"There are three major investment opportunities and key influence directions for carbon neutrality: the first is the field of energy innovation, the second is the leading company in the recycling manufacturing industry, and the third is the technology and environmental protection company."
"The carbon-neutral industry has undergone earth-shaking changes. At present, we believe that the valuation of the whole industry is at a reasonable stage, and we can find many investment opportunities with matching fundamentals and valuations. "
"Investment opportunities for new energy vehicles are opportunities of the times, and investment opportunities may last for 5~ 10 years."
"The industrial chain of new energy vehicles is divided into three links, upstream, midstream and downstream. The upstream mainly includes some resource products of new energy metals, the midstream mainly includes the supply chain of lithium batteries and mechanical materials, and the downstream mainly includes parts of whole vehicle enterprises and new energy vehicles. "
At present, as the industry boom continues to improve and maintain a high level, it is optimistic that these sub-regions with relatively limited supply in the three links may be concentrated in the middle and upper reaches. "
"In the cycle manufacturing industry, we will prefer the leading companies in the cycle manufacturing industry, the supply will continue to be constrained, the demand will not be greatly affected, and the valuation is reasonable."
"The prosperity of the photovoltaic industry this year may be consistent with the judgment at the beginning of the year. At the same time, the global penetration rate of new energy power generation and photovoltaic power generation is very low. Our views on medium and long-term investment opportunities have not changed. "
On September 9th, HSBC Jintrust fund manager and 2020 share champion Lv Bin was in a competition.
Online strategy meeting
Made the above judgment and analysis.
Three Investment Opportunities of Carbon Neutralization
Moderator: In the first half of the year, Mr. Bin put forward the view that "carbon neutrality is expected to become a main line of the new structure market". Now, after half a year, the policies and fundamentals of the industry continue to exceed expectations. Have you strengthened your confidence? What are the main investment lines with carbon neutrality as the core?
Lu Bin: At present, we find that the carbon-neutral industry is more and more confident in this investment direction, whether from the future development space, the company's texture or the investment opportunities we can find from A shares.
We believe that carbon neutrality has three main investment opportunities and key influence directions.
First, the field of energy innovation related to energy.
Because we want to achieve carbon neutrality, the power generation end may need more support from new energy sources, such as wind power and photovoltaic. In addition, at the end of energy use, there will be a large number of ways to use electricity as the main carrier, including new energy vehicles. At the same time, as long as there are energy-related fields such as energy transportation, we think there are many investment opportunities.
Second, we believe that investment opportunities for carbon integration come from leading companies in circular manufacturing.
As we all know, our economy will develop and carbon synthesis will be completed, so the leading companies in circular manufacturing related to carbon emissions will fully benefit, because the entry threshold of these industries will be greatly improved, and the leading companies in these industries will have a lot of research and development to reduce carbon, so these companies may enjoy the continuous stability of carbon neutrality for a long time.
Third, environmental protection technology companies may fully benefit, and there may be many technological innovations, which will greatly reduce the carbon emissions of various industries without increasing costs. If such environmental protection technology companies have corresponding products and are in the A-share market, then we think environmental protection technology companies have great investment opportunities.
In short, it is mainly divided into three areas, the first is the field of energy innovation, the second is the leading company in the recycling manufacturing industry, and the third is the technology and environmental protection company.
The valuation of carbon neutral industries is reasonable.
Moderator: The concept of carbon neutrality should be regarded as one of the hottest sectors this year, and many stocks also hit new highs this year. Do you think these stocks are highly valued?
Lu Bin: Companies in the carbon-neutral industry may have performed very well in the past six months or even a year, and the industry has undergone earth-shaking changes. At present, we believe that the valuation of the whole industry is at a reasonable stage, and we can find many investment opportunities with matching fundamentals and valuation.
Investment opportunities for new energy vehicles can last for 5- 10 years.
Moderator: Are you still optimistic about the future development of new energy vehicles?
Lu Bin: In the long run, the investment opportunities of new energy vehicles are opportunities of the times, and the investment opportunities may last for 5~ 10 years.
In the short term, we have seen the prosperity and sustainability of the fundamentals, and the corresponding valuation level in 2022 is also at a relatively reasonable stage. We are optimistic that the investment opportunities of the whole new energy vehicle can run through the whole year.
Three links in the industrial chain of new energy vehicles
Moderator: What links are you optimistic about in the new energy industry chain?
Lu Bin: We divide the industrial chain of new energy vehicles into three links, upstream, midstream and downstream. The upstream mainly includes some resources of new energy metals, the midstream mainly includes the supply chain of lithium batteries and mechanical materials, and the downstream mainly includes parts of vehicle manufacturers and new energy vehicles.
At present, as the industry boom continues to improve and maintain a high level, it is optimistic that these sub-regions with relatively limited supply in the three links may be concentrated in the middle and upper reaches.
Such periodic strands are preferred.
Moderator: How do you view the allocation opportunities of these cyclical stocks? Are they still worth investing?
Lu Bin: Recycling manufacturing mainly includes nonferrous metals, coal and chemicals. At the beginning of the year, we are clearly optimistic about the investment opportunities of low valuation cycle stocks. At present, we may be relatively more cautious than at the beginning of the year. We will give priority to the leading cyclical manufacturing companies with continuous supply constraints and reasonable valuation.
Optimistic about medium and long-term photovoltaic investment opportunities
Moderator: What do you think of the future investment opportunities of photovoltaic?
Lu Bin: We may be cautious about the photovoltaic industry in the second quarter, but by the end of July and August, under the background of carbon integration and the whole macro policy, the demand of the industry was released as scheduled at relatively high component prices. At the same time, the whole industrial chain scheduling including 10 picked up as scheduled in August and September. Therefore, at the beginning of August, our views on photovoltaics changed significantly.
The prosperity of the photovoltaic industry this year may be consistent with the judgment at the beginning of the year. At the same time, the global penetration rate of new energy power generation and photovoltaic power generation is very low. Our views on medium and long-term investment opportunities have not changed.
Investment style
Moderator: What is Mr. Bin's investment style?
Lu Bin: First of all, growth plus cycle, because the investment opportunities of growth stocks are often at the wrong peak with cyclical stocks, which will probably help you adapt to different market styles.
Second, I am behind the left. Left-leaning means that we may be in a lower valuation position before, and we will invest.
Third, I will do some rotation and trading appropriately, build a combination with better cost performance, and control the retracement as much as possible in the future to avoid risks.
How to choose a fund?
Moderator: There are many kinds of funds. What should investors pay attention to when choosing?
Lu Bin: Choosing a fund is mainly about choosing a fund company and a fund manager. How to choose?
From the following aspects, the first one should be professional and the second one should be responsible.
How to evaluate professionalism depends on the long-term performance of fund managers and fund companies in the past, not only on their ability to gain income when the market is good, but also on their ability to regain control when the market is risky.
How to judge the sense of responsibility, such as watching live broadcast, and observing whether the views and actions of fund managers are integrated.
Finally, make a choice according to investors' own risk preference and expected preference for fund products.
How to control the withdrawal of fund investment?
Moderator: Mr. Bin has been trying to control the withdrawal of funds. How to control risks in investment? How to prevent stepping on thunder?
Lu Bin: I have always placed retracement control and revenue acquisition in the same important position, so how to realize retracement control?
First of all, the products in the whole market are divided into four directions: core assets, cycle, value, growth and style balance in the portfolio.
Second, at the same time, companies with good fundamentals and good texture are preferred, because the stock volatility of good industries and companies is low.
Third, in portfolio management, properly analyze the market trend, predict the adjustment of positions, and reduce the volatility of the entire portfolio as much as possible.
This article does not constitute personal investment advice, nor does it consider the special investment objectives, financial situation or needs of individual users. Users should consider whether any viewpoint, viewpoint or conclusion in this article is in line with their own specific situation. The market is risky and investment needs to be cautious. Please make your own judgment and decision.