Since the second quarter, the enthusiasm of public funds for investigating A-Shares has risen steadily. Data show that since the second quarter, 913 A-share listed companies have been investigated by public funds. Among them, 84 companies were investigated by 50 or more public funds Goertek Inc(002241) , Chacha Food Company Limited(002557) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Unigroup Guoxin Microelectronics Co.Ltd(002049) , Shanghai Junshi Biosciences Co.Ltd(688180) , Lizhong Sitong Light Alloys Group Co.Ltd(300428) and other six companies have received intensive research from more than 100 public funds.
In the list of public funds recently participated in the research, there are many head fund companies such as e fund, China Europe Fund, Xingzheng Global Fund, Cinda AoYa fund, huitianfu fund and Jingshun Great Wall Fund, and six top public fund managers such as Zhang Kun, Ge Lan, Xie Zhiyu, Feng Mingyuan, Hu Xinwei and Liu Yanchun appeared in the research one after another.
87 public funds have been investigated for more than 30 times
From the research situation, 87 fund companies have investigated A-Shares more than 30 times since the second quarter. Among them, Zhang Kun, Ge Lan and other six top class public fund managers personally launched an investigation on 14 A-share companies.
Since the second quarter, e fund manager Zhang Kun has investigated Xi’An International Medical Investment Company Limited(000516) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) ; China Europe Fund Manager Glenn investigated Suzhou Sonavox Electronics Co.Ltd(688533) ; Xie Zhiyu, manager of Xingzheng Global Fund, investigated five companies including Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Luxshare Precision Industry Co.Ltd(002475) , Nanwang technology, Zhejiang Nhu Company Ltd(002001) , Lianhe Chemical Technology Co.Ltd(002250) ; Feng Mingyuan, fund manager of Cinda AoYa, investigated Beyondsoft Corporation(002649) , Fibocom Wireless Inc(300638) ; Hu Xinwei, the fund manager of huitianfu, investigated four companies including Sanquan Food Co.Ltd(002216) , Lancy Co.Ltd(002612) , 3Peak Incorporated(688536) , Zhejiang Weixing Industrial Development Co.Ltd(002003) ; Liu Yanchun, manager of Jingshun Great Wall Fund, investigated Luxshare Precision Industry Co.Ltd(002475) .
Chen Li, chief economist of Chuancai securities and director of the Research Institute, interviewed by the Securities Daily, said, “from the perspective of the varieties investigated by top flow fund managers, they are more inclined to listed companies with stable performance, reasonable valuation and leading position in the industry. These companies have their own moat, strong profitability and long-term and stable growth space.”
On April 16, Hangzhou Hikvision Digital Technology Co.Ltd(002415) disclosed the recent institutional research, which shows that the company has been investigated by 67 public funds since the second quarter, and the research stars are gathered. It not only brings together many top-level public fund managers represented by e fund manager Zhang Kun, but also private equity bosses such as Deng Xiaofeng of Gaoyi assets and Lin Peng of harmonious Huiyi Hangzhou Hikvision Digital Technology Co.Ltd(002415) as a leading enterprise in the security industry, it has always been a heavy stock of public funds. According to the data of the fund’s annual report in 2021, the public funds headed by top flow fund managers such as Zhang Kun, Liu Yanchun and Xie Zhiyu all hold Hangzhou Hikvision Digital Technology Co.Ltd(002415) shares. Statistics show that in the first quarter of this year, the e fund blue chip selected hybrid fund managed by Zhang Kun once reduced its holdings of 1 million shares of Hangzhou Hikvision Digital Technology Co.Ltd(002415) and still held 126 million shares after the reduction, accounting for 1.38% of the proportion of circulating shares.
In addition to Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Zhang Kun, the “first brother” of public offering, also conducted online research on Xi’An International Medical Investment Company Limited(000516) , which is also the third time Zhang Kun has investigated the company since this year. The company is a leading enterprise in the field of assisted reproductive technology.
Ge Lan, the “first sister” of public offering, investigated the supplier of automotive acoustic products Suzhou Sonavox Electronics Co.Ltd(688533) . The company’s on-board speakers account for 12.92% of the global passenger car and light commercial vehicle market, ranking first in China.
A number of top-level public fund managers also investigated leading enterprises in small and medium-sized market segments. Among them, the Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , investigated by Xie Zhiyu, manager of Xingzheng Global Fund on April 27, is a leading enterprise in the field of heparin API production in China. By the end of the first quarter, Xingquan Herun and Xingquan Heyi funds managed by Xie Zhiyu were the fifth and sixth largest circulating shareholders of the company, and their positions increased by 0.44% and 0.11% respectively compared with the end of the fourth quarter of 2021.
science and technology track is the key research field
Public funds conduct more frequent research on listed companies with good performance growth. Statistics show that among the 913 A-share listed companies surveyed by public funds, 560 companies achieved positive year-on-year growth in net profit attributable to their parent in the first quarter of this year, accounting for more than 60%. Among them, 138 companies doubled their parent company’s net profit in the first quarter year-on-year.
In terms of industry, the 913 companies surveyed by the public fund since the second quarter involve 31 categories of application level industries. The number of companies surveyed by the public fund in five major industries such as medicine and biology, electronics, mechanical equipment, computer and power equipment ranks first, reaching 468 in total, accounting for more than 50%, which has become the key research object of the public fund since the second quarter.
\u3000\u3000 “Since the second quarter of the year, the stock prices of the five major industries that have been investigated by the public fund have experienced a sharp retreat in the market in the early stage, and the valuation has a certain margin of safety. On the one hand, these industries are in a high business cycle, and the market demand is expected to continue to grow in the future; on the other hand, the five industries concerned by the institution belong to the industries supported by the national policies, which are in line with the direction of future economic development, and the industry has a huge growth space, among which The profits of leading enterprises are more stable and reliable, and their performance is expected to continue to improve. With the gradual recovery of the A-share market and the gradual stabilization of investment sentiment, leading varieties of science and technology are expected to usher in valuation repair opportunities. ” Liu Yan, chairman of anjue assets, told reporters.
According to Chen Li’s analysis, due to the impact of centralized purchase, the pharmaceutical and biological industry stocks fell significantly last year, but the performance of Companies in some sub sectors was still good, such as the pharmaceutical enterprises related to anti epidemic, so they have been intensively investigated by public funds since the second quarter. Among them, the pharmaceutical enterprises with more investigations are mainly concentrated in the industrial chain related to “covid-19 specific drugs”. In addition, the power equipment sector is affected by the rising price of raw materials in the short term, and the profits of middle and downstream enterprises decline. However, from the perspective of long-term development prospects, both the field of new energy vehicles and the field of photovoltaic are still in the stage of rapid development, so it has high investment value.
Hu Bo, manager of paipaipai.com’s Rongzhi investment fund, told reporters, “new energy, science and technology and other tracks that maintain a high landscape are still the main direction of China’s economic development and the focus of industrial upgrading in the future. The vast majority of enterprises are growing enterprises. After full adjustment in the early stage, the investment value has gradually appeared, which has attracted many public funds to gather for research.”
