According to the Fund's four Seasons report, Qiu Dongrong, a 10 billion fund manager, placed heavy positions in Hao Neng shares, Nanshan Aluminum, and Qianjin Pharmaceutical in the fourth quarter, while another 10 billion fund manager, Shi Chengxin, held heavy positions in Tibet Mining, Salt Lake shares, and Shengxin Lithium Energy.

Since the beginning of 2022, the market style has changed again, including hot tracks such as new energy. At the same time, the four Seasons newspaper of public offering funds is also in full swing to disclose that the positions of the first batch of 10 billion fund managers, such as CIC Ruiyin Shi Cheng and China Geng Fund Qiu Dongrong, have also surfaced, and their latest position changes and prospects for the future may have certain guidance and reference significance for investors who are experiencing fluctuations.

Qiu Dongrong in last year's outstanding performance, this year's performance once again rushed to the forefront. In the third quarter, he substantially adjusted his positions into energy, finance and other fields, and in the fourth quarter, with the overall continuation of this line of thinking, he increased the layout of Hong Kong stocks and other areas. In addition, he was included in the heavy position of Hao Neng shares for the first time, and was also favored by well-known private equity Gao Yi assets.

And Shi Cheng is one of the new energy stars, the first to disclose the quarterly report. He is actively increasing the fields of materials such as lithium ore and lithium carbonate upstream of new energy. However, the plate also due to the previous valuation is too high and there is a sharp correction, he will continue to be optimistic?

Continue the layout of Hong Kong stocks, energy, etc.

Qiu Dongrong and Gao Yi and Deng Xiaofeng chose the same stock.

Qiu Dongrong is a typical undervalued faction in the market. After two years of dormancy, management performance broke out in 2021. At the end of the second quarter, his management scale exceeded 10 billion yuan for the first time, and reached 17.425 billion yuan at the end of the fourth quarter.

As of the close of trading on January 18, since 2022, the annual net value growth rates of the medium Geng value pilot and the medium Geng value quality held by Qiu Dongrong have also reached 6.98 per cent and 6.23 per cent respectively, ranking second and third among 2670 similar funds, respectively. On the other hand, the performance of the two funds with medium Geng small-cap value and medium Geng value is slightly inferior, with returns of only 2.85% and 2.67% respectively during the year. The reason behind this is that Qiu Dongrong did not share the same idea of adjusting positions when managing the four funds.

Judging from the just disclosed four Seasons report, the value pilots and value quality stocks held in one year have continued the layout thinking of Hong Kong stocks, energy, finance, real estate and other sectors in the third quarter as a whole. In the value navigation, Yanzhou Mining Energy, CNOOC Limited and other Hong Kong stocks were newly placed in heavy positions, but they were selected by value and quality for a year as early as the second and third quarters. In addition, the real estate company Jindi Group also entered the ranks of heavy positions in the fund for the first time. In addition, he continued to hold heavy positions for targets such as Sunong Bank and Changshu Bank.

Table 1 Top Ten heavy stocks led by Middle Geng value

Among the top 10 stocks held by Zhong Geng in value and quality in a year, the number of Hong Kong stocks has reached 6, including Yanzhou Mining, CNOOC Limited, China Overseas Land & Investment, China Hongqiao, China Coal Energy and China Everbright Bank. In the four Seasons report, fund managers said they were optimistic about the market value of Hong Kong stocks and some Internet stocks.

Table 2 Top Ten heavy stocks with Middle Geng value and quality a year ago

Mr Yau said:

First, the value stocks of Hong Kong stocks are basically leading enterprises or central enterprises, these assets are of very high quality, can best withstand fundamental pressure, so the risk is less. For example, the leading companies of telecom operators, real estate, banking, insurance, energy and coal are all the best and hardest forces in China's economy. The Internet business of Hong Kong stocks is deeply embedded in the Chinese economy, the pattern is clear, but its core business barriers are still relatively solid. Second, the price is lower or the price is cleared thoroughly. The value stocks of Hong Kong stocks corresponding to the value stocks 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. The Internet stocks of Hong Kong stocks are under all kinds of pressure, and the valuation falls to the undervalued level; third, the risk is released more fully in the transaction, and the transaction is not crowded. With the gradual release of fundamentals, regulatory and liquidity pressures, Hong Kong stocks deserve attention.

In the small market value of Zhong Geng, Qiu Dongrong has recently excavated a lot of investment targets. Among the top ten heavy stocks, Haoneng shares, Nanshan Aluminum and Qianjin Pharmaceutical are the targets of the fund for the first time. He pointed out in the four Seasons newspaper that for the choice of heavy stocks, he mainly focused on three directions, and the subdivision of leading companies with unique competitive advantages in the manufacturing industry in a broad sense is one of the directions.

Table 3 Top Ten heavy stocks in medium Geng small Market value

It includes not only the seemingly traditional manufacturing industry, but also the manufacturing industry with technical process barriers, such as new materials, components, components and so on. Since the epidemic, the chain connection and network advantages of China's manufacturing industry have become more and more obvious, and talents, markets, categories and stability have prompted enterprises to accumulate, break through, cut in, and apply, and the advantage of high-quality production capacity of China's manufacturing industry has been further broadened. the establishment and deepening of competitive advantage is still going on, which is expected to improve the profitability and quality of the manufacturing industry.

In this regard, he further explained.

Among them, Hao Neng shares, which belong to the leading companies in the tooth ring manufacturing industry, were heavily held by him for the first time, and the market value of their positions reached 208 million yuan, directly among the fourth largest heavy stocks. At present, the investment value of the company has not been fully excavated by public funds. As the four Seasons report has not yet fully disclosed, the fund that currently shows heavy positions in this stock has only one medium and small cap in the Middle Geng. At the end of the third quarter, there were only small and medium-sized public offerings such as genial Zhiyuan and clay innovation.

A reporter from Red Weekly looked up the three quarterly reports of Hao Neng shares and found that as early as the end of the third quarter, the value of Zhong Geng small-cap shares had already entered the list of the top 10 tradable shareholders of Hao Neng shares. It is worth noting that Gao Yi Xiaofeng Hongyuan Trust Plan and Gao Yi Xiaofeng No. 2 letter Fund were among the top 10 tradable shareholders at the same time, and this stock was favored by both star public offering and star private placement at that time.

New energy pullback pressure emerges

Shi Cheng believes that the prosperity of the plate will continue.

Unlike Qiu Dongrong's two funds, which performed well at the beginning of 2022, Shi Cheng, another 10 billion fund manager who has disclosed the four Seasons, needs to deal with the pullback pressure from the new energy sector. By the close of trading on January 18, all four funds under his management had withdrawn by 12%.

According to the four Seasons newspaper, the total size of the four funds managed by him has reached 21.166 billion yuan. In the management process, he chose a similar shareholding strategy. Take UBS New Energy, the largest investor under management, which had a stake of 92.83% at the end of the fourth quarter. The top 10 heavy stocks at the end of the fourth quarter were Yongxing Materials, Tianqi Lithium Industry, Jiangte Mechanical and Electrical Co., Ltd., Rongjie shares, Hesheng Silicon Industry, Dongyue Group, Tibet Mining, Northern rare Earth, Salt Lake shares and Shengxin Lithium Energy. The layout is mainly focused on the resources and materials upstream of new energy.

Table 4 Top Ten heavy stocks of UBS New Energy invested by China

For the reasons for the upstream layout, Shi Cheng said: "the profitability of emerging industrial enterprises continues to improve, the current profits continue to move upstream, and the profits of other links in the middle and lower reaches are being compressed." We expect this to happen in the coming year, or even longer. Until the final bottleneck is removed, the high added value of the industrial chain will be transferred to downstream or terminal applications. "

According to the 2021 performance forecast released by Yongxing Xincai on the evening of January 18, the company expects to achieve a net profit of 872 million to 923 million yuan for shareholders belonging to listed companies in 2021, an increase of 238 percent over the same period last year. Yongxing material said that during the reporting period, on the basis of the steady development of special steel new materials business, the production and marketing of lithium new energy business (lithium carbonate) was good, and its profitability increased significantly, which is also the main profit growth point of the company.

In addition, Tibet Mining, Salt Lake and Shengxin Lithium Energy are the latest varieties excavated in the fourth quarter. They also revolve around the theme of lithium carbonate. Among them, Tibet Mining Industry is mainly engaged in the mining and deep processing of chromite, lithium, copper, gold and boron ore resources. Shengxin Lithium Energy's main products are lithium carbonate, lithium chloride, lithium concentrate, metal lithium and rare earth products. Salt Lake's products also include lithium carbonate.

According to Shanghai Nonferrous net, the price of lithium carbonate rose from 53000 yuan / ton in 2021 to 275000 yuan / ton at the end of the year, an increase of 418.87 percent. Shanghai Metal Network also pointed out that in 2021, with the rapid development of new energy vehicles and energy storage industry, downstream customers' demand for lithium salt has grown strongly, driving the price of lithium carbonate to rise continuously. Especially in the fourth quarter of 2021, the price of lithium carbonate rose rapidly, while Yongxing material in the case of rapid rise in the price of lithium salt materials, the cost remained in a more reasonable range, and the profit increased significantly.

Perhaps their share prices have fallen this year because the big gains over the past year have led to high valuations. Among them, Yongxing material, even under the favorable performance forecast, is still not sought after by the market, and it still fell to the limit on January 19. Last year, the company's share price rose as much as 174.39% for the whole year.

However, for the prosperity of the new energy sector in 2022, Shi Cheng made a very positive prediction in the four Seasons report:

The profitability of emerging industrial enterprises continues to improve, the current profits continue to move upstream, and the profits of other links in the middle and lower reaches are being compressed. We expect this to happen in the coming year, or even longer. Until the final bottleneck is removed, the high added value of the industrial chain will be transferred to downstream or terminal applications. "

A list of some of the subjects involved in Table 5