Since the beginning of 2022, the A-share market has been adjusted one after another, and many star fund managers' products have retreated, especially some popular funds with outstanding performance last year.
However, the market trend does not affect the research rhythm of fund managers. After combing the recent research of star fund managers, the reporter of the Securities Times found that Hu Xinwei, huitianfu's "consumption brother", recently investigated Tibet Mineral Development Co.Ltd(000762) , Xie Zhiyu, Xingquan fund with a management scale of nearly 100 billion, investigated Apeloa Pharmaceutical Co.Ltd(000739) and Nantong Jianghai Capacitor Co.Ltd(002484) , and Deng Xiaofeng, a private placement boss, rarely appeared, Personally investigated Zhejiang Tony Electronic Co.Ltd(603595) .
It is worth mentioning that, from the perspective of the individual stocks investigated by fund managers, they are mainly medium cap stocks, which may mean that under the background of the correction of large cap blue chips, medium cap stocks or fund managers are the main target of stock selection this year.
Xie Zhiyu's first "appearance"
In October last year, Dong Chengfei resigned as the fund manager of Xingquan trend and Xingxin vision. After leaving office, Xie Zhiyu and Dong Li took over the Xingquan trend he managed, and Xingxin vision was taken over by housewarming.
After taking over Dong Chengfei's products, Xie Zhiyu's management scale surged to 93.807 billion yuan, just one step away from the "100 billion fund manager".
Since the second half of last year, Xie Zhiyu has frequently participated in the research of listed companies. Since the beginning of this year, he has investigated two companies.
On January 11, Apeloa Pharmaceutical Co.Ltd(000739) disclosed institutional research information. Star fund managers such as Xie Zhiyu and Qiao Qian of Societe Generale fund participated in the company's research activities in the form of teleconference. Well known private placements such as Gaoyi assets, Chongyang investment, Xingshi investment and Danshui spring investment, as well as large-scale insurance assets such as Guoshou assets, PICC assets and Taikang assets also appeared in the institutional research list.
Apeloa Pharmaceutical Co.Ltd(000739) is the subject of heavy positions held by Xie Zhiyu's funds. According to the third quarterly report of 2021, Xingquan Herun managed by Xie Zhiyu held Apeloa Pharmaceutical Co.Ltd(000739) 28189900 shares at the end of the third quarter, ranking the sixth largest circulating shareholder; Xingquan Heyi holds 21156600 shares, ranking the eighth largest circulating shareholder. However, during the third quarter of last year, Xie Zhiyu's two funds reduced their positions in general medicine.
However, this does not affect Xie Zhiyu's attention to Apeloa Pharmaceutical Co.Ltd(000739) . After the reduction, Xie Zhiyu personally participated in the research of Apeloa Pharmaceutical Co.Ltd(000739) in October last year. After the beginning of this year, Xie Zhiyu appeared publicly for the first time and appeared on the list of the company.
In addition, Xie Zhiyu also investigated Nantong Jianghai Capacitor Co.Ltd(002484) this year. The list of the top ten shareholders of the company by the end of the third quarter of last year shows that Xie Zhiyu's funds did not hold the shares heavily, while the Xingquan business model managed by the same door moved into the list of the top ten shareholders of the company for the first time in the third quarter of last year, holding 20897400 shares.
Nantong Jianghai Capacitor Co.Ltd(002484) it is mainly engaged in the R & D, production, sales and service of capacitors and their materials and accessories. The main product aluminum electrolytic capacitor is an indispensable key basic component of electronic products. It is widely used in household appliances, digital audio-visual, communication, industrial control, aerospace, energy, military industry and other fields, with an annual production capacity of 2 billion. Many institutions believe that under the background of carbon neutralization and the increase of market share of Chinese manufacturers, photovoltaic and other new energy industries have greatly boosted demand, and the company should enjoy a valuation premium higher than that of the same industry.
In the research activities, the company also said that the orders of vehicle mounted, wind power and photovoltaic in the company's thin-film capacitors increased rapidly. At present, thin film capacitors are developing in the direction of increasing mass production of metal coating and optimizing market structure.
Among the "top flow" fund managers, Xie Zhiyu can be regarded as a special presence. He doesn\'t chase popular tracks. Over the years, he has adhered to the investment strategy of "looking for the most cost-effective stocks", maintained the investment characteristics of "steady investment and balanced win", and strictly controlled risks in investment.
The above information shows that Xie Zhiyu may take medium cap stocks as the main object of stock selection this year. The individual stocks investigated in the beginning of the year are medium cap stocks, which is contrary to the style of large cap stocks such as Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Zte Corporation(000063) , Shenzhen Transsion Holdings Co.Ltd(688036) investigated in previous years.
In the third quarterly report of the fund last year, Xie Zhiyu said, "we will continue to adhere to the operation concept of selecting individual stocks from bottom to top, continue to pay attention to excellent companies with core competitiveness, and balance the short-term valuation and long-term value of the company. We will continue to look for investment targets with good cost performance, and pay attention to excellent companies in the direction of long-term development."
Deng Xiaofeng rarely shows up
Deng Xiaofeng is known as a private equity fund manager who prefers public offering, mainly because his shareholding is quite similar to the operation style of public offering funds, biases towards value, and focuses on investment opportunities of industry leading companies.
However, since the beginning of this year, Deng Xiaofeng has also investigated a medium cap stock. On January 12, Zhejiang Tony Electronic Co.Ltd(603595) disclosed the research information, which showed that Deng Xiaofeng of Shanghai Gaoyi assets personally participated in the company's research in the form of online conference, and many well-known structures such as China Europe Fund, noan fund and Chongyang investment were also listed.
From the research activities disclosed by Zhejiang Tony Electronic Co.Ltd(603595) and the Research Report of securities companies, institutions pay less attention to the company, but the frequency of Zhejiang Tony Electronic Co.Ltd(603595) research has increased significantly since the end of last year. Since the beginning of this year, Zhejiang Tony Electronic Co.Ltd(603595) research has attracted the attention of many well-known institutions, and Gao Yi assets Deng Xiaofeng also appeared in Zhejiang Tony Electronic Co.Ltd(603595) research activities for the first time.
According to Zhejiang Tony Electronic Co.Ltd(603595) , the company is mainly engaged in the application R & D, production and sales of ultra-fine alloy wires and other metal matrix composites. The products produced by the company are mainly used in four fields: consumer electronics, medical treatment, Cecep Solar Energy Co.Ltd(000591) photovoltaic and new energy vehicles.
Ultramicro conductor, laminating wire and wireless charging magnetic isolation material are mainly used in consumer electronics industry; Medical harness is mainly used in medical industry; Diamond cutting line is mainly used for cutting sapphire and silicon wafer; Polar ear is mainly used in the new energy vehicle industry.
In the first three quarters of 2021, the company's operating revenue was 918 million yuan, a year-on-year increase of 64.22%; The net profit attributable to the shareholders of the listed company was 27.3639 million yuan, a year-on-year decrease of 25.12%. The company said that in the first three quarters of 2021, the company's main businesses developed steadily, and the overall operating revenue and gross profit increased year-on-year. However, with the increase of the company's R & D projects and loans, the R & D expenses and financial expenses increased significantly, resulting in a decline in net profit.
From the survey questions, the organization pays particular attention to the company's silicon carbide project. According to the company, the project with an annual output of 120000 silicon carbide semiconductor materials is implemented at No. 588, Liji East Road, Zhili Town, Wuxing District, Huzhou City. The construction period is 36 months, with a total investment of 469 million yuan, and about 250 long crystal furnaces and supporting cutting, grinding and polishing equipment are purchased. When the project reaches full capacity, it can realize an annual operating income of 777.6 million yuan and a net profit of 95.8963 million yuan.
The company also said that the company's silicon carbide semiconductor material project is still in the R & D and proofing stage. At present, the company has received the test results of incoming materials and finished products from some downstream high-quality epitaxial wafer manufacturers, and the feedback is good. The company will continue to send samples to verify the consistency and stability of products, timely communicate the product verification and promote the subsequent mass production.
