In 2021, the new energy track was brilliant, and the net value of new energy funds was rising. At the beginning of the year, the new energy sector was facing a wave of adjustment. Previously, the fund position adjustment strategy of heavy positions in new energy attracted the attention of investors. With the disclosure of the four seasons report of the fund in 2021, the position adjustment ideas of fund managers also appear on the paper.
After combing the four seasons report, the reporter found that a group of star fund managers represented by Lu Bin, the “first brother of new energy” of HSBC Jinxin, Zhao Yi, the star fund manager of Agricultural Bank of China Huili, Cui Chenlong, the champion of public fund in 2021, sun haozhong of CITIC Prudential, Zhao Feng of Ruiyuan fund, Zheng Zehong of Huaxia Fund, Li Xiaoxing of Yinhua Fund, Liu Gesong of GF fund and Yu Hang of YONGYING fund, In the fourth quarter, there were differences in the investment strategy of the new energy sector. Some people were adding positions on a large scale, while others were warning risks and began to adjust positions.
Lu Bin: greatly increase the positions of Contemporary Amperex Technology Co.Limited(300750) , Ganfeng Lithium Co.Ltd(002460) and other lithium battery faucets, and reduce the holdings of Byd Company Limited(002594)
On January 24, HSBC Jinxin low carbon pioneer managed by Lu Bin released the four seasons report, and the latest position ideas of “stock based brother” of new energy were exposed. Overall, the top ten heavyweight stocks did not change significantly compared with the third quarter, but six new energy related stocks were significantly increased in varying degrees.
Specifically, Lu Bin continued to increase his position in the “lithium battery leader” Contemporary Amperex Technology Co.Limited(300750) in the fourth quarter, jumping from the previous third largest heavyweight stock to the current first largest heavyweight stock, holding 1662500 shares, an increase of 29.56% compared with the third quarter, and the holding market value accounted for 8.52% of the net value of the fund. Similarly, Lu Bin also increased the positions of “lithium industry leader” Tianqi Lithium Corporation(002466) , Ganfeng Lithium Co.Ltd(002460) and the positions by 8.1% and 55.52% respectively. Similarly, three “lithium” related enterprises: Sichuan Yahua Industrial Group Co.Ltd(002497) , Zhejiang Hangke Technology Incorporated Company(688006) , Qinghai Salt Lake Industry Co.Ltd(000792) also increased their holdings to varying degrees in the fourth quarter.
In addition, during the fourth quarter, Lu Bin added 113600 “leading insurance stocks” Ping An Insurance (Group) Company Of China Ltd(601318) shares, an increase of 13.68% over the third quarter, ranking the seventh largest heavy warehouse stock. It also added Beijing Originwater Technology Co.Ltd(300070) 7848300 shares of “sewage treatment leader”, an increase of 13.93% over the third quarter, ranking the 10th largest heavy warehouse stock. It is worth noting that during the fourth quarter, Lu Bin also slightly reduced his position of Byd Company Limited(002594) -18900 shares, which is currently ranked as the ninth largest heavy position stock.
As of the fourth quarter report, the shareholding concentration of HSBC Jinxin low-carbon Pioneer has increased significantly, from 49.26% in the third quarter to 57.68% in the fourth quarter.
In terms of positions, it is basically consistent with the high positions in the third quarter. At present, stock investment accounts for 93.18% of the total assets of the fund.
In the four seasons report, Lu Bin mentioned that the current risk premium level of the market is near the historical center. At the same time, under the requirements and tone of “taking economic construction as the center” and “making progress while maintaining stability”, the macro policy is expected to continue to exert force, the external environment of the market is relatively warm, and the internal structural opportunities will be more balanced. HSBC Jinxin low carbon pioneer fund has long focused on investing in low-carbon and new energy industries. The new energy industry has large long-term space, low penetration and many high-quality companies. At the same time, there will be many investment opportunities for technological innovation. In 2022, we will pay close attention to the policy direction of the new energy industry and the competition pattern of all links, and dynamically compare the valuation level. Use the investment strategy based on fundamentals and valuation to dynamically grasp the investment opportunities of new energy industry in 2022.
Zhao Yi: Position Reduction Contemporary Amperex Technology Co.Limited(300750) , Ganfeng Lithium Co.Ltd(002460) and other new energy stocks, Wingtech Technology Co.Ltd(600745) top ten “new entrants”
Investors also pay attention to the four seasons report of ABC Huili new energy theme fund managed by Zhao Yi, the “champion fund manager” in 2020.
In terms of specific position adjustment, the operation is slightly different from that of Lu Bin. In the fourth quarter, the theme of Agricultural Bank of China Huili new energy began to reduce positions of relevant new energy stocks. As of the fourth quarter report, the fund currently holds Contemporary Amperex Technology Co.Limited(300750) 3864800 shares, a decrease of 2.48% compared with the third quarter, accounting for 7.90% of the net value, always ranking the first heavy position stock. In addition, he also reduced China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Longi Green Energy Technology Co.Ltd(601012) , Ganfeng Lithium Co.Ltd(002460) to varying degrees. Although the holdings have been reduced, the shareholding is still relatively concentrated. Most of the above-mentioned stocks account for 6-8% of the net value of the fund.
In addition, Guangdong Jiayuan Technology Co.Ltd(688388) withdrew from the top ten heavyweight stocks, while Wingtech Technology Co.Ltd(600745) “newly entered” the top ten stocks, currently holding 10.8249 million shares, ranking the eighth heavyweight stocks.
In terms of positions, it decreased slightly from 86.62% in the third quarter, and the proportion of stock investment in the total assets of the fund in the fourth quarter was 85.43%.
In the four seasons report, Zhao Yi said that looking forward to the next quarter, for the photovoltaic industry, at present, the price of upstream silicon began to loosen and the price of other links began to fall. From the perspective of fundamentals, there continues to be a game between various links of the industry. Considering that the stock price has been ahead of the fundamentals and the valuation has been very high, The cost performance is relatively poor, and enterprises with core competitiveness can only be selected in a longer time dimension; For new energy vehicles, it is still 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 increasing month on month in the first quarter. However, considering that in the coming year, the production capacity of all links will be released one after another, and the balance between supply and demand will be reversed one after another, As for the enterprises transforming into new energy this year, they also face the problem of performance realization. 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, continue to maintain the configuration idea of focusing on new energy vehicle batteries and materials, and stack photovoltaic, military industry High end manufacturing industries such as vehicle specification semiconductor.
Cui Chenlong: China Three Gorges Renewables (Group) Co.Ltd(600905) the top ten “new entrants” became the largest heavy position stocks, significantly increased their holdings of Byd Company Limited(002594) , Eve Energy Co.Ltd(300014) , Contemporary Amperex Technology Co.Limited(300750) and
On January 24, as the champion of public funds in 2021, funds such as Qianhai open source new economy and Qianhai open source utilities managed by Cui Chenlong, manager of Qianhai open source fund, disclosed the four seasons report.
The reporter found that Cui Chenlong made great moves to adjust his position in the fourth quarter. Take Qianhai Kaiyuan new economy quarterly as an example, Sdic Power Holdings Co.Ltd(600886) , Hunan Zhongke Electric Co.Ltd(300035) , Hoshine Silicon Industry Co.Ltd(603260) withdrew from the top ten heavy positions. China Three Gorges Renewables (Group) Co.Ltd(600905) , Navinfo Co.Ltd(002405) , Huaneng Power International Inc(600011) are the top ten “newcomers”.
As of the fourth quarter report, the fund held China Three Gorges Renewables (Group) Co.Ltd(600905) 159402700 shares, accounting for 8.39% of the net value of the fund. At present, it is the largest heavy warehouse stock.
As of the fourth quarter report, Cui Chenlong has significantly increased his holdings of hot new energy stocks, such as Byd Company Limited(002594) , Eve Energy Co.Ltd(300014) , Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Senior Technology Material Co.Ltd(300568) . The number of shares held in the fourth quarter increased by 84.82%, 43.24%, 110.28% and 134.56% respectively compared with the third quarter, ranking the second, third, fourth and seventh largest stocks respectively.
In addition, Xiamen Faratronic Co.Ltd(600563) , Trina Solar Co.Ltd(688599) also increased their holdings to varying degrees.
From the perspective of shareholding concentration, the fourth quarter (62.83%) decreased slightly compared with the third quarter, but it is still much higher than similar fund products (34.86%).
In terms of positions, the position of the fund in the fourth quarter was slightly higher than that in the third quarter. At present, the proportion of stock investment in the total assets of the fund is 91.29%.
Cui Chenlong mentioned in the four seasons that the whole human society is currently at a major turning point of 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 energy revolution of human society. New energy operators begin to improve their business model, with high certainty of medium and long-term growth. Compared with the manufacturing end, they have lower penetration, 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.
In the fourth quarter, the overall fluctuation of the industry was enlarged, and the possibility of continuous fluctuation in the short term was not ruled out. 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 common growth of the industry and excellent enterprises. In other industries, we will also adhere to the bottom-up stock selection idea, start from the fundamentals, and strive to tap investment opportunities with medium and long-term investment value. At the same time, we also hope that all investors will 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.
disagreed on the new energy investment strategy: some increased their positions on a large scale, and some began to adjust their positions
Since the beginning of the year, the new energy sector has been adjusted. According to the four seasons report, star fund managers have obvious differences on the new energy investment strategy. Some are still adding positions on a large scale, while others have been warning the new energy investment risks and began to adjust positions.
For example, sun haozhong, manager of Xincheng medium and small cap hybrid fund, reduced the allocation weight of new energy and semiconductor sectors in the fourth quarter, and made a certain balance in the subdivision directions of new energy, high-end manufacturing, national defense and military industry, automotive electronics and so on. He said that due to the lack of financial report verification, frequent information on competition and game in the industry, strengthened supervision of high-frequency trading funds, style switching brought by the cashing of income at the end of the year and other factors, there was a phased correction in the new energy sector.
Yu Hang, the manager of YONGYING growth pilot hybrid fund, reduced his holdings of Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Inovance Technology Co.Ltd(300124) and other new energy stocks. He believes that the seemingly booming market of new energy vehicles and photovoltaic industry actually contains a great crisis, because the following must be a substantial increase in capital expenditure, and barbarians outside the door will also flock to it. Through more fierce competition, reduce costs and promote the substitution of old and new energy. Although the process is tragic, this is the only way for the development of new energy industry.
The Ruiyuan balanced value three-year holding hybrid securities investment fund managed by Zhao Feng also reduced its holdings of new energy in advance in the fourth quarter and cashed in some earnings. He said that with the sharp rise of individual stocks in new energy related fields, the cost performance of relevant stocks has decreased, and we have cashed in some earnings moderately.
Zheng Zehong, the star fund manager of Huaxia Fund, also warned investors of the risks of new energy again in the four seasons report. He believes that although new energy is a good industry, the yield in the past three years is very high. Looking at the next three years, he personally believes that there is more room for yield. 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. Zheng Zehong suggested that investors “should reduce the expectation of short-term new energy yield”.
In addition, Li Xiaoxing said in the latest four seasons that there will still be a lot of investment opportunities in photovoltaic, wind power, power grid equipment, energy storage and electric vehicles. However, the investment opportunities in the above five segments have been fully explored in 2021, and some stock prices are even in front of the fundamentals. This increases the difficulty of investment in 2022. “In 2022, we should make more efforts in the selection of industrial chain links and the mining of individual stocks”.
Guangfa Small Cap Growth managed by Liu Gesong, star fund manager of Guangfa fund, reduced its stock position, including reducing its position in new energy leading enterprises such as Longi Green Energy Technology Co.Ltd(601012) , Eve Energy Co.Ltd(300014) .
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