CXO in the left hand, new energy in the right hand, and Gran, the goddess of medicine, have been having a hard time recently.
On February 10, the new energy and CXO sectors both fell sharply. The first brother of lithium battery Contemporary Amperex Technology Co.Limited(300750) once fell by nearly 9%, and the CXO leader Wuxi Apptec Co.Ltd(603259) also fell sharply by more than 7%, and these two directions are exactly the heavy positions of Ge Lan.
On the same day, there was a rumor in the market that institutional investors such as large-scale insurance capital, wealth management subsidiary and fof special account redeemed Gelan’s funds, with a total amount of 40 billion yuan, which was mainly concentrated in new energy. The reason was that several industry wide funds of Gelan bought 70% of new energy and many “ningwang” at a high level.
In this regard, the Chinese reporter of the securities firm asked the China Europe Fund for confirmation. The company responded that the online “large redemption” is false news. Please don’t believe the rumors.
According to public data, Ge Lan manages two pharmaceutical industry funds and three industry wide funds, among which the total scale of the three industry wide funds with heavy positions in new energy is less than 20 billion, and the proportion of institutions is low, which is far from the online “Ge Lan was redeemed by institutions of 40 billion yuan”; In addition, the four seasons report showed that Glenn had begun to reduce his position Contemporary Amperex Technology Co.Limited(300750) at the end of last year, which was inconsistent with the rumored that “he bought a lot of ningwang at a high level”.
multiple data prove that the rumor is untrue
As we all know, Glenn has always been famous for her expertise in pharmaceutical investment in the market, but in fact, she also manages three industry wide funds, namely China Europe research selection, China Europe alpha hybrid and China Europe Mingrui new starting point hybrid, which have multiple positions in new energy.
Taking the China EU Mingrui new starting point hybrid, which has been under management for the longest time, as an example, the fund began to hold heavy positions in new energy as early as 2019. Among them, Contemporary Amperex Technology Co.Limited(300750) entered the top ten heavy positions for the first time in the fourth quarter of 2019, and has been holding heavy positions since then; By the end of 2021, Contemporary Amperex Technology Co.Limited(300750) was the largest heavy position stock of the fund, with a market value of more than 346 million yuan, accounting for 9.56% of the net value of the fund.
In addition, the fund also has heavy positions in Longi Green Energy Technology Co.Ltd(601012) , Eve Energy Co.Ltd(300014) , Sungrow Power Supply Co.Ltd(300274) . Among the top ten heavy positions, there are 8 new energy concept stocks, and the new energy position in heavy positions alone exceeds 50%.
However, it is worth noting that Glenn has actually reduced its holdings of Contemporary Amperex Technology Co.Limited(300750) at the end of last year. Among them, the number of shares held by China Europe Mingrui new starting point decreased from 761800 shares in the third quarterly report to 589100 shares, and the number of shares held by China Europe alpha decreased from 2807200 shares to 1997200 shares, which is inconsistent with the online rumor that “high-level bought a lot of ningwang”.
In addition, the total scale of the above three industry funds is 19.74 billion yuan, and the holding proportion of institutional investors ranges from 0.42% to 22.89%. Even if it is fully redeemed, it is far from the online “Gelan is redeemed by institutions” of 40 billion yuan.
China Europe Fund also made it clear to the Chinese reporter of the securities firm that the online transmission of “large redemption” is false news. Please don’t believe the rumors.
It is worth noting that while Gran was said to have suffered from large institutional redemptions, many fundamentalists were falling and buying. Alipay’s recent fund sales list shows that C, a European healthcare company managed by Glen, has a high weekly sales volume of TOP1, and nearly 200 thousand people bought it in nearly a week. In Tencent CAITONG fund sales platform, China Europe medical and health C also ranked third.
new energy and CXO sectors both fell
The rumor ends with the wise, but behind the rumor, it also reflects investors’ concern that the market is falling and hot tracks such as new energy and medicine have suffered heavy losses. On February 10, Gran, fund, Contemporary Amperex Technology Co.Limited(300750) and other keywords also appeared on the microblog hot search.
Among them, the first brother of lithium battery Contemporary Amperex Technology Co.Limited(300750) fell by nearly 9% on February 10, below 500 yuan, and closed at 518.1 yuan in the afternoon, down 5.32%; Since the Spring Festival alone, the share price of Contemporary Amperex Technology Co.Limited(300750) has fallen nearly 13% continuously, and the correction range of CSI new energy automobile industry index has exceeded 14%.
At the same time, the CXO sector also suffered another collective setback. The industry leader Wuxi Apptec Co.Ltd(603259) fell by the limit on February 8 and fell by 7.41% again on February 10. The latest share price closed at 85.86 yuan, almost halving from the highest point in July last year. In addition, Porton Pharma Solutions Ltd(300363) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Shanghai Medicilon Inc(688202) and other CXO concept stocks also weakened one after another.
CXO is also Glenn’s heavy position sector. Taking the China Europe medical health she manages as an example, the largest heavy position stock of its four seasons report is Wuxi Apptec Co.Ltd(603259) , with a position of 10.05%. In addition, the fund also has heavy positions in CXO concept stocks such as Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) .
On February 10, the after hours billboard showed that an institution sold Wuxi Apptec Co.Ltd(603259) 1.43 billion yuan of seats. Based on the 10-day average price of 87.09 yuan, the institution sold about 16 million shares per day. According to the data of the four seasons report of public funds, five fund products hold Wuxi Apptec Co.Ltd(603259) more than 15 million shares, including the China EU medical and health hybrid managed by Ge Lan.
CXO in the left hand and new energy in the right hand. Glenn has really had a hard time recently. According to the data, as of February 9, China EU medical innovation a managed by Glenn has fallen by 21.28% this year. In addition, China EU medical health and China EU alpha hybrid funds have fallen by more than 15%.
In its recent market view, China Europe Fund said that the relatively fragile capital side has amplified the volatility of a shares. In addition to the global stock market’s switching trend to value stocks under the influence of the Fed’s expectation of raising interest rates and shrinking tables, the warming of China’s own steady growth expectation has also exacerbated the popularity of value stocks. But in fact, from the perspective of growth stocks, we do not see the inflection point of fundamentals. Therefore, the recent market adjustment is more due to the rise of volatility caused by the weakening of capital before the festival.
can the two sectors make a comeback after the correction?
Looking forward to the future, can CXO and new energy sectors make a comeback after recent adjustments? How should the investment direction be laid out in 2022? Some fund companies have spoken out recently.
In terms of CXO, Zhu Mingrui, a medical researcher of Nord fund, believes that the CXO sector has fallen sharply recently, which is mainly caused by a leading company in the industry entering the UVL export control list of the United States. Among them, for macromolecular production, China is still in the early stage of independent control of raw materials. Since its filters and other consumables are still dependent on the United States, if they cannot be successfully removed from the list in the short term, it may have a certain impact on its subsequent development; For small molecule CXO enterprises, the independent control of raw materials has been realized to a certain extent. In fact, this decline has no impact on the fundamentals and may be a better buying time point.
In terms of the new energy sector, Boshi Fund believes that the recent correction of the new energy vehicle sector has been 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 expectation of stable growth, and the current market lacks incremental admission funds, Phased suppression of the formation of new energy vehicle sector.
At the current time point, Boshi Fund said it was still firmly optimistic about investment opportunities in the new energy vehicle industry. After the early correction, the valuation of the sector has gradually approached the bottom of history, and the industry fundamentals are in the stage of short-term, medium and long-term upward at the same time. We believe that the darkest moment of the new energy vehicle sector has passed, and the correction range will not be too large in the future. The current valuation price is higher than that before the adjustment, and is relatively more optimistic about the performance of the core leading companies in the industrial chain.
On the whole, China Europe Fund believes that the efforts to normalize overseas monetary policy mean that there is still uncertainty in the global financial market, and the phased outperformance trend of value stocks relative to growth stocks is expected to still have an impact on a shares. The recent market decline has focused on the risk of valuation differentiation of A shares. A shares have gradually emerged to reconfigure opportunities, especially those with relatively sensitive consumption for the theme of economic stabilization, such as Baijiu, household appliances and service consumption, as well as areas with larger incremental elasticity in infrastructure investment related to steady growth. In particular, energy infrastructure and new energy power operators involved in the dual carbon field.
