| scope of investment |
The investment scope of the Fund is financial instruments with good liquidity, including domestic stocks issued and listed according to law (including the main board, SME board, GEM and other stocks approved by the CSRC for listing) Bonds (including treasury bonds, financial bonds, corporate bonds, corporate bonds, central bank bills, medium-term notes, short-term financing bonds, subordinated bonds, convertible bonds (including separable trading convertible bonds), exchangeable bonds, etc.), inter-bank deposit receipts, asset-backed securities, bond repurchase, bank deposits, money market instruments, warrants Stock index futures and other financial instruments permitted by laws and regulations or the CSRC for fund investment. |
| investment strategy |
The Fund adopts a variety of investment strategies and trading means to allocate large categories of assets and stocks in the industry, so as to ensure the stability and sustainability of the overall investment performance in case of possible failure of a single strategy. 1. Allocation of major assets The Fund will comprehensively use qualitative and quantitative analysis methods, based on in-depth research on the macro-economy, according to the stage and change trend of the macro-economic cycle, combined with valuation level, policy orientation and other factors, comprehensively assess the expected return rate and risk of various categories of assets, and reasonably determine the allocation ratio of the Fund among stocks, bonds, warrants, cash and other categories of assets, To minimize the risk of the portfolio and improve the return of the portfolio. 2. Stock investment strategy On the basis of in-depth analysis of enterprise fundamentals, the Fund establishes a multi strategy investment system of growth strategy, value strategy, refinancing strategy, momentum strategy, theme strategy, event driven strategy, etc., and makes flexible use of it according to changes in the market environment. Among them, the growth strategy adopts the bottom-up analysis method to analyze the growth of enterprises from multiple dimensions and select stocks with high growth; The value strategy selects undervalued stocks for investment through qualitative and quantitative analysis combined with valuation analysis; The refinancing investment strategy mainly focuses on the investment opportunities related to events in the refinancing process of listed companies; Momentum strategy focuses on capturing investment opportunities driven by market momentum effect; Thematic strategies grasp investment opportunities of different themes through the study of economic development and changes in capital market trends; Event driven strategies capture investment opportunities that have a significant impact on the value of listed companies by specific events. Through the comprehensive application of the above multiple strategies, the Fund selects individual stocks with valuation advantages to establish a portfolio, and makes dynamic adjustments according to phased market changes. 1) Growth strategy The Fund's investment in growth companies focuses on emerging industries, inflection industries in the cyclical boom stage and traditional industries that continue to grow, and selects stocks with high industry representation, good potential growth and attractive valuation. The Fund regularly analyzes and evaluates the growth space and competitive barriers of listed companies through a combination of quantitative and qualitative methods, so as to determine the growth industries in which the Fund focuses its investment, and dynamically adjusts them according to the results of regular analysis and evaluation. 2) Value strategy The value strategy of the Fund is to invest by looking for undervalued stocks, in order to seek the return brought by valuation reversal. By using a number of indicators such as PE, PB, EV/EBITDA to carry out relative valuation, and by comparing with the valuation level of other companies in the same industry in China and the relative valuation level of companies in the same industry in China, we can find companies whose value is relatively undervalued. 3) Refinancing investment strategy The refinancing investment strategy of the Fund is to mainly invest in the securities issued by refinancing, as well as the stocks in the process of refinancing, completed refinancing but still within the restricted sales period of additional shares or allocated shares, and the stock price in the secondary market has fallen below the fixed increase plan price or the actual additional issue price to a certain extent by studying the refinancing purpose, refinancing object, refinancing process and other factors of listed companies, And convertible bonds with investment value. The Fund will choose an appropriate time to adjust its portfolio based on the judgment of the intrinsic investment value and growth of securities and the analysis of the stock market environment. 4) Momentum strategy Momentum strategy refers to that the market can show the characteristics of "the strong will always be strong" in a certain period of time. By buying the strong stocks in the past period, you can obtain returns that exceed the average level of the market. The Fund will comprehensively analyze the momentum characteristics of the market price of each stock. The analysis indicators include the stage cumulative return rate, turnover rate, market trading activity and volatility of each stock. Individual stocks with obvious momentum characteristics and strong price trend will be selected into the investment portfolio as the auxiliary investment strategy of the Fund. 5) Theme strategy Through in-depth research on economic development and changes in capital market trends, the Fund analyzes key drivers and growth drivers that affect economic development or corporate profits, explores medium and long-term thematic investment opportunities, and selects industries that meet investment themes and listed companies with core competitiveness. First, from the perspectives of economic system reform, industrial structure adjustment, technological development and innovation, analyze the fundamental trends of economic structure, industrial structure or enterprise business operation mode changes and the key driving factors leading to the fundamental changes, so as to prospectively explore the investment theme in the process of economic development; Secondly, through the comprehensive analysis and evaluation of the investment theme, the theme industry or theme sector corresponding to the investment theme is defined, so as to determine the companies benefiting from the relevant theme. According to the sensitivity, reaction speed and benefit level of enterprises to the investment theme, select individual stocks; Thirdly, by closely tracking the economic development trend and the changes in its internal driving factors, we constantly explore and study new investment themes, and make timely adjustments to the theme investment direction, so as to accurately grasp the conversion opportunity of new and old investment themes, and fully share the investment opportunities brought by the rise of different investment themes. 6) Event driven strategy Event driven strategy is an investment strategy that finds out that the above events contain staged investment opportunities by studying a certain type of regular events in the market, such as changes in consensus expectations of researchers, performance of listed companies exceeding expectations, shareholder increase, major shareholder reduction, and adjustment of index constituent stocks. The Fund will select appropriate event strategies at appropriate times to capture periodic excess returns or absolute returns. 3. Bond investment strategy Bond investment is mainly used to improve the yield of non stock assets. The fund manager will adhere to the concept of value investment, strictly control risks and pursue reasonable returns. The Fund will, through in-depth analysis of macroeconomic data, monetary policy and interest rate change trends, as well as factors such as yield levels, liquidity and credit risks of different categories, mainly focus on duration control and structural distribution strategies, supplemented by yield curve strategies, interest rate spread strategies, etc., to construct a portfolio of bonds and money market instruments that can provide stable returns. The Fund Manager pays close attention to inflation, interest rate, maturity, liquidity, tax and other factors, and determines the fair value of each bond variety in real time. The yield target of bond portfolio can be achieved by allocating different types and maturities of bonds. 4. Investment strategy of stock index futures The Fund invests in stock index futures for the purpose of hedging systematic risks. The fund manager dynamically adjusts the stock index futures contract position varieties and positions to match the spot, control the risk, and stay in the relative return. 5. Asset backed securities investment strategy The Fund prudently invests in asset-backed securities through tracking and inspecting the structure and quality of the asset pool of asset-backed securities, analyzing the issuance terms of asset-backed securities, and estimating the impact of changes in prepayment rate on the future cash flow of asset-backed securities. 6. Warrant investment strategy The Fund's warrant investment aims to control risks, smooth returns and lock profits. The Fund estimates the reasonable value of the warrants by studying the fundamentals of the underlying warrants and predicting their future trends, while taking full account of their liquidity and making prudent investments. 7. Convertible bond investment strategy Convertible bonds are different from ordinary corporate bonds. Their investors have the right to convert shares and sell them back under certain conditions, so their theoretical value is equal to the basic value of ordinary bonds plus the value of the implicit option of convertible bonds. The Fund invests in convertible bonds, with the main objective of reducing the downside risk of the net value of the Fund. The convertible bonds invested by the Fund can be converted into shares, so as to retain the income potential of participating in stock appreciation. |