Work report of Taixin Pioneer Fund

The market in the first half of the year can be roughly divided into two stages: from January to May, the asset revaluation market mainly focused on asset injection and securities holdings. The wealth effect of the stock market greatly mobilized all sectors of society. With the investment enthusiasm of funds at all levels, the market index almost went from more than 2,600 points at the beginning of the year to more than 4,300 points at the end of May; the high oscillation in June caused investors to return to blue chips such as real estate, banks, and coal. Main line value investing track. The market pattern has always remained strong.

In the first half of the year, we always adhered to the investment strategy of focusing on real estate, finance and industry leaders. Although we did not participate in investment opportunities in asset injection types that could not be analyzed and predicted in the first quarter, the fund's performance in the entire first half of the year The net value growth rate is still much better than the growth of the Shanghai Composite Index.

In the third quarter, the market will enter a period of intensive policy interference: special treasury bonds, the return of red chips, QDII implementation and sustained tightening policies will all enter a period of intensive implementation this quarter. We believe that these factors will affect the supply and demand of funds in the securities market and the psychological expectations of investors in the short term, thereby inhibiting the market to a certain extent; however, the current securities market itself has also become an important step for management to alleviate excess liquidity. Therefore, the government is still very certain about maintaining the medium- and long-term stable and healthy development of the securities market; at the same time, the expectation of excess social liquidity caused by the appreciation of the RMB, which is the main driving force of this round of market conditions, is still strengthening. , there is no sign of weakening in the short term, so the long-term upward trend of the market will not change. We still insist that: as far as the current stage of the core driving force of the market (renminbi appreciation) is concerned, the market is still in the initial stage of a mid- to long-term upward trend.

We believe that the most direct consequence of the appreciation of the local currency is the continued rise in asset prices. Therefore, in the next quarter and even for a long time to come, we will focus on asset types, especially real estate. . Among real estate stocks, especially those in the Yangtze River Delta region with Shanghai as the core, will become the core of the core. We believe that in the next three years starting from the second half of this year, the Shanghai area will once again become the core of a new round of rising housing prices across the country. In addition, some national leading real estate varieties will also become the focus of long-term allocation.

In the context of rising interest rates, we will also focus on insurance and gold products in the medium and long term. At the same time, we firmly hold high-quality varieties in energy conservation, emission reduction and new energy.

Our country is currently in the stage of preparing to go abroad with huge foreign exchange funds and excess local currency funds. At the same time, it is also in the stage of mergers and acquisitions and concentration of advantages led by the government from top to bottom in the domestic market. During this stage, leading companies in each industry segment will face more historic opportunities than ordinary companies, and these companies will also become the focus of our mid- to long-term attention.