On January 18, the four funds managed by Qiu Dongrong, the “top flow” of RMB 10 billion, were released in the fourth quarter of 2021.
The four seasons report shows that Zhonggeng’s small cap value stocks have changed their positions on a large scale, and a number of automobile and pharmaceutical stocks have entered the top ten heavy positions; Zhonggeng’s value quality, one-year holding period and other three products significantly reduced its holdings of stocks in real estate and mining industries.
auto, bank and pharmaceutical stocks
On January 18, Zhonggeng Fund released the fourth quarter report of its funds in 2021, and the position adjustment and future allocation ideas of well-known fund manager Qiu Dongrong surfaced. By the end of the fourth quarter of 2021, Qiu Dongrong’s management scale was about 17.4 billion yuan.
In terms of performance, Qiu Dongrong performed well. As of January 17, 2022, the net value of Zhonggeng small cap under his management increased by 70.36% in recent one year, ranking second among similar products.
the four seasons report shows that Qiu Dongrong greatly adjusted his positions in the fourth quarter, and the four products under his management increased their positions in automobile, banking and pharmaceutical stocks to varying degrees.
Among them, the position of Zhonggeng small cap value shares at the end of the fourth quarter was 93.67%, which was basically the same as 93.01% at the end of the third quarter. However, the relative reduction of shareholding concentration, the top ten heavy positions accounted for 41.27%, down 6.15 percentage points from the end of the third quarter.
From the perspective of heavy position stocks, by the end of the fourth quarter of 2021, among the top ten heavy position stocks of Zhonggeng small cap value stocks, Xinjin Chengdu Haoneng Technology Co.Ltd(603809) , Hl Corp (Shenzhen)(002105) , Changchun Faway Automobile Components Co.Ltd(600742) and other auto concept stocks accounted for 4.33%, 3% and 2.65% respectively. Shandong Nanshan Aluminium Co.Ltd(600219) , Zhuzhou Qianjin Pharmaceutical Co.Ltd(600479) and so on have also newly entered the top ten heavyweight stocks. In addition, Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Guangxi Liuzhou Pharmaceutical Co.Ltd(603368) and Jiangsu Zitian Media Technology Co.Ltd(300280) were added. The largest heavy position stocks are still Shanxi Lanhua Sci-Tech Venture Co.Ltd(600123) , Shaanxi Coal Industry Company Limited(601225) , Mls Co.Ltd(002745) and so on.
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Qiu Dongrong’s three new products Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) are the top ten heavy position stocks. At the same time, it reduces the allocation of mining, real estate and other industries.
Zhonggeng’s one-year holding period of value quality is mixed. It also adds chemical stocks Hailir Pesticides And Chemicals Group Co.Ltd(603639) and increases the allocation of the financial industry. In addition, the first heavyweight stock Shaanxi Coal Industry Company Limited(601225) of Zhonggeng value pilot hybrid in the third quarter is no longer among the heavyweight stocks in the fourth quarter, and Yankuang energy is newly added as the first heavyweight stock.
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focus on stocks with positive growth and cheap valuation
For the future, Qiu Dongrong judged that the overall resilience of the market is still, and the market structure overestimates and underestimates coexist. will continue to adhere to the concept of undervalued investment and select stocks with reduced fundamental risk, positive profit growth and cheap valuation.
Specifically, we will focus on four investment directions:
first, finance and real estate in the large market value stocks. in the financial sector, we are optimistic about regional bank stocks related to the manufacturing industry chain, serving the real economy and having unique competitive advantages. These banks have stable operation, low fundamental risk, extremely low valuation and high growth. Real estate companies focus on leading central enterprises with the advantages of high credit and low financing cost.
Second, coal, energy and resource companies. from the perspective of market pricing and valuation, such companies are regarded as cyclical assets with extremely low valuation, good cash flow, less capital expenditure, high dividend yield and high expected return corresponding to current price. Therefore, in the context of “carbon neutrality”, we continue to be optimistic about the investment value of high-quality assets in energy and resources.
third, small and medium-sized market value and growth stocks. including the subdivided leading companies with unique competitive advantages in the broad manufacturing industry, such as chemical industry, light industry, non-ferrous metal processing, machining and other industries, we can dig out real undervalued small cap value stocks and growth stocks; And companies with low valuation and benefiting from the gradual recovery of offline consumer demand in the post epidemic era, such as some stocks in commerce and retail, textile and clothing, transportation and other industries.
Fourth, large cap value stocks and some Internet stocks in Hong Kong stocks. on the one hand, the value stocks of Hong Kong stocks are basically leading enterprises or central enterprises. These assets have very high quality and can withstand the fundamental pressure most, so the risk is small. For example, telecom operators, leading companies in real estate, banking, insurance, energy and coal are the most backbone of China’s economy. The Internet stock business of Hong Kong stocks is deeply embedded in China’s economy, with a clear pattern, but its core business barriers are still relatively solid. On the other hand, the value shares of Hong Kong stocks corresponding to the value shares in A-Shares are very cheap, but they are cheaper in Hong Kong stocks, and the corresponding dividend yield remains at a very high level. With the gradual release of fundamentals, regulatory level and liquidity pressure, Hong Kong stocks deserve attention.
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