According to Tonglian data, 368 listed companies have received institutional research since April, and the companies with the most research include Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Tofflon Science And Technology Group Co.Ltd(300171) , Eternal Asia Supply Chain Management Ltd(002183) , Guangdong Lyric Robot Automation Co.Ltd(688499) , Inspur Electronic Information Industry Co.Ltd(000977) , etc. China Securities News reporter noted that the research list includes both large cap blue chips and small and medium cap "invisible champions". Insiders said that at present, there is no obvious focus on market value, and the research focuses more on the industry status and growth space.
multiple top flow fund managers appear
On April 16, Hangzhou Hikvision Digital Technology Co.Ltd(002415) disclosed the recent institutional research. There are many investment leaders in this research list. Not only Chen Guangming, general manager of Ruiyuan fund, Yi Fangda Zhang Kun, Ren Xiangdong and Qiao Qian of Xingzheng Global Fund, Yu Yang of Wells Fargo fund and other top-level public fund managers, but also private equity giants such as Deng Xiaofeng of Gao Yi assets, Lin Peng of harmony Huiyi, Jiang Tong of Jinglin assets and Liu Xiaolong of juming investment also appeared on the list.
Hangzhou Hikvision Digital Technology Co.Ltd(002415) is a heavy position stock of the public fund. According to the 2021 annual report of the fund, top flow fund managers such as Zhang Kun, Liu Yanchun, Zhou Yingbo, Xie Zhiyu, Zhang Qinghua and Yuan Fang all have heavy positions Hangzhou Hikvision Digital Technology Co.Ltd(002415) . Among the top ten circulating shareholders, e fund blue chip selection managed by Zhang Kun ranked the eighth largest circulating shareholder. However, in the first quarter of this year, Zhang Kun reduced his holdings of Hangzhou Hikvision Digital Technology Co.Ltd(002415) by 1 million shares.
It is worth noting that the research list includes both large cap blue chips such as Hangzhou Hikvision Digital Technology Co.Ltd(002415) and a considerable number of small and medium cap stocks with a total market value of less than 30 billion yuan. On April 14, according to the research records released by Chacha Food Company Limited(002557) with a total market value of 29 billion yuan, in addition to many public funds such as huitianfu, Fuguo and Ruiyuan, many private funds such as yuanlesheng, Chongyang, Danshui spring, Qushi and zhengxingu also appeared on the list one after another. Aecc Aero-Engine Control Co.Ltd(000738) with a total market value of 29 billion yuan also received a number of star investors to participate in the research. On April 11, the teleconference of Aecc Aero-Engine Control Co.Ltd(000738) attracted more than 120 participants, including Deng Xiaofeng, Zhu Shaoxing, and Hongliu, a 10 billion fund manager of Harvest Fund.
has little to do with the market value
Facing the current market environment, which kind of investment is more favored by institutional investors, whether to choose large blue chips or small and medium-sized stocks?
Xie Xiaoyong, chairman and investment director of Yongjin investment, said that stock investment is an investment in the future, so he prefers to pay attention to enterprises with "valuable growth" and "growth value", and the matching of value and growth exists in companies with large and small market capitalization. In his opinion, companies with excellent fundamentals and cost performance deserve attention, which has little to do with the market value.
Xie Yi, the fund manager of Nord fund, said frankly that the market value of large and small stocks will be concerned. The market will favor large cap stocks in some stages and small and medium cap stocks in others. These are difficult to predict. On the contrary, we pay more attention to cost performance. In some industries, such as Baijiu, the high cost performance is actually the target of small and medium market value. Leading companies have higher certainty, but the premium is also higher. We will eventually choose small and medium-sized companies. In other industries, such as consumer electronics, the target with relatively large market value has higher performance price ratio. The performance growth of the target with small and medium market value is uncertain and the performance price ratio is low. Therefore, we will choose the target with relatively large market value.
Zhang Binbin, partner of Chenxiang investment, said that at present, there is no obvious market value focus, and the research focuses more on the industry status and growth space. On the one hand, because the overall scale of some industries is not large at present, leading companies can also be regarded as small and medium-sized companies from the definition of market value, but the development space of industries and companies in the future is huge. On the other hand, in the past six months, the market shock adjustment, the valuation of large, medium and small market capitalization companies have been adjusted in turn. From the perspective of valuation, they all have the significance of participating in the layout.
mining structural opportunities
It is worth noting that recently, the annual reports of listed companies were intensively disclosed. The reporter of China Securities Journal noted that many institutions went to investigate after the company disclosed the annual reports. In this regard, Xie Yi said that the company's communication may be more sufficient after the annual report is released. At the same time, in April, the company has had a quarter of operating data, and the company can better make a reasonable outlook for the whole year. It does not rule out that the performance of some companies that have not been paid attention to by the market has exceeded the expectations of the market, which may require a new understanding of the enterprise. Therefore, there will be more research activities after the annual report, which is the natural rhythm of information communication in the capital market.
Looking forward to future investment opportunities, Xie Xiaoyong said that he always pays attention to three directions: undervalued growth, a better life and high-end manufacturing. Long term optimistic about China's economic development, investment in China's excellent enterprises and entrepreneurs. The decline in valuation provides us with more choices. After the epidemic, there will also be good opportunities in the process of manufacturing recovery and consumption recovery.
Xie Yi said that at present, most industries and sectors have high investment value. From the optional consumption (Baijiu, household appliances, etc.) to the required consumption (food, some light industry), and the related targets of new energy vehicles, they are in a relatively high cost performance range. Therefore, we will try our best to select excellent targets in different industries to build a portfolio.
