Nearly a month, the new energy sector rebounded strongly, leading to a large area of related funds "blood", of which, a number of new energy theme funds over the past month violent rebound of more than 50%, at the same time, a number of top fund managers have stepped in to restrict purchases.

In the past month, the violence rebounded by more than 50%, and the top collective stepped in to restrict purchases.

According to Wind, as of June 10, the Wind new energy index has climbed steadily since it rebounded on April 27, with a cumulative rise of 39.34% in the range of the Wind New Energy vehicle index.

The net worth of a large number of new energy-themed funds is also rapidly returning to blood. According to Wind data, by the end of June 10, the net worth of 538 funds (calculated by combining different shares) in the market had risen by more than 30% since April 27, with new energy-themed funds or funds with heavy positions in new energy stocks in the vanguard of the rebound.

Specifically, Xinao New Energy, managed by Li Bo and Zeng Guofu, temporarily ranked first with an increase of 53.73%. By the end of the first quarter, the stock assets of the fund were 3.511 billion yuan, accounting for 93.85% of the fund's total assets. among the top 10 heavy stocks were BYD, Tianqi Lithium Industry, Salt Lake shares, Ganfeng Lithium and new energy related industry leaders. In a number of funds with a range increase of more than 50%, including the intrinsic value of Yinhua Zhihui and Yinhua Lehuan A managed by Fang Jian, CIC UBS New Energy A managed by Shi Cheng, advanced manufacturing of CIC UBS, and so on, by the end of the first quarter, all of them have invested heavily in the relevant new energy stocks. In addition, Qianhai open source new industry A managed by Cui Yulong, Chunlin Cao's Jinhexin new energy vehicle A, and Guo Beibei's new energy vehicle LOF have all achieved more than 40 per cent "blood recovery", while HSBC Jinxin low-carbon pioneer A managed by Lu Bin has also risen 38 per cent in the past month.

In addition to actively managing products, index products that track new energy subdivision tracks are also profitable. Since April 27, battery leader ETF (159767.OF), new energy vehicle ETF (515030.OF), battery ETF (159755.OF), new energy car ETF (515700.OF), and several photovoltaic ETF have all risen by more than 45%, according to Wind.

It is worth noting that on the one hand, new energy-related funds have risen by more than 50% in the past month, and on the other hand, a number of top fund managers rushed to limit purchases.

Xinao New Energy Co., Ltd., managed by Li Bo and Zeng Guofu, issued a notice suspending large-scale applications. Since June 10, the fund has accumulated a maximum of 5 million yuan for each fund account.

On June 8, the Qianhai open source emerging industry managed by Cui Yulong issued a notice restricting large applications, saying that from June 8, each fund account could accumulate a maximum amount of 2 million yuan (An and C shares combined).

On June 2, Xinao Core Technology mixture, managed by Feng Mingyuan, issued a notice suspending large applications. In order to protect the interests of fund share holders, the maximum amount of money applied for by each fund account in a single day is 5 million yuan.

Most of the recent rebound is to repair the panic decline in the previous period.

So, recently, the new energy plate has become the vanguard of the rebound, auto parts, lithium batteries, photovoltaic plate continues to be active. What is the logic of the recent strong rebound of the new energy sector?

Cui Yulong, an open source fund manager in Qianhai, said that it is mainly due to the panic decline in the early market as a whole, resulting in a great deviation between the overall stock price and fundamentals, and the recent rebound is mostly the repair of the panic decline in the early stage. In the medium and long term, the growth space of the new energy sector is huge, the growth continues, and the fundamental information is constantly verifying our point of view. So the recent strong rebound is based on a fundamental response.

Sun Haozhong, fund manager of Citic Prudential plc, said that the recent rebound in new energy mainly includes new energy vehicles and photovoltaic, but the rebound factors of the two are slightly different. Because the Yangtze River Delta automobile industry chain with Shanghai as the center was seriously damaged in the early stage, the recent transactions of new energy vehicles are more due to the full restoration of normal production and life order in Shanghai on June 1 and the repair of the supply chain.

For photovoltaic, it is mainly due to the background of rising energy costs, especially the rapid growth of demand in Europe. Another big background is that US inflation fell in April compared with March, and interest rates on US 10-year Treasury bonds began to fall, which periodically eliminated the repressive factors in the valuation of growth stocks, and then superimposed the resumption of production of new energy vehicles just mentioned. The high demand for photovoltaic in Europe can be said to be a rebound brought about by factors at the macro level and at the industry level.

Not pessimistic about the future, firmly optimistic about the huge investment opportunities of new energy in the future.

Since the beginning of the year, the new energy plate has adjusted greatly, but at the same time, the plate has shown obvious signs of recovery recently. What should we think of the current market? Whether the new energy sector ushered in the time to get on the bus?

Cui Xilong said that if overseas interest rate increases and inflation are not lower than expected, then the rebound of new energy may be better, and the overall performance in the future is closely related to the international economic situation, including the Fed's interest rate hike, the degree of inflation, and geopolitical conflicts, and many other aspects are closely related, and the above factors are difficult to predict, so for the market as a whole. We still need to be vigilant at all times to prevent the impact on the market when the above situation occurs. But in the long run, we are still firmly optimistic about the huge investment opportunities for new energy in the future.

Standing at the current time, Sun Haozhong said that he is not pessimistic about the future. after the adjustment at the end of April, in the direction of new energy vehicles, such as lithium resources have basically dropped to about five times PE, some companies in the middle reaches that are not very good have fallen to less than 20 times this year, and companies with a better pattern have also fallen to less than 30 times, which is a relatively low valuation level in history.

"in the short term, although interest rates on 10-year US Treasuries have fallen somewhat, commodity prices remain high, superimposing geopolitical conflicts, so it is difficult for inflation expectations to fall soon. The Fed's process of raising interest rates and shrinking the table is likely to exceed expectations, and there is a high probability that interest rates on 10-year Treasuries will rise again, which may once again put some pressure on growth.

Therefore, the Fed's policy, including the trend of interest rates on 10-year US Treasuries, is still a key observation factor for the growth direction. In the case of relatively high interest rates on US debt, the market relatively prefers low-valued assets, coupled with the introduction of some domestic stimulus policies, short-term value assets are still relatively dominant. To sum up, value will still have policy catalysis, although growth has rebounded, but the valuation is still in a relatively low position. " He mentioned.

Xing Junliang, fund manager of the Agricultural Bank of China New Energy mixed Fund, believes that after a substantial adjustment, the current transaction congestion has fallen back to a historically low level, and scientific and technological growth is still the inevitable choice for high-quality development. We will focus on the new energy direction of "carbon neutralization" in the future. From the perspective of energy reform, "scenery" is the main force on the future power production side, gradually moving towards the stock replacement stage.

In terms of electric vehicles, the progress of overseas and domestic upstream resource development is accelerating, while the potential demand for new energy vehicles is still strong. At present, from the perspective of individual stock valuation and fundamentals and position concentration, high-quality enterprises in the industry will still enjoy the growth dividend of the industry.

Be optimistic about lithium electricity, photovoltaic and new energy operators.

Specific to the internal segment of the new energy sector, Cui Yulong said that he has been optimistic about the three subdivision tracks: lithium electricity, photovoltaic and new energy operators. Among them, photovoltaic is the production end of clean energy, it is the representative technology of production end; lithium battery is the energy storage end, that is, the representative technology of application end; and new energy operators, it is a long-term stable operation, stable growth industry, there is a lot of space. The operations of most industries are very volatile, especially in the resource industries such as manufacturing or upstream, and even the consumer industry.

But the operation of the new energy operator itself is extremely stable. For example, in the case of a photovoltaic power plant, the biggest cost comes from the initial investment, that is, most of the investment in the business is an one-off investment. The above areas all have the characteristics of large space and high certainty, and are firmly optimistic about the above three directions.

Talking about new energy investment opportunities, Sun Haozhong said that relatively speaking, in the direction of new energy vehicles, brand vehicles, batteries, and some competitive and relatively good links, such as diaphragms and negative electrodes, deserve attention. In the direction of photovoltaic, relative attention is paid to integrated construction, inverter, film and so on.

Lu Bin, investment director of HSBC Jinxin Fund, said that at the beginning of the year, he thought that this year's opportunity could be value return and high-quality growth. However, with the valuation repair of value stocks and the sharp adjustment in the valuation of growth stocks in the first four months, he believes that high-quality growth stocks are more attractive to us at present, so the main line of the market in the second half of the year is likely to return to high-quality growth. Including new energy, military industry, medicine, the Internet and other growth stocks in the plate that he has been able to find a wealth of investment opportunities.

Shi Cheng, fund manager of the UBS New Energy Fund, said that with the gradual weakening of the impact of the epidemic and the acceleration of global economic recovery, the demand for energy will continue to increase, and related industries with huge room for growth should be paid attention to in the future. The equipment manufacturing industry, which continues to benefit from capacity expansion such as photovoltaic, lithium, and semiconductors, is expected to maintain a rapid compound growth rate.