Per reporter: Huang Xiaocong Per editor: Ye Feng
Recently, a number of fund companies have expressed confidence in the market in the form of self-purchase, in addition, the reporter noted that there have been a number of star fund managers who have also spoken out in recent days, including both apologizing to investors for the net value drawdown, and also conveying confidence to investors.
The reporter combed the analysis and interpretation of the market by several star fund managers, as follows:
HSBC Jinxin Lubin: 2022 is more inclined to "quality growth"
Lu Bin recently released a "Letter to Investors", in which he first said: "Since the beginning of the year, many growth style industries have experienced significant corrections, and the adjustment has exceeded everyone's expectations. Short-term sharp declines and rises in the market tend to brew anxiety, and we have also heard some concerns from some customers and friends. ”
Immediately after, he said: "Our market view for 2022 has not changed, and we believe that the main investment theme of the market in 2022 is 'value return' and 'quality growth'." Standing at present, we are more inclined to 'quality growth' will become the main investment opportunity in the subsequent market. Under the trend of China's economic structure transformation, industrial upgrading and scientific and technological innovation, we have seen more and more high-quality growth industries and companies, including new energy, new materials, high-end equipment, medicine, new consumption, TMT technology, etc., because of the outbreak of industrial demand, global market share, new product volume or import substitution, etc., the overall industry space is larger, the company's competitiveness is increasingly strengthened, and it is expected to achieve a faster compound growth rate in the next few years. ”
"This megatrend does not change with short-term capital market volatility. After mesoscopic industry comparison and top-down stock research, the current valuations of many growth industries and companies have greater investment attractiveness due to market declines or performance growth. Lu Bin said further.
Baoying Fund Chen Jinwei: Apologize, reflect, and be not pessimistic about the market
Chen Jinwei is well known to investors because the fund he managed achieved the third place in the market last year. Recently, he also reviewed this year's performance, Chen Jinwei said: "The overall performance of the market has not been good recently, and the funds I manage have also fallen to varying degrees, which has indeed made many holders experience poor. Although we have tried our best to diversify the risk from the perspective of market capitalization and industry, but the opposite happened, in this round of sharp decline, we did not reduce the drawdown because of this, in addition to the financial real estate and other low-value sectors and the epidemic damaged industries, almost all other growth sub-industries have generally seen a more obvious decline, our positions have also been greatly affected, I am also reflecting on the recent performance of the summary. ”
In addition, he also said: "I apologize to the holders who have incurred losses, and I hope that everyone will overcome their fears and not miss the precious opportunities of the whole big era because of short-term losses." ”
"For the future market, standing at this point in time, from the perspective of the growth of most of the companies holding positions and the valuation level, we are indeed not pessimistic at all, although at this time it seems weak to convince the holders of long-term strength, but this is indeed my truest idea." From the perspective we can grasp, we believe that the valuation of most areas is reasonable or even low, even if it is some track stocks last year, we also think that the valuation is reasonable as a whole. So the future risk is not big, if the market continues to fall at this position, we can only admit that our cognition has limitations, which we cannot decide, and indeed beyond my ability. Chen Jinwei further said.
SUN Haozhong: The priority of current valuations has increased significantly
Sun Haozhong is well known to investors because of his investment in new energy. Recently, he also shared his views on the new energy sector. Sun Haozhong said: "In the new energy sector, the industry's scheduling in the first quarter is still relatively healthy, and it continues to grow month-on-month. Looking ahead to the full year, the industry's demand growth can still be optimistically expected. After the previous adjustment, the valuation of some leading targets of new energy vehicles has corresponded to less than 30 times next year, and many of the valuation levels of middle and upstream materials have been adjusted to near or below 20 times. ”
"In terms of scenery, we have observed that the price of silicon materials and components has risen recently, showing that the short-term prosperity is better, the valuation of core component companies has dropped to less than 30 times this year, inverter companies have fallen within 50 times this year, and auxiliary material companies have been near 30 times this year, which is in the lower position of the historical valuation center and has gradually entered the configuration range." In my personal three-factor investment framework of 'prosperity, pattern and valuation', the priority of the current valuation has increased significantly. Sun Haozhong further said.
Investment Morgan Du Meng: The valuation of consumer, pharmaceutical, technology and other industries has fallen back to a reasonable, even undervalued level
Du Meng, who invested in Morgan, is an investment veteran who has managed funds for more than 10 years, and he has also analyzed the recent market recently. First, he said: "Economic uncertainty, the epidemic and emotional problems are three reasons for the recent market weakness, but from the valuation and fundamentals of listed companies, there are not too many reasons to fall." ”
"This year's policy may be more relaxed than last year, so although the market performance at the beginning of the year is not good, with the gradual development of the 'steady growth' policy, the effect of the policy on the market will gradually appear, and the economic and profit growth rate in 2022 may show a state of low before and high after." In addition, domestic residents are gradually increasing their allocation in the capital market, which is a long-term trend that has not changed. As one of the most attractive and long-term yield varieties of large-scale assets, equity assets will continue to increase in the allocation of residents' equity assets in the future. Overall, the market is more optimistic about this year. Du Meng further pointed out.
For some popular tracks, Du Meng said: "At present, the valuation of consumer, pharmaceutical, technology and other industries has fallen back to a reasonable, or even undervalued level. Moreover, the performance growth of some industries such as new energy in the past one or two years or even in the future is in line with or even exceeds market expectations. ”
Talking about future market opportunities, Du Meng pointed out: "This year's market opportunities will be more diversified, and the distribution of industries will be more balanced. In addition to the industry opportunities such as new energy vehicles and photovoltaics under the energy revolution, the direction of improvement in the prosperity of consumer electronics and semiconductors, as well as stable growth industries such as consumption and medicine, will have bottom-up opportunities. ”
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