Summary of Key Points Core Viewpoint - The report highlights the performance and investment strategy of Li Xiaoxing, a prominent fund manager at Yinhua Fund, as of the first quarter of 2024, indicating a cautious but optimistic outlook on various sectors amid market adjustments and macroeconomic recovery [1]. Fund Performance - As of the end of Q1 2024, Li Xiaoxing manages a total fund asset size of 27.628 billion yuan, with the best-performing fund being Yinhua Xinyi Flexible Allocation Mixed A, which saw a net value growth rate of -5.51% [1]. - The top ten holdings of the fund have seen changes, with new additions including ZTO Express (02057), Dongfang Wealth (300069.SZ), Salt Lake Co. (000792.SZ), and Zhongmin Resources (002738.SZ) [1]. Sector Analysis - Consumer Sector: The consumer industry faces challenges such as insufficient demand and increased competition. However, after three years of valuation adjustments, most consumer stocks are now valued below historical averages, with a focus on high-quality factors expected to perform well in 2024 [3]. - Pharmaceuticals: The pharmaceutical sector is under pressure due to high performance comparisons from the previous year, but potential improvements in fundamentals may present investment opportunities [3]. - Strategic Emerging Industries: Li Xiaoxing is optimistic about sectors like semiconductors and defense technology, anticipating a recovery in demand driven by AI and other technological advancements [3][4]. - Renewable Energy: The lithium battery materials sector is expected to see demand exceed expectations, while the photovoltaic industry is stabilizing after price declines. Wind energy, particularly offshore, remains a strong growth area [3]. - Defense Industry: The defense sector is poised for recovery as demand is expected to rebound, with a focus on aerospace and missile technology [4]. - AI Industry: The AI sector is viewed as a long-term growth area, with an emphasis on companies that can deliver sustainable earnings [4]. - Internet Sector: Internet companies are experiencing a bottoming out of valuations, with potential for growth driven by AI technology [4]. Investment Strategy - Li Xiaoxing emphasizes investing in companies with strong cash flows and market positions, particularly in high-end liquor, white goods, and growth sectors like snacks and cosmetics [3]. - The banking sector is expected to face short-term pressure, but declining deposit rates may alleviate some margin pressures in the future [4]. - The coal sector is gaining recognition for its stable profitability, while the metals sector is benefiting from anticipated interest rate cuts [5]. Fund Manager Performance - During Li Xiaoxing's tenure managing the Yinhua Small and Medium Cap Selected Fund, the cumulative return reached 90.45%, with an average annual return of 7.6% [5].
银华基金李晓星在管基金一季报出炉！新进中通快递-W(02057)等 绝大部分标的已进入估值底部