Did you make any money in the first half of the year? Seven major funds outline the investment map for the second half of the year
2023-06-30
The first half of 2023 is about to come to an end. Can the artificial intelligence sector, which was booming in the first half of the year, continue to thrive in the second half? Recently, multiple fund companies have held investment strategy meetings or released investment strategies for the second half of 2023, outlining the investment map for the second half of the year. Fund personnel are optimistic about China's economic prospects and believe that the current valuation level of A-shares is at a low level, and there is little room for the index to decline in the future, providing opportunities for long-term strategic allocation. The sectors of technology, manufacturing, consumption, and cycle are promising investment directions for institutions in the second half of the year, and the main line of artificial intelligence is expected to continue. Market differentiation is evident in the first half of this year, with the A-share market showing significant differentiation. The most prominent sectors were the digital economy, artificial intelligence, and "China Special Evaluation". However, the performance of sectors that received much attention, such as new energy, was relatively poor. According to the Shenwan level industry, communication and media are the two best-performing industries, with growth rates exceeding 40% this year. Industries such as commerce and retail, real estate, and beauty care have experienced significant declines. Due to the overall performance of the market, the profit making effect of public funds has been relatively limited since the beginning of this year, and the performance of active equity funds has not been satisfactory. Statistics show that as of June 28th, the average return rate of 896 ordinary equity funds (calculated separately for different shares, the same below) since the beginning of this year is -0.96%, with 351 funds achieving positive returns. The highest return rate is Guangfa Electronic Information Media Industry Selection A, which has a return rate of 52.77% since the beginning of this year. Additionally, seven funds such as Jiashi Sports and Entertainment A have a return rate of over 40%. The average return of 7677 hybrid funds as of June 28th this year is -1.21%, with 3356 funds achieving positive returns. The highest return rate is Dongwu Mobile Internet A, with a return rate of 65.79% so far this year. Additionally, 17 funds such as Nord New Life A and Yinhua Sports Culture A have a return rate of over 40%. There is not much room for the index to decline. Liu Yanchun, Deputy General Manager and Fund Manager of Jingshun Great Wall Fund, expressed optimism about China's economic prospects at a recent strategy meeting and believes in the sustainability of residents' income improvement and consumption upgrading. For the stock market, Liu Yanchun believes that the overall valuation of outstanding companies is relatively low. Once the economy slows down, they have strong flexibility in valuation adjustment, maintain patience, and everything will be better. China Merchants Fund stated in its investment strategy for the second half of the year that after initial adjustments, there is limited room for further market correction. As economic expectations are gradually revised downwards, the expectation of aggregate policy is gradually becoming clear and may become the driving force for subsequent market increases, and the elasticity of the increase will also depend on the elasticity of policy expectations. From the perspective of financial asset pricing, the current prices of multiple financial assets such as stocks, bonds, commodities, and exchange rates have approached the low point in October 2022, and there is little room for the subsequent downward trend of the index. Nuoan Fund also stated that overall, the current valuation level of A-shares may be at a low level, and the time and space for market adjustments are also in place, providing opportunities for long-term strategic allocation. Next, the market will focus on three Great Game of theme, policy and position adjustment, and the market fluctuation may still not be small, so we need to pay attention to the layout problem. Yang Zhe, the general manager of Guangfa Fund Asset Allocation Department, believes that the equity market is optimistic about these sectors
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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