As the “double champion” of public offering in 2021, the position adjustment trend of Cui Chenlong, manager of Qianhai open source fund, has attracted market attention. In the first quarter of this year, Cui Chenlong continued to adhere to the operation of high positions and increased his stock positions against the trend. During this period, he made some adjustments to the heavy position stocks and increased his holdings in lithium batteries and wind power generation.
In view of the prospect of future investment opportunities, Cui Chenlong firmly said that human society is currently at a major turning point in the energy revolution. As representatives of the production and application ends of the energy revolution, photovoltaic and lithium batteries still have huge growth space in the face of this major historical opportunity.
At the same time, he said frankly that he hoped that all investors would invest rationally, adhere to the long-term investment concept, combined with their own actual situation, do not make short-term and blind investment, and avoid unnecessary losses.
Cui Chenlong also admitted in the recent live roadshow that his self purchase also lost a lot of money, but he would not sell it, and chose to hold it firmly in this position. However, he also reminded investors not to use short-term money to buy funds.
increased stock position against the trend in the first quarter
In the first quarter, Cui Chenlong’s funds still maintained high position operation, and the positions of the three fund products managed separately increased significantly month on month.
Among them, the stock market value of Qianhai Kaiyuan public utilities accounted for 93.84% of the total assets of the fund at the end of the first quarter, significantly higher than 87.43% at the end of the previous quarter; The equity position of Qianhai Kaiyuan new economy was 93.65%, up slightly by more than two percentage points. The position of Qianhai open source emerging industry at the end of the first quarter was 93.12%, up 7.82 percentage points month on month.
For the high position operation of the fund, Cui Chenlong once told reporters, “this is just a result presentation. My investment still takes the optimization or the maximum long-term compound rate of return as the first criterion. Many fund managers may say that portfolio allocation is the choice they think of as the best rate of return. But when it comes to my investment, first of all, from a very long-term perspective, I choose a large track from top to bottom.”
“If I think a general direction is in line with the long-term development trend of society, or even the long-term trend that can bring major social changes or progress, I think it is very worthy of investment and attention. At present, I have chosen the big track of new energy.” He once said.
In terms of shareholding concentration, Qianhai open source emerging industries and Qianhai open source utilities have increased, while Qianhai open source new economy a has declined.
increased holdings in lithium and green power sectors
According to the changes of the top ten heavyweight stocks in the past, Cui Chenlong’s three representative funds adjusted the industry configuration structure, increased the overall configuration of lithium batteries and green electricity, and reduced some stocks of intelligent driving and new energy vehicles.
Specifically, Contemporary Amperex Technology Co.Limited(300750) , Hunan Zhongke Electric Co.Ltd(300035) , China Suntien Green Energy Corporation Limited(600956) newly entered the top ten heavy positions of Qianhai Kaiyuan public utilities. In the same period, CGN new energy withdrew from its list of top ten heavyweight stocks.
In terms of shareholding increase, Eve Energy Co.Ltd(300014) was increased by nearly 8 million shares, jumping from the fourth heavyweight at the end of the previous quarter to the first heavyweight, with an increase of more than 60%. China power, China Resources Power, Huaneng Power International Inc(600011) H shares, China power, Longyuan Power and other power generation stocks were increased. In terms of shareholding reduction, Byd Company Limited(002594) shares and Byd Company Limited(002594) were slightly reduced.
Qianhai Kaiyuan new economy has three new faces in the top ten heavyweight stocks in the first quarterly report of 2022, Yunnan Aluminium Co.Ltd(000807) , Guangzhou Great Power Energy&Technology Co.Ltd(300438) , Sunwoda Electronic Co.Ltd(300207) newly entered the top ten heavyweight stocks, China Three Gorges Renewables (Group) Co.Ltd(600905) , Trina Solar Co.Ltd(688599) , Huaneng Power International Inc(600011) .
Eve Energy Co.Ltd(300014) also obtained a substantial increase in holdings, with a position change of more than 30%, ranking the second largest heavy position stock of Qianhai Kaiyuan new economy by the end of the first quarter; In the same period, Byd Company Limited(002594) obtained a slight increase in position, and jumped to the first heavy position stock because China Three Gorges Renewables (Group) Co.Ltd(600905) withdrew from the top ten heavy positions in the previous quarter.
Another fund, Qianhai Kaiyuan emerging industry, added three new stocks among the top ten heavyweight stocks at the end of the first quarter, namely China Animal Husbandry Industry Co.Ltd(600195) , Yunnan Aluminium Co.Ltd(000807) and Byd Company Limited(002594) , while Fangda holdings and Navinfo Co.Ltd(002405) withdrew. China power, Eve Energy Co.Ltd(300014) and Zhejiang Dun’An Artificial Environment Co.Ltd(002011) were added.
Cui Chenlong once expressed his reasons for being optimistic about new energy operators, “new energy operators start to improve their business model, with high certainty of medium and long-term growth. Compared with the manufacturing end, they have lower penetration rate, strong operation stability and large development space in the future. We will pay attention to the medium and long-term investment opportunities of new energy operators.”
firmly optimistic about the main line of investment in the energy revolution
Cui Chenlong said that the whole human society is currently at a major turning point in the energy revolution. As representatives of the production and application ends of the energy revolution, photovoltaic and lithium batteries have huge growth space in the face of this major historical opportunity. Therefore, they are firmly optimistic about the investment opportunities around the core theme of the human social energy revolution.
He explained, “through in-depth study of specific subdivided fields and targets, combined with the latest scientific and technological progress under this general trend, we mainly invested in the target and subdivided industries with good investment prospects, and strive to keep up with the historical development trend by optimizing the target. At the same time, we will regularly look for individual stocks with obvious investment opportunities from bottom to top to balance short-term fluctuations to a certain extent.”
Turning to the investment opportunities of new energy operators, he said that starting the improvement of its business model, it has high certainty of medium and long-term growth. Compared with the manufacturing end, it has lower penetration, strong operation stability and large development space in the future. He will continue to pay attention to the medium and long-term investment opportunities of new energy operators.
\u3000\u3000 “In the quarter, the overall fluctuation of the industry is enlarged, including the conflict between Russia and Ukraine, which intensifies the fluctuation of the capital market. However, from the perspective of long-term investment, we will continue to adhere to the above investment main line, adhere to the long-term investment concept in the market fluctuation, and accompany the industry to grow together with excellent enterprises. In other industries, we will also adhere to the bottom-up stock selection idea, and strive to tap investment opportunities with medium and long-term investment value from the fundamentals Yes. ” Cui Chenlong wrote in the first quarterly report.
At the same time, he said frankly that he hoped that all investors would invest rationally, adhere to the long-term investment concept, combined with their own actual situation, do not make short-term and blind investment, and avoid unnecessary losses.
admitted that he lost money on his own purchase, but would not sell
In a recent live roadshow, Cui Chenlong admitted that he had lost a lot of money on his own purchase, but would not sell it, and chose to hold it firmly in this position.
However, he also reminded investors not to use short-term money to buy funds.
In Cui Chenlong’s view, because the fund fluctuates greatly, if investors want to use money later, they must sell it, resulting in unnecessary losses.
He also said that after the pullback is relatively large, this low position should be held for a long time. If there are no extremes, the rate of return should still be OK.
On March 1, 2022, Qianhai open source Fund announced that Cui Chenlong, the fund manager, had recently invested 500000 yuan for Qianhai open source public utility stocks, Qianhai open source emerging industry mix and Qianhai open source new economy mix under his management, totaling 1.5 million yuan, and the holding period is not less than one year.
For the reason of self purchase, Cui Chenlong said at that time that on the one hand, considering that the fund has opened the purchase restriction, on the other hand, the main factor is that there are many callback in the new energy sector in the near future, but the industry fundamentals are excellent, and the short-term market trend deviates greatly from the sector fundamentals. Therefore, it is a good medium and long-term layout opportunity at present.
clean development of electricity will be the theme of the times
As for the reasons for being optimistic about the new energy track, Cui Chenlong said, “the future space of the whole new energy industry is particularly large. If we calculate based on the absolute level of current power consumption, China’s photovoltaic wind power now accounts for less than 10%, then this proportion will increase to at least 80% in the future.”
He also said that considering the natural growth of the country’s economy every year, the power consumption is also in the process of medium speed growth.
\u3000\u3000 “After decades, the new installed capacity of photovoltaic and wind power is about 10 times, especially the space of photovoltaic is more than 10 times. In fact, this also provides a good space and a very long track for the development of the whole industry. Then, it also enables many companies to focus on doing their own things. Because this is a very long track, enterprises with leading advantages can continuously accumulate their own advantages for a long time, and Constantly expand their competitive advantages, so as to stand out from the competition in the industry. ” He said.
In Cui Chenlong’s view, we are still at a key node of energy transformation. We can see that there has been a contraction and shortage of traditional energy at home and abroad. I think this shortage is short-term. The main reason is that in the past few years, the capital expenditure of upstream fossil energy has been relatively small, resulting in no large increase in the whole supply.
“With the development of new energy, its current penetration rate is still quite low, so in terms of absolute magnitude, it is not enough to completely replace traditional energy, and it still needs many years of development.” He further introduced.
Therefore, in the process of this transformation, it is inevitable that there will be a shortage of short-term energy supply. For example, some old energy has been withdrawn, but the growth rate of new energy has not had time to fill the vacancy of old energy. Therefore, it may cause some situations of power shortage, but Cui Chenlong believes that these are short-term.
Looking forward to the next few years, he believes that the development of new energy will be greatly improved, and the substitution of new energy for traditional energy in the future is a relatively certain trend.
