On April 20, the three major stock indexes of A-Shares collectively opened low.
Contemporary Amperex Technology Co.Limited(300750) , Sungrow Power Supply Co.Ltd(300274) collectively fell into hot search. The "first brother" of the gem Contemporary Amperex Technology Co.Limited(300750) plunged more than 7.5% during the session, and the Contemporary Amperex Technology Co.Limited(300750) total market value fell below trillion and rushed to the hot search. In addition, heavyweight Sungrow Power Supply Co.Ltd(300274) on GEM closed at the limit.
As the second largest heavyweight stock of public funds, Contemporary Amperex Technology Co.Limited(300750) plummeted, affecting many fund managers. However, the first quarterly report shows that many well-known fund managers have increased their positions in new energy against the market, and heavy positions of individual stocks are all over the whole new energy industry chain.
Some market analysts pointed out that when the performance of leading stocks was lower than expected, the market began to worry about the performance of other companies in relevant sectors and chose to leave the scene. In the short term, A-Shares face the dual pressure of downward profit and blocked liquidity easing. Risk appetite and investor sentiment are weak, and the market may still find a bottom further.
"Ningwang" and "photovoltaic Mao" belt collapse gem
On April 20, Contemporary Amperex Technology Co.Limited(300750) opened slightly lower by 0.28%. After the opening, the company's share price continued to fall, closing down more than 7.6%, and the total market value returned to below trillion yuan. As of the closing, the Contemporary Amperex Technology Co.Limited(300750) share price was 407 yuan / share, down 7.55%, with a total market value of 948.19 billion yuan. At the close of the previous trading day, the total market value of Contemporary Amperex Technology Co.Limited(300750) was 1026.2 billion yuan. After calculation, in only half a trading day, the total market value of Contemporary Amperex Technology Co.Limited(300750) has shrunk by nearly 70 billion yuan.
Historical data show that on May 31, 2021, Contemporary Amperex Technology Co.Limited(300750) total market value exceeded trillion for the first time, becoming the first company with trillion market value on the gem. After that, the Contemporary Amperex Technology Co.Limited(300750) share price rose all the way, rising to 692 yuan on December 3. A record high. Subsequently, the Contemporary Amperex Technology Co.Limited(300750) share price continued to callback. As of the closing on the 20th, the higher point of its share price had fallen by more than 40%.
In addition, the heavyweight Sungrow Power Supply Co.Ltd(300274) on the gem fell by the limit.
On the news side, Sungrow Power Supply Co.Ltd(300274) announced its annual results, with an operating revenue of 24.137 billion yuan, a year-on-year increase of 25.15%; Its net profit attributable to shareholders of listed companies was 1.583 billion yuan, a year-on-year decrease of 19.01%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.335 billion yuan, a year-on-year decrease of 27.72%.
Analysts believe that Sungrow Power Supply Co.Ltd(300274) 's performance does have an obvious gap with the market's perception of the photovoltaic industry Sungrow Power Supply Co.Ltd(300274) performance was lower than expected, which was squeezed by falling demand, rising raw material prices and intensified market competition.
Under the influence of Sungrow Power Supply Co.Ltd(300274) limit, investors are worried about the performance of Listed Companies in the new energy industry, and the whole new energy industry chain is under pressure. Photovoltaic, wind energy, lithium battery, electrical equipment and other sectors have opened low, and the gem fell below 2400 points, a new low in the year.
For today's market crash, Wang Jing, chief strategic analyst of ChuangJin Hexin fund, said that after the MLF interest rate cut failed, LPR also stood still today, and there is no room for monetary policy to exert for the time being, which disappointed the market. At the same time, the performance of inverter leader and medical device big white horse is much lower than expected, which also puts pressure on the performance of gem. The market began to worry about the performance of other companies in relevant sectors and chose to leave the scene. In the short term, A-Shares face the dual pressure of downward profit and blocked liquidity easing. Risk appetite and investor sentiment are weak, and the market may still find a bottom further.
Long Yi of Jinxin Fund said that the sharp decline was due to the intensive disclosure period of the first quarterly report. There were more relevant stocks whose market expectations were lower than the profit expectations, and the early valuation was relatively high. Therefore, when the performance of leading stocks is lower than expected, the chain reaction caused by preemptive shipment.
"In this case, we should abandon the drastic fluctuations in the market and return to the fundamentals of the industry and the company. Companies with mismatched overvalued sectors and their profit valuations need to be cautious. Undervalued sectors with good growth rate, high prosperity and obvious marginal changes will still be the direction of the market after adjustment." Long Yi said.
Public funds increased their positions in new energy in the first quarter
In the past two years, benefiting from the explosive market of new energy, the fund managers who invested in this track have been in the limelight, and many stock based champions have invested in new energy.
Since the beginning of the year, growth tracks such as new energy have experienced a sharp correction, and investor confidence has remained depressed. However, the first quarterly report of public funds recently disclosed shows that many star fund managers are not afraid of market disturbance and increase their positions in new energy against the market.
According to Sungrow Power Supply Co.Ltd(300274) financial report, as of the end of the first quarter, GF high-end manufacturing managed by Zheng chengran was listed as the fourth largest circulating shareholder of Sungrow Power Supply Co.Ltd(300274) with 13245600 shares, an increase of 876600 shares compared with 12369000 shares at the end of 2021.
In addition, the three funds under Liu Gesong's management, namely GF technology pioneer, GF industry's strictly selected three-year holding period and GF double engine upgrading, have increased their positions by 3 Shandong Xiantan Co.Ltd(002746) 98600 shares in total, with the latest holdings of 12393100 shares, 10675700 shares and 9218200 shares respectively, holding a total of 32.287 million shares. Based on this, a single day floating loss of 580 million yuan is calculated.
According to the quarterly report recently disclosed by the fund manager, the representative of fund manager Lu Bin, HSBC Jinxin low carbon pioneer, increased 71300 shares of Contemporary Amperex Technology Co.Limited(300750) compared with the end of last year, and remained the largest heavy position of the fund.
On April 18, Cui Chenlong, the 2021 stock based champion, said in his online roadshow that the correction of new energy is temporary. "Referring to the development process of the whole new energy in the past five years, it is indeed at the end of 2018, and the valuation is basically at a very low level. From the production side, I am very optimistic about photovoltaic, and from the application side, I am very optimistic about lithium battery."
In addition, according to the quarterly report of Yinhua small and medium-sized market managed by Li Xiaoxing of Yinhua Fund, the top ten heavyweight stocks in the first quarter reduced their holdings of Tianqi Lithium Corporation(002466) , Focus Media Information Technology Co.Ltd(002027) and other stocks, increased their positions of Contemporary Amperex Technology Co.Limited(300750) , and added Guangzhou Tinci Materials Technology Co.Ltd(002709) , Luxshare Precision Industry Co.Ltd(002475) and other stocks.
Yinhua Xinyi, jointly managed by Li Xiaoxing and Zhang Ping, increased its holdings of Contemporary Amperex Technology Co.Limited(300750) at the end of the first quarter, from 1279500 shares to 1836300 shares, ranking first among the heavy positions of the fund.
Li Xiaoxing said that among the technology stocks, we are most optimistic about the electric vehicle industry chain. After a quarter of adjustment, the problems such as excessive institutional positions, phased high valuation and the continuous and rapid rise of lithium carbonate prices have been basically digested.
When the global overall penetration rate is less than 10%, the leading valuations of each segment of the sector this year are reasonable. Under the background of cheaper valuations next year, the absolute income space can be expected.
\u3000\u3000 "We think there is a misconception in the market perception that high upstream prices will affect the profits of the battery link, and many industrial chains have proved that if there is a link in the supply chain with limited capacity and high prices, the final output is basically determined by this link. The whole industrial chain goes back to pursue profits. The profits of silicon chips last year and the frequent price increases in the battery link recently also prove this view. In fact, the high price of lithium carbonate , what is really bad is the intelligent car. For a car, the battery is essential, and the endurance and safety are hard indicators. If you invest too much in soft indicators such as intelligent car, the price of the whole car will be too expensive. We are optimistic about the upstream, midstream and downstream of electric vehicles. " Li Xiaoxing said.
The new fund manager Shi Cheng, the new fund manager of the new sharp fund manager Shi Cheng, is more optimistic about the upstream industry chain of new energy. The representative is the national investment in UBS. The top ten heavy warehouse stocks at the end of the first quarter of new energy at the end of the new energy quarter. The top ten heavy warehouse stocks at the end of the first quarter of the new energy quarter are Hongda Xingye Co.Ltd(002002) 466 \ , zangge mining. Compared with the end of last year, Zangger mining entered the top ten heavyweight positions, and Tibet Mineral Development Co.Ltd(000762) withdrew. At the same time Zhejiang Huayou Cobalt Co.Ltd(603799) replaced Hoshine Silicon Industry Co.Ltd(603260) as the fifth heavyweight share of the fund portfolio, and the other members remained unchanged.
However, in terms of the number of positions, SDIC UBS new energy has increased the allocation of Tianqi Lithium Corporation(002466) , Jiangxi Special Electric Motor Co.Ltd(002176) , Qinghai Salt Lake Industry Co.Ltd(000792) , Chengxin Lithium Group Co.Ltd(002240) , China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) and reduced the holdings of Yongxing Special Materials Technology Co.Ltd(002756) .
He wrote in the quarterly report, "specifically, the profit transfer within emerging industries is evolving in the direction we predicted before. The profit continues to transfer to the upstream, and the profits of other links in the middle and downstream are being compressed."
"Many people always worry that this is the end, but from our point of view, it is only the beginning. We expect this state to appear in the next year or even longer. Until the final bottleneck is lifted, the high added value of the industrial chain will be transferred to downstream or terminal applications." Shi Cheng said.
