朱少醒、陆彬、杨金金最新调仓曝光

Fund Managers' Portfolio Adjustments - Zhu Shaoxing's Fuguotianhui Fund reduced its holdings in Kweichow Moutai by approximately 270,000 shares in Q2 2024, decreasing its proportion of the fund's net value from 7.99% in Q1 to 5.61% in Q2, marking the second consecutive quarter of reduction [2] - The fund also increased its holdings in Midea Group, Bank of Ningbo, CFMOTO, and Zhengzhou Coal Mining Machinery, and added Mindray Medical to its top ten holdings [24] - Lu Bin's HSBC Jintrust Dynamic Strategy Fund significantly increased its holdings in Sangfor Technologies, making it the largest holding at 9.22% of the fund's net value, and added Mingyang Smart Energy, Poly Development, and Huayou Cobalt to its top ten holdings while reducing positions in Tongkun and CICC [26] Industry Perspectives - The new energy industry is approaching a phase of capacity clearance, with many companies operating at a loss and some potentially exiting the market, signaling a potential inflection point for the industry [10] - High-end manufacturing is seen as a key driver of China's dual-circulation strategy, with policy support expected to sustain high growth rates, particularly in sectors like advanced equipment, semiconductors, and new materials [27] - The macroeconomic environment in H1 2024 showed a clear recovery trend, with structural differentiation characterized by strong volume but weak prices, stronger upstream prices than downstream, and higher savings rates than consumption rates [5] Investment Strategies - Zhu Shaoxing focuses on companies with strong corporate governance and management, believing that such companies are more likely to create value for investors over time [8] - Lu Bin's investment strategy includes a focus on the new energy industry, particularly the electric vehicle supply chain, with additional investments in military, electronics, and chemical industries [9][21] - Yang Jinjin's portfolio is heavily weighted towards utilities, precious metals, and chemicals, with adjustments made to capture excess returns in these sectors [22] Market Outlook - The current market is characterized by low risk appetite, with dividend yields of many companies exceeding the risk-free rate, and valuations of some companies entering high volatility ranges [15] - Despite short-term challenges, the long-term outlook for equity assets is favorable, with expected improvements in corporate earnings and market valuations as the economic cycle turns upward [15][25]