In the past May, A-shares came out of the trend of rushing high and falling. The AI sector, which once retreated sharply, ushered in a reversal at the end of the month and achieved a "performance sprint".
Among them, the net value of the eastern regional development "soared" in the last few working days of May, rising by more than 20%, occupying the fiercest "Mayday". The fund manager said that chip computing power is the "water, electricity and coal" in the era of digital economy and artificial intelligence.
Over a long period of time, some active equity funds have performed more prominently, with 20 funds with a net value growth of more than 200% in the past five years.
Many industry insiders believe that the market volatility in May has improved the current investment cost performance, and more opportunities in the future may still be driven by profits, and the market situation may gradually shift towards equilibrium.
The main line of AI is back again
Wind data shows that as of May 31, the leading fund this year is still an AI theme fund represented by game animation. Three game and animation ETFs from Huaxia Fund, Huatai Berry Fund and Cathay Fund led the whole market fund with more than 90% performance.
In the first four months of this year, the first "doubling base" was born in the AI thematic fund, which once retreated nearly 15% in May.
Near the end of the month, the AI main line broke out again, and the returns of related thematic funds have nearly doubled again this year. Among them, Huaxia CSI Animation Game ETF, Huatai Berry CSI Animation Game ETF and Cathay CSI Animation Game ETF returned 96.52%, 94.3% and 93.92% in the first five months of this year, respectively.
In addition, Bohai Securities statistics show that in May, the monthly net value of partial equity funds fell by an average of 4.7%, and positive returns accounted for 13%. From the fund style index, the value style fell by 3.76%, the balanced style fell by 3.63%, and the growth style fell by 3.18%; The large-cap style fell 3.76%, the mid-cap style fell 2.26%, and the small-cap style fell 0.39%. In terms of overall style, small-cap growth style funds rose the most, at 0.12%; The broad-cap balanced style fund saw the biggest decline at 4.23%.
Guohai Securities said that on the whole, A-shares showed a trend of rushing higher and falling in May. Although the AI direction is reactive driven by the continuous new high of NVIDIA's stock price, the internal segmentation is more serious, and its contribution to the overall market is relatively limited, and the real reason for the market sentiment is the increased pressure of economic recovery.
"Demon Base" competes for the computing power sector
In active equity funds, or thanks to the ultimate stock selection operation, some funds have risen by more than 20% in the past week, and the net worth curve has drawn into a straight line at the end of the month.
Wind data shows that as of May 31, Eastern Regional Development has increased its net value by 22.77% since May 23. Some people commented: "This is the rhythm of heaven!" ”
The Eastern Region developed a net worth curve at the end of May
Source: Tiantian Fund
According to the first quarterly report of the fund, the top ten heavy stocks of Oriental Regional Development at the end of the first quarter were almost all Xinchuang-related stocks, namely Taiji Shares, Shensangda, China Great Wall, Yonyou Network, China Software, Yihualu, Zhongke Jiangnan, Dianke Network Security, Jiuyuan Yinhai, and Massive Data.
Most of these ten stocks gained varying degrees in the last four or five trading days of May, but they were much inferior to the fund's gains. In addition, taking the net value of the fund on May 25 as an example, the estimated increase in the net value of the fund on that day was negative, while the actual net value of the fund increased by more than 5%, with an error of nearly 7 percentage points. From this, the fund may have significantly adjusted its position since the second quarter.
In addition, the first quarterly report of the fund shows that among the fund's heavy stocks, 3 companies have been investigated or publicly condemned and punished by the regulatory authorities in the past year, namely Power Technology Network Security, Shensangda, and Massive Data.
Source: Fund Quarterly Report
On the 5th and 26th, the manager of the Eastern Regional Development Fund expressed his views on the computing power sector, saying that an overseas global artificial intelligence computing power leader gave more than expected results in the first quarter, which undoubtedly gave the industry a shot in the arm, representing a more certain industrial direction and greater development space. In the era of digital economy and artificial intelligence, chip computing power is similar to "water, electricity and coal" infrastructure, large language models, new energy vehicles, as well as robots, digital humans, smart homes, VR interaction, etc., all need the support of computing power, this demand scale is growing exponentially.
Specifically, the two core links of computing power, the AI server as the carrier of computing power and the optical module as the core device of computing power, have accelerated orders from domestic manufacturers, and capacity planning has also shown high prosperity, prosperity and long-term certainty.
From the performance so far this year, in the first five months, 1 active equity fund (different share fund combined) fund return exceeded 60%, which is Yinhua Sports Culture; The performance of 5 funds exceeded 50%, namely Soochow Mobile Internet, Sino Analytica Positive Return, Merchants Advantage Enterprise, Soochow New Trend Value Line, and Eastern Regional Development. From the perspective of the heavy stocks of these funds, most of them are funds with heavy positions in the fields of information innovation and media.
The current market has a high investment cost performance
Over time, the performance of some active equity funds is still outstanding. Wind data shows that as of May 31, even after experiencing multiple market corrections, 351 funds (with different shares not consolidated) have increased their net value by more than 100% in the past five years, and 20 funds have increased their net value by more than 200% in the past five years.
In terms of the current market valuation level, Zhu Haidong, head of the quantitative investment department of Caitong Fund, believes that through multi-dimensional in-depth research on vertical valuation and horizontal valuation, it is found that many indicators of the current CSI 300 Index are in a relatively low area.
Zhang Yonghong, fund manager of Nord Fund, believes that the downward risk of the market is gradually weakening, and there is a high investment cost performance from the valuation level. At the industry level, more opportunities in the future may still be driven by profits, and the market may gradually shift towards equilibrium.
Looking forward to the future market, Zhang said that in the environment where the direction of macro recovery is still not clear, the market may have a higher degree of attention to high dividend low valuation and thematic concept sectors, such as "China Special Valuation" and "AI+", while paying attention to over-falling pro-cyclical recovery sectors, such as investment opportunities in travel chain, food and beverage, textile and clothing, medical services, new energy and other sectors.
Editor: Zhang Zhixuan