The annual report of 2021 enters the disclosure season, and the latest position dynamics of top flow fund managers are also announced.
On March 1, another group of listed companies disclosed the annual report of 2021, and the trend of fund products managed by many star fund managers such as Hou Hao, Cai Songsong, Zhao Yi and Lin Sen was exposed. Cai Songsong continued to tap into semiconductor bull stocks. In the fourth quarter, he bought shengmei Shanghai, which was soon listed. The coal index fund managed by Hou Hao increased its holdings of coal stocks, while Zhao Yi and Lin Sen reduced their holdings of some new energy positions.
Cai Songsong digs another semiconductor Bull Stock
Cai Songsong was previously famous for his heavy position in the semiconductor sector. Since the second half of 2019, technology stocks have continued to be sought after by funds. Noan’s growth managed by Cai Songsong relied on heavy positions in the semiconductor industry, and his short-term performance soared. Therefore, he became the online Red fund manager at that time.
With the adjustment of technology stocks, noan growth mix has also retreated significantly. However, no matter how the semiconductor sector fluctuates, Cai Songsong insists that the semiconductor sector will not relax.
By the end of 2021, the top ten heavyweight stocks of noan growth mix were: Will Semiconductor Co.Ltd.Shanghai(603501) , Gigadevice Semiconductor (Beijing) Inc(603986) , Sanan Optoelectronics Co.Ltd(600703) , Maxscend Microelectronics Company Limited(300782) , Sg Micro Corp(300661) , Naura Technology Group Co.Ltd(002371) , Ingenic Semiconductor Co.Ltd(300223) . The latest data show that noan growth has mined new semiconductor bull stocks.
According to the annual report disclosed by shengmei Shanghai on March 1, noan growth hybrid has become the top ten circulating shareholders of the company, with 789600 shares at the end of the period and a market value of 100 million yuan. Social security fund portfolio 411 and portfolio 403 also entered shengmei Shanghai, with a market value of 108 million yuan and 78 million yuan respectively at the end of the period.
Shengmei Shanghai is the leader of semiconductor cleaning equipment in China. In 2021, the company achieved an operating revenue of 1.621 billion yuan, a year-on-year increase of 60.88%; In the same period, the net profit attributable to the parent company was 266 million yuan, a year-on-year increase of 35.31%.
For the substantial growth of performance, the company said that the main reason is that the company has always adhered to the R & D strategy of differentiated competition and innovation. Through independent R & D, it has formed a series of technology accumulation and outstanding product competitive advantages. In 2021, benefiting from the continuous growth of the market demand of the semiconductor industry, the company’s main business income increased significantly compared with the same period of the previous year, driving the company’s net profit attributable to the owner of the parent company and the net profit attributable to the owner of the parent company after deducting non recurring profits and losses to achieve a large increase year-on-year.
With the support of performance, shengmei Shanghai recently rebounded against the trend. On February 14, after shengmei Shanghai hit a new low of 77.14 yuan, its share price rose sharply one after another, with a cumulative increase of more than 20%.
China Merchants Securities Co.Ltd(600999) believes that under the background that the capital expenditure of Chinese wafer factories is expected to further accelerate from 2022 to 2024, shengmei Shanghai, as the leader of cleaning equipment in China, has sufficient orders on hand, actively expanded production capacity and continuously launched new products. The company guides the revenue to maintain a high growth trend in the next 2-3 years China Merchants Securities Co.Ltd(600999) it is estimated that the company’s revenue in 2021, 2022 and 2023 will be 1.62 billion yuan, 2.39 billion yuan and 3.34 billion yuan, corresponding to 26.2 times, 17.8 times and 12.7 times of PS.
Hou Hao Zengcang coal shares
On March 1, Gansu Jingyuan Coal Industry And Electricity Power Co.Ltd(000552) disclosed the financial report of 2021, and the investment promotion CSI coal managed by Hou Hao, a 100 billion fund manager, appeared in the list of the top ten circulating shareholders.
According to the data, China Merchants Securities coal newly became the sixth largest circulating shareholder of Gansu Jingyuan Coal Industry And Electricity Power Co.Ltd(000552) in the third quarter of last year. At that time, it held 19.215 million shares with a market value of 74 million yuan. In the fourth quarter, Hou Hao increased his holdings of Gansu Jingyuan Coal Industry And Electricity Power Co.Ltd(000552) with the number of shares increased to 3.9305 million, and the market value of his position at the end of the period increased to 80 million yuan.
It is worth mentioning that the four seasons report previously disclosed by China Merchants Securities coal also shows that Gansu Jingyuan Coal Industry And Electricity Power Co.Ltd(000552) is the second largest heavy position stock of the fund, with 261564 million shares at the end of the period and a market value of 90 million yuan. Among them, the circulation of some Gansu Jingyuan Coal Industry And Electricity Power Co.Ltd(000552) shares is limited, and the actual number of tradable shares is 23145500.
Hou Hao is famous for index investment. Among them, the scale of Baijiu index is the largest, and the scale of the liquor business has reached 77 billion 624 million yuan as of the end of 2021. In the year when Baijiu shares rose, the fund was once sealed. In the Baijiu stock market callback, the base people are in the opposite position, many fund sales platform data show that the investment in the central Baijiu liquor index ranks the highest in the list.
Since 2021, Baijiu shares have experienced a brief rebound, and then fell again, and Kweichow Moutai Co.Ltd(600519) Baijiu, such as liquor, dropped significantly. In response, Hou Hao, manager of investment fund, said that with the Baijiu stock rebounded in the second half of last year, some short-term game funds had been closed up, and this disturbance made many unreal investors disagree in understanding the market. At that time, the supervision and regulation of the spread and the introduction of consumption tax, many investors thought that the competition pattern of the industry might lead the price band to a new round of adjustment. These negative factors brought negative effects to the emotional side, and the large Baijiu industry was retreated by the beginning of this year.
Hou Hao believes that some Baijiu fundamentals do not exist “bruising”, and the impact of the epidemic channel control pressure or for other wine enterprises to achieve the difficulties of reversing convenience, overall, the liquor rebound in the market has been driven from the emotional disturbance of the capital, rather than the emergence of major profits and losses.
Zhao Yi and Lin Sen reduce positions Jiangsu Xinquan Automotive Trim Co.Ltd(603179)
In recent years, the new energy vehicle industry has maintained a high boom. Jiangsu Xinquan Automotive Trim Co.Ltd(603179) as a upstart in automobile interior decoration and a major customer of new energy, the company’s performance has increased rapidly, and its share price has also continued to rise, reaching a record high of 4.899 billion yuan at the beginning of this year.
Famous public offering generals Zhao Yi and Lin Sen also took a fancy to Jiangsu Xinquan Automotive Trim Co.Ltd(603179) . Among them, Zhao Yi paid attention to Jiangsu Xinquan Automotive Trim Co.Ltd(603179) relatively early. The Agricultural Bank of China Huili new energy under his management newly became the top ten shareholders of the company in the fourth quarter of 2020. Subsequently, Zhao Yi increased his holdings of 3117200 shares in the first quarter of 2021 and 1470700 shares in the second quarter.
However, as the share price continued to rise, Agricultural Bank of China Huili new energy reduced some Jiangsu Xinquan Automotive Trim Co.Ltd(603179) positions. During the fourth quarter, the number of shares reduced by the fund reached 5.9423 million, and the shareholding decreased to 9.1418 million at the end of the period.
Two hybrid funds, e-fonda reassuring feedback and e-fonda Yuxiang return, managed by Linsen, newly became the top ten shareholders of the company in the third quarter of last year. However, e-fonda reassuring feedback withdrew from the list of top ten shareholders at the end of the fourth quarter, and e-fonda Yuxiang return also reduced some Jiangsu Xinquan Automotive Trim Co.Ltd(603179) positions.
In addition, pension 804 portfolio and 1206 portfolio also withdrew from the list of the top ten shareholders, while Yi fangdaricheng managed by Linsen passively became the top ten shareholders of the company.
In fact, the four seasons report previously disclosed by Agricultural Bank of China Huili new energy also showed that Zhao Yi made a significant adjustment to the fund’s position, Contemporary Amperex Technology Co.Limited(300750) , Longi Green Energy Technology Co.Ltd(601012) , Ganfeng Lithium Co.Ltd(002460) and other leading stocks were reduced.
For the photovoltaic industry, Zhao Yi believes that at present, the price of silicon materials in the upstream has begun to loosen, and the price in other links has begun to decline. From the perspective of fundamentals, there continues to be a game between various links of the industry. Considering that the stock price has been ahead of the fundamentals and the valuation has been very high, the cost performance is relatively poor, Enterprises with core competitiveness can only be selected in a longer time dimension.
For new energy vehicles, Zhao Yi said that they still belong to the sector with very high certainty and growth rate. The production scheduling of leading enterprises in the whole battery industry chain is still at a high level. With the continuous expansion of the production capacity of front-line enterprises, the production scheduling is still improving month on month in the first quarter.
However, considering that in the coming year, the production capacity of all links will be released one after another, and the balance between supply and demand will be reversed one after another. As for the enterprises transforming into new energy this year, they also face the problem of performance fulfillment, Zhao Yi believes that there will be differentiation from the perspective of sector. Considering that the battery link is in the resonance of multiple applications, it is necessary to choose companies with core competitiveness, The combination continues to maintain the configuration idea of focusing on new energy vehicle batteries and materials, while superimposing high-end manufacturing industries such as photovoltaic, military industry and vehicle specification semiconductor.
