Contemporary Amperex Technology Co.Limited(300750) , Wuxi Apptec Co.Ltd(603259) suffered another setback, and the star fund managers with positions also appeared on the hot search list. Behind the rumors of large redemption of relevant funds by institutions and reduction of absolute return positions of “fixed income +” funds, what are the reasons for today’s market changes?
Since the beginning of the year, can the people who have invested the fund from making big money to “returning the capital” continue to hold the fund in hand? Many institutional figures gave their answers.
fund related rumors are hot on the search, and ningwang has fallen into a keyword
Today, a rumor pointed to Ge Lan, saying that large-scale insurance funds, wealth management sub accounts and fof special accounts have redeemed Ge Lan’s products with an amount of 40 billion, mainly new energy, of which Contemporary Amperex Technology Co.Limited(300750) has the highest redemption. To this end, China Europe Fund responded that the “large redemption” on the Internet is false. Please don’t believe the rumors.
In fact, the rumor has been refuted by many netizens and we media soon after it came out. For example, according to market statistics, although Gran’s total management scale is about 110 billion, according to the four seasons report, the total scale of non pharmaceutical funds she manages is about 20 billion. Even if these funds only buy new energy tracks, it is not enough to reach 40 billion.
We media also pointed out that most of the holders of the head fund manager are small and medium-sized investors, especially Internet users. The proportion of institutional users is very low. For a pharmaceutical theme fund with the largest scale managed by her, the newly disclosed scale is nearly 77.4 billion, with institutional holders accounting for only 1.18%.
“The 40 billion redemption data is obviously different from the information disclosure data, and the rumor mongers don’t use their brains!” A financial V even lamented that when the market is bad, all kinds of rumors fly all over the market. It is suggested that investors should polish their eyes and distinguish the true and false information, especially compared with the public data.
Behind the rumors, the trend of major indexes is divided today. The Shanghai index fluctuated throughout the day, rose slightly, and the gem index fell sharply again. Among them, Contemporary Amperex Technology Co.Limited(300750) once fell by more than 8% in the morning and fell below the integer mark of 500 yuan in the afternoon. Then it rebounded and finally closed down by 5.32%, with a transaction amount of nearly 15 billion, a record high. In addition, CRO, power equipment, covid-19 treatment and other sectors led the decline.
From the perspective of capital flow, institutions are selling Wuxi Apptec Co.Ltd(603259) on a large scale. According to the data of the Dragon Tiger list on February 10, the Shanghai Stock connect bought 839 million yuan and sold 633 million yuan, the seats of three institutions were bought 671 million yuan, and the seats of four institutions were sold 2.296 billion yuan. Since Monday, the total purchase of the top five seats has been 3.285 billion yuan, and the total sale of the top five seats has been 5.2 billion yuan.
As one of the good intentions of public funds, by the end of 2021, 660 funds held Wuxi Apptec Co.Ltd(603259) , with the largest number of shares held by China Europe medical and health managed by Ge Lan, Jingshun Great Wall emerging growth managed by Liu Yanchun, ICBC Credit Suisse Frontier Medical managed by Zhao Bei, Yinhua Fuyu managed by Jiao Wei and Guangfa medical and health managed by Wu Xingwu.
In view of the changes in today’s market, there are also market rumors that due to the assessment mechanism of fund companies, the absolute income account began to reduce its positions, especially the equity positions of “fixed income +” products, which decreased their positions after the festival, and the high boom track was severely frustrated. In this regard, industry insiders believe that from the perspective of capital, it is also difficult to judge the situation of “fixed income +” and other products, “but today there are indeed net sales of foreign capital, mainly due to the recent large fluctuations and the superposition of some overseas news influence, which may form a part of stampede.”
cherish the gem below 2800 points, and public funds are still optimistic about new energy
For the setback of popular tracks, many institutions also gave relevant interpretations at the first time.
Boshi Fund believes that the recent correction range of the new energy vehicle sector is large, mainly because the Fed’s interest rate hike has suppressed the valuation of the global growth sector, and the short-term market’s preference for the stable growth sector has increased under the background of China’s strong stable growth expectation, and the current market lacks incremental admission funds, which has formed a phased suppression on the new energy vehicle sector.
“At the current time, we are still firmly optimistic about investment opportunities in the new energy vehicle industry.” Boshi Fund believes that globally, the policies of new energy vehicles are continuously increasing, which is in line with the theme of carbon neutrality and the direction of energy conservation and emission reduction. At the same time, it is also one of the ways to promote consumption and domestic demand in China. At present, the penetration rate of new energy vehicles is still less than 10% in the world. The industry still has a high outlook and strong certainty of long-term growth.
Further, after the early correction, the valuation of relevant sectors has gradually approached the historical bottom, and the industry fundamentals are in the stage of simultaneous upward in the short-term, medium and long-term. “We believe that the darkest moment of the new energy vehicle sector has passed. Looking back, the correction range will not be too large. The current valuation cost performance is higher than that before the adjustment, and we are relatively more optimistic about the performance of the core leading companies in the industrial chain.” Boshi Fund said.
Cinda Aoyin Fund said in a letter to investors today that there is no need to worry too much about the overall market and should cherish the gem below 2800 points and the Shanghai stock index below 3400 points.
For the recent market adjustment, Cinda Aoyin Fund believes that this is a concentrated vent of the market’s short-term irrational emotions. It is expected that there is little possibility of a sharp decline in the A-share market this year, so we should actively grasp structural investment opportunities.
In terms of investment layout, Cinda Aoyin believes that it can pay attention to three aspects: first, oversold industries such as transportation, tourism, breeding and real estate chain; Second, the long-term development logic of green power, new energy, wind power, photovoltaic and other tracks in the field of “carbon neutralization” has not changed; Third, environmental protection, construction and other counter cyclical sectors, whose performance growth certainty will be more fully reflected this year.
Strategy researcher Jiangxi Jdl Environmental Protection Co.Ltd(688057) of the Equity Research Department of Golden Eagle Fund believes that the main source of market changes is the anxiety about the deepening contradiction between China and the United States in strategic competition. He believes that the Chinese Shanxi Guoxin Energy Corporation Limited(600617) industry started early, has formed a complete industrial chain and has strong competitiveness in the world. It is difficult for the Biden government of the United States to leave China for the development of new energy. Taking the photovoltaic industry as an example, although China has experienced many years of double anti sanctions from Europe and the United States, it still monopolizes the global photovoltaic manufacturing. The US government may target some benchmark enterprises in China, but it cannot block all Chinese enterprises.
“In addition, after a correction of nearly 30% for a long time, the negative feedback effect at the capital level caused by the large redemption of some funds is not ruled out, which further contributed to the oversold of the hot sectors in the early stage.” In his view, on the one hand, investors who bought core track funds last year may have made significant losses. When the net value of these funds is close to 1 yuan, investors have a greater impulse to redeem the funds. On the other hand, due to the bad market since the beginning of the year, the issuance of new funds has been cold, and the incremental funds are relatively limited.
From a long-term perspective, Jiangxi Jdl Environmental Protection Co.Ltd(688057) believes that with the breaking of the exchange rate of banks, trillion financial funds are looking for a new direction, and the entry of residents’ assets into the market is the general trend. Once the profit-making effect reappears in the market, OTC funds are still expected to flow in again. In the short term, the release of economic data is still needed to boost confidence in the market. We can pay attention to the data of credit and social finance in January to be released recently.
It is worth emphasizing that with the gradual stabilization and improvement of market sentiment, the spring market of A-Shares is still on the way. After the Spring Festival and before the two sessions, China is entering the observation period of “steady growth” and “moderately advanced policy force”, and China’s liquidity environment tends to be loose. After the Fed’s interest rate hike is implemented, it is expected that the suppression factors of overseas and Chinese funds will also subside, and the stock funds such as bank credit, fund issuance and self purchase will be improved. With the return of foreign capital and other funds, A-share market confidence is also expected to boost.
He said that in terms of industry allocation, under balanced allocation, we should pay attention to the technology sector with cost-effective valuation. “In the short term, after the adjustment of the technology sector, in the subsequent intensive disclosure period of the quarterly report, the direction of business growth with high performance and cost-effective performance can still be adjusted. In addition, the main line of “steady growth”, i.e. bank real estate chain, new and old infrastructure chain and mass consumption, will still have expectations for the main line and can participate on bargain hunting before the policy is implemented.
From the perspective of valuation, some institutions also said that the current valuation of Contemporary Amperex Technology Co.Limited(300750) has reached the growth level before the rise in 2019, and after October 2019, the industry still experienced the situation that the demand under the influence of the 2020 epidemic is less than expected. “From the perspective of fundamentals, looking forward and backward, the worst is definitely not 2022. In the near future, it may be more about the reduction of allocated funds and the stampede caused by it. We are still very confident about the growth rate of the industry and the current valuation level.”
