Star Fund Third Quarter Position Adjustment Observation: Feng Mingyuan Reduced Warehouse Ningde Era, Glenga Warehouse Aier Ophthalmology

With the release of the fund's third quarterly report, the top fund manager's idea of adjusting the position has gradually surfaced.

What can be seen is that some star fund managers have diverged in their position adjustment ideas.

Cinda Australia Bank fund manager Feng Mingyuan began to reduce his holdings in the new energy leading stock Ningde Era at a high level, while Zhao Yi, fund manager of ABC Huili, still chose to add ningde era and made it the fund's number one heavy stock; Yinhua fund manager Li Xiaoxing chose "new" Jingrui Electric Materials (300655. SZ), and Sino Analytica star fund manager Cai Songsong has greatly reduced his holdings in the stock; Harvest fund manager Gui Kai and Yinhua fund manager Jiao Wei "new" No. 9 company (689009. SH), and GF Star Fund Manager Liu Gesong has significantly reduced his holdings in the stock.

In addition, in the third quarter, there was also a discord between some public star fund managers and private equity funds.

For example, CEIBS fund manager Gülen has increased its position by more than 35 million shares in the third quarter 300015 of this year. SZ), holding a market capitalization of 5.8 billion yuan, while Hillhouse reduced its holdings by at least 60.584 million shares, withdrawing from the list of the top ten outstanding shareholders of the stock.

Feng Mingyuan and Zhao Yi are now adjusting their positions to disagree

Due to his outstanding long-term performance, Feng Mingyuan has attracted much attention in the market.

According to the data of the daily fund network, the cumulative yield of the new energy industry stock of Cinda Australia Bank managed by Feng Mingyuan in the past year is 61.5%, which is not only far beyond the industry performance benchmark, but also much higher than the industry average of 24.23%.

Feng Mingyuan made a sharp adjustment to the heavy stocks in the third quarter, and in the third quarter, he re-positioned individual stocks such as Putailai, BYD, and Ningde Times.

The new China Power Construction, Chint Electric Appliances, Zhongke Electric, Three Gorges Energy, Dongguang these 5 stocks, China Power Construction, Zhongke Electric and many other stocks, are the stock price doubled this year.

Fuman Electronics, Sanli Spectrum, Shi Dashenghua, Silan Wei and Yahua Group withdrew from Feng Mingyuan's top ten heavy stocks.

It is worth noting that Feng Mingyuan reduced his position in the ningde era that had previously increased his position continuously in the third quarter.

As of the end of the third quarter, CATL has fallen to the third largest heavy stock in the new energy industry stock of Cinda Australia Bank, compared with the end of the second quarter, which has reduced its position by 48329 shares.

Previously, Feng Mingyuan continued to add the Era of Cangningde. According to the quarterly report of the fund, since CATL first entered the top ten heavy stocks of Cinda Australia Bank's new energy industry stocks in the first quarter of 2020 (117347 shares were added in the quarter), Feng Mingyuan added 268,900 shares of NINGDE times in the second quarter of 2021. As of the end of the second quarter, CATL was already the fund's largest heavy stock.

However, in the quarterly report, Feng Mingyuan still expressed optimism about the new energy industry.

He said: "The global energy industry is undergoing profound changes, and the proportion of new energy used is increasing, which will gradually replace the mainstream status of traditional fossil energy in the next 50 years." We believe that in this process of change, a large number of great enterprises will emerge in China, and we hope to grow together with these great enterprises. ”

At the same time, Zhao Yi still chose to add ningde era and make it the fund's number one heavy stock.

According to the third quarterly report, the ABC new energy theme managed by Zhao Yi had a stock position of 86.62% at the end of the third quarter, which was almost the same as the previous quarter.

Specifically, the fund significantly increased its holdings in the third quarter of catheter times to 3.9629 million shares, which is still its largest heavy stock; the product also increased its holdings in Enjie shares and LONGi shares; in the same period, the fund's new Jiayuan Technology was the top ten heavy stocks; Tianci Materials, Xinjiubang, Zhenhua Technology, Putailai, Dangsheng Technology, Ganfeng Lithium, these six heavy stocks were reduced; in addition, the flow of shares is no longer in the top ten heavy stocks of the fund.

Zhao Yi said in the quarterly report: "The fund increased the holdings of new energy vehicle supporting companies in the third quarter due to the rise in raw materials, which suppressed sentiment but did not affect the fundamentals, so that the fund portfolio still maintained a good rise in the third quarter." “

Li Xiaoxing and Cai Songsong are now adjusting their positions to divergently

Star fund managers Li Xiaoxing and Cai Songsong also diverged.

Specifically, Li Xiaoxing chose to increase the position of Jingrui Electric, while Cai Songsong was largely reducing the stock.

According to the third quarterly report of Jingrui Electric Materials, Yinhua Xinxiang, jointly managed by Li Xiaoxing and another Yinhua fund manager Zhang Ping, has a one-year holding period mixed and "Xinjin" holds 3.5031 million shares of Jingrui Electric Materials, with a market value of about 140 million yuan, ranking the ninth largest circulating shareholder of the stock. However, Sino Analytica Growth Hybrid managed by Cai Songsong has greatly reduced its holdings by 12.2839 million shares, and currently still holds 4.6963 million shares, holding a market value of about 188 million yuan, ranking the fifth largest circulating shareholder.

On the evening of October 24, as a veteran of the domestic photoresist industry for nearly 30 years, Jingrui Electric disclosed the third quarter report of 2021.

According to the quarterly report, in the first three quarters of 2021, the company achieved revenue of 1.309 billion yuan, an increase of 83.31% year-on-year; net profit attributable to the mother was 165 million yuan, an increase of 167.80% year-on-year. Among them, the third quarter achieved revenue of 446 million yuan, an increase of 56.23% year-on-year; net profit attributable to the mother of 49.9599 million yuan, an increase of 30.54% year-on-year.

Minsheng Securities Research Report shows that photoresist is mainly used in downstream fields such as display panels, PCBs and ICs, and the global market is relatively balanced, especially semiconductor photoresistes have the highest technical difficulty and the lowest localization rate. Public data show that China's photoresist industry in the field of relatively low technical difficulty in the PCB localization rate of about 50%, in the technical difficulty of IC and FPD photoresist field localization rate of only about 5%, by the market as "the crown jewel of semiconductor materials."

Jingrui Electric Materials previously said in the company's forecast that the sharp rise in performance is mainly due to the acceleration of the domestic substitution process of China's semiconductor material industry and the rapid development of the new energy automobile industry.

Yinhua Xinxiang one-year holding period mix said in the third quarterly report: "In the 5G industry chain, we are mainly optimistic about the segmentation investment opportunities of semiconductors, although the industry itself has a certain cyclicality, and the stage will be subject to valuation fluctuations caused by changes in Sino-US trade expectations, and domestic substitution is a clear industrial trend in the medium and long term." ”

Gui Kai, Jiao Wei and Liu Gesong are now diverging

Harvest Fund Manager Gui Kai and Yinhua Fund Manager Jiao Wei "new" to the Ninth Company, while Liu Gesong significantly reduced the stock.

According to the third quarterly report of No. 9 Company, Harvest Emerging Industry Stocks, Harvest Core Growth Hybrid and Harvest Vision Selection Two-Year Holding Period Mix managed by Gui kai held 1.4375 million shares, 1.206 million shares and 1.057 million shares of No. 9 Company respectively, ranking the fifth, ninth and tenth largest circulating shareholders. Jiao Wei managed Yinhua Fuyu theme hybrid "new" 1.7691 million shares, ranking the sixth largest circulating shareholder.

The GF Technology Pioneer Managed by Liu Gesong reduced its holdings by 3.2455 million shares, and still held 1.9144 million shares, from the largest circulating shareholder in the previous period (holding a market value of about 4.392 billion yuan) to the third largest circulating shareholder (holding a market value of about 1.549 billion yuan).

It is worth mentioning that the 2-year fixed opening mix of the Hui Tianfu Science and Technology Innovation Board managed by Ma Xiang, the fund manager of Hui Tianfu, held the proportion of the stock in the third quarter unchanged.

In addition, for the "eye Mao" Aier Ophthalmology, Gülen and Hillhouse, "public first brother" Zhang Kun also had differences in the position.

Gülen increased its position by more than 35 million shares of "Eye Mao" Aier Ophthalmology in the third quarter of this year, holding a market value of 5.8 billion yuan, while Hillhouse reduced its holdings by at least 60.584 million shares and withdrew from the list of the top ten outstanding shareholders of the stock.

According to the third quarterly report of Aier Ophthalmology, the CeIBS Medical and Health Hybrid Fund managed by Glen ranked as the fourth largest circulating shareholder, compared with the previous period of 35.5766 million shares, a change ratio of 48%; the funds under Hillhouse Capital and the E Fangda Blue Chip Select managed by Zhang Kun both withdrew from the list of the top ten circulating shareholders.

According to the announcement of Aier Ophthalmology on the evening of October 25, the company's operating income in the first three quarters was 11.596 billion yuan, an increase of 35.38% year-on-year; the net profit was 2.003 billion yuan, an increase of 29.59% year-on-year. Net profit for the third quarter was RMB888 million, up 2.05% year-on-year.

Aier Ophthalmology said in the quarterly report that the performance growth in the first three quarters was mainly due to the expansion of the company's operating scale, the improvement of brand influence and the upgrading of medical consumption, the increase in the volume of diagnosis and treatment, and the increase in the volume of surgery. Among them, from July to September 2021, under the condition of a high base in the same period last year, there were repeated epidemics in Hunan, Hubei, Guangdong, Sichuan, Chongqing, Jiangsu, Xinjiang and other places, which had a greater impact on the business development of local hospitals.