On April 20, the stock prices of Contemporary Amperex Technology Co.Limited(300750) , Sungrow Power Supply Co.Ltd(300274) and Sungrow Power Supply Co.Ltd(300274) with heavy positions of public funds fell sharply, and the new energy track “stalled” again. Analysts said that the first quarterly reports of listed companies have successively announced that the performance of some growth stocks is lower than expected, which is the main reason for the recent decline in the share price of growth stocks.
In this context, do fund managers stick to their faith or change positions for shares? The first quarterly report of the fund disclosed that fund managers voted with their feet and expressed their attitude with practical actions. Most of them chose to increase their positions against the market. Many fund managers said that the prosperity of the new energy track still exists, the stock price may fluctuate in the short term, and remain optimistic in the long term.
multiple funds held in heavy positions
Since the beginning of this year, Contemporary Amperex Technology Co.Limited(300750) share price has fallen by more than 30%. According to Tonglian data, by the end of 2021, there were about 2500 funds holding Contemporary Amperex Technology Co.Limited(300750) , of which the largest holding was the new energy theme of Agricultural Bank of China Huili, which held 3.8638 million shares.
On April 20, Sungrow Power Supply Co.Ltd(300274) encountered capital flight, with a decrease of 20%. According to the data of the dragon and tiger list disclosed by the exchange, the total purchase of funds was 788018500 yuan, the sale was 1187865900 yuan, and the net sale was 399847400 yuan.
According to the data, as of the end of the first quarter, Sungrow Power Supply Co.Ltd(300274) among the top ten circulating shareholders, 6 public funds were among them; By the end of 2021, there were 1137 funds holding the shares. According to the first quarterly report of the company, GF high-end manufacturing managed by Zheng chengran held 132456 million shares at the end of the first quarter, with an increase of 876600 shares. Guangfa technology pioneer managed by Liu Gesong held 123931 million shares, with an increase of 234400 shares in the first quarter; Another product managed by Liu Gesong, GF industry, was strictly selected to hold 106757 million shares in the three-year holding period, with an increase of 680500 shares in the first quarter. In addition, Huatai Bairui fund, Tianhong fund, financing fund and other products of public funds also hold the stock.
counter market position increase
Observing the position data, it is not difficult to find that most fund managers firmly hold the new energy track and choose to increase their positions against the market.
Taking Yinhua Xinyi as an example, the number of positions in Contemporary Amperex Technology Co.Limited(300750) in the first quarter increased by 22.67%. Li Xiaoxing, the fund manager of the fund, said in the first quarterly report that he is optimistic about the upstream, midstream and downstream industries of electric vehicles, and the electric vehicle industry chain is the most optimistic among the current technology stocks. He believes that after a quarter of adjustment, the problems such as excessive institutional positions, phased excessive valuation and rapid rise in lithium carbonate prices have been basically digested. In addition, Lu Bin’s representative work HSBC Jinxin low-carbon pioneer’s first quarterly report showed that compared with the end of last year, 71300 shares of Contemporary Amperex Technology Co.Limited(300750) were increased, and it is still the largest heavy position of the fund.
A number of fund managers told the China Securities Journal that from the perspective of industry prosperity, the prosperity of new energy is obviously better than that of many other industries. Replacing traditional energy with new energy is the general trend and the only way to achieve the goal of “double carbon”. Therefore, in the long run, new energy is still a direction worthy of attention. In the process of short-term market decline, we should choose some high-quality leading stocks that have been wrongly killed from the perspective of medium and long term.
Sun haozhong, fund manager of Xincheng emerging industry with outstanding performance last year, said that at present, due to the impact of the epidemic in Shanghai, the demand for new energy batteries is weak. Although the epidemic situation is easing as a whole, there is still uncertainty. The consumption of new energy vehicles has a certain elasticity and is expected to be repaired after the end of the epidemic.
“At present, the share price and valuation level of growth stocks have almost reached the lowest level in recent ten years, and the P / E ratio of most companies of new energy midstream materials based on next year’s performance forecast has fallen to less than 20 times. Therefore, at present, they are in the left position. Under such circumstances, leading enterprises deserve continuous attention.” Sun haozhong said.
market outlook or turnaround
As a fund manager of science and technology growth, fan Tingfang, fund manager of Haifutong, said that there may still be some fluctuations in the short-term market, but he remains neutral and optimistic about the medium and long-term market trend, and will still focus on the core long-term boom track and select subdivided industries and individual stocks. Since August last year, the adjustment range of the growth track has been large. At present, we can select a number of companies with relatively sufficient adjustment, high performance cashing and high valuation cost performance.
Yao Zhipeng, director of growth style investment of Harvest Fund, believes that the current valuation and cost performance of the new energy sector have significantly improved. It is believed that with the gradual control of the epidemic, the development trend of the electric vehicle industry will be gradually established.
Societe Generale Fund said that the adjustment range of a large number of growth stocks in recent five months has been equivalent to the decline in the last three quarters of 2018, and the valuation level of individual stocks has become attractive from the high state in the second half of last year. Since this year, under the influence of multiple adverse factors, market confidence has been weak. It is expected that the follow-up steady growth policy will continue to work, and the reconstruction of market confidence will be a slow process. It is expected that the second quarter is expected to usher in a turnaround.
