Under the background of continuous shock and differentiation of the market, “top flow” fund managers began a new round of position adjustment and stock exchange. The disclosed fourth quarter report of the fund in 2021 shows that “top stream” fund managers have deeply explored stocks with excellent performance and high cost performance in their respective fields.
Although the rhythm of position adjustment is difficult to be consistent, the shareholding “posture” of “top flow” fund managers is the same. The latest positions of Li Xiaoxing, Zhou Yingbo, Zhao Yi, GUI Kai and Ge Lan were further dispersed compared with the third quarter of 2021. The proportion of the top ten heavy positions in the net asset value of the fund decreased to a certain extent, and the largest heavy positions of fund managers accounted for only 5.31% of the net asset value of the fund.
For the market in 2022, many “top stream” fund managers believe that “shock differentiation” is still the key word. The consumption sector is more optimistic than 2021, and the pharmaceutical industry chain is still the most promising direction in the long term. However, the new energy sector is already in the bubble and needs to be carefully screened.
different rhythm of warehouse adjustment
Yinhua Xinyi is one of the funds managed by Li Xiaoxing with balanced positions in technology, consumption and medicine. Compared with the end of the three quarter of 2021, Li Xiaoxing added Baijiu, medicine and reduced energy, and six stocks were the top ten largest stocks in the fund. Ganfeng Lithium Co.Ltd(002460) , China Three Gorges Renewables (Group) Co.Ltd(600905) , Shenzhen Inovance Technology Co.Ltd(300124) , Tongwei Co.Ltd(600438) , Longi Green Energy Technology Co.Ltd(601012) , Shenzhen Kedali Industry Co.Ltd(002850) withdrew from the top ten heavy position stocks and Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Qinghai Salt Lake Industry Co.Ltd(000792) , Tianqi Lithium Corporation(002466) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Wuxi Apptec Co.Ltd(603259) , Wuliangye Yibin Co.Ltd(000858) replaced them.
Similarly, Zhou Yingbo, whose investment trend is “boom trend”, has also changed Kwai Chung stocks. The top ten big stocks in the seven new stocks and new China and Europe will be Qinghai Salt Lake Industry Co.Ltd(000792) , Wingtech Technology Co.Ltd(600745) , Bluefocus Intelligent Communications Group Co.Ltd(300058) , Mango Excellent Media Co.Ltd(300413) , Shenzhen Desay Battery Technology Co.Ltd(000049) , fast hand and Avary Holding (Shenzhen) Co.Limited(002938) . Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Sangfor Technologies Inc(300454) , China Baoan Group Co.Ltd(000009) , Tencent holdings, meituan, Guangzhou Tinci Materials Technology Co.Ltd(002709) , Contemporary Amperex Technology Co.Limited(300750) were transferred out of the top ten heavy positions.
In 2021, the most popular sector for investment is new energy. Zhao Yi of Agricultural Bank of China Huili fund, Li Rui of Oriental fund and other celebrities have become popular in the field of new energy. According to the report of Agricultural Bank of China Huili new energy in the fourth quarter of 2021, Zhao Yi’s position as a whole is at a relatively stable level, and the structure has not been greatly adjusted on the basis of the previous quarter. He has increased his position by Shanghai Putailai New Energy Technology Co.Ltd(603659) , Wingtech Technology Co.Ltd(600745) , Guangdong Jiayuan Technology Co.Ltd(688388) and withdrew from the ranks of the top ten heavy positions. In the fourth quarter of 2021, among the top ten heavyweight stocks of Dongfang new energy vehicles managed by Li Rui, the new varieties include Beijing Easpring Material Technology Co.Ltd(300073) , Jiangsu Cnano Technology Co.Ltd(688116) , Shenzhen Capchem Technology.Ltd(300037) , Ganfeng Lithium Co.Ltd(002460) were transferred out.
According to the 2021 fourth quarter report of e fund for consumer industry managed by Xiao Nan, the “top stream” of consumption, while reducing the positions of some household appliances, it has increased the positions of household appliances. Although these two industries share weal and woe with the real estate industry chain, Xiao Nan judged that the pattern of the home appliance sector has been basically stable, and the companies that can significantly surpass their competitors in the future can also be seen in the home appliance sector. Looking at its holdings, the same as the previous quarter, Baijiu shares still ranked the top five heavily loaded stocks in the consumer industry. On this basis, Oppein Home Group Inc(603833) and Haier Smart Home Co.Ltd(600690) the top ten heavy positions of new funds, Shanghai Bairun Investment Holding Group Co.Ltd(002568) , Beijing Shunxin Agriculture Co.Ltd(000860) were transferred out.
Since 2021, the pharmaceutical sector has continued to adjust, but the individual stock positions of the two pharmaceutical “goddess” fund managers have not changed much. Ge Lan reduced his holdings in vaccine stocks and increased his positions in traditional Chinese medicine stocks. Among the top ten heavyweight stocks of China Europe medical and health under her management, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) and the new top ten heavyweight stocks of Kyushu pharmaceutical, Chongqing Zhifei Biological Products Co.Ltd(300122) , Shanghai Medicilon Inc(688202) were transferred out. In addition, Glenn continued to increase its position of Wuxi Apptec Co.Ltd(603259) , which accounted for 10.05% of the net asset value of the fund. In terms of position, by the end of the fourth quarter of 2021, the stock position of China EU medical and health fund was 81.47%, down 8.15 percentage points from the previous quarter.
ICBC Credit Suisse Frontier Medical, managed by Zhao Bei, also increased its position by nearly 6.5 million shares Wuxi Apptec Co.Ltd(603259) , which accounted for 9.54% of the fund’s net asset value from 9.12% at the end of the third quarter of 2021. In terms of adjustment of heavy position stocks, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shenzhen Changhong Technology Co.Ltd(300151) newly added top ten heavy position stocks of the fund, Joinn Laboratories (China) Co.Ltd(603127) , Pharmaron Beijing Co.Ltd(300759) were transferred out.
In terms of Hong Kong stocks, Zhou Yingbo said that in the fourth quarter of 2021, the allocation position of Hong Kong stocks was significantly reduced in terms of innovative future fund allocation, focusing more on A-share investment. However, in the top ten heavy margin stocks of China and Europe, the Hong Kong stock variety Shun Yu optical technology is still the largest heavy position stock, and the share of the fund’s net assets is close to 10%. Kwai Yu listed companies are the ten largest companies in the new stock market. Tencent holdings and meituan were transferred out.
Among the three funds held by e-fund blue chip selection, e-fund high-quality selection and e-fund high-quality enterprises managed by Zhang Kun for three years, Tencent holdings is the largest heavyweight stock. Among them, the proportion of Tencent holdings held by e fund blue chip selection and e fund high-quality enterprises for three years accounted for more than 10% of the net asset value of the fund.
shareholding dispersion into a consensus
Although the Yinhua Xinyi flexible allocation hybrid managed by Li Xiaoxing had a stock position of 94.59% at the end of the fourth quarter of 2021, an increase of 1.86 percentage points over the previous quarter, his position was further dispersed, and the number of individual stocks accounting for more than 5% of the net asset value of the fund decreased to 5 from 7 at the end of the previous quarter. At the end of the fourth quarter of 2021, the top ten heavyweight stocks of the fund accounted for 52.98% of the net asset value of the fund, compared with 57.87% at the end of the previous quarter.
The China Europe Innovation future managed by Zhou Yingbo has also decentralized its positions. Except that the positions of two stocks, Shunyu optical technology and Luxshare Precision Industry Co.Ltd(002475) , account for more than 9% of the net asset value of the fund, five stocks account for about 3% of the net asset value of the fund. At the end of the previous quarter, eight stocks accounted for more than 4% of the fund’s net asset value.
Zhao Yi also carried out decentralized operation. At the end of the fourth quarter of 2021, among the top ten heavyweight stocks of ABC Huili new energy, there were no stocks accounting for more than 8% of the net asset value of the fund, and the number of stocks accounting for more than 6% of the net asset value of the fund decreased to 7 from 8 at the end of the previous quarter. From the stock position, ABC Huili new energy decreased by 1.19 percentage points compared with the end of the previous quarter.
Compared with the third quarter of 2021, harvest emerging industry managed by Guikai has no change in the top ten heavy positions, but its positions are further dispersed. The number of individual shares accounting for more than 6% of the fund’s net asset value decreased from 7 at the end of the previous quarter to 4.
Although there was little change in the types of positions, Li Rui of Dongfang fund adjusted the position structure and further dispersed the positions. Yunnan Energy New Material Co.Ltd(002812) as the largest heavyweight stock of the fund, it accounted for only 5.31% of the net asset value of the fund, the top ten heavyweight stocks accounted for only 39.6% of the net asset value of the fund, and the proportion was 42.82% at the end of the third quarter of 2021.
Although Ge Lan further increased its position Wuxi Apptec Co.Ltd(603259) , among the top ten heavy position stocks, the proportion of positions in other stocks decreased.
The proportion of Aier Eye Hospital Group Co.Ltd(300015) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) and other stocks in the net asset value of China EU medical and health fund decreased by more than 2 percentage points. Coincidentally, the stock position of ICBC Credit Suisse Frontier Medical under Zhao Bei’s management was 81.32% at the end of the fourth quarter of 2021, down 3.22 percentage points from the previous quarter. The number of individual stocks accounting for more than 6% of the net asset value of the fund decreased from 7 at the end of the third quarter of 2021 to 4.
actively looking for new kinetic energy
For the market view of 2022, Li Xiaoxing summarized it as “carbon neutralization, stable consumption, focusing on core assets”. He believes that the consumer sector as a whole is more optimistic than that in 2021, and the investment in the new energy sector is more difficult, so more efforts need to be made in the selection of industrial chain links and the mining of individual stocks. Zhou Yingbo’s view is “patiently waiting for the bottom of the economy, carefully screening new energy bubbles, and actively looking for new energy.”
Zhao Yi said 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 the perspective of fundamentals, the game continues to exist between various links of the industry. Considering that the share prices of some companies have “run ahead of the fundamentals”, when the valuation is already very high, the cost performance is relatively poor, so we can only choose companies with core competitiveness in a longer time dimension.
For the new energy vehicle sector, Zhao Yi said that the certainty and growth rate are still very high, especially the production scheduling of leading enterprises in the battery industry chain is still at a high level. With the continuous expansion of the production capacity of first-line companies, the production scheduling in the first quarter is still improving month on month. However, considering that the production capacity of all links begins to be released in succession in the future, the balance between supply and demand will begin to be reversed in succession. Enterprises that have recently transformed into new energy vehicles will also face the problem of performance realization. Zhao Yi believes that there will be differentiation in the future. Considering that the battery link is in the pattern of multi application resonance, it is necessary to select companies with core competitiveness and continue to maintain the configuration idea focusing on new energy vehicle batteries and related materials.
For the consumer sector, Li Xiaoxing said that the negative factors faced by the consumer sector will be significantly weakened in 2022. In the subdivision industry, we hope that the high-end liquor and the second high-end varieties with national expansion potential will be added to the Baijiu Baijiu liquor because the medium and long-term performance is highly determinate.
Gran said that from the perspective of future configuration direction, the innovative drug industry chain is still the most promising direction in the long term. From the top-level design of policies to the innovation accumulation of Chinese enterprises in recent years, China’s innovative drug industry chain has been maintained in a state of high vision for a long time. In addition, with the improvement of Chinese residents’ consumption ability, knowledge structure and cognitive level, the penetration of products and services and the residents’ ability to pay are continuously improving, and the leading enterprises in relevant industries have long-term growth space.
Zhao Bei is also optimistic about the innovative drug industry chain. She said that after this round of adjustment, the valuation of Hong Kong stock biomedical sector has entered a relatively reasonable stage, the investment and financing heat of the primary market remains at a high level, and the innovative drugs and innovative drugs industry chain may still maintain a high growth state in the future. From the perspective of valuation and cost performance, it has entered an attractive stage and is still strategically optimistic about this direction.
In terms of Pro cyclical industries, Li Xiaoxing believes that most value stocks in the industry will have a certain absolute return, and the excess return depends on the overall strength of economic repair. Bank stocks are more optimistic about the sector, with a neutral attitude towards the real estate industry.
