Golden Eagle Fund: A choice of the unpopular small stocks have a big chance

--Peng Peixiang, deputy director of the Research Department of Golden Eagle Fund, which is the best fund company since April last year? The answer I am afraid investors surprised, not the size of the capital alone in China, but only 3 partial-stock Fund of the Golden Eagle Fund company. Small fund defeated big China by virtue of the trend of accurate and grassroots research mining to the "unpopular stocks"!　　May 12, Golden Eagle Industry advantages of the fund manager, the company's deputy director of research Peng Peixiang accepted the "Red weekly" interview, confided in the investment canon.　　Macro data has warmth "red weekly": April PPI, CPI still negative, the data came out the day the market fell, how do you interpret the data? Peng Peixiang: On the surface to see the economy or continue to the downward, but after reading there are still positive factors, you can be sure that the economy is in the warmer. April CPI fell slightly higher than market expectations, 2 ~ April CPI data is 1.6%,-1.2%,-1.5%, you can see the inflection point from March, but the April does not seem to confirm this inflection point. But after discounting factors and seasonal factors, April CPI is still positive growth.　　So we can basically eliminate the fear of medium-term deflation, especially the rate of negative growth in PPI, the decline of the March-ring February is 1.5%, April chain March decline is 0.6%, you can see the February PPI decline gradually narrowed, it is possible to appear after the inflection point.　　"Red Weekly": Did you see this positive change in the field research? Peng Peixiang: Enterprises are still more difficult, by the state investment-driven some industries relatively good, especially the revitalization of the planning of the traditional industry recovery played an important role. I recently visited the textile industry upstream of the spinning enterprises, in order, production and so on have felt the obvious change. The leading industry, such as the car and home appliance industry benefiting from the countryside policy, has been doing well since April, with a monthly sales volume reaching an all-time high. And the real estate market January-April year-on-year sales also showed a big increase, "51" developers to increase the new price, so that trading volume shrank.　　So we think that real estate may be repeated and need further confirmation.　　"Red Weekly": The size of the new credit in April, a sharp decline in the chain, how does this affect the liquidity environment? Peng Peixiang: Overall it seems to meet market expectations, medium and long term loans accounted for non-financial companies to increase the proportion of credit to 84%, credit created by the currency has been integrated into the real economy, which compared with the early short-term debt and the proportion of bills higher than the credit structure has been a welcome change. On a year-on-year scale, credit is still at a more than 10-year high.　　Therefore, it is not possible to draw a conclusion that the "big drop" can be easily obtained from the change of absolute quantity. Market concerns are there, with new lending in January-April already higher than last year's annual loan volume. But the new size should not be tied to the overall size of the loan until the policy effect emerges, and Premier Wen said this week that the stimulus plan is more than 4 trillion. Capital market liquidity is affected by multiple factors, monetary policy is only one aspect。　　If the economic cycle smoothly into the recovery phase, investment, the consumer environment will be greatly improved, I believe we often say that the "saving move" situation will also appear.　　Small plate stock boat small Good turn "Red weekly": How do you judge the current market, static valuation level is now not low. Peng Peixiang: From the investment clock theory, in the process of economic recovery, asset allocation should be converted from fixed income assets to equity assets.　　It is still in such a process, the performance growth of listed companies when the dynamic valuation will decline, the market still shocks upward. Recently, the stock market has strengthened repeatedly, but we believe that the small and medium market companies will play a good ship to turn the advantages of some segments of the industry, the dominant enterprises will appear some positive changes. Static, small and medium stock valuation level is higher than the market average level, but from the dynamic view of the small and medium-sized market value of the company is given a reasonable premium is rational, which is the most active after each adjustment of the rising stage or small market share of the important reason.　　As the confirmation of the recovery period is divided, the opportunities for small and medium-sized stocks may run through the year, and to determine the market for large market stocks to observe.　　"Red Weekly": Your new fund called industry advantages, mainly refers to which advantages of the industry? Peng Peixiang: Cyclical companies that have been able to get through the cycle lows, with the economic recovery poised for the next round of rapid growth. Buffett also said that the bullish companies should be at the "worst time" to buy, the worst time, the market will be very good growth. For example, coal, chemical industry, steel, non-ferrous industries have a strong cyclical nature, but at different points of preference in which industries, need everyone to dynamically track the subtle changes. From the new economic growth point of view, we are more optimistic about renewable energy and 3G, new energy vehicles and 3G upstream and downstream industrial chain is very long, once the start of the overall economic pull huge.　　As for the further breakdown, the upstream and downstream to benefit the most is which piece, we are also trying to find.　　"Red Weekly": Gem has been put on the agenda, how do you think of the gem and the concept of VC? Peng Peixiang: Will not participate in the gem and the market environment at that time, we can give the Gem Enterprise premium, but also in a reasonable range. We do not deliberately make trading opportunities, because it is difficult to create long-term contribution to performance.　　For companies with VC concepts, we will carefully analyze and track the progress of their VC projects. And not only from the venture into the enterprise is not the first batch of listed to capture the trading opportunities, especially the concept of venture in the industry to do venture investment projects, indicating that it has a certain industry self-confidence and specificity, we will pay special attention to.　　Grassroots research on the Truth "Red weekly": Talk about your investment strategy and stock selection ideas? Peng Peixiang: We do not rank, in pursuit of absolute income for investment goals, investment focus is around the certainty and good company. From our heavy stock can be found, golden Eagle Investment does not follow the flow, and even some heavy warehouse stocks or the general people in the eyes of the "unpopular." From the idea of stock selection, we first analyze the big policy background, find the positive factors of the subdivision industry, in the direction of determination, in the upstream and downstreamIndustry chain to find more sensitive companies. After doing a good job in the desk, it is more important to verify these changes, grassroots research is an important channel to verify.　　Give yourself confidence by verifying certainty.　　"Red Weekly": You do grassroots research and other organizations to investigate what is the difference? Peng Peixiang: We may pay more attention to the details, and now many institutions research is a formality, often the big team in the past to open an executive meeting after the whole thing, often bought researchers wrote the research report, "copycat" on it.　　I have also participated in such activities, often "meetings" after the production line of institutions are very few, let alone in other aspects to prove. Our grassroots research more emphasis on the details of the verification, real data auxiliary certificate. Requirements from the front-line production workers to understand the real situation, and the upstream and downstream enterprises to investigate and verify. One time I went to a steel enterprise to investigate the company will be through additional shares into the mine of listed companies, before going from the data to see that the enterprise's iron ore grade is very high, and is full load production, should have better economic benefits. To the company's city, I started from the company's cooperative enterprises. In the middle of the night while the reception staff, to see factory production, production line workers also said to work overtime overnight production for several months did not stop, in the verification of ore reserves, the old miners said "this mine dug again 30 years also dug not finish." A company in the end good, need to use these front-line information to do auxiliary judgment.