(Original title: This type of fund is very popular recently! The four major fund managers also came to "take the pulse" together)

A recent news has attracted widespread attention in the market. The Huabao CSI Technology Leading ETF (referred to as "Technology ETF"), which was officially listed on August 16, landed on the Shanghai Stock Exchange. In just 3 days of listing, the fund doubled in size, becoming the fastest doubling ETF in the history of A-shares. This shows that funds are pursuing the technology sector. In addition to ETFs, what other opportunities are there to participate in technology stocks?

Statistics show that excluding QDII products, there are currently 52 public funds with "technology" in their fund names. The average return this year is 23.9%, which is better than the return of all partial equity funds. Among them, the active management products with better performance include Wells Fargo Innovation Technology Hybrid, Guolian Technology Power Stock, Shanghai Investment Morgan Technology Frontier Flexible Allocation Mix, HSBC Jinxin Technology Pioneer Stock, GF Technology Power Stock, etc., with returns exceeding 40% so far this year.

Investors can focus on "science and technology innovation theme" funds. There are currently 22 such funds (each type is calculated separately). These funds mainly focus on the theme areas of scientific and technological innovation, mainly involving companies that are in line with national strategies, break through key core technologies, and have high market recognition. They focus on high-end technology industries and strategic emerging industries such as new generation information technology high-end equipment, new materials, new energy, energy conservation and environmental protection, and biomedicine.

It is worth mentioning that there are still many new technological innovation products on the way, and investors can pay close attention to the reports of new funds.

In addition, there are currently a number of concept funds that focus on semiconductors, 5G and other concepts, and many of them are index funds, which are more suitable for investors who want to deploy technology-related concepts but do not want to focus on a single stock.

Zhang Ting, a researcher at Geshang Wealth, believes that the current valuation of technology stocks has been much lower than three years ago. Strategically, the old way of relying on labor force population and currency over-issuance is no longer feasible. The technology sector is the focus of future support. The new growth point of the future economy lies in technological progress, especially the policy tilt towards high-end manufacturing. Judging from the current profits of the technology sector, under the background of tax cuts and fee reductions and policy tilts, the profits of the Science and Technology Innovation Board and the small and medium-sized boards have rebounded, and their margins have improved. Therefore, from a mid- to long-term perspective, it is indeed possible to deploy the technology sector.

“It is recommended to lay out sectors such as 5G, communications, electronics, and computers, and select relatively high-quality leading stocks in subdivided industries. Therefore, if you use public funds to make a layout, you need to observe the fund manager’s stock selection ability, performance level, whether he has a research background in the technology sector, and whether the current heavy position is in the technology sector. , In addition, when comparing performance, technology-themed public funds should benchmark against the GEM and small and medium-sized board indexes, and not compare with the Shanghai and Shenzhen 300 stocks. "Zhang Ting said that the risk of deploying in the technology field is that there are relatively few companies in the technology sector, so stock selection ability is very important, and the volatility is greater than that of traditional large-cap blue-chip funds.

Haomai Fund analyst Zeng Linghua said that if you want to deploy a technology concept fund, it is better to choose a trustworthy stock-picking fund manager, and it is better to have a fund manager with a background in the technology industry.

For ordinary investors, in addition to paying attention to the name, they also need to look at the historical holdings of the fund and the professional background of the fund manager, because although some funds have "tech" in their names, the "tech" content of their positions is not high.

Will technology stocks lead the investment trend?

Four fund managers said this

With the opening of the Science and Technology Innovation Board and the imminent global application of 5G, the market is gradually paying attention to the layout of the technology field. Will the technology field become the next trend? Which sectors will benefit from this? How to lay it out? In this regard, China Fund News conducted an exclusive interview with Liu Gesong, general manager of the growth investment department of GF Fund, manager of GF Shuangqing Upgrade and GF Innovation Upgrade Fund, Liu Hui, manager of Yinhua Domestic Demand Select Fund, Shi Minjia, manager of HFT Electronic Media Equity Fund, and Lin Qingyuan, manager of Rongtong Transformation Three Power Fund, to discuss these hot issues.

It is expected to become an important investment thread

China Fund News reporter: How do you view investment opportunities in the technology field?

Liu Gesong: From a medium to long-term perspective, I am optimistic about the technology field. First, from a macro perspective, China's economy is in the process of economic structural adjustment and industrial upgrading. It has gradually shifted from being highly dependent on the real estate industry chain to focusing on technological innovation. There is huge space for technological development and it is in a stage of rapid development. Second, from a policy perspective, from top-level institutional design to industry, taxation, finance, land, talent and other fields, policies are tilting towards innovation-driven development and transformation and upgrading, and the technology industry is expected to continue to benefit; third, From a micro perspective of the market, the valuations of growth stocks represented by GEM are in the historical central range. As unfavorable factors such as impairment of goodwill in the growth sector, downward revision of earnings growth, and tightening of the financing environment are gradually digested, the cost-effectiveness of allocation in the growth sector is improving. Fourth, based on the performance of the Science and Technology Innovation Board since its opening, investors are more receptive to technology growth stocks with good industry trends, high industry prosperity, and good profitability, and are willing to give higher prices.

Shi Minjia: 5G is a new technological revolution after 4G, opening the door to new technologies and new applications. It is expected that a number of new technologies, new applications and industry leaders will emerge accordingly. In the process of China's economic transformation, the development of high technology has also been supported by policies, and relevant policies are expected to help the industry develop better and faster. I believe this area is expected to become an important investment line.

Liu Hui: The layout of "Agricultural Year, Science and Technology Year" is the core throughout 2019. A new cycle of new technologies has begun, and at the same time we should actively face the instability of the current normalized world situation. This instability has brought unprecedented opportunities and space for historic growth of some important domestic industries, which is a typical "opportunity due to crisis" feature. Following the idea of ​​"opportunity in crisis", we started planning in the first half of the year, paying special attention to the 5G new technology cycle and the overlapping varieties of the two main lines of domestic substitution under competition. In the second quarter, in terms of technology stocks, I strengthened this idea by increasing the proportion.

Lin Qingyuan: Technology is the primary productive force. Looking at the top ten companies in the world by market value, 6 are technology companies. At present, the change of my country's industrial structure requires a period of time. After 2000, urbanization drove the rapid development of the real estate industry chain. After that, it entered the stage of brand consumption upgrade in 2008, and the technology sector showed its performance in stages. At this point in time, faced with various problems such as an aging population, high-end manufacturing and technology are definitely the leading industries that China needs to become bigger and stronger in the future. In the field of technology, there will be many investment opportunities in various subdivisions.

5G and domestic substitution are the most promising

China Fund News reporter: "The first half of the year is about the strengthening of core assets, and the second half of the year will be technology stocks." There are more and more opinions like this. Is the second half of the year a good time to deploy in the technology field? Which field is more promising?

Liu Gesong: From 2016 to the beginning of 2019, investors were more willing to give a premium to assets with higher certainty of growth in the current period, represented by liquor.Large-scale consumer products have become core assets and have experienced a long-term bull market; now we are in a period of high industry prosperity and good corporate profits. It is also a stage of high historical valuations and a stage of relatively concentrated market positions. The probability of continuing to significantly outperform the market in the future is reduced. In contrast, although high-quality leading stocks in the pharmaceutical, biological and technology industries have performed well in the past few months, assets of this style have been undergoing continuous adjustment for three years, and investment opportunities in the second half of the year are expected to be better than core assets.

There have been two significant changes on the demand side of the technology industry this year: First, national policies support independent innovation from the industrial level, and the Science and Technology Innovation Board provides a more market-oriented path for cultivating emerging industries; second, the industrial chains of leading technology companies have gradually shifted from foreign to domestic, and there is huge room for substitution of domestic computers, and industry demand is in the early stages of explosive growth.

From the perspective of subdivisions, I am mainly optimistic about industries whose demand is not affected by policy adjustments and economic fluctuations, such as medical services, medical equipment, technology leaders with independent controllable directions, etc. Among them, independent controllability and security controllability in the technology sector are two promising main lines. The former is an investment opportunity driven by changes in demand for the industrial chain of leading companies represented by Huawei to shift domestically, and the latter is an opportunity brought by the rapid substitution of domestic computers, servers, etc.

Shi Minjia: The new technology cycle will drive the further development of a number of companies that focus on technology research and development, but the core assets are still quite valuable. Compared with similar companies in the world, most of the valuations of core assets are not high, and even some companies that are globally competitive are still undervalued. The market is still in the process of value discovery and there are no signs of significant overheating. Personally, I am more optimistic about the investment strategy of "consumption sets the stage and growth plays the role", and uses a bottom-up perspective to explore stocks that match valuation and growth.

Liu Hui: The most significant opportunity currently comes from China's industrial upgrading under the new technology cycle. The reason why this new technology cycle is important is that this is the first time that Chinese companies have participated heavily and deeply on a global scale, and may even achieve a leading role in technology and business models. Opportunities among opportunities are those companies that have both the main line of the 5G new technology cycle and the main line of the rise of domestic alternatives that are reintegrating the global supply chain under slight competition. ?

Lin Qingyuan: The next few years will most likely be a good time to deploy in the technology field. The best time to invest is in the early stages of the technology wave. When new technologies are just emerging, people tend to impulsively include all their future expectations in investments at once. This is often the stage when stock prices fluctuate most violently in the capital market. We are currently standing at the starting point of 5G. The most revolutionary significance of 5G is the integration of all walks of life to meet the diverse business needs of vertical industries such as industry, medical care, and transportation, and ultimately realize the interconnection of everything. The most intuitive opportunities are the peak period of network construction on the base station side and the 5G mobile phone replacement wave on the consumer electronics side, but the opportunities are definitely more than that. After the hardware is laid, applications and services are the main changes in this wave of technology. There will be many opportunities in fields such as VR, AR, smart cities, industrial Internet, and driverless driving.

Be prepared for high volatility

China Fund News reporter: What risks should we pay attention to when investing in technology stocks and other fields?

Liu Gesong: Compared with core assets, the performance of technology stocks is highly elastic. Therefore, we should pay more attention to in-depth research and long-term holdings. Especially for small and medium-sized enterprises in the rapid growth stage, the return on investment may be higher, but the investment cycle is longer and the uncertainty is greater. Investors need more in-depth and forward-looking research to be targeted. A promising company must be able to endure short-term fluctuationsMove, hold shares for a long time, and accompany the company's development and growth.

Shi Minjia: From a technical perspective, new technologies emerge in endlessly, and some are substitutes for existing technologies. On the other hand, competition among technology companies is fierce, and similar companies often have very different development prospects, so individual stocks still need to be screened. In terms of the characteristics of technology stocks, emerging technology companies or technical routes are often in the start-up and high-growth stages, and their stocks are highly volatile.

Lin Qingyuan: Technology stocks have great individual differences, and the quality of the company must be screened from the bottom up.