In the first half of the year, we always adhered to the investment strategy with real estate, finance and industry leaders as the main line. Although we did not participate in the investment opportunities of asset injection varieties that could not be analyzed and predicted in the first quarter, the growth rate of fund net value in the whole first half of the year was still far better than that of Shanghai Composite Index.
In the third quarter, the market will enter the intensive period of policy intervention: the special national debt, the return of red chips, the implementation of QDII and the continuous tightening policy will all enter the concentrated implementation period in this quarter. We believe that these factors will affect the supply and demand of funds in the securities market and the psychological expectations of investors in the short term, thus restraining the market to some extent; However, because the current securities market itself has become one of the important platforms for management to alleviate excess liquidity, the government is still very certain about the direction of maintaining the stable and healthy development of the securities market in the medium and long term; At the same time, as the main driving force of this round of market, the expectation that RMB appreciation will lead to excess social liquidity is still strengthening, and there is no sign of weakening in the short term, so the long-term upward trend of the market will not change. We still insist that as far as the core driving force of the market (RMB appreciation) is concerned, the market is still in the initial stage of a medium-and long-term upward trend.
We believe that the most direct consequence of the appreciation of the local currency is the continuous rise in asset prices. Therefore, in the next quarter and for a long time to come, we will focus on asset varieties, especially real estate. In real estate, especially in the Yangtze River Delta region with Shanghai as the core, real estate stocks will become the core of the core. We believe that in the next three years, starting from the second half of this year, Shanghai will once again become the core region leading the new round of housing price increase in China. In addition, some national leading real estate varieties will also become the focus of long-term allocation.
In the context of raising interest rates, we will also pay attention to insurance and gold varieties in the medium and long term. At the same time, we firmly hold high-quality varieties of energy conservation, emission reduction and new energy.
At present, China is in the stage of huge foreign exchange funds and surplus local currency funds going abroad, and at the same time, it is also in the stage of mergers and acquisitions and advantages concentration in the domestic market dominated by the government from top to bottom. At this stage, leading companies in various sub-sectors will face more historical opportunities than ordinary enterprises, and these companies will also become the focus of our long-term attention.