Zou Xi, a "cycle master" financing fund: In 2022, the structure will continue to rebalance, and the layout will be "stable growth" and financial consumption

The four quarterly reports of fund companies have gradually been disclosed, and the "signboards" and "elites" of various companies have gradually exposed their judgments on future market trends.

In the turbulent market at the beginning of 2022, the views of various fund managers also have certain differences, as the equity investment director of Rongtong Fund, Zou Xi Management's Rongtong Leading Growth also took the lead in disclosing the fourth quarter report of 2021.

The report shows that after adding real estate and infrastructure in the third quarter, zou Xi, a "cycle master", continued to be optimistic about the allocation of the real estate chain in the last quarter of last year, mainly the allocation of real estate stocks, and reduced the allocation of high-level assets, such as the allocation of new energy-related industrial chains, and marginally increased the allocation of media and electricity.

For the market opportunities in 2022, Zou Xi believes that assets related to stable growth, as well as companies with bottom stabilization expectations such as finance and consumption style, will be the two main allocation opportunities in the future.

In addition, in the four quarterly reports, Zou Xi's leading equity investment position managed by Zou Xi was 90.26%, an increase of about two points compared with the previous quarter, or also showed its relatively optimistic attitude towards the future market.

Zou Xi said in the four quarterly report that in the last quarter of last year, the real estate chain risk continued to ferment, although the credit margin began to loosen, but the market is still divergent, in a relatively complex macro and policy environment, the market did not appear a very clear main line direction, especially in the last two months, the overall performance of the market is not satisfactory.

This is mainly due to the end of the year, looking forward to 2022 corporate profit growth rate compared with 2021 significant decline, and the split of high and low assets is too large, and finally at the end of the year, the cash out of funds is greater than the inflow of funds, and high assets also appear downward convergence.

Based on the above judgment, Zou Xi's configuration basis in operation is mainly to see that the two clues are relatively strong. First, the market represented by the leading real estate chain companies, the logical starting point is that the policy is gradually increased, the overall upward, but its long-term space is not clear, the market rhythm is more hesitant; the other is that in the economic downturn stage, the new theme is relatively active, including the power operators benefiting from the diffusion of new energy and the meta-universe theme, and its common feature is that the company's starting stock price and valuation are low.

Zou Xi also believes that these two clues are relatively superior in winning rate and odds respectively, and still have a certain inertia in the new year. The assets with high prosperity and high level are catalyzed by the new fund at the beginning of the year, or there may be a stage of outperformance, and in the medium term, it is in the stage of time for space, and whether the fundamentals can reach a higher expected level needs to be tracked.

For the market in 2022, Zou Xi believes that the structure will continue to rebalance, and the layout will stabilize growth and financial consumption. First, "stable growth" related assets, such as real estate investment chains, new infrastructure (wind and solar storage, power grids, etc.) will also benefit; second, after the economic bottom expectations appear, the market will have a bottom stabilization expectation of financial and consumer styles. From the perspective of PEG, the military industry is an asset worthy of key allocation in the medium term. Themed quotes, focus on the metaverse.

In terms of individual stocks, Poly Development replaced Sany Heavy Industry as Zou Xi's latest largest heavy stock, which is also the second time since the 2013 interim report that real estate stocks have been redistributed by Zou Xi. After the first quarter of 2017, Bank of Ningbo also returned to the top ten heavy stocks, second only to CATL and Sany Heavy Industry.

In addition, there are WuXi AppTec and Luzhou Laojiao who have newly entered the top ten heavy stocks. (See figure below)

In contrast, Weichai Power, which has been "favored" for several quarters, has fallen out of the top ten heavy stocks in the fourth quarter, and if it is calculated according to the proportion of Zou Xi's position in the third quarter and the position ratio of the tenth largest heavy stock in the latest fourth quarter, Weichai Power has been reduced by at least 1.34%. There are also "treatment" of Zhuoshengwei, as well as Enjie shares, which briefly "appeared" in the top ten heavy stocks in the third quarter.

It is worth mentioning that although Zou Xi continued to "quit Maotai" in the fourth quarter of 2021, he began to drink "old cellar". The data shows that the number of shares held by Rongtong Leading Growth in Moutai in Guizhou has further decreased, and it currently holds only 18,000 shares. Luzhou Laojiao entered the tenth largest heavy stock with 130,400 shares.

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