With the disclosure of the annual reports of listed companies, the “invisible positions” of some star fund managers have also been exposed.
Since the four seasons report of the fund only discloses the top ten heavy positions of the fund, it is difficult for investors to have a complete and comprehensive understanding of the position adjustment ideas of fund managers, especially for balanced and decentralized fund managers. However, recently, some star funds have appeared in the list of the top ten circulating shareholders of some listed companies, and the positions outside the top ten heavy positions have surfaced.
In addition, under the background of the overall significant adjustment of the market since the beginning of the year, the continuous disclosure of the annual reports of listed companies has also brought some investment opportunities to the market. Companies with high performance and good fundamentals are expected to win the favor of funds. Many institutions believe that the annual report market deserves special attention.
exposure of “invisible positions” of many star fund managers
On February 19, Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) released the annual audit report for 2021. Xingquan Herun managed by Xie Zhiyu and Xingxin new vision managed by housewarming. The top ten circulating shareholders of this stock ranked ninth and tenth respectively, and the market value of their positions was about 223 million yuan and 219 million yuan respectively. However, in the previous four seasons report of the fund, there was no figure of Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) in the list of heavy positions of the two funds.
Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) is not only the leader of A-share CNC machine tools, but also the concept stock of industrial mother machine that has attracted much attention in the market. Benefiting from the industry recovery and policy support, the company turned losses into profits in 2021. According to the 2021 annual report, the company’s main revenue was 5.262 billion yuan, a year-on-year increase of 53.6%; The net profit attributable to the parent company was 500 million yuan, a year-on-year increase of 171.71%; The net loss in the same period last year was 697 million yuan.
Yuan Weide, a China Europe Fund known for his expertise in reverse investment and left-hand layout, increased his position in the troubled tire industry. In addition to the top ten heavy positions, he also held Qingdao Sentury Tire Co.Ltd(002984) about 350 million yuan, and became the fifth largest circulating shareholder of the stock at the end of 2021.
Qingdao Sentury Tire Co.Ltd(002984) is one of the few aviation tire manufacturers in the world. However, under the adverse situation of sharp rise in raw material prices and sea freight prices, the company suffered a decline in profits. In 2021, the company achieved an operating revenue of 5.177 billion yuan, a year-on-year increase of 10.03%, of which the tire revenue was 5.171 billion yuan, a year-on-year increase of 9.96%; The net profit was 753 million yuan, a year-on-year decrease of 23.17%, and the basic earnings per share was 1.16 yuan.
In addition, the industry boom of the top ten performance funds in China last year appeared in the list of the top ten circulating shareholders of Beijing Compass Technology Development Co.Ltd(300803) . Zhong Shuai, the fund manager, has held Beijing Compass Technology Development Co.Ltd(300803) since the mid year report last year and continued to increase his position in the second half of last year, making the prosperity of Huaxia Industry the sixth largest circulating shareholder of Beijing Compass Technology Development Co.Ltd(300803) , with a market value of about 189 million yuan.
Beijing Compass Technology Development Co.Ltd(300803) is a financial service stock that has attracted much attention recently. Its share price has risen sharply since November last year. Recently, it fluctuated sharply under the news of participating in the bankruptcy and reorganization of wechat securities. It once rose more than 7% on February 11, but then turned down rapidly, falling 8.43% in the world. The annual report shows that in 2021, the company achieved an operating revenue of 932 million yuan, a year-on-year increase of 34.63%, and a net profit of 176 million yuan, a year-on-year increase of 97.51%.
small and medium-sized market leaders are gradually paid attention to by the fund
Whether it is the leader of CNC machine tools Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) or the leader of deep ploughing aviation tires Qingdao Sentury Tire Co.Ltd(002984) , these positions also reflect the transformation of the fund from holding a white horse to paying more attention to the leader of small and medium-sized market value to a certain extent.
A fund manager who used to be famous for buying white horse stocks said in an interview with a Chinese reporter of a securities firm that in recent years, some professional companies with high scientific and technological content and advanced equipment and technology are rising. These companies may be small in size, but they have long focused on a certain segment and even overcome some key problems of “neck sticking”.
“in the process of the great development of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , we label ourselves with a professional label of the times. These phenomena are not a flash in the pan in the process of style rebalancing, but represent a group of companies with the strongest fundamentals in the next three to five years. These will also be the fulcrum of investment in the future.” The fund manager said.
The 2022 investment strategy report released by Citic Securities Company Limited(600030) also shows that from the position of public funds, the over allocation proportion of A-share specialized special new “little giant” has increased rapidly since 2021, and there is still much room. Most of the “little giant” enterprises specializing in Texin in the A-share market have a market value of less than 10 billion yuan, and most of them belong to manufacturing sectors such as machinery, basic chemical industry, electronics, power equipment and new energy.
the annual report market is about to start
With the continuous disclosure of the annual reports of listed companies, companies with high performance and good fundamentals are expected to win the favor of funds. Especially under the background of the overall significant adjustment of the market since the beginning of the year, many institutions believe that the annual report market deserves special attention.
On the whole, institutions generally suggest that we first pay attention to the positive performance forecast, that is, listed companies that have achieved substantial performance growth or turned losses into profits; At the same time, it is suggested to pay attention to the time point when the performance of the company changes marginally with objective factors due to the poor prosperity of the track, the drag of overseas performance, the rise of raw material prices and other objective reasons.
For example, a medium-sized fund company believes that the short-term market is oversold and is expected to usher in repair opportunities. It is suggested that investors conduct fluctuation operations around the poor expectation of the annual report forecast and the industry boom; In terms of investment strategy, it is suggested to focus on the undervalued value to repair the market, fight the short with the long, and tap the “small high-tech” on bargain hunting.
\u3000\u3000 “Beating the short with the long means laying out scientific and technological growth at bargain hunting. The recent adjustment of the scientific and technological growth sector is mainly disturbed by positions, emotions, styles and overseas factors, but the space for subsequent adjustment may be limited. In the medium and long term, scientific and technological growth is still the inevitable choice for high-quality development and making a big cake under common prosperity. It is also an urgent need to improve scientific and technological competitiveness under the background of the game between China and the United States Demand is one of the most distinctive themes of the times to get rid of the bottleneck dilemma. ” The Fund said.
Hu Yaowen, fund manager of Haifutong, is also optimistic about the growth sector. He believes that in the coming month, the growth of the performance of some track stocks may be significantly better than the traditional cycle, which is reflected in the first quarterly report and annual report. If there is no significant data and policies exceeding expectations in the future, the growth style may return to strength.
In the growth track, he mainly focused on the following aspects: first, the smart car industry chain, because the industry beta is expected to continue to rise, and the performance growth in the next year is expected to continue to accelerate. Excluding the lack of core factors last year, the company’s performance valuation is basically reasonable, but since most of them are companies with small market capitalization, specific analysis needs to be made for each company, Grasp investment opportunities in subdivided areas; Second, the application terminals related to yuancosmos, Xinchuang and media. With the acceleration of hard technologies such as 5g Internet, the development of application terminals will follow, and new business models will appear; Third, the military industry has experienced a large correction in the early stage, and the certainty of future demand is relatively high.
