New energy leaders suffered another sharp decline yesterday, but the latest quarterly report shows that many fund managers are still adding positions in the new energy sector.
new energy sector fell sharply
is the disaster caused by performance
On April 20, the new energy sector fell again. The CSI new energy index fell 4.01%, Sungrow Power Supply Co.Ltd(300274) suffered a 20% limit, and Contemporary Amperex Technology Co.Limited(300750) fell 7.55%.
For the continuous adjustment of the new energy sector, a fund manager in Shanghai said that the main reason is that the performance of some new energy concept stocks is significantly lower than expected. Of course, there are also some external factors, including the further rise of the interest rate of the U.S. ten-year Treasury bond and the suppression of growth stocks as a whole.
For a long time, since the fourth quarter of last year, the new energy sector has started a continuous correction, resulting in a sharp withdrawal of many new energy funds. Recently, some new energy concept stocks and heavy position new energy funds disclosed the first quarterly report of 2022. In the face of the continuous adjustment of the sector, the position adjustment path of fund managers was exposed.
For example, on April 19, the inverter leader Sungrow Power Supply Co.Ltd(300274) released the annual report and the first quarterly report. Although the performance was significantly lower than expected, from the list of the top ten circulating shareholders, Liu Gesong and Zheng chengran of Guangfa fund increased their positions against the market in the first quarter. Guangfa Technology pioneer and strict selection of Guangfa industry managed by Liu Gesong increased their positions by 234400 shares and 680500 shares respectively, GF high-end manufacturing, managed by Zheng chengran, added 876600 shares.
In addition, Liu Gesong also increased his position in Ginlong Technologies Co.Ltd(300763) , which is also a concept stock of photovoltaic inverter. He wrote in the first quarterly report on the growth of GF's small market, "The allocation direction of the fund focuses on manufacturing industries such as photovoltaic, power cells, new chemical materials and chips. From the perspective of enterprise profit cycle, we believe that China's comparative advantage manufacturing industry represented by photovoltaic industry will enter a three-year deterministic high-speed growth stage in the third quarter. Some new technology photovoltaic cells of leading integrated companies will be put into operation one after another, the problem of short board in the industrial chain will be gradually resolved, and the world will be able to The improvement of the demand for source security is the basis for the rapid growth of the industry in the future. "
multi star fund managers
still optimistic
Lu Bin, the star fund manager of HSBC Jinxin, has also been known for his expertise in new energy investment. He once reduced his holdings of new energy and increased his positions in real estate in the second half of last year, but in the first quarter of this year, he began to increase his positions in new energy again and went against the market.
Taking the dynamic strategy of HSBC Jinxin under its management as an example, the largest heavy position stock of the fund at the end of last year was China Vanke Co.Ltd(000002) , but the first quarterly report has been replaced by Ganfeng Lithium Co.Ltd(002460) ; In addition, the fund transferred Contemporary Amperex Technology Co.Limited(300750) out of the top ten heavyweight stocks in the third quarter of last year, but the first quarterly report showed that he increased his position on Contemporary Amperex Technology Co.Limited(300750) on a large scale and jumped directly to the second heavyweight stock.
However, on the whole, Lu Bin's position adding direction is still dominated by the upstream of new energy. In addition to Ganfeng Lithium Co.Ltd(002460) , he also added positions to Sichuan Yahua Industrial Group Co.Ltd(002497) , Tianqi Lithium Corporation(002466) , Qinghai Salt Lake Industry Co.Ltd(000792) and other lithium mining companies and lithium salt manufacturers in the first quarter. Lu Bin said in the quarterly report that short-term risk events have limited impact on the long-term value of the A-share market. Therefore, under the background that the fundamentals are still good, when the market fluctuates violently in the short term, taking the risk actively may be a better choice than avoiding the risk. From the perspective of one year and two years, the implied return of many stocks has been very attractive.
Similarly, Shi Cheng, the fund manager of SDIC UBS, also made structural adjustments to the position of new energy in the first quarter, and most of the positions were increased only by cursor. Taking the advanced manufacturing of SDIC UBS under its management as an example, the fund increased its positions in Tianqi Lithium Corporation(002466) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Qinghai Salt Lake Industry Co.Ltd(000792) , Chengxin Lithium Group Co.Ltd(002240) and other stocks in the first quarter.
Shi Cheng wrote in a quarterly report that the profits of emerging industries continue to shift upstream, and the profits of other links in the middle and downstream are compressed. We expect this state 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.
"The first quarter is the beginning of the whole year, and it is just the beginning. Although there are great differences in the rise and fall of different sectors at present, and the performance of emerging industries is not good, we still believe that the future belongs to the growth industry. Only long-term industry growth will bring long-term return on investment." Shi Cheng wrote in a quarterly report.
