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Reporter | Cao Jing Xue
According to the four quarterly report of the fund, 10 billion fund manager Qiu Dongrong newly repositioned Haoneng shares, Nanshan Aluminum and Qianjin Pharmaceutical in the fourth quarter, and another 10 billion fund manager Shi Chengxin heavy warehouses Tibet Mining, Salt Lake Shares and Shengxin Lithium Energy.
Since the beginning of 2022, the market style has changed again, including popular tracks such as new energy. At the same time, the four quarterly reports of public funds are also in a hurry to disclose, the positions of the first batch of tens of billions of fund managers such as SDIC UBS Shicheng and Zhonggeng Fund Qiu Dongrong have also surfaced, and their latest position changes and prospects for the future market may have certain guidance and reference significance for investors who are experiencing fluctuations.
In the case of last year's outstanding performance, Qiu Dongrong's performance this year has once again rushed to the forefront. In the third quarter, he sharply adjusted his position into the fields of energy and finance, and in the fourth quarter, under the condition of continuing this idea as a whole, he increased the layout of Hong Kong stocks and other fields. In addition, he was included in the heavy haoneng shares for the first time, and he was also optimistic about the well-known private equity Gao Yi assets.
Shi Cheng is one of the first new energy stars to disclose quarterly reports. He actively increased the upstream of new energy in the field of lithium ore and lithium carbonate and other materials. However, the sector has also experienced a sharp correction due to the high valuation in the early stage, will he continue to be optimistic?
Continue the layout of Hong Kong stocks, energy and other directions
Qiu Dongrong and Gao Yi Deng Xiaofeng selected the same stock
Qiu Dongrong is a typical undervalued value faction in the market, after two years of dormancy, the management performance of 2021 broke out, and his management scale exceeded 10 billion yuan for the first time at the end of the second quarter, and the management scale reached 17.425 billion yuan at the end of the fourth quarter.
As of the close of trading on January 18, since 2022, the annual net value growth rate of Zhonggeng Value Pilot and Zhonggeng Value Quality managed by Yau Dongrong has also reached 6.98% and 6.23%, respectively, ranking 2nd and 3rd among 2670 similar funds. The performance of the two funds, Zhonggeng Small Cap Value and Zhonggeng Value Smart, was slightly inferior, with yields of only 2.85% and 2.67% respectively during the year, and the reason behind this was that Yau Dongrong's position adjustment ideas were not consistent when managing the four funds.
Judging from the four quarterly reports just disclosed, the heavy stocks held by value pilot and value quality in one year as a whole continued the layout ideas in Hong Kong stocks, energy, finance, real estate and other sectors in the third quarter. In the value pilot, Hong Kong stocks such as Yankuang Energy and China National Offshore Oil Were newly re-positioned, but they were selected by the value quality one-year hold as early as the second and third quarters. In addition, real estate company Gemdale Group also entered the ranks of the fund for the first time. In addition, he continued to hold heavy positions for sunong bank, Changshu bank and other targets.
Table 1 Zhonggeng value leads the top ten heavy stocks
Source: Fund Quarterly Report
Among the top ten heavy-weight stocks held by Zhonggeng Value Quality in a year, the number of Hong Kong stocks has reached 6, including Yankuang Energy, China National Offshore Oil, China Overseas Development, China Hongqiao, China Coal Energy and China Everbright Bank. In the four quarterly reports, fund managers expressed optimism about the broader-cap value of Hong Kong stocks and some Internet stocks.
Table 2 Zhonggeng value quality one year ago top ten heavy stocks
Qiu Dongrong stressed: "First, the value stocks of Hong Kong stocks are basically leading enterprises or central enterprises, and these assets are of very high quality and can withstand fundamental pressure the most, so the risk is small. For example, telecom operators, real estate, banks, insurance, energy, coal leading companies are the best and most stalwart forces in China's economy. The Internet stock business of Hong Kong stocks is deeply embedded in the Chinese economy, and the pattern is clear, but its core business barriers are still relatively solid. The second is that the price is low or the price is completely cleared. The value stocks of Hong Kong stocks correspond to the value stocks in A shares are very cheap, but they are cheaper in Hong Kong stocks, and the corresponding dividend yield remains at a very high level. The Internet stocks of Hong Kong stocks have been under various pressures, and the valuation has dropped to an undervalued level; third, the risk release in the transaction is relatively sufficient, and the transaction is not crowded. With the gradual relief of fundamentals, regulatory levels and liquidity pressures, Hong Kong stocks are worth paying attention to. ”
In the value of Zhonggeng's small cap, Qiu Dongrong has recently excavated many investment targets. Among the top ten heavy stocks, Haoneng Shares, Nanshan Aluminum and Qianjin Pharmaceutical are the targets of the fund's first heavy position. He pointed out in the four quarterly report that for the selection of heavy stocks, he mainly focuses on three directions, and the subdivision leading companies with unique competitive advantages in the general manufacturing industry are one of the directions.
Table 3 Zhonggeng small cap value of the top ten heavy stocks
In this regard, he further elaborated: "It includes not only the seemingly traditional manufacturing industry, but also the manufacturing industry with technical process barriers such as new materials, parts and components. Since the epidemic, the advantages of China's manufacturing chain connection and network have become more and more significant, talents, markets, categories and stability have prompted enterprises to accumulate, break through, cut into, and apply, the advantages of China's manufacturing industry's high-quality production capacity have been further expanded, and the establishment and deepening of competitive advantages are still in progress, which is expected to improve the profitability and quality of the manufacturing industry. ”
Among them, Haoneng shares, which belong to the leading companies in the tooth ring manufacturing industry, were heavily positioned by him for the first time, and the market value of the position reached 208 million yuan, directly ranking among the fourth largest heavy stocks. At present, the company's investment value has not been fully tapped by public funds. Since the four quarterly reports have not yet been fully disclosed, the current display of funds that are heavily invested in this stock is only 1 in the middle of the small and medium cap. At the end of the third quarter, only small and medium-sized public offerings such as Hexu Zhiyuan and Laterite Innovation chose to take heavy positions.
The "Red Weekly" reporter checked the third quarterly report of Haoneng shares and found that as early as the end of the third quarter, the value of Zhonggeng small cap had entered the list of the top ten circulating shareholders of Haoneng shares. It is worth noting that at the same time as the fund ranked in the top ten circulating shareholders list are also Gao Yi Xiaofeng Hongyuan Trust Plan and Gao Yi Xiaofeng No. 2 Letter Fund, this stock was favored by both star public offering and star private equity at that time.
The pressure of the new energy correction has emerged
Shi Cheng believes that the plate boom will continue
Unlike Yau Dongrong's two funds, shi Cheng, another ten-billion fund manager who has disclosed the four quarterly reports at the beginning of 2022, needs to deal with the retracement pressure of the new energy sector. As of the close of trading on January 18, the four funds he manages have drawdowns of 12%.
According to the four quarterly reports, the total size of the four funds he managed reached 21.166 billion yuan. In the management process, he chose a similar shareholding strategy. Taking UBS New Energy, the largest SDIC under management, as an example, the fund's shareholding ratio reached 92.83% at the end of the fourth quarter. At the end of the fourth quarter, the top ten heavy stocks were Yongxing Materials, Tianqi Lithium, Jiangte Electromechanical, Rongjie Shares, Hesheng Silicon, Dongyue Group, Tibet Mining, Northern Rare Earth, Salt Lake Shares and Shengxin Lithium Energy, which mainly focused on the resources and materials in the upstream of new energy.
Table 4 SDIC UBS New Energy's top ten heavy stocks
As for the reasons for the bias towards the upstream layout, Shi Cheng said: "The profitability of emerging industry enterprises continues to increase, the current profits continue to shift upstream, and the profits of other links in the middle and lower reaches are being compressed. We expect this to happen in the coming year, or even longer. Until the final bottleneck is lifted, the high added value of the industrial chain will shift to the downstream or terminal application. ”
According to the 2021 performance forecast released by Yongxing New Materials on the evening of January 18, the company expects to achieve a net profit attributable to shareholders of listed companies of 872 million to 923 million yuan in 2021, an increase of 238% to 258% year-on-year. Yongxing Materials said that during the reporting period, on the basis of the steady development of the special steel new material business, the production and sales of lithium battery new energy business (lithium carbonate) were good, and the profitability was greatly improved, which was also the company's main profit growth point.
In addition, Tibet Mining, Salt Lake Shares and Shengxin Lithium Energy are all the latest varieties excavated in the fourth quarter. They also revolve around the theme of lithium carbonate. Among them, Tibet Mining is mainly engaged in the mining and deep processing of chromite, lithium, copper, gold and boron resources, and the main products of Shengxin Lithium Energy are lithium carbonate, lithium chloride, lithium concentrate, lithium metal and rare earth products. Salt Lake's products also include lithium carbonate.
According to Shanghai Nonferrous Metals Network, the price of lithium carbonate rose from 53,000 yuan / ton in 2021 to 275,000 yuan / ton at the end of the year, an increase of 418.87%. Shanghai Metal Network also pointed out that in 2021, with the rapid development of new energy vehicles and energy storage industries, downstream customers' demand for lithium salts has grown strongly, driving the price of lithium carbonate to continue to rise. Especially in the fourth quarter of 2021, the price of lithium carbonate rose rapidly, while Yongxing Materials maintained its cost in a more reasonable range under the condition of the rapid rise in the price of lithium salt materials, and the profit growth was obvious.
Perhaps due to the sharp rise in the past year, the valuation of related companies has been high, and their stock prices have fallen this year. Among them, Yongxing Materials is still not sought after by the market even under the favorable performance forecast, and there is still a situation of falling and stopping on January 19. Last year, the company's stock price rose as much as 174.39% for the whole year.
However, for the prosperity of the new energy sector in 2022, Shi Cheng still gave a very positive prediction in the four-quarter report: "The profitability of emerging industry enterprises continues to increase, the current profit continues to shift upstream, and the profitability of other links in the middle and downstream is being compressed." We expect this to happen in the coming year, or even longer. Until the final bottleneck is lifted, the high added value of the industrial chain will shift to the downstream or terminal application. ”
Table 5 A list of cases covered by some of the subject matter in the text
(The individual stocks mentioned in the article are only examples and are not recommended for trading.) ）