Coal stocks soared, and Huang Hai became a star fund manager. The reason why Huanghai received great attention from the market is that in 2022, it relied on its heavy coal holdings and won the active equity fund championship; in 2023, 10,000 Select broke the “championship curse”, with a yield of more than 20%; and since this year, Wanjia Choice has continued to maintain high combat effectiveness, with a yield of 19.09%.

Huanghai's yield in the past year was 33.48%, ranking first among similar fund managers in the market. By the end of the first quarter, the total amount of funds managed by Huanghai was 6.595 billion yuan, compared with 3.443 billion yuan at the end of 2023, an increase of 91.55% over the previous year.

Looking at all holdings, compared with the end of 2023, Huanghai continued to increase its coal holdings with newly raised money in the first quarter, greatly increasing its holdings in Huaibei Mining and China Coal EnergyShares such as Huayang Co., Ltd., Guanghui Energy, Shanmei International, and Lu'an Huanneng; Xinji Energy became the new heavy stock in the first quarter, and Bank of Ningbo withdrew from the top ten heavy stocks at the end of the fourth quarter of 2023.

Judging from all holdings at the end of the first quarter, heavy stocks are still used energy represented by coal. However, instead of standing still in positions, Huang Hai is playing around in rotation. Huang Hai confessed in a quarterly report that he actually participated in growth industries such as computing power, electronics, and new energy for a short period of time, and then quickly transferred its warehouse to coal.

Huang Hai said in the quarterly report, “Looking back at the first quarter, our overall thinking continues the defensive and counterattack practices of the past two years. When the market is in a phase of panic, it moderately increases the flexibility and aggressiveness of the mix, especially when the liquidity risk shock before the Spring Festival is strong, rapidly increasing positions in growth industries such as computing power, electronics, and new energy, and when dividend assets reverse due to the rotation of style, they are redistributed to energy stocks represented by coal.”

Looking ahead to the second quarter, Huang Hai pointed out that although external demand currently supports exports and manufacturing, in the future, the market's focus will return to domestic economic and policy responses, and A-shares will reflect a volatile and divided structural market.

Huang Hai believes that under the macroeconomic environment at home and abroad this year, it is still judged that coal stocks with low debt and high cash flow have high safety and scarcity; at the same time, once domestic infrastructure investment rebounds steadily, domestic cyclical products with low inventories will usher in better upward price elasticity, and will actively balance the defensive and offensive nature of the combination, so as to adapt to changes in the macro cycle and achieve steady increase in net value.

Huang Hai said in the 2023 annual report that after experiencing the elimination of domestic real estate risks and overseas inflation risks, the market is expected to actually begin a volatile cycle. Compared with 2023, investment opportunities will clearly spread, and 2024 may become an inflection point year.

Looking ahead to the 2024 macro environment, Huang Hai said that the 2024 policy will continue to develop steadily under multiple goals such as steady growth, structural adjustment, and risk prevention, and the market's expectations for the macroeconomy will go through a process from weak to strong.

Regarding overseas markets, Huang Hai believes that overseas US fiscal expansion continues, financial conditions remain relaxed, and the risk of secondary inflation is “looming,” the interest rate cut cycle may arrive later than market expectations, and major global assets may still face certain fluctuations.