foundation in A and H shares investment research, and he has many labels: 21 years Investment research veteran, Castrol balanced style investment director, helm of tens of billions.
Brokerage China reporter was informed that as of 11 o’clock in the morning, the total market subscription amount of the product exceeded 10 billion. The data continues to refresh, as of 2 pm, the subscription amount reached 20 billion. As of 3:30 pm, the subscription amount has exceeded 30 billion. According to the 8 billion raising cap, the placement ratio is expected to be less than 30%.
After years of market experience, Hongliu has gradually become a practitioner of GARP strategy that emphasizes both value and growth. His investment philosophy can be summed up in one sentence: Invest in companies that continue to grow in intrinsic value at a reasonable cost, and share profit growth or valuation. Investment opportunities brought by promotion. According to the statistics of the public information of the funds under management, Hongliu is a rare industry all-rounder in the industry. The investment industries involve a wide range of industries. Except for the three industries of steel, leisure services and integration, other first-level industries have invested.The ability circle is wide, withConformityFind the ability and strength to have a competitive advantage in many industries.
At present, Hongliu manages Castrol Value Growth, Castrol Ruixi three years, Castrol Ruihong three-year fixed-opening, Harvest Strategic Growth and other partial stock products, and the returns have exceeded 88% since their appointment. The first three have been managed by Hongliu since their establishment. Among them, Harvest Value Growth has doubled in less than one and a half years since its establishment. The data shows that as of February 19, 2021, since the product was established on September 10, 2019, the cumulative return has reached 103.84%, and the annualized return has reached 63.46%.
Regarding the Hong Kong stocks, which are in the market this year, the torrent is also firmly optimistic. The main reason is that the domestic liquidity environment has remained reasonable and sufficient for a long time, and the overall situation is still loose; the AH premium has widened and the price of Hong Kong stocks has improved; and high-quality Chinese concept stocks will continue to return. At the same time, the earnings of Hong Kong stocks may stabilize and rebound, and the continued inflow of overseas funds is also a high probability event. Moreover, Torrent has a very forward-looking perspective. It has allocated Hong Kong stocks since the fourth quarter of 2019, and the allocation ratio of its funds in Hong Kong stocks has never been lower than 20%.According to statistics from the 2020 Four Seasons Report, as of the end of 2020, the proportion of Hong Kong stocks was 31.30% for the value growth of Harvest, 27.53% for the three-year fixed opening of Harvest Ruihong, 23.15% for the three-year Harvest Ruixi, and threeProduct configurationThe proportion of Hong Kong stocks has stabilized at more than 20%, showing its forward-looking investment in Hong Kong stocks and its patience in holding shares.
Brokers China reporter learned that in the future, Torrent will continue to increase investment in Hong Kong stocks. Harvest’s competitiveness will be selected based on the certainty of the growth of China’s local economy, while taking into account the scarcity of overseas assets, based on the risk-return ratio andindustryBalance the layout, make strategic long-term allocation, focus on the four high-quality tracks of consumption, advanced manufacturing, medical health, and technology, and focus on pro-cyclical assets, allocate industries in a balanced manner, and look for investment opportunities for “three good” companies.
“2021 is a shocking bull market”
Hongliu believes that the A-share market in 2021 is a volatile bull market, or a continuation of a long-term structural bull market. The main reason is that the allocation of large-scale residential assets to equity assets in China is underway, and the transformation and transformation of the Chinese economyIndustrial structureThe upgrade is also constantly optimized. “Due to the increased allocation of residential assets to the equity market and the steady increase in the proportion of institutional investors, the Chinese market may be in a state of long-term structural slowness. It is difficult for everyone to get cheap and high-quality company bargaining chips. The acquisition of assets will become more complicated. In the future, asset management companies will compete with forward-looking and in-depth research, as well as the scalability of research platforms.” Hongliu said.
It is reported that Torrent has long focused on the four major tracks of big consumption, advanced manufacturing, medicine, and technology, as well as pro-cyclical assets, and balanced industry allocation. The Castrol Competitive Selection, which was launched on February 22, can either invest in A shares or the Hong Kong market. It will be based on the growth certainty of China’s local economy in the future, while taking into account the scarcity of overseas assets, based on the risk-return ratio ,based onIndustrial DistributionTo achieve a strategic long-term configuration.In terms of investment ratio, stock assets account for 60%-95% of fund assets, of which investment inSouthbound tradingThe proportion of underlying stocks accounts for 0%-50% of stock assets.
In Hongliu’s view, the core of balanced investment is cost-effectiveness, which is to judge the level of risk-return ratio, focus on high-quality companies with the characteristics of “three good students”, and choose both.ChangheCompanies with value attributes are good industries, good companies, and good prices. A good industry refers to an industry that has room for growth and is underestimated, a good company refers to a leading company in the industry with a competitive advantage, and a reasonable valuation refers to the risk-return ratio.
How do fund managers view the decline of “Baotuan stocks”
This week is a intensive period for new funds. In terms of product types, most of them are partial-equity funds and ETF funds. Companies such as China Asset Management, Huabao, Cathay Pacific, Huatai Bairui, and Penghua have entered the product burst mode, among which ETF funds are emerging.
Today, two ETFs under Fortune Fund are on sale at the same time, namely, Fortune CSI Financial Technology ETF and Fortune CSI Subdivided Chemical Industry ETF. The first rare earth ETF in the market, Huatai Berry Rare Earth ETF, went on sale today, and the fundraising has now ended.This week, there will also be Yi Fangda Shanghai Stock Exchange managed by Lin Weibin and Cheng XiScience and Technology Innovation BoardProducts such as the 50-component ETF connection, the 50-component ETF connection of the China SSE Sci-tech Innovation Board under the leadership of Zhang Hongtao, the Cathay Pacific China Securities Livestock Farming ETF managed by Liang Xing, and the Cathay Pacific China Securities Subdivision Chemical Industry ETF managed by Wang Yu are all pending release.
Today, the two markets opened volatile, and in the morning, driven by resource stocks, they once went high. In the afternoon, heavyweight stocks fluctuated lower, and even ushered in a dive, dragging the index down. The GEM opened low and moved low throughout the day, ushering in continuous adjustments. Recently, high-level group stocks led by “Moutai” have continued to decline, which has dragged down the index.
China Merchants FundHou Hao, deputy director of the Quantitative Investment Department, believes that the pre-holiday liquor sector was driven by expected improvements and event factors to increase the price. After the holiday, affected by the tightening of liquidity and the adjustment of market styles, the sector experienced a certain correction, and it was more emotional and capital. Face influence. Liquor fundamentals are still relatively good, high-end liquor prices remain high, inventory is relatively low, leading liquor is in short supply, and overall high-end liquor sales have increased significantly.
From a fundamental analysis, the liquor sector is still relatively good. Liquor sales and price performance during the Spring Festival were good, especially for high-end and sub-high-end brands.The price of high-end wines is strong, and the price ceiling continues to open under strong demand. The expected price increase after the holiday is heating up. The impact of sub-high-end and regional wines on some scenes was not expected due to the impact of the epidemic. There is still room for replenishment under the recovery of the consumption scene. The sauce and wine market continues to be hot. The Spring Festival shipments in major regions have increased significantly, and the low-end self-drinking maintains stable growth; the Spring Festival is expected to drive the sectorPerformanceExceeding expectations, sub-high-end and regional wines may still exceed expectations in the second quarter, and the performance-driven sector logic is smoother.
Nord FundYing Ying said, “After the holiday, the market style continues to switch. On the index side, it is still felt that the trend of slow rise may continue. The decline of group stocks or the correction of the rapid rise driven by the previous funds is also correct. We believe that such corrections of high valuations will still occur in the later stages of individual stocks. However, we still feel that some stocks whose valuations gradually decline will still have an upward probability as the performance ends are realized. At the liquor end, high-end liquor sales data from the Spring Festival show a relatively good trend and relatively strong fundamentals.”
Zhang Yuxiang, fund manager of Penghua Liquor ETF, believes that the reasons for the adjustment of the liquor sector are mostly emotionalcurrencyPolicy implications. At this stage, overseas and domestic monetary policies have a negative impact on the high-valued sectors. The wine sector with a large increase in the previous period has a need for adjustment. The complete actual sales situation during the Spring Festival will take 1-2 weeks to truly understand The channels are summarized. According to the current data feedback from relevant channels, during the Spring Festival, alcohol consumption was good, sales were good, inventory was low, and prices were stable. After the release of negative sentiment and the short-term adjustment of the alcohol sector, we waited for the first quarterly report to verify performance by operating data.
(Source: Brokerage China)
(Editor in charge: DF052)
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