This year’s “squatting” in the A-share market has not only caused a sharp retreat in the net value of public funds, but also spared private placement with more flexible operation.
Chaoyang sustainability data show that in the first quarter, only 10 of the 101 10 billion private placements had a positive yield, and only two equity strategy private placements. It is worth noting that Lingren private placement, a secondary private placement institution of hilling, which disclosed its performance for the first time, also suffered losses.
Although the vast majority of 10 billion private placement had poor performance in the past three years, it seems that the vast majority of 10 billion private placement have achieved relatively good returns, and the returns of 16 have doubled. With the continuous disclosure of annual reports by listed companies, their heavy positions have also surfaced. These 16 private placement companies have entered the top 10 of 34 stocks, but if they still hold them in the first quarter, more than 70% will suffer floating losses.
stock strategy failure
According to Chaoyang sustainability, there are 101 10 billion private placements in the current market, with an average yield of – 9.08% in the first quarter. 91 10 billion private placements suffered varying degrees of losses in the first quarter. Only 10 10 10 billion private placements, including Loken international investment, Qianxiang assets, Luoshu investment, qiaoshui (China) investment and jiuying assets, have a positive return.
Among the 10 companies, only the investment of qiaoshui (China) investment and Sixie investment is the stock strategy. According to the annual reports of listed companies currently disclosed, the funds of the two companies have not bought the top ten.
Rongkui investment was at the bottom of the 10 billion private placement with a return of – 22.96% in the first quarter. Rongkui investment was established in 2015 and focuses on managing futures and stock strategies.
Among the six 10 billion private placements with a decline of more than 20% in the first quarter, except Rongkui investment, the other five were strategies to invest in the stock market, including Danshui spring (- 22.87%), yuanlesheng (- 22.50%), Hanhe capital (- 21.69%), Hongcheng investment (- 21.27%), and Zhengyuan investment (- 20.24%) which was the runner up of 10 billion private placement income last year.
In an interview with Huaxia times, a number of private placement people said that this year’s stock market is not good, there is no profit-making effect, and the investment environment is difficult to do.
Hu Po, the fund manager of private placement paipai.com, told reporters that the strategy of mainly investing in the stock market in the first quarter became the hardest hit area, in which the performance of stock bulls, event driven, stock quantitative bulls and index enhancement were poor. “The overall performance of equity private placement in the first quarter was at the bottom, which was mainly affected by the overall decline of the stock market, especially the collapse of popular tracks. We believe that the market is as cyclical as the macro economy, so the position control, the timing of the necessary large cycle and the rotation of the industry may be important means for private placement to control the withdrawal, but this puts forward higher requirements for the ability circle of private placement.”
Previously, 10 billion private equity and asset management held a strategy meeting online. Shi Jianjun, chairman of the board, apologized to investors on behalf of the company for the large withdrawal of product net value, and announced a temporary reduction of 60% in management fee or fixed investment consulting fee for products with unit net value less than 1. The company also decided to suspend all new products and focus on repairing the performance of old products.
70% heavyweight stocks fell in the first quarter
Last year, alluvial assets took the limelight and won the champion of 10 billion private placement income, but lost 19.25% in the first quarter. At present, the products of alluvial assets are the ninth largest circulating shareholder of Guangxi Guidong Electric Power Co.Ltd(600310) ( Guangxi Guidong Electric Power Co.Ltd(600310) . SH) and jiacang beiteri (835185. BJ), a company listed on the Beijing stock exchange. However, the market performance of the two stocks in the first quarter of this year was poor. If the alluvial assets have not been sold, beiteri alone will lose 70 million.
Linyuan investment, Shifeng assets, Jinglin assets, Xiangju capital and other well-known 10 billion private placement all lost more than 15% in the first quarter.
The performance of Lingren private placement, a secondary private placement institution under Hillhouse capital, was also disclosed for the first time.
Lingren private placement was founded in July 2021. With the blessing of Gaoling, its scale exceeded 10 billion only five months later. It is one of the private placement institutions with the fastest scale expansion in recent years.
Private placement network shows that Lingren private placement currently has 124 funds in operation, but none of them disclosed the net value of the product. This time, Chaoyang Yongxu disclosed its performance for the first time. Hillhouse capital, which has sprung up in the primary market, had just tested the water, and private securities investment had a bad start, retreating – 3.50% in the first quarter.
Despite the poor performance in the first quarter, from the perspective of the yield in recent three years, the performance of 87 10 billion private placement companies is positive, of which 16 have doubled the yield, and Zhengyuan investment is the highest, at 400.39%.
According to the data of Tonglian, according to the annual reports of listed companies currently published, 16 10 billion private placement companies with doubled yield in recent three years entered the list of the top 10 circulating shareholders of 34 listed companies at the end of December last year, and only 8 companies recorded an increase in the first quarter, with floating losses of more than 70%. The biggest increase was Hyunion Holding Co.Ltd(002537) ( Hyunion Holding Co.Ltd(002537) . SZ), which rose 76% in the first quarter of this year. If the heavy position of Yingshui investment has not been sold, it will float to a profit of 67 million.
photovoltaic sector meets the transformation expectation
Huatong, director of Zhengyuan investment research, said recently that it is difficult for him to understand the current weak state of the market, but he can see that there have been oversold assets in China concept stocks, Hong Kong stocks and the real estate industry chain, of which the common feature is the strong demand for transformation.
He said that looking at the stock market under the framework of transformation may more or less understand a lot of things. First, some things must be subtracted. Try not to invest in them. The market is a structural industrial market. Second, the transformation must be long-term, not short-term, and can not require the performance of an industry with a sustained high outlook. Instead, we should find the core of an industry and support the changes in the medium and long-term development of an industry; We should also understand that if the industry wants to achieve medium and long-term development, it must have the investment of scientific and technological elements, which will produce a lot of investment opportunities, such as companies that can promote industrial progress and have scientific and technological capabilities, or small companies with characteristic industrial capabilities and independent and controllable technologies. Third, how to understand volatility can be overcome as long as we think along the transformation path. First of all, the capital market is an important tool for transformation. It is unlikely to have fast bull, because fast bull does not conform to the transformation logic, but it will certainly go slow. It is a good opportunity to buy some stocks and products in a relatively safe pricing range.
Huatong believes that this year’s photovoltaic sector is the most unexpected and in line with the transformation expectation. It is because the bottom layer of its technology is semiconductor technology, which can reduce the cost through technological progress, so as to bring more excellent performance results. It may also bring more due scenes, better use experience and higher profits. This is what is most in line with China’s transformation ideas in this industry. Therefore, it is more believed that photovoltaic will bring higher benefits on the path of technological innovation this year, which will affect the internal stock selection of photovoltaic.
Juming investment also recently expressed its view that in March, on the one hand, the market was affected by the conflict between Russia and Ukraine and a series of follow-up events; On the other hand, affected by the increasing covid-19 epidemic in China, the decline was large. For the short term, they believe that they need to be cautious, because it is difficult to estimate the extent to which the impact of the epidemic will be reflected in the statements of listed companies. Or there may be a short impact. However, in the medium and long term, this disturbance will eventually pass, and the global competitiveness of China’s manufacturing industry will not change. At present, the combination tends to be balanced, increasing the allocation of real estate and resources. They will closely observe the epidemic situation and policy changes and respond in time.
