On January 20, another batch of "top stream" fund manager's products disclosed the 2022 quarterly report, which is full of highlights: Huang Hai, the champion of 2022 public fund, bet all the long positions in the energy track; Jin Zicai of Cai Tong Fund was optimistic about the hotel and power sector in the fourth quarter; Chen Jun, the executive vice president of Soochow Fund, was in favor of clean energy? Acting general manager) Chen Jun on clean energy favor?

Vanguard Fund Huang Hai:Single bet on the energy track

January 20, Vanguard Fund disclosed the 2022 active equity fund performance "champion" Huang Hai three in the management of the fund in 2022, respectively. The four-quarterly report, respectively, Vanguard Macro Timing Multi-Strategy, Vanguard Select, Vanguard New Profit. From the aspect of scale change, as of the end of the fourth quarter of 2022, the size of the three funds were 1.804 billion yuan, 933 million yuan, 985 million yuan, while at the end of the third quarter of 2022, the size of the three funds were 1.822 billion yuan, 1.031 billion yuan, 1.007 billion yuan, respectively.

From the aspect of position adjustment, take Vanguard Macro Time Choice Multi-Strategy, the largest among the three funds, for example, Huang Hai said in the 2022 four-quarterly report that the fund significantly reduced its holdings of real estate stocks, which are expected to cash in on the policy, and traded in consumer stocks and bank stocks, and further increased its holdings of resource stocks, such as coal and oil & gas, on the low side. Specifically, comparing to the three-quarter report of 2022, Huang Hai added positions in a number of energy stocks such as Shaanxi Coal, Shanxi Coking Coal and China Shenhua in the fourth quarter of 2022, while stocks such as Jindi Group and Yingjiagongju have dropped out of the top ten positions. At present, the product's top ten positions all belong to coal, oil and gas and other upstream energy sector.

Huang Hai said, looking ahead to 2023, China's macro-economy will enter a weak recovery process, A shares show "strong expectations, weak reality" situation, the current valuation still need to be oscillated consolidation. With the cumulative effect of stabilizing growth policies gradually appeared, the second half of the year or ushered in the performance and valuation of the market. At present, in the period of steady growth, upstream energy stocks with its high dividend, high certainty, low valuation, low debt characteristics is still a scarce asset for both offense and defense, will continue to hold a long position. Meanwhile, it will actively look for investment opportunities in low-valued midstream industries related to economic recovery.

Cai Tong Fund Jin Zicai:

Be optimistic about the hotel, power sector

January 20 evening, the Cai Tong Fund disclosed the general manager of the investment department Jin Zicai management of the Cai Tong Fuxin fixed-opening mixed initiated four-quarterly report.

The adjustment of positions, Jin Zicai in the fourth quarter of 2022 focused on the hotel, power equipment and other industries. Specifically, compared to the three-quarter report of 2022, Jin Zicai added positions in Huadian International and Datang Power Generation in the fourth quarter of 2022. In addition, a number of stocks such as Shouyou Hotel, Jinjiang Hotel, Dongfang Electric, China Youth Travel Service, and Junting Hotel became newly promoted long positions.

As Jin Zicai said in the 2022 Quarterly Report, "In the fourth quarter of 2022, we made certain sector allocation adjustments. We added to the power sector, and we had some additions to the services sector to adjust to the change in fundamentals."

Services sector, Jin Zicai said, according to overseas review experience, the service sector repair slope is higher, and the volume and price performance of the middle and high-end and leisure service industry are better, in the fourth quarter moderate position increase, continue to be bullish.

Power sector, Jin Zicai said, with the improvement of coal-fired costs and component costs, the sector in 2023 performance trend upward. Accompanied by the traditional thermal power sector strategic value, as the strategic value of grid peaking energy is increasingly prominent, thermal power flexibility transformation has become one of the important means of operators to obtain the wind and light resource indicators, the industry stepped into the restorative growth, the policy side will also be more active in encouraging the benign development of the industry, the sharpness of the power industry in 2023 is expected to be improved at some stage.

Wu fund Chen Jun:

Clean new energy will usher in a more prosperous cycle

Wu fund also disclosed on January 20, executive vice president (acting general manager) Chen Jun two in the management of the fund in the four-quarter report in 2022, respectively, for the WU Xingxiang Growth Mixed and Dongwu Xinghong One-Year Holding Period Mixed. As of the end of the fourth quarter of 2022, the size of the two funds were 903 million yuan and 568 million yuan, respectively.

In terms of position adjustment, the largest of the two funds in the Soochow Xingxiang Growth Mix, for example, compared with the third quarterly report in 2022, Chen Jun in the fourth quarter of 2022 increased holdings of Dier Laser, DEI, Xusheng Group, Top Group and other stocks, and reduced holdings of Qingbird Fire, LONGI Green Energy, Dongfang Cable and other stocks. In addition, Shaanxi Drum Power, Trina Solar, China Science and Technology Corporation is the newest long position.

Chen Jun said, the market in search of the bottom, tapped the policy closely related to the financial real estate, travel chain, consumer sector, Xinchuang plate and other various hot spots.

Looking ahead, Chen Jun said the international environment is expected to improve significantly. After the domestic environment influences subside, even if there are repeated, economic recovery will be inevitable. The equity market is expected to have opportunities in the next six months. With the passage of time, the clean energy sector, which has a larger space for growth, higher increase and more solid fundamentals, is expected to usher in a more prosperous development period in 2023, while the valuation is also attractive. Will continue to focus on the clean energy sector in China with international competitiveness, energy storage, photovoltaic, sea breeze, auto parts are expected to be full of opportunities, focus on the long-term investment value of the outstanding companies.