After last Friday's sharp decline, as of the morning closing, the new energy sector has recovered today. But there are signs that some institutions are withdrawing from this sector.
From the dragon and tiger list and block trading, institutions began to sell some hot stocks in the new energy sector. In addition, the actual net value of some funds with heavy positions in the new energy sector has a large deviation from the estimated net value, which also means that fund managers may have adjusted their positions. However, in the view of people in the industry, the capital is only a short escape, not a complete departure. The long-term space of the new energy sector is relatively broad, and investment opportunities need to be carefully explored.
Taking the big bull stock Zhejiang Yongtai Technology Co .Ltd(002326) in the lithium battery sector as an example, its share price has risen more than six times since May this year. On December 24, Zhejiang Yongtai Technology Co .Ltd(002326) fell to the limit. From the data of the dragon and tiger list on that day, the institutional game is quite fierce. However, the strength of the seller is greater than that of the buyer. Specifically, the data of Zhejiang Yongtai Technology Co .Ltd(002326) dragon and tiger list on December 24 showed that the two institutions had a total net purchase of 111 million yuan and the other two institutions had a total net sales of 239 million yuan.
On December 24, another bull stock Jiangsu Lopal Tech.Co.Ltd(603906) in the lithium battery sector also fell by the limit. From the dragon and tiger list data, the institutional selling attitude is more firm. Specifically, one institution bought a net 11.6868 million yuan, while four of the top five seats were sold, with a total net sales of 133 million yuan.
Some institutions sell hot stocks with the help of block trading. Take Eve Energy Co.Ltd(300014) as an example, on December 24, there were five block transactions in this stock. The seller's business departments were institutional seats, with a total transaction amount of 1.51 billion yuan. From the perspective of lengthening the period, since December, Eve Energy Co.Ltd(300014) there have been 13 block transactions, and the sellers are institutions, of which only the buyers of 2 block transactions are institutions.
In addition, many funds with leading performance this year also have heavy positions in the new energy sector. However, when new energy vehicles, lithium batteries and other sectors suffered heavy losses on December 24, the actual net value decline of some funds was less than the estimated net value decline, indicating that some fund managers may have adjusted their positions to avoid the sharp decline in the market.
Taking Ping'an transformation and innovation hybrid a managed by shenai as an example, on December 24, the estimated net value of the fund decreased by 3.07%, and the actual net value of the fund decreased by 1.35%. From the top ten heavyweight stocks at the end of the third quarter of the fund, including Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) , Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Sungrow Power Supply Co.Ltd(300274) , Trina Solar Co.Ltd(688599) and other stocks in the new energy sector.
Similarly, there is Xincheng emerging industry hybrid a managed by sun haozhong. On December 24, the estimated net value of the fund decreased by 3.88% and the actual net value decreased by 2.88%. The difference between the estimated net value and the actual net value of the ABC research selected hybrid fund managed by Zhao Yi is also close to 0.8 percentage points.
In the view of PanYao assets, the recent adjustment of the new energy sector belongs to a short flight of funds, rather than a complete departure. New energy vehicles and photovoltaic are the wind vane of the whole new energy sector. Both sectors are more in line with the preferences of the capital market from the perspective of fundamentals and the prosperity of the industry. Therefore, in the past two or three years, the market performance of these two plates has been more extreme. However, too high stock prices will inevitably lead to the reduction of the market's risk appetite for these two sectors. To some extent, certain adjustments are needed to release funds' concerns about the high stock prices of this sector.
"There are two preconditions for the permanent departure of funds. One is that the basic outlook of this sector is gone, and the other is that there is an industry whose prosperity can comprehensively surpass this sector, and the industry is enough to accommodate the current stock funds and subsequent new funds. According to our current observation, these two conditions are not tenable." Pan Yao assets said that there were only two options for the funds with the new energy attribute of short-term flight, either waiting in an empty position or looking for opportunities in the direction of Pan new energy. Basically, we chose the latter.
from the interview with reporters, most fund managers believe that the long-term development space of the new energy industry is quite broad. However, from the perspective of stock price, the stock price of upstream resources and midstream battery manufacturing sector has been fully reflected, so it is necessary to find more cost-effective segments and explore investment opportunities.
Zou Yi, general manager and investment director of Shenzhen Red chip investment, said that the performance of new energy vehicles and lithium batteries this year was outstanding, the market gave a high valuation premium to high prosperity and certainty, and the transaction structure was also crowded. "We believe that the new energy vehicle industry has a high degree of confidence in the prospect of prosperity, and has long-term investment value after excluding the volatility risk of overvalued premium. This year, the opportunities in the industry are mainly reflected in the vehicle manufacturers and lithium battery industry chain. In the future, in the process of stabilizing the upstream material cost, increasing demand and reshaping the supply chain, the whole vehicle, vehicle electrification, intelligence and new development of the automobile industry There will still be more opportunities for energy operators and other directions. "
The view before God's love is also similar. He believes that the stage of tight supply and demand in the new energy vehicle industry chain has passed. With the gradual release of production capacity, the industry competition pattern may intensify. The valuation of companies with good long-term competition pattern may rise significantly, so we need to pay attention to the valuation risk. However, the global penetration rate of new energy vehicles is only about 10%, the industry has broad growth space, and still has good investment value on the whole. In addition, the rise in upstream prices this year has suppressed demand. With the gradual release of capacity in the middle and upper reaches, downstream demand will be met and profit elasticity will be gradually released. Next, shenai is optimistic about the investment opportunities of photovoltaic, wind power, energy storage and energy construction industry chain.
(Shanghai Securities News)
