Since this year, due to the phenomenon of killing valuation in growth stocks, some new energy stocks have been continuously adjusted. The recent intensive announcement of the first quarter report showed that the performance of some new energy companies in the first quarter was lower than expected, which caused market participants to worry about the performance of other companies, and the share price was significantly adjusted.
On April 20, the Contemporary Amperex Technology Co.Limited(300750) with heavy positions of public funds fell by 7.55%, the Sungrow Power Supply Co.Ltd(300274) "20cm" limit fell, and the new energy track stalled again.
Sungrow Power Supply Co.Ltd(300274) after hours data show that the funds of the top five seats bought and sold on the day totaled 788018500 yuan, sold 1187865900 yuan and sold 399847500 yuan net. Among the top five seats sold, there are three institutional seats.
new energy sector pulled back sharply
Yao Zhipeng, director of growth style investment of Harvest Fund, believes that the recent sharp decline in the new energy sector is mainly due to the lower than expected performance of leading enterprises in some new energy segments.
The fund manager of a new energy track said frankly that the core reason for the Contemporary Amperex Technology Co.Limited(300750) sharp decline is the market's downward adjustment of its performance expectation in the first quarter and the disturbance of some external factors. In addition, the annual report of the whole photovoltaic sector was significantly lower than that of the new energy sector last night.
Sun haozhong, the fund manager of Xincheng emerging industry, who led the performance last year, said: "at present, the adjustment range and valuation level of growth assets are almost to the low level in recent ten years, including the valuation of most companies of new energy midstream materials, which has fallen to less than 20 times PE compared with next year. Under such circumstances, leading enterprises deserve continuous attention."
Fan Tingfang, fund manager of Haifutong, said: "most of the track stocks represented by the growth of science and technology are advancing along their own pace of development. Of course, difficulties will be encountered in the process of advancing. Recently, it has been shown that the price fluctuation of the upstream affects the demand of the downstream." He believes that such effects are phased. In the context of the current stock exchange market, the performance of science and technology growth track stocks has been affected by the decline of risk appetite and changes in the external macro environment, with relatively large fluctuations, but with the passage of time, its excess return will become obvious in the future.
multiple funds "winning"
Sungrow Power Supply Co.Ltd(300274) fell sharply, and the public fund with the greatest impact is GF.
According to the first quarterly report, GF high-end manufacturing managed by Zheng chengran increased its holdings of 3 Jiangxi Selon Industrial Co.Ltd(002748) 76600 shares in the first quarter and 13245600 shares at the end of the first quarter.
GF technology pioneer managed by Liu Gesong increased its holdings of 234400 shares in the first quarter and 12393100 shares at the end of the first quarter; Another product managed by Liu Gesong, GF industry, was strictly selected to hold 680000 shares in the first quarter of the three-year holding period, and 10.67 million shares at the end of the first quarter.
Huatai Bairui fund, Tianhong fund, financing fund and other products of public funds also hold the stock.
Sungrow Power Supply Co.Ltd(300274) top ten circulating shareholders at the end of the first quarter
According to datayes, as the company with the largest shareholding of the fund, by the end of 2021, there were about 2500 funds holding Contemporary Amperex Technology Co.Limited(300750) , of which the largest shareholding was the Agricultural Bank of China Huili new energy theme fund, with a total of 3.8638 million shares.
In the disclosed quarterly report of the fund, star fund managers such as Li Xiaoxing and Lu Bin increased their positions Contemporary Amperex Technology Co.Limited(300750) . Taking Yinhua Xinyi managed by Li Xiaoxing as an example, the fund held Contemporary Amperex Technology Co.Limited(300750) 1279500 shares at the end of the first quarter, with an increase of 22.67% in the first quarter.
Lu Bin's representative, HSBC Jinxin low carbon pioneer, added Contemporary Amperex Technology Co.Limited(300750) 71300 shares in the first quarter, still the largest heavy position of the fund.
how do fund managers see the new energy track
For the theme of new energy, does the fund stick to its faith or swap positions? It is not difficult to observe the first quarterly report of the above disclosed funds and find that most fund managers have firm "faith" in the new energy track.
Li Xiaoxing said in the first quarterly report that he is optimistic about the upstream, midstream and downstream 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 the continuous and rapid rise of lithium carbonate prices have been basically digested.
"From the perspective of industry prosperity, the prosperity of new energy is significantly higher." Many fund managers said that replacing traditional energy with new energy is the general trend and the only way to achieve the dual carbon goal. From a medium and long-term perspective, we should choose some high-quality leading stocks or high-quality funds that have been wrongly killed to realize the layout.
Sun haozhong said in an interview that the consumption of new energy vehicles has a certain elasticity and can be repaired after the epidemic is over.
Fan Tingfang said that there may still be some fluctuations in the short-term market, but he remained neutral and optimistic about the long-term market. Since August last year, the asset adjustment of the growth track has been very large. At present, we can select a number of companies with relatively sufficient adjustment, high performance cashing and reasonable valuation cost performance.
