Swipe the screen! "The Goddess of Medicine" was redeemed by a huge amount of 40 billion? Heavy stocks double-doubled, emergency declaration came... What is the future?

CXO in the left hand, new energy in the right hand, and the "goddess of medicine" Gülen have had some difficult days recently.

On February 10, the new energy and CXO plates both fell double-double, lithium battery - Konland era intraday decline of nearly 9%, CXO leader WuXi AppTec also sharply pulled back more than 7%, and these two directions are exactly Gülen heavy positions.

On the same day, there are rumors in the market that there are large insurance funds, wealth management sub-accounts, FOF special accounts and other institutional investors to redeem Gülen's funds, the total amount or reach 40 billion yuan, mainly concentrated in new energy, the reason is that several of Gülen's industry-wide funds bought 70% of new energy, and bought a lot of "Ning Wang" at a high level.

In this regard, the Chinese reporter of the securities company asked the CEIBS Fund for verification, and the company responded that the "large redemption" spread on the Internet was false news, and please do not believe the rumors.

According to public data, Gülen manages a total of 2 pharmaceutical industry funds and 3 industry-wide funds, of which the total size of the 3 industry-wide funds with heavy new energy is less than 20 billion, and the proportion of institutional holdings is low, which is far from the "Gülen was redeemed by the institution for 40 billion yuan" on the Internet; in addition, the four seasons report shows that Gülen has begun to reduce the ningde era at the end of last year, which is inconsistent with the rumored "high bought a lot of Ning Wang".

Multiple data prove that the rumors are untrue

As we all know, Gülen has always been known in the market for being good at pharmaceutical investment, but in fact, she also manages 3 industry-wide funds, namely CEIBS Research Select, CEIBS Alpha Hybrid, and CEIBS Mingrui New Start Blend, and these 3 funds have multiple warehouses for new energy.

With its longest management time of the New Start Mix of Cervix Mingrui as an example, the fund began to reposition new energy as early as 2019, of which CATL entered the top ten heavy stocks for the first time in the 2019 four quarterly reports, and has been heavily positioned since then; as of the end of 2021, CATL ranked the fund's largest heavy stock, with a market value of more than 346 million yuan, accounting for 9.56% of the fund's net value.

In addition, the fund also heavily invested in LONGi shares, Ewell Lithium Energy, Sunshine Power, etc., and there were 8 new energy concept stocks in the top ten heavy stocks, and the new energy position in the heavy stocks alone exceeded 50%.

However, it is worth noting that Gülen has actually reduced its holdings in the Ningde era at the end of last year, of which the number of shares held by Ceibble Mingrui New Starting Point has been reduced from 761,800 shares in the third quarter to 589,100 shares, and the number of shares held by CEIBS Alpha has been reduced from 2,807,200 shares to 1,997,200 shares, which is inconsistent with the online rumor that "a lot of Ning Wang was bought at a high level".

In addition, the total size of the above three industry funds is 19.74 billion yuan, and the proportion of institutional investors holdings ranges from 0.42% to 22.89%, even if all are redeemed, it is far from the "Gülen was redeemed by institutions for 40 billion yuan" spread on the Internet.

CeIBS Fund also clearly told the Chinese reporter of the securities company that the "large redemption" spread on the Internet is false news, please do not believe the rumors.

It is worth noting that at the same time that Gülen was rumored to have suffered a large redemption from the institution, many basic people were buying more and more. Alipay's recent fund sales list shows that CEIBS Healthcare C managed by Gülen ranks top 1 in weekly sales, with more than 200,000 people buying it in the past week, while in the Tencent Wealth Management Fund Sales Platform, CEIBS Healthcare C is also on the list, ranking third.

The new energy and CXO sectors both fell

Rumors stop at the wise, but behind the rumors, it also reflects investors' concerns that investors face the market's endless declines, new energy, medicine and other popular tracks have suffered heavy setbacks, on February 10, Gülen, fund, Ningde times and other keywords at the same time on Weibo hot search.

Among them, the lithium battery-brother Ningde era fell nearly 9% on February 10, fell below 500 yuan, and closed at 518.1 yuan as of the afternoon, down 5.32%; since the Spring Festival alone, the stock price of the Ningde era has fallen by nearly 13% consecutively, and the correction of the CSI new energy automobile industry index has exceeded 14%.

At the same time, the CXO sector also fell collectively again, the industry leader WuXi AppTec fell to a halt on February 8, fell again by 7.41% on February 10, and the latest stock price closed at 85.86 yuan, almost cut from the highest point in July last year. In addition, CXO concept stocks such as Boteng shares, Tigermed, and Medici have also weakened.

CXO is also Gülen's heavy sector. Taking cereca medical health management as an example, the first major heavy stock in its four-quarter report is WuXi AppTec, with a position of 10.05%, in addition, the fund also has a heavy position in CXO concept stocks such as GloriaIn, Tigermed, and Kanglong Chemical.

According to the after-hours Dragon and Tiger list on February 10, an institutional seat sold WuXi AppTec for 1.43 billion yuan, calculated according to the average price of the stock on the 10th of 87.09 yuan, and the institutional seat shipped about 16 million shares on the same day. According to the data of the four quarterly reports of public funds, there are 5 fund products holding more than 15 million shares of WuXi AppTec, including the CeIBS medical and health mix managed by Gülen.

Left hand CXO, right hand new energy, Gülen's recent days are indeed more difficult. Wind data shows that as of February 9, CeIBS Medical Innovation A managed by Gülen has fallen by 21.28% this year, in addition, the two funds of CEIBS Healthcare and CEIBS Alpha Hybrid have fallen by more than 15%.

Ceibas Fund said in a recent market view that the more fragile capital side has amplified the volatility of A-shares, and the recent market in addition to the recent market trend of switching to value stocks under the influence of the Fed's interest rate hike and balance sheet reduction expectations, the rise in domestic stable growth expectations has also intensified the popularity of value stocks. But in fact, from the perspective of growth stocks, we do not see a fundamental inflection point. Therefore, the recent market adjustment is more due to the increase in volatility caused by the weakening of the pre-holiday capital level in the process of institutional concentration to value switching.

Can the two major sectors make a comeback after the correction?

Looking forward to the future, after recent adjustments, can the CXO and new energy sectors make a comeback? How should the investment direction in 2022 be laid out? Some fund companies have been vocal in recent times.

In terms of CXO, Zhu Mingrui, a pharmaceutical researcher at NORD Fund, believes that the CXO sector has fallen significantly in recent days, mainly due to the entry of a leading company in the industry into the U.S. UCL export control list. Among them, for the production of large molecules, the mainland is still in the early stage of independent control of raw materials, because its filters and other consumables still have a certain dependence on the United States, if the short-term can not be smoothly removed from the list, it may have a certain impact on its subsequent exhibition industry; for small molecule CXO enterprises, it has achieved the autonomy and controllability of raw materials to a certain extent, this decline actually has no impact on the fundamentals, may be a better time to buy.

In terms of the new energy sector, Boshi Fund believes that the recent correction of the new energy vehicle sector is larger, mainly because the Fed's interest rate hike has suppressed the valuation of the growth sector in the world, and in the context of strong stable growth expectations in China, the short-term market's preference for stable growth sectors has increased, and the current market lacks incremental entry funds, which has formed a phased suppression of the new energy vehicle sector.

Standing at the current point in time, Boshi Fund said that it is still firmly optimistic about investment opportunities in the new energy automobile industry. After the early correction, the valuation of the plate has gradually approached the bottom of history, and the industry fundamentals are in the short-term and medium-term and long-term simultaneous upward stage, we believe that the darkest moment of the new energy vehicle sector has passed, and the pullback will not be too large in the future, the current valuation is more cost-effective than before the adjustment, and it is relatively more optimistic about the performance of the core leading companies in the industrial chain.

Overall, ceibas believe that efforts to normalize monetary policy overseas mean that there is still uncertainty in the global financial market, and the trend of the phased outperformance of value stocks relative to growth stocks is expected to still have an impact on A shares. The recent decline in the market has concentrated the risk of valuation differentiation of A-shares, and A-shares have gradually emerged and reconfigured opportunities, especially optional consumption such as liquor, home appliances and service consumption that are more sensitive to the theme of economic stabilization, as well as areas with greater incremental flexibility in infrastructure investment related to stable growth, especially energy infrastructure and new energy power operators involving the double carbon field.

Editor-in-charge: Wang Yunpeng