This kind of fund rebounded strongly!
Recently, the annual rate of return of active equity funds has quietly changed. As of the end of April, Tibet Dongcai Digital Economy Optimization Fund and Damo Digital Economy Fund, which focus on the digital economy, ranked first, with annual rate of return of 28.86% and 27.02% respectively.
The above two funds are representatives of the funds that have rebounded strongly with the market recovery. Since the market low point on February 5, the net value of active equity funds has rapidly recovered, the decline of partial equity hybrid fund index in the year has rapidly narrowed from 16.7% to 1.1%, and more than 2800 active equity funds have rebounded by more than 15%, with the rebound amplitude of these two funds reaching 54% and 58% respectively.
It is worth mentioning that with this round of market recovery, many funds with strong rebound are mainly investing in the digital economy, and they are heavily in AI. Many fund managers said that they continue to be optimistic about relevant investments in the digital economy in 2024.
Two digital economy theme funds rebounded by more than 50%
Since the market low point on February 5, the net value of active equity funds has rapidly recovered, the decline of the partial equity hybrid fund index in the year has rapidly narrowed from 16.7% to 1.1%, more than 2800 active equity funds have rebounded by more than 15%, and Tibet Dongcai Digital Economy Optimization and Mombasa Digital Economy have rebounded by 54% and 58% respectively.
In addition, Western China has gained fresh impetus Great Wall's booming growth, Western China's profit strategy optimization, BOC's opportunity pilot, Furong Information Technology, Great Wall Jiujia's innovative growth, and Taiping's industry optimization also rebounded significantly, with a rebound rate of more than 45%.
In this round of "rebound pioneers", many funds are mainly investing in the digital economy, and have large positions in AI, Zhongji Xuchuang 、 Tianfu Communication 、 Xinyisheng 、 Shanghai Electric Power Co., Ltd Such stocks frequently appear in the list of top ten big positions of the performance fund.
The first quarter report of the digital economy of the Mall pointed out that the Fund focused on the digital economy sector represented by digitalization and intelligence, and the allocated TMT, especially AI computing power positions were high. In the first quarter, the above sectors performed well under the catalyst of rising prosperity expectations, and the net fund value rose; From the tracking of the industry, the global AI industry giants are in the early stage of large-scale investment, and the IT infrastructure represented by CALI is still on the rise due to AI demand; The Fund continues to be optimistic about the investment opportunities of AI computing facilities in the future. In the second quarter, it will select companies with matching quality and valuation in the above directions for allocation, and strive to achieve the appreciation of fund assets.
The optical module track is widely favored
It is worth mentioning that all of the top ten big positions of the above performance funds contain light module stocks. Many fund managers expressed their optimism for this segment of the track at the current stage.
Judging from the quarterly reports released recently, several optical module stocks have made outstanding quarterly reports. Among them, the first quarter net profits of Zhongji Xuchuang, Tianfu Communication and New Yisheng increased by 303.84%, 202.68% and 200.96% respectively.
As for the reason for the performance growth, Zhongji Xuchuang said that the main reason was the sales growth of high-speed optical modules such as 800G and 400G. In terms of demand, Zhongji Xuchuang predicted that the total global demand for 800G products this year was very large, and customers did not cut down orders on demand. According to the delivery rhythm, it is expected that the shipment volume in the next few quarters will be more. On the other hand, the global supply of EML and other raw materials is tight at present, and the whole industry has not yet fully reached the desired delivery level, which means that more shipments are still to come.
According to the first quarterly report of AVIC Opportunity Pilot, with the development of AI, cloud computing, big data and other information technologies, especially the rapid development of AI, the demand for computing power is further growing. Optical communication is an important foundation and solid base of computing power network. Optical modules are optoelectronic devices that realize photoelectric conversion and electro-optical conversion in optical communication. From the perspective of product technology, Optical modules are developing at a high rate. 800G and 1.6T optical modules have a very high prosperity. Leading enterprises are expected to fully benefit from the development of the industry. In addition, with the continuous development of silicon optical and LPO technologies, the self iteration of optical module products will further promote the capability of computing power deployment, and continue to be optimistic about the investment opportunities of optical modules in 2024.
Lei Zhiyong, the digital economy hybrid fund manager of the Mall, believes that from the perspective of industrial trends, technological development has triggered a surge in demand for basic training and reasoning computing power. Global AI giants are in the initial stage of large-scale investment, and computing infrastructure prosperity continues to rise. In terms of performance, the company has landing capability and high profitability growth certainty. The current valuation is reasonable, especially in the direction of computing power such as optical modules.
Existing investment opportunities in these segments
Since the beginning of this year, the benefits of the digital economy have been intensively released, and various regions have continued to increase their efforts. From the perspective of investment, how to tap relevant investment opportunities?
Wang Bo, manager of the South Science and Technology Innovation Fund, believes that there are mature investment opportunities in the field of digital economy, such as information and innovation industry (database, operating system, chip, etc.), IT infrastructure, downstream digital transformation, etc. To grasp investment opportunities, first, focus on industry leaders and technological leadership, and innovation driven stock selection. Second, the industrial chain combs the high value links and focuses on the high value-added parts. The third is to focus on the relationship between state-owned enterprises and the main chain. For example, the three major operators have gradually replaced the domestic Internet giants as the core force of AI and big data infrastructure services in recent years.
Xie Yi, the fund manager of Nord Fund, believes that, first of all, there are universal opportunities in all industries that can improve productivity through the use of digital technology. For example, the logistics UAV being tried by the express industry. Secondly, enterprises that provide digital means, equipment and software for various industries will probably benefit more from the process of digital upgrading of the whole economy. Finally, the most explosive may be the application of new technologies to create new industries or business models, many of which are concentrated in the field of virtual reality.
At the same time, Xie Yi said that the investment direction of the digital economy is rich and diverse. The idea of layout is mainly to grasp the reliability rather than the volatility of short-term speculation. When it comes to the selection of specific investment targets, we should choose a direction where the business model is relatively mature, the profitability is relatively high, the prospect is clear, the regulatory policy is friendly, and the industrial logic is clear.
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