概要
[Militaryindustryindexhitanewhigh!RelatedthemefundsdoubledtheirperformancelastyearWhatarethefutureinvestmentopportunities?InthepastyeartheactivemanagementofmilitaryindustrythemefundshasperformedrelativelywellTheproportionofpublicofferinginstitutionsthatactivelyallocatetothemilitarysectorhasalsograduallyincreasedStimulatedbyfavorablepoliciesanalystsbelievethatmediumandlong-termmilitaryinvestmentopportunitiesmayalwaysexist(InternationalFinanceNews)
In the past year, active management of the military themefundThe performance is more eye-catching.Public offeringInstitution forMilitary sectorThe proportion of active configuration has gradually increased. Stimulated by favorable policies, analysts believe that medium and long-term military investment opportunities may always exist.
In the first four trading days of January 2021, the military industry leader index pulled four positive lines, and the volume could be significantly enlarged, with an increase of 12.87%. For the whole year of 2020, the military industry leader index rose by more than 80%.Part of military industryETFThe scale has reached a new high. As of January 6, the outstanding balance of the leading military ETF financing of China Securities was 255 million yuan, and that of the military ETF was 653 million yuan, both hitting record highs.
The military sector is active
Oriental wealthChoice dataIt shows that since January, the military industry sector has strengthened, with the national defense military industry (Shenwan) rising 10.33%. On January 7, 8 military industry stocks rose more than 7%. among them,Aileda、Juli Rigging、Sinoma TechnologyThe increase was 10.29%, 10.2% and 10% respectively.
The newly revised “Army Equipment Regulations” will come into effect on January 1, 2021. The Central Committee of the Communist Party of Chinanational economyProposals for the Fourteenth Five-Year Plan for Social Development and the Long-term Goals for 2035” put forward “to ensure the achievement of the century-old goal of army building in 2027”, accelerate the modernization of weapons and equipment, and focus on independent innovation of national defense science and technology. Original innovation accelerates the upgrading of weapons and equipment and the development of intelligent weapons and equipment. The release of a series of policies has aroused the attention of market funds to the military industry sector.
Bo Shi Military Industry ThemeStock fundManager Rancho said in an interview that from a long-term perspective, the military industry market is driven by fundamentals. It is expected that industry growth will accelerate during the “14th Five-Year Plan” period. The military industry is a prerequisite for peaceful development. The bottom line thinking means that my country must strengthen the military. Form combat readiness capabilities.Before the “Thirteenth Five-Year Plan”, my country was a period of weapons and equipment capacity building.jobsCombat capability system. Among them, consumption equipment will usher in substantial growth. Sub-sectors with higher prosperity include missiles, aircraft, electronic components, and advanced materials.
“There have been six consecutive positives in the market, and military work is a highly flexible sector. Generally, it will perform more prominently when the market rises. However, military industry is a typical cyclical sector and tends to fluctuate greatly.” Yang Delong, chief economist of Qianhai Kaiyuan Fund Said in an interview.
In the past year, the active management of the military industry theme fund has performed relatively well.Data show that in 2020, many military themesFund incomeThe rate exceeds 95%.
Public data shows that the proportion of public offering institutions that actively allocate to the military sector is also increasing. As of the third quarter of 2020,Active fundIn the market value of holdings, military industry holdings accounted for 1.61%. From the perspective of position structure,Raised fundsThe military sector configuration ratio in 2020 is still below the standard level.
“The current valuation of the entire sector is near the 50% quintile since 2014. Although it has recently risen, it is still attractive from the vertical comparison of sector PE (price-earnings ratio) and PB (price-to-book ratio) valuations.” Rancho Said.
What is the value of medium and long-term investment
So, how far can the market of the military industry sector go in the future?
Rancho said that there are many on the growth track of the military industry.the companyIt is worth investing, there may be spring market.From a longer-term perspective, military industryenterpriseThe stock price is still determined by fundamental factors, including industry development prospects, production and operation conditions, operatingPerformanceWait. In the context of definite growth in the next 5-10 years, many investment opportunities will appear in the military industry. During the “14th Five-Year Plan” period, the sub-field of military equipment with the fastest growth, the strongest consumption attributes and high certainty will be the main line of investment, mainly involving missiles.industryChain, advanced fighterIndustry chain, Advanced materials industry chain, electronic components and other subdivision fields.
Liu Youhua, a senior researcher of the private equity ranking network, said that in the medium and long term, there will always be military-themed investment opportunities, especially at the beginning of the year. From the perspective of corporate orders, it is also expected to increase significantly. Therefore, the medium and long-term can focus on continuous attention.
Wang Lele, manager of the Fortune China Securities Leading Military Industry ETF, believes that the current leading military industry index PE (TTM) is 57 times, and it is at the center of the decade.according toIndustrial SecuritiesMilitary industryteamIn view, driven by industry demand, a considerable number of leading targets are still in the vicinity of PEG (price-to-earnings ratio relative to earnings growth ratio) = 1 in terms of consistent performance growth in the next three years.From the demand side, the “14th Five-Year Plan” puts forward for the first time the goal of building the army in 2027. The market expects that the construction of weapons and equipment will increase during the “14th Five-Year Plan” period, and large orders from the industry will continueannouncementSupporting fundamental changes.FromsupplyFrom the end point of view, the focus is on R&D and less production to the production of key mature equipment.
Song Haiyue, a senior researcher at Longying Fortune Assets, said that the military sector ushered in a change in the underlying logic last year, switching from the previous thematic investment model of asset injection to the value investment model driven by performance. Driven by both fundamentals and news, the military industry sector and thematic funds ushered in a “Davis double click.”Among its sub-industries, the missile and aircraft industry chain has the highest growth rate. Aviation OEMs are facing revaluation. Upstream materials, components, and partscompany achievementsGrowth flexibility is greater. The heavy volume of mid-upstream materials, components and other companies is the basis for the expansion of downstream OEMs, and they also have good growth and certainty in performance. Generally speaking, the military industry sector will become the main line of the market that is repeatedly active in the medium and long term.
(Article Source:International financeNewspaper)
(Editor in charge: DF528)