After the closing of the A-share market on April 20, GF disclosed the first quarterly report of some of its funds in 2022, and the position adjustment and stock exchange route of top stream fund managers such as Liu Gesong and Fu Youxing surfaced in the first quarter.
In the first quarter, Liu Gesong's configuration direction was mainly photovoltaic, power battery, new chemical materials, chips and other manufacturing industries; Fu Youxing reduced his holdings of stocks whose fundamentals were lower than expected in electronics, machinery and other industries, and increased the allocation of agriculture, aviation and other industries at the bottom.
Liu Gesong believes that there are many industries with investment value in the current A-share market. The market may usher in a structural market from the second quarter. China's comparative advantage manufacturing industry represented by the photovoltaic industry will enter a three-year high-speed growth stage in the third quarter.
Liu Gesong: photovoltaic and other advanced manufacturing industries may enter the stage of rapid growth
The top ten heavyweight stocks at the end of the first quarter of GF's small cap growth had little change compared with the end of last year. Liu Gesong increased his holdings of Ginlong Technologies Co.Ltd(300763) in the first quarter, becoming the eighth heavyweight stock for gf's small cap growth. The number of Shanghai Pret Composites Co.Ltd(002324) holdings remained unchanged, becoming the 10th heavyweight stock, and Boe Technology Group Co.Ltd(000725) , Wuhan Guide Infrared Co.Ltd(002414) withdrew from its top ten heavyweight stocks. In the first quarter, the configuration direction of GF's small cap growth was mainly photovoltaic, power battery, new chemical materials, chips and other manufacturing industries. Specifically, the top ten big warehouse stocks are Sg Micro Corp(300661) , Shanghai Pret Composites Co.Ltd(002324) .
GF small cap growth top ten heavyweight stocks
Source: Fund Quarterly Report
Liu Gesong said that in the first quarter of 2022, the epidemic situation in China was distributed at many points, and the overseas conflict between Russia and Ukraine had a great adverse impact on the international environment. At the same time, the Federal Reserve entered the interest rate hike cycle. Affected by the above factors, the A-share market fluctuated violently.
With the convening of the financial committee meeting, the market has obvious bottom characteristics. From a medium and long-term perspective, Liu Gesong said that he was not pessimistic about the future capital market. "The market decline in the first quarter is the reaction of multiple negative factors, which fully reflects most of the negative expectations. From the perspective of industrial development and medium and long-term investment, there are many industries with investment value in the A-share market at present. I hope fund investors can be patient."
From the perspective of enterprise profit cycle, Liu Gesong believes that China's comparative advantage manufacturing industry represented by the photovoltaic industry will enter a three-year high-speed growth stage in the third quarter. The new technology photovoltaic cells of some integrated leading companies will be put into operation one after another, the problem of short board in the industrial chain will be gradually resolved, and the demand for global energy security will be improved. These are the basis for the high-speed growth of the industry in the future. From the perspective of cost performance, after the adjustment in the first quarter, the valuation level of many industries returned to the position at the end of 2018. He judged that the market may usher in a structural market from the second quarter.
Liu Gesong is still firmly optimistic about high-end manufacturing. "Over the past decade, the complexity of China's manufacturing products has been increasing, and the agglomeration effect of the industrial chain has also continued to appear. In addition to the low labor cost, the large number of engineers and the completeness of the industrial system are the competitive advantages of China's manufacturing industry, which means that the manufacturing industry has comprehensive comparative advantages in innovation ability, comprehensive cost, organization ability and response ability. Once established, this systematic advantage is difficult to be overturned because Therefore, China's manufacturing industry with 'global comparative advantage' will continue to broaden its moat. "
Fu Youxing: substantial increase of Wens Foodstuff Group Co.Ltd(300498)
Guangfa Ruiyang, managed by Fu Youxing, disclosed the first quarterly report of 2022 in three years. Fu Youxing significantly increased his holdings of Wens Foodstuff Group Co.Ltd(300498) . At the end of last year, Wens Foodstuff Group Co.Ltd(300498) was not included in the shareholding list set by Guangfa Ruiyang in three years. As of the end of the first quarter of this year, Guangfa Ruiyang held Wens Foodstuff Group Co.Ltd(300498) 1.2 million shares in three years, becoming the sixth largest heavy position stock. In addition, Eastroc Beverage (Group) Co.Ltd(605499) and China Yangtze Power Co.Ltd(600900) have also entered the top ten heavyweight stocks.
GF Ruiyang will open the top ten heavyweight stocks in three years
Source: Fund Quarterly Report
Fu Youxing introduced in the quarterly report that in the first quarter, shrinking demand and high raw material prices had an impact on the profits of most enterprises and had a negative impact on the stock market. Based on this, GF Ruiyang will open and maintain a neutral and low stock position for three years. In terms of stocks, it mainly reduced its holdings of stocks with fundamentals lower than expected in electronics, machinery and other industries, and increased the allocation of agriculture, aviation and other industries at the bottom of the industry.
Fu Youxing said that in the past two years, repeated epidemics, soaring commodity prices and geopolitical conflicts have had an impact on future expectations. This also made him more deeply realize that in the complex and changeable macro environment, to make an investment produce reasonable returns in the future, he needs to adhere to the principle of prudence and respond to environmental changes in time.
