2020-11-21

Contrary to the trend and increase the position of the photovoltaic sector, ABC-ACM Zhao Yi decrypts the doubled fund

By yqqlm yqqlm

Reporter Ren Wei and Xia Xin from Shanghai

Benefiting from the rebound in the A-share market, most of the active equity products will be very productive in 2020.

As of November 17, 4 active equity products have doubled their revenue this year, including ABC The three products managed by the fund manager Zhao Hao:ABC-Agricultural Industry 4.0, ABC-Agricultural New Energy theme and ABC-Agricultural Research Selection.

Reviewing this year’s investment experience, Zhao Yi said in an interview with the reporter of China Business News that the biggest His experience is that research needs to be forward-looking, to endure short-term temptations, to persist in doing long-term right things, and not to be swayed by market sentiment, in order to truly dare to be”greed when others are afraid” when contrarian.

Research needs to resist the short-term temptation

“China Business News”:The three fund products you manage have outstanding performance. What do you think is done right? ?

Zhao Yu:The biggest reason for this year’s investment resumption is that when the market is extremely pessimistic, we must firmly conduct in-depth research, explore corporate value, and try to avoid disturbance of market sentiment.

At the beginning of this year, due to the impact of the new crown epidemic, most industries experienced large market declines, especially the new energy industry. In March of this year, the market showed a situation of”embrace domestic demand and abandon external demand”. Through intensive research, our investment research team confirmed that the market is too pessimistic about the new energy industry. In the case that the consumer demand is still unclear, because photovoltaic is a business on the enterprise side, demand will be more certain in the dimension of more than one year, so it is actively increasing the photovoltaic sector against the trend. When work in Europe and the United States resumed in May, market demand resumed immediately, and the market began to rebound strongly. The entire new energy industry showed unexpected returns. This is one of the reasons why investment returns are relatively good this year.

China Business News:As of the end of the third quarter, the three funds you managed favored the allocation of the new energy sector. Why?

Zhao Yu:I am very optimistic about the development of the new energy industry. On the one hand, two of the world’s three major economies (China and the European Union) have further strengthened their investment and emphasis on new energy after the epidemic. my country’s new energy industry chain is the most complete and most competitive in the world. This means that relevant companies can benefit from the great development of the industry.

On the other hand, with the advancement of technology, whether it is new energy vehicles or photovoltaics, from the perspective of cost performance, they have the ability to compete with fuel vehicles and fossil energy, which also means that the development of the industry has begun. Gradually returning to the marketization stage, the development of the industry will be more stable.

In terms of overall new energy investment, I mainly choose new energy vehicles and photovoltaics. These two sectors are the fastest-growing and larger segments in the C-end and B-end respectively.

“China Business News”:Your fund portfolio configuration is based on 5G industry chain, new energy, and high-end manufacturing. In the above fields, what are the stock selection criteria?

Zhao Yu:The company is selected mainly from the combination of two dimensions:one is to choose a good track, hoping to choose a direction with a long duration, large room for growth, and a stable competitive landscape; To choose a good company on the track, the company needs to be an industry leader, with core competitiveness, and a good governance structure. Finally, companies must use corporate profits to test.

Do industry chain research and look at companies from a first-level perspective

China Business News:What methods do you generally use to investigate listed companies?

Zhao Yu:On the one hand, I personally prefer to investigate the industry chain, including listed companies, competitors, industry experts, and upstream and downstream of the industry chain, so that there can be a cross-validation process; on the other hand, , I prefer to communicate with friends who are in the primary market. It is a supplement and promotion for me from the perspective of the industry and the company. Because the secondary market is at a relatively late stage of investment, the cognitive cycle of the company and the industry will Shorter, more use of a first-level perspective to see the company, you can expand the breadth and depth of research.

“China Business News”:You used to be an analyst in the machinery industry. How has your past experience helped you in your current work?

Zhao Yi:From the current point of view, the industries where I get more profit include photovoltaics, new energy vehicles, computers, military industry, and machinery. Fortunately, this is also my area of ​​expertise.

To a certain extent, the past research has brought great help to the current investment methods, which also allows me to continuously expand my ability circle through these methods. For example, I used to look at the machinery and military sectors, so at the beginning, there will be more listed companies in the related industries in the portfolio. Last year, some investments in the fields of pharmaceutical manufacturing and new energy were added. The direction of”manufacturing” is expanding.

“China Business News”:In the A-share market to do equity investment, what key elements do you think should be grasped?

Zhao Yi:First of all, you must invest in the industry you are good at. Secondly, we must choose a good track. When choosing a track, consider industries with greater growth potential. Third, focus on corporate moats when landing companies with obvious competitive advantages.

In addition, we must also examine the management, investment is investment; long-term stable profit is also one of the criteria for investigating investment targets.

I am optimistic about the development opportunities of the new energy industry in 3 to 5 years

“China Business News”:What are the main factors affecting the trend of A shares this year? What do you expect How will the future market be interpreted?

Zhao Yi:After experiencing the first three quarters of 2019 and 2020, public funds have achieved good investment returns as a whole, which also means that the turbulence and adjustments in the future are all healthy markets. The situation presented.

In the long run, as outstanding domestic companies continue to be listed in the country, the continued strengthening of competitiveness will help the market to stabilize and improve in the long term.

I personally pay more attention to the direction of”incremental”:first, the direction of increased demand brought about by technological progress, including new energy and 5G applications;”Circular mutual promotion” sets the direction of domestic substitution and making up for shortcomings, especially the high-end manufacturing industry with aeroengines and semiconductors.

“China Business Journal”:What advice do you have when ordinary investors make personal asset allocation?

Zhao Yi:Public funds are high-quality investment products in the allocation of ordinary investment assets. It is recommended that investors invest in funds in a longer dimension. Many statistical results have reached similar conclusions. The longer the holding period, the more generous returns can be earned.

I am very optimistic about the development opportunities of the new energy industry in the next 3-5 years, but it does not mean that this industry will only rise and not fall. If an investor has a longer investment dimension, he can hold it in the face of fluctuations, and when it rises, he can truly obtain the benefits of the industry’s rise.

Judging from the history of public funds, only those investors who hold for a long time can withstand midway fluctuations and grow together with high-quality fund products.