65438+1In the early morning of October 25th, E Fund released the third quarterly report of its products in 2023, and Zhang Kun, Xiao Nan and other fund managers managed the heavy stocks of products. The day before yesterday, some products of Guangfa Fund released the third quarterly report, and the product heavyweight stocks managed by fund managers such as Liu and Fu Youxing were also released one after another.

The fund's third quarterly report shows that Zhang Kun has adjusted the allocation structure of industries such as consumption and medicine, Xiao Nan has increased the allocation of complete vehicles and parts, Liu Geyu has stuck to his existing position and has not made any major structural adjustment, and Fu Youxing has reduced his holdings of electronic stocks and increased his holdings of chemicals and household appliances.

Zhang Kun: Adjust the allocation structure of industries such as consumption and medicine.

According to the third quarterly report of E Fund's Blue Chip Selection managed by Zhang Kun, the fund's stock positions were basically stable in the third quarter, and the allocation structure of industries such as consumption and medicine was adjusted. In terms of individual stocks, it still holds high-quality companies with excellent business model, clear industry structure and strong competitiveness.

Zhang Kun said in the quarterly report that with the introduction of a series of policies, the economy is expected to stabilize in the future. In addition to the basic judgment on the economy, in the quarterly report, Zhang Kun once again talked about some of his investment ideas at a long length.

"For fundamental investors, they often spend a lot of energy to analyze and judge the future net profit level of enterprises, but net profit is not the ultimate return. The return to shareholders is still short of two-step transformation. One is that net profit goes to free cash flow, and the other is that free cash flow goes to shareholders' pockets. " Zhang Kun said.

He said that under the current attractive valuation of high-quality companies, the value of repurchase to long-term shareholders is obviously greater than the dividend of the same amount. The total number of shares of more and more high-quality companies can be reduced over time, which means that long-term investors can gradually increase the shareholding ratio of high-quality companies over time.

Xiao Nan: It is a high probability event for the economy to return to the recovery track.

According to the third quarterly report of E Fund's consumer industry jointly managed by Xiao Nan and Wang Yuanchun, in the third quarter, the Fund increased the allocation of vehicles and parts, mainly considering the improvement of the overall competitiveness of domestic cars in the global manufacturing industry for a long time to come. At the same time, it reduced its holdings of some stocks with degraded governance structure.

Another fund managed by Xiao Nan and Wang Yuanchun, Yifangda Ruiheng, has increased the allocation of many pro-cyclical varieties based on optimistic expectations of policies, such as shipping, banking and non-ferrous metals. However, the economic data from August to September led the market to worry that the policy effect was not as good as expected, which dragged down the performance of procyclical varieties. "We believe that the economy is currently in the bottom region, and the policy of steady growth will gradually show results in the future. Although it will take us some time to digest some unfavorable factors, it is a high probability event for the economy to return to the recovery track. "

Liu Geyu: The equity market may usher in good investment opportunities.

The third quarterly report of Guangfa Small-cap Growth managed by Liu Geyu shows that during the reporting period, the fund stuck to its existing position and did not make major structural adjustments. Specifically, as of the end of the third quarter, the top ten stocks of Guangfa Small-cap Growth were Tianhong, Shengbang, Golden Hi-Tech, Longji Green Energy, Follette, Guolian, Yiwei Lithium Energy, Pulitzer, Zhuoshengwei and Jinlang Technology. In the quarterly report, Liu said that with the continuous development of macro counter-cyclical policies, the economic fundamentals will gradually stabilize and rebound, and the equity market may usher in good investment opportunities.

According to Liu's analysis, in his definition of global comparative advantage manufacturing, growth industries and companies such as new energy, automobiles and electronics have performed well in terms of performance growth and contribution to shareholders' returns. The market is worried that the growth rate will slow down after the outbreak of the high boom and the competition in the follow-up industries will intensify, which will have a negative impact on the company's profitability. Investment based on sustained high growth rate is not objective, and the value of the company is mostly in the length of time to maintain growth. With the improvement of the objectivity of market shareholding, the valuation of advantageous industries with strong growth performance becomes more attractive at the stage of great changes in the objective business environment. From the perspective of intra-industry competition, it was once a common business strategy to reduce prices at the expense of gross profit margin in highly homogeneous product competition. However, in industries with competitive advantages in product technology, the weight of product strength comparison is gradually becoming the main factor. At the same time, under the refined operation of cost or integration, the management is optimistic about the stability of profitability of leading companies with core competitiveness.

With the gradual implementation of macro-policies, steady economic recovery, slow outflow of funds, a significant mismatch between valuation and growth rate will gradually change, and the market will eventually return to rationality after experiencing extreme emotional venting. In the medium and long term, the attractiveness of the growth target has been very significant, and he is full of confidence in the position target.

Fu Youxing: Increase the holdings of stocks in chemical and household appliances industries.

According to the third quarterly report of Guangfa Ruiyang managed by Fu Youxing, the fund's stock positions in the third quarter did not change much, and it reduced its holdings of electronic stocks and increased its holdings of chemicals, household appliances and other stocks. The top ten are Dong Peng Beverage, Daimei, Oupai Home Furnishing, Ruifeng New Materials, Huace Testing, Guizhou Tire, Biyinle Powder, Ling Rui Pharmaceutical, Jinzai Food and Midea Group.

At this stage, with the gradual stabilization of the economy, when the market will usher in the bottom has become one of the most concerned focuses. Fu Youxing said in the quarterly report: "The famous investor Seth Karaman once said that although people always tend to wait for the moment when the market bottoms out (as if there will be obvious signs of bottoming out), years of facts have proved that this strategy has serious defects. Because historically, when the market is at the bottom or in the process of recovery, the trading volume is often small; When the market starts to stabilize and the economy starts to recover, the competition from buyers will become more intense. In addition, the price may rebound from the bottom very quickly. " He said that based on the bottom-up perspective, efforts will be made to find companies with excellent quality and undervalued stock prices, and strive to achieve steady appreciation of fund assets for holders.