Let’s see what we should pay attention to on the 23rd.
Evergrande board of directors welcomes “foreign aid”
Liang Senlin, chairman of Cinda Hong Kong, joined
China Evergrande Hong Kong stock announced that Sean was appointed as an executive director and Liang Linlin was appointed as a non-executive director from January 23, 2022. Lai Lixin and Huang Xiangui resigned as executive directors.
According to the announcement, Sean is the chairman of Evergrande motor, while Liang Senlin is the chairman of Cinda Hong Kong.
Cinda Hong Kong is a wholly-owned subsidiary of China Cinda Asset Management Co., Ltd., which is mainly engaged in domestic and foreign non-performing asset investment, equity investment, mezzanine investment, debt investment and securities investment, medium and long-term bond issuance, high-quality assets, structured fixed income products and cross-border financial services.
Since May 2019, Liang Senlin has served as the chairman of China Cinda (Hong Kong) Holdings Limited (Cinda Hong Kong) and vice chairman of the China Financial Association of Hong Kong.
In December 2021, China Evergrande announced that in view of the current operational and financial challenges faced by the group, the board of directors of the company decided to establish the risk mitigation Committee of China Evergrande group. The members of the risk resolution Committee have a variety of backgrounds, including the current senior executives of the group, senior executives and professionals of several leading enterprises, etc.
Zhao Limin, vice president of China Cinda Asset Management Co., Ltd., is also a member of the risk resolution Committee of China Evergrande group.
Public information shows that China Cinda, established in April 1999, is the first financial asset management company approved by the State Council and listed on the Hong Kong Stock Exchange at the end of 2013 (01359. HK). It is the first Chinese financial asset management company to land in the international capital market. At the same time, China Cinda also owns a listed real estate company Cinda Real Estate Co.Ltd(600657) .
On January 20, the fifth session of the 13th Guangdong Provincial People’s Congress opened. According to Nanfang Daily, Wang Weizhong, acting governor of Guangdong Province, said in his government work report that in accordance with the principle of marketization and rule of law, we should steadily promote the debt risk resolution and disposal of real estate enterprises such as Evergrande group. Wang Weizhong said that the more difficult it is for enterprises, the more governments at all levels should take the initiative to provide services to help enterprises rescue and overcome difficulties.
On December 3, 2021, China Evergrande group (03333. HK) issued an announcement on the Hong Kong stock exchange that it was unable to fulfill its guarantee liability. The Guangdong Provincial People’s government immediately interviewed Xu Jiayin, the actual controller of China Evergrande group that night. At the request of Evergrande Real Estate Group Co., Ltd., in order to effectively resolve risks, protect the interests of all parties and maintain social stability, Guangdong Provincial People’s government agreed to send a working group to Evergrande Real Estate Group Co., Ltd. to urge and promote enterprise risk disposal, strengthen internal control management and maintain normal operation.
On January 17, China Evergrande said on the official wechat that the national resumption rate of the group by the end of December 2021 had reached 92.9%. Nearly 37900 units will be delivered in December 2021, and 30000 units are planned to be delivered in January 2022.
top flow fund manager:
the most difficult stage of investment has passed
On the 23rd, fund Jun also noted that Jingshun Great Wall Dingyi hybrid securities investment fund (LOF) released the fourth quarter report of 2021. Its top flow fund manager, Mr. Liu Yanchun, issued a new outlook for the future market. Mr. Liu believes that the most difficult stage has passed, and 2022 is the beginning of the end of the covid-19 epidemic.
Liu Yanchun mentioned that 2022 is probably the beginning of the end of the covid-19 epidemic. From a global perspective, the investment side lagging behind the recovery of consumption is expected to gradually return to normal. In the early stage, China took advantage of the time window of rapid increase in export share, fully reduced the macro leverage, adjusted the economic structure, digested long-term risks, and laid a good foundation for sustainable economic development in the post epidemic era. At this stage, China’s economic growth is already below the potential growth rate. It is expected that broadening credit, stabilizing growth and boosting domestic demand will be the policy focus this year.
Liu Yanchun said that from cross cycle to counter cycle, from external demand to boosting domestic demand, the marginal boom will no longer be scarce, funds tend to be scattered, and the market style will be rebalanced. Those excellent companies with short-term headwinds have great investment value. The short-term business fluctuation affects investors’ risk preference periodically, and has little impact on the internal value of the company. What’s more, with the gradual force of the counter cyclical policy, the downward cycle is expected to end and usher in an upward turning point, and many industries will usher in a boom reversal. Industries and companies with long-term and short-term logical resonance are expected to usher in good performance in the new year.
Liu Yanchun finally said that the most difficult stage of investment has passed. Be patient and value will always return.
Most of Liu Yanchun’s positions are consumer stocks.
In addition to consumer stocks, let’s take a look at the latest views of new energy fund managers.
Zhao Yi, the performance champion in 2020, mentioned in the latest quarterly report on the theme of new energy managed by ABC Huili that for the photovoltaic industry, at present, the price of upstream silicon began to loosen, and the price of other links began to fall. From a fundamental point of view, there continues to be a game between various links of the industry, Considering that the stock price of has been ahead of the fundamentals , when the valuation has been very high, the cost performance is relatively poor, so we can only choose enterprises with core competitiveness in a longer time dimension;
As for new energy vehicles, Zhao Yi believes that they still belong to a sector with very high certainty and growth rate. The production scheduling of leading enterprises in the whole battery industry chain is still at a high level. With the continuous expansion of the production capacity of front-line enterprises, the production scheduling is still improving month on month in the first quarter. However, considering that the production capacity of all links begins to be released in succession next year, The balance between supply and demand will also begin to reverse one after another, and enterprises transforming into new energy this year will also face the problem of performance fulfillment. Therefore, there will be differentiation from the perspective of sector next year. Considering that the battery link is in the resonance of multiple applications, it is necessary to select companies with core competitiveness and continue to maintain the configuration idea focusing on new energy vehicle batteries and materials, At the same time, high-end manufacturing industries such as photovoltaic, military industry and vehicle specification semiconductor are superimposed.
Zheng Zehong, star fund manager of Huaxia Fund, warned investors of the risks of new energy in the four seasons report.
Zheng Zehong said that new energy is a good industry, with a high rate of return in the past three years. Looking at the next three years, I personally think there is a large rate of return space. However, the investment cycle is shortened, for example, half a year or a year, because static valuation is high, and participants are more likely to have a wave or run short of other indexes in the short run, just like the Baijiu and pharmaceutical industry in 2021. Therefore, at this time point, I personally suggest that investors should reduce the expectation of short-term new energy yield.
