Per reporter: Ye Feng Per editor: Xiao Ruidong
Tianci Liangji Daily No. 208
1. A quick overview of today's fund news
1. Public REITs "performance is cold", fund managers are new
In this year's environment of "cooling" the performance of public REITs, since late June, a number of public REIT products have announced fund manager changes. Industry insiders said that the overall performance of the REIT market this year is not good, and due to the pressure of assessment, more fund managers may leave. For the phenomenon of the general correction in the performance of REITs, industry insiders believe that it may be related to factors such as the homogenization of institutional investor behavior, the operation of underlying assets is not as expected, and the lack of new funds entering the market. (VIA: China Securities News · China Securities Network)
2. The half-year performance of the Y share is flat, and pension investment should be considered in the long run
The earliest batch of pension target fund Y shares have been in operation for more than half a year, from the performance point of view, the average return of 129 Y shares since its establishment is negative, the performance difference is more than 10 percentage points, and the differentiation is obvious. Fund sources said that most of the funds with a large increase in the size of Y shares are in the middle and upper reaches of pension funds. Investors should not only focus on short-term performance, but should take a long-term view. In addition, personal pension is a long-term accompanying process, product providers should work hard from various aspects of investment research and investment education to improve investors' profit experience. (VIA: China Securities News · China Securities Network)
3. More than 10 billion private equity "cattle catching" have gained a lot
Since the second quarter, the A-share market has experienced ups and downs, and the proportion of hidden heavy stocks in tens of billions of private placements rose in the second quarter. Despite the poor overall record, some tens of billions of private placements still tapped up many bull stocks. Among them, Yingshui Investment gained a lot in the second quarter, and its heavy holdings of Keli Sensing and Weichuang Electric all rose gratifyingly in the second quarter. In addition, Oriental Harbor, Chongyang Investment, Evolutionary Assets, etc., have also "gained". Looking forward to the future market, institutional sources believe that the current market has fully reacted to the expectations of fundamentals, and the upside opportunities in the second half of the year are far greater than the downside risks. (VIA: China Securities News · China Securities Network)
4. A number of public offerings announced their FOF configurable REIT products
Recently, many fund managers such as E Fund, Nanfang, Yinhua, Dongfanghong Asset Management, and Tianhong have issued announcements that some of the company's FOF funds have included public REITs in the investment scope. E Fund said that with the development of public REITs into an important basic investment category in the mainland capital market, the conditions for FOF funds to invest in public REITs have gradually matured, and public offering managers should actively include public REITs in the investment research horizon. (VIA: Interface News)
5. The drawdown is more than 40% in just two weeks! The products of the former "public offering brother" fell miserably, and the heavy position of AI caused trouble?
The recent sharp fluctuations in the AI market have caused large fluctuations in the net value of the products of some private equity bigwigs. The reporter saw from the private placement arrangement network that the net value of the products under the former "public offering brother" Ren Zesong has "opened and closed". In the two weeks before and after the Dragon Boat Festival, the "Jiyuan-Xiangrui No. 1" managed by Ren Zesong fell by 20.14% and 25.41% one after another, with a cumulative decline of more than 40%. From past experience, the net value of private equity products has fluctuated significantly, which may be related to their "bet" investments. (VIA: Securities Times)
2. The latest developments of well-known fund managers
1. Hu Yibin's Huaan Media Internet reduced its position in Nanda Optoelectronics
According to data on June 21, 2023, Hu Yibin's Huaan Media Internet Hybrid appeared in the list of the top ten circulating shareholders of Nanda Optoelectronics, with a decrease of 923,700 shares from the previous period.
Third, today's ETF market commentary
1. ETF market review
The broader market was volatile throughout the day, with all three major indexes falling slightly. On the market, AI concept stocks rebounded, CPO, memory chips and other directions led the rise, and intelligent driving concept stocks strengthened at the end of the day.
In terms of ETFs, smart car and artificial intelligence-related ETFs rose more than 1%.
On the downside, cyclical stocks such as rare earths fell into adjustment, Hong Kong stocks fluctuated lower throughout the day, and rare earths, rare metals and Hong Kong stock-related ETFs fell more than 2%.
2. ETF thematic opportunities
With more than 70 years of historical development, AI is currently at the commanding heights of a new round of industrial transformation. In terms of scale, the scale of the global AI industry is expected to reach $150 billion in 2030, with a compound growth rate of about 40% in the next 8 years, and models, data and computing power are the troika for the development of artificial intelligence.
While the multimodal large model is rapidly evolving, AIGC is evolving from a toy to a tool. If there is no large model with strong computing power as the base - the application is ultimately a "castle in the air", the computing power cycle should be first, the application is closely followed, under the computing power-application flywheel model, AIGC is expected to enter the positive cycle of this multi-party favorable process.
Galaxy Securities analysis pointed out that the entire industrial chain of computing power network, from hardware to software, will realize space expansion and industrial upgrading under the favorable catalyst of domestic substitution and independent controllability, and there is broad space for future development. The general trend of domestic substitution + independent and controllable has been set and gradually deepened, coupled with the current mainland computing power network is in a period of vigorous development, the entire industrial chain from hardware electronics and semiconductors, to software office software, databases, etc. will usher in better track layout opportunities, while the layout of high-end products is accelerating, which is expected to achieve the trend of rising volume and price at the industry level, bringing rapid development of the industry.
Comments: At present, domestic leading manufacturers are actively promoting the research and development of large models, the demand for computing power is strong, superimposed on TSMC's process capacity utilization rate below 7nm reflected in the expansion of upstream AI chips, the performance of the computing power sector in the second half of the year is worth looking forward to.
Here, by integrating the latest research report information of a number of brokerages, 4 companies are introduced for reference only.
1. Topway information
The company's cornerstone research institute, application product team and Huawei artificial intelligence team maintain close docking, build an AI enabling platform based on Huawei technology base, the company currently focuses on the construction of Pangu large model computing power infrastructure, and will launch corresponding industry releases in combination with the development needs of industry customers. In terms of AI technology and industry applications, as a dual-domain solution partner of Huawei's "Ascend Intelligent Manufacturing" and "Ascend Intelligent Mobility", the company has successively launched Ascend-based AI audit and AI quality inspection solution products.
2. Cambrian
Cambrian's latest generation of cloud intelligent training chip Siyuan 590, which adopts the new architecture of MLUarch05, the measured training performance is greatly improved compared with the flagship Siyuan 290 series on sale, and is expected to become a domestic advanced AI computing power chip. The chip has not yet been released, but the chip area is 800mm2, which is already close to the 826mm2 of the A100. It is expected that in the demand for computing power in AIGC business, Siyuan 590 is expected to replace A100 to a certain extent.
3. iFLYTEK
The company has built a "platform + track" business model, rich in traditional business scenarios, with the blessing of the Spark model, iFLYTEK's open platform revenue will be further improved, and AIGC+ pendant track can drive ARPU, user number, and renewal rate to increase.
4. Shunwang Technology
The company has continued to invest in R&D, and has completed the research and development of projects such as blockchain-based virtual metaverse platform, edge computing-based cloud game platform, artificial intelligence-based content recommendation service, virtual item trading platform for users' pan-entertainment experience, research and application of video to animation style transfer technology based on GAN network, and is also promoting research projects such as AI engine research on machine game games based on deep learning. Optimistic about the steady progress of the commercialization of the company's cloud services, while continuing to expand new application fields, actively deploying AI, and exploring new growth points in performance.
Fourth, focus on new funds tomorrow
1. Fund abbreviation: Guofu Anyi Stable 6-month holding period hybrid
Fund Type: Hybrid - Partial Debt
Fund Manager: Wang Xiaoning, Shen Zhuxi
Performance comparison benchmark: CSI 300 Index yield * 15% + Hang Seng Index yield * 5% + China Bond Composite Index yield * 80%
Past performance of the fund manager:
2. Fund abbreviation: Wells Fargo Anrui 30-day holding period bond initiation
Fund Type: Bond - Short and Medium Bonds
Fund Manager: Wu Luzhong
Performance comparison benchmark: China Bond Comprehensive Wealth (1-3 years) Index yield * 80% + one-year time deposit interest rate (after tax) * 20%
Past performance of the fund manager:
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