With the disclosure of the annual reports of listed companies, the “invisible positions” of some star fund managers have also been exposed.
Since the fund’s four seasons report 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 those fund managers who are evenly dispersed. 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.
“invisible position” exposure
On February 19, Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) released the annual report of 2021. Xingquan Herun managed by Xie Zhiyu and Xingxin new vision managed by housewarming entered the company. The top ten circulating shareholders of the company ranked ninth and tenth respectively, and the market value of 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, with a main revenue of 5.262 billion yuan, a year-on-year increase of 53.6%; The net profit is 500 million yuan, while the loss in 2020 is 697 million yuan.
Yuan Weide, a China Europe Fund known for his expertise in reverse investment and left-hand layout, added positions to the troubled tire industry. In addition to the top ten heavy position stocks, he also held Qingdao Sentury Tire Co.Ltd(002984) about 350 million yuan. At the end of 2021, he became the fifth largest circulation shareholder of the company.
Qingdao Sentury Tire Co.Ltd(002984) is one of the few aviation tire manufacturers. However, under the adverse situation of sharp rise in raw material prices and sea freight prices, the company suffered a decline in profits. The company achieved an operating revenue of 5.177 billion yuan in 2021, an increase of 10.03% year-on-year; The net profit was 753 million yuan, a year-on-year decrease of 23.17%.
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 semi annual report of last year, and increased his position in the second half of last year, making the prosperity of China’s 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 has fluctuated sharply under the news of participating in the bankruptcy and reorganization of wechat securities. 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%.
overweight small and medium-sized market leader
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 attention to the leader of small and medium market value to a certain extent.
In an interview with the securities times, a fund manager who used to be famous for buying white horse stocks said that in recent years, some professional companies with high scientific and technological content and advanced equipment and technology are rising. These companies may not be large, but they have long focused on a certain segment and even overcome some key problems of “neck sticking”.
“In the process of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) great development, we label ourselves with the times with specialty. 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 disclosure of annual reports of listed companies, companies with high performance growth and good fundamentals are expected to be favored by 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 should 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 decreases due to objective reasons such as poor prosperity of the track, drag on overseas performance and rising raw material prices, and the company changes marginally with objective factors.
For example, a medium-sized fund company believes that the recent adjustment of the science and technology 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 bigger cake under common prosperity. It is also one of the most distinctive themes of the times to meet the urgent need to improve scientific and technological competitiveness and get rid of the bottleneck dilemma under the background of the game between China and the United States.
Hu Yaowen, fund manager of Haifutong, is also optimistic about the growth sector. He believes that in the next 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 focuses on the following aspects: first, the intelligent automobile industry chain, which is due to the industry β It 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 performance valuation of the company is basically reasonable. However, since most of them are companies with small market value, it is necessary to analyze each company and grasp the investment opportunities in subdivided fields; 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.
