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New Year Special Issue 2022 Outlook: Medicine

At the time of ending the old year and welcoming the New Year, we share with you the views of several major industries that Dingfeng fund managers are optimistic about at the moment, which will be presented in a serialized special issue. I wish you all a happy and healthy New Year!

Ding Feng Tian Chao: Some recent thoughts

Recently, I have been thinking that the style of A-shares is often greatly affected by the top-level design and policy orientation, which basically reflects the main contradiction facing China every five years. China's various industries are not fully market-oriented, and are greatly affected by the invisible hand of policies. It is basically divided into two categories, one is industrial trend opportunities, such as tws headphones in 2019, consumer electronics and smart phones starting in 2011, and mobile Internet starting in 2013, and the other is policy-oriented, such as real estate deregulation in 2016, the monetization of the housing reform, and the supply side reform in 2017 brought about by coal, steel, and steel. Opportunities in the nonferrous industry. If it is the case of industrial and policy resonance, it is the perfect opportunity, such as new energy vehicles and affordable photovoltaic power generation that have brought about changes in demand since 2019.

Heavy snow for 2021 insufficient balance.

In November, small companies performed significantly better than large companies. However, the market as a whole is still in a shock range, the opportunities are mainly concentrated in small companies, individual stocks fluctuate greatly, and the operation is difficult. Defense military industry performance is the best, three quarterly report of defense military industry company performance accelerated release, dispel the concerns of the market, the market was concerned about the military will appear similar to the pharmaceutical industry because of collection, but the actual situation although the gross profit of military enterprises has a certain decline, but through the growth of volume, still promote revenue and profits have increased rapidly.

Ding Feng Tian Chao deep cultivation growth, insight into the trend

Profile · Ding Feng fund manager Tian Chao Tian Chao entered the securities industry in 2009, and his career can be roughly divided into two stages: The first stage is the management of public products from 2012 to 2018, the basic idea is to deeply explore the pattern of individual stocks, during this period there are successes and failures, there are large stocks with N times of increase, and there are stocks that step on the pit; The second stage has realized the iterative upgrade of the investment strategy, that is, since 2019, more mesoindustrial comparison and momentum trend ideas have been adopted, the efficiency has been significantly improved, and the net worth curve is also more beautiful, which is also a result of the evolution of its investment system. The boom diffusion logic looks for sub-industries and individual stocks with growth attributes and good sustainability in the cycle.

Ding Feng view · Tian Jiang said consumption

The results of the first half of 2021 came out, wind data show that as of June 30, the star fund manager Xiao Nan and Wang Yuanchun managed the Yi Fang Da consumer industry fell 2.3% this year, from the consumer industry index, it can be seen that the performance of the consumer industry in the first half of the year is very not as expected, and it is difficult to make positive returns.

Seven questions · Ding Feng metamorphosis road

Zhang Gao: In the past few years, Dingfeng has been "paying" for the previous rapid expansion, reorganizing the investment research system, thinking clearly about the goals, strategy, mechanism and team, hoping to achieve sustainable development, and has also gone through a painful process of reflection.