In the 10 billion private equity camp, Ningquan assets are particularly eye-catching.

This is not only because founder Yang Dong was once the founder and the first general manager of the well-known Public offering Xingquan Fund, and the entrusted management scale of "running for private affairs" exceeded 10 billion yuan in just one year.

What's more, Yang Dong is very sensitive to the head and bottom of stock assets.

He was openly bearish in 2007 and 2015, both of which were accurate, and the increase in positions at the bottom of the stock market at the end of 2018 was decisive.

This reflects Yang Dong's "sense of smell" of trading.

What has such a good trader been up to lately?

One of the answers isIncrease the position of A-share assets！

It was judged as "Xiao Nian" at the beginning of the year.

The Capital Office learned that since the beginning of the year, Ningquan assets have mentioned that 2021 is a "small year" in the exchange of holders.

The so-called "small year" means that it is difficult to replicate the market of the past two years this year after two consecutive years of rising prices from 2019 to 2020, and we have to face the digestion of valuations and the adjustment of index points.

Research by relevant research institutions also showsNingquan assets' products are generally conservative this year, controlling stock positions, especially not chasing hot spots and choosing assets with a high margin of safety.

In addition, Ningquan assets also actively use derivatives such as individual stock options, and allocate convertible bonds and Hong Kong stocks.

It can be seen that Yang Dong's investment style this year is relatively conservative.

In the third quarter, it turned to be "somewhat" positive.

However, this year, Yang Dong's tens of billions of entrusted assets will intermittently invest in some companies, such as those invested at the beginning of the year.Zhaochi co., Ltd.等。

This increase in positions began to become "fierce" at the end of the third quarter.

Announcements of relevant listed companies show that at the end of the third quarter, Ningquan assets not only maintained its stake in Daya Elephant, but also reduced its early holdings.Chau Ming Technology, LiadIn addition to the company, new entrants have been added.Huazi Technology and ao Jiahua。

And the action of increasing the position is relatively big this time.In total, Huazi Technology holds a market capitalization of more than 150 million (same as the data at the end of the third quarter). Ao Jiahua even increased his position in 8.02 million shares, with a market value of 180 million yuan at the end of the quarter!In addition, Ning Quan continues to buy Hong Kong stocks.Oriental Securities, Yang Dong is obviously more attracted to the varieties of big consumption, big manufacturing and big finance.

On the contrary, Yang Dong has not been involved in the new energy sector that he warned at the beginning of the year.

If you hold up and don't buy, if you fall, you will increase your position?

Among them, Yang Dong's attitude towards the two stocks of Daya Elephant and Aojiahua is worth remembering.

Daya Holy Elephant is mainly engaged in composite fibreboard, composite wood flooring and so on, is a leading enterprise in this field.

However, this industry is closely related to the popularity of furniture decoration, and it has also been deeply affected by the decline of the real estate industry since the beginning of this year. Share prices have fallen by more than 40% from their peak this year.Ao Jiahua is a company in the field of health care, mainly engaged in household massage chairs, is one of the top three domestic companies in this field. Its decline during the year was also close to that of the Great Asian Idol.

But the company that this kind of trend retreats ceaselessly, did not let Yang Dong waver.

For Daya Sheng Elephant, Ningquan assets basically completed the construction of the warehouse in the first quarterly report.The stock has been falling since it hit a new high for the year in April, while Yang Dong has held the company steadily without reducing its positions.

Ao Jiahua is a popular company held by public funds this year, which doubled in the first half of the year, nearly halved in the second half of the year, and has been busy for 11 months with "negative" earnings.

Such a company is also the key participation of the whole department fund, but Yang Dong did not control the rhythm before, but launched a large-scale attack at the bottom of this round of the company and entered the top ten shareholders of the stock in one fell swoop.

Attack brokerage stocks

In addition, among the representative products of Ningquan assets, the preference for financial institutions is also more obvious.

According to the information learned by the Capital Hall, among the main investment industries of Ningquan assets, there are two major financial industries in the top five, respectively.Non-bank finance and banks.According to the latest announcement, Ningquan assets continued to increase its stake in Oriental Securities by 370000 shares in the Hong Kong stock market on November 4, at a price of HK $6.11 per share, with a total amount of HK $2.2607 million.

After this increase, Ningquan assets hold 123 million shares of Oriental Securities, with a market capitalization of more than HK $700 million.

In retrospect, it has been increasing its holdings of Hong Kong stocks Oriental Securities since the first quarter of 2020. Ningquan bought a total of five times from March to July last year, and Ningquan assets increased its holdings three times in January, March and June in 2021.According to the K chart of Oriental Securities, after the share price of Oriental Securities rose in the past year, the stock price began to adjust since late August.Ningquan assets is still a "down" trend once again homeopathy received Oriental Securities low-price chips.

In the public information, Ningquan assets are interested in mainland securities firms listed in Hong Kong stocks. Since the beginning of this year, Ningquan assets have gradually increased their holdings in Hong Kong stocks.Central Plains Securities, Guotai Junan, CITIC Construction InvestmentWait for three brokerage stocks.

This posture of "horizontal knife standing on the horse" is really Yang Dong's style.

The undervalued target is the main one.

Information from channels shows that Ningquan assets' judgment of the recent market is still relatively "neutral." they believe that in addition to new energy, the plates sought after by recent funds have spread to periodic products and chemicals with rising product prices, but the hot spots between plates rotate very fast, the rise in stock prices is difficult to sustain, and the effect of making money is not obvious.

As for the position portfolio in the third quarter, the 10 billion private equity company pointed out that "Based on defense, mainly based on undervalued targets."the logic of:

Some of the undervalued stocks held are concerned by the market under the background of carbon neutrality, the valuation has been repaired to a certain extent, and the net worth of products has made a positive contribution to the net worth. The net value of products has reached a new high in the market volatility, and although there is a pullback at the end of the quarter, it is not far from the high point. the current market is relatively boring, the valuation is not attractive, and many hype targets that lack the basis for valuation have great risks in the future. therefore,Seeing more and moving less is more suitable for the current market environment.