Comparing the Haitong list comprehensively, there are four companies ranked in the top ten in the whole industry in the last three years and the last year, namely Cinda Aussie Bank, Heng Yue, Agricultural Bank Huili and Hongtu Innovation. It can be seen that these fund companies have continued their high excess returns regardless of the bull market in the middle of the three years or the differentiation shock in the past 1 year. According to the data, Cinda Aussie Bank and Agricultural Bank Huili were established in 2006 and 2008 respectively, and Heng Yue and Hongtu Innovation were established in 20 17 and 20 14 respectively. It is worth mentioning that Heng Yue Fund has just been established for more than four years, that is, it can rank among the top ten industries in terms of overall rate of return in three years, with excellent overall investment and research strength and rapid development.

Looking forward to the future market, Heng Yue Fund believes that the policy of steady growth still needs to be strengthened to achieve the effect of stimulating domestic demand. Recently, finance and money continue to release stable signals, and the intensity is still moderate. From the beginning of the year to the first quarter, we are optimistic about the spring market with loose macro and micro liquidity and improved risk appetite. It is expected that there will still be opportunities in the market before and after the "two sessions", but it is necessary to closely track the credit supply and operating rate of high-frequency industries. In the short term, the industry will pay attention to the consumption in the middle and lower reaches where fundamentals are expected to improve, such as food and beverage, auto parts and consumer electronics. , as well as new and old infrastructure supported by policies (green building materials) and low valuation cycle with transformation logic. In the medium term, we will continue to be optimistic about the new energy industry chain and medicine adjusted by high prosperity.