The annual reports of listed companies have been disclosed one after another, and the invisible heavy positions of star fund managers have also been exposed.
The quarterly report of the fund only discloses the top ten heavyweight stocks. The invisible heavyweight stocks mainly refer to the fact that they are not among the top ten heavyweight stocks in the quarterly report of the fund. However, in the performance report of listed companies, the fund has entered the top ten circulating shareholders. Because the quarterly report only disclosed the top ten stocks with heavy positions in the fund, these invisible “heart water stocks” of star fund managers have also attracted the attention of investors.
The reporter of the Securities Times found that most of the hidden heavy positions of fund managers are small and medium-sized stocks, whether it is the CNC machine tool leader Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) , the intelligent controller leader Shenzhen H&T Intelligent Control Co.Ltd(002402) , the LED driven chip leader Shanghai Bright Power Semiconductor Co.Ltd(688368) , and the plastic flexible packaging leader Huangshan Novel Co.Ltd(002014) . According to the analysis, with the continuous adjustment of large cap blue chips, some leaders in unpopular subdivided industries are favored by fund managers. The main reason is that their valuation advantages are more prominent compared with large cap stocks.
Qiu Dongrong insists on holding Huangshan Novel Co.Ltd(002014)
On February 24, Huangshan Novel Co.Ltd(002014) disclosed the latest position dynamics of Qiu Dongrong, the manager of Zhonggeng fund. The position of Huangshan Novel Co.Ltd(002014) held by Zhonggeng value pilot managed by Qiu Dongrong remained unchanged, holding 3552700 shares at the end of the period, with a market value of RMB 30 million.
However, the value of Zhonggeng, another fund managed by Qiu Dongrong, is flexible and flexible. In the third quarter of last year, Zhonggeng became the tenth largest shareholder of the company. However, according to the information in the annual report, the list of the top ten shareholders of the fund disappeared. The reason for the disappearance may be that its position did not meet the top ten standards.
It is worth noting that Huangshan Novel Co.Ltd(002014) also attracted the attention of foreign giant Shouyu Investment Management (UK) Co., Ltd. during the fourth quarter, its Shouyu China A-share fund bought Huangshan Novel Co.Ltd(002014) 4885200 shares, with a market value of 42 million yuan at the end of the period.
Huangshan Novel Co.Ltd(002014) it mainly produces and operates vacuum coating, multi-functional film, color printing composite flexible packaging materials, paper-based composite packaging materials, new pharmaceutical packaging materials, plastic products, fine chemical products, etc. the color printing composite flexible packaging materials produced by the company are the main source of the company’s operating income.
In 2021, the operating revenue was about 3.024 billion yuan, with a year-on-year increase of 10.45%; The net profit attributable to shareholders of listed companies was about 316 million yuan, a year-on-year increase of 4.25%. The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares and increase 2 shares for every 10 shares to all shareholders with surplus reserve.
Fu Pengbo Shanghai Bright Power Semiconductor Co.Ltd(688368)
On February 24, the A-share listed company Shanghai Bright Power Semiconductor Co.Ltd(688368) disclosed the annual report of 2021. In 2021, the company achieved a total operating revenue of 2.302 billion yuan, a year-on-year increase of 108.75%; The net profit attributable to the shareholders of the listed company was 677 million yuan, a year-on-year increase of 883.72%. The company plans to distribute a cash dividend of 40 yuan (including tax) for every 10 shares to all shareholders.
It is worth mentioning that Fu Pengbo, the star fund manager, appeared in the top ten shareholders disclosed by Shanghai Bright Power Semiconductor Co.Ltd(688368) . In the fourth quarter of last year, Ruiyuan growth value managed by Fu Pengbo increased its holdings of Shanghai Bright Power Semiconductor Co.Ltd(688368) 123300 shares, increased its holdings to 980600 shares at the end of the period, and its market value reached 314 million yuan, ranking the fourth largest shareholder.
From the historical position of Ruiyuan growth value under Fu Pengbo, it has been paying attention to Shanghai Bright Power Semiconductor Co.Ltd(688368) for some time. In the third quarter of 2020, shortly after Shanghai Bright Power Semiconductor Co.Ltd(688368) was listed, Fu Pengbo built a position and bought the company’s shares, and then held them all the time. In the second quarter of 2021, he increased his position by 157000 shares, and in the third quarter, he increased his position by 194200 shares. In the fourth quarter of last year, the share price of Shanghai Bright Power Semiconductor Co.Ltd(688368) fell one after another, and Fu Pengbo increased his position and bought 123300 shares again.
Shanghai Bright Power Semiconductor Co.Ltd(688368) the main products include LED lighting driver chips, motor driver chips, AC / DC power supply chips, etc. according to the national semiconductor lighting engineering R & D and industrial alliance, the market share of the company’s LED lighting exhibits reached 28.28% in 2018. The end customers of the company include well-known manufacturers at home and abroad such as xinnuofei, savant company, landvance, Foshan Electrical And Lighting Co.Ltd(000541) , Guangdong Pak Corporation Co.Ltd(300625) , Opple Lighting Co.Ltd(603515) , Rex lighting, yeelight, Ningbo kaiyao, Leedarson Iot Technology Inc(605365) , Hengdian Group Tospo Lighting Co.Ltd(603303) , Zhejiang Yankon Group Co.Ltd(600261) .
In October 2021, the company announced that it would purchase 95.75% equity of Lingou Chuangxin through non-public offering of shares and payment of cash at a price of 613 million yuan. Lingou Chuangxin’s main product is MCU chip, which is one of the few integrated circuit design enterprises in China that has the R & D ability of digital analog mixed SOC such as processor, DSP, ADC, DAC and PGA, as well as the design ability of motor control algorithm and motor body.
Tianfeng Securities Co.Ltd(601162) believes that through this transaction, the company can obtain the resource advantages of Lingou Chuangxin in the industrial foundation, technical reserves and sales channels of motor control chips and solutions, so as to form a complete motor drive solution between Lingou Chuangxin’s motor control MCU and the company’s motor drive and power management chips, and enhance the strategic layout of Listed Companies in the field of smart home, Expand new scenarios for chip applications such as household appliances, electric vehicles, electric tools and industrial control, enhance the company’s market bargaining power and create new profit growth points.
leading stocks with small and medium market value have attracted much attention
This year, the core assets have been continuously adjusted, and finding leading stocks with growth and small and medium market value has become the consensus of most fund managers.
Whether it’s Xie Zhiyu Jiancang’s CNC machine tool leader Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) , Zhu Shaoxing’s intelligent controller leader Shenzhen H&T Intelligent Control Co.Ltd(002402) , Fu Pengbo’s favorite LED driver chip leader Shanghai Bright Power Semiconductor Co.Ltd(688368) , Qiu Dongrong’s plastic flexible packaging leader Huangshan Novel Co.Ltd(002014) , behind the unanimous addition of star fund managers, To some extent, it also reflects that the direction of fund managers’ attention is gradually shifting from industry leaders to “invisible champions” of subdivided tracks.
The information disclosed in the fund’s four seasons also shows that small and medium-sized market capitalization stocks are favored by fund managers. According to Huatai Securities Co.Ltd(601688) statistics, from the distribution of all heavy stock market values, compared with the third quarter, the proportion of small market value stocks accelerated in the fourth quarter, and the proportion of small and medium market value stocks further increased. Among them, the number of stocks with small market value (market value less than 10 billion yuan) held by the fund accounted for 28% at the end of the third quarter of last year, and directly increased to 33.7% in the fourth quarter.
Debang securities analysis pointed out that at present, the valuations of China Securities 500 index and China Securities 1000 index are in the very low historical quantile, while Shanghai and Shenzhen 300 is in the medium historical quantile. The advantages of small and medium-sized market value relative to the valuation quantile have been highlighted. When A-Shares go out of the shock and return to the uplink, they are more elastic from the perspective of valuation.
In addition, the policy side frequently emphasizes that the rescue helps the development of small and medium-sized enterprises, and emphasizes the development of emerging technologies such as digital economy and UHV. Debang Securities believes that the growth style of small cap with wide credit cycle and specialization are expected to be dominant in this round.
Huatai Securities Co.Ltd(601688) according to the research, since the Spring Festival last year, the crowding degree of small market value stocks has been at the bottom and rising stage, especially from the fourth quarter of 2021 to the Spring Festival this year, which shows that investors in the market have paid more attention to small market value stocks recently. However, historically, the current quantile of crowding degree of small market value stocks is not high, so it is expected that there is still room for further crowding in the style of small market value in the future.
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