As a fund manager with 80 billion yuan in hand, Xie Zhiyu's influence in the industry can be ranked in the top five.

In the second quarter, his investment move was also particularly unusual.

Reducing positions by 1.3 billion yuan$Prolo Pharmaceutical (000739.SZ) $、Wentai Technology (600745.SH) $后，He turned his eyes to the Hong Kong stock market again. First, invest 840 million to take a position.$China Resources Beer (00291.HK) $And increased the position by nearly 700 million.$Sunny Optical Technology (02382.HK) $。

After a few moves, his position in Hong Kong stocks exceeded 30%, which is already the highest level since becoming a fund manager.

What exactly is Xie Zhiyu thinking? this must be a topic worth paying attention to.

The stock position of Heyi Hong Kong is a record.

Among the funds managed by Xie Zhiyu, Xingquan Yiyi has an extremely important position.

Not only because of its large scale, it exceeded 22.4 billion yuan at the end of June.

And because it is Xie Zhiyu's "product in charge" and "famous work".

In January 2018, Xie Zhiyu became a suitable founding fund manager, with this public offering fund of one of the largest in the industry at that time, he smoothly passed the 2018 "adjustment year" and successfully got out of difficulties with a net worth counterattack in 2019. Xie Zhiyu also thoroughly launched the personal brand.

Therefore, to some extent, the appropriate trend can also be regarded as the "concentrated performance" of Xie Zhiyu's investment trend.

According to Xingquan Heyi 2 Quarterly report, the proportion of the fund's investment in Hong Kong stocks through the "Hong Kong Stock Connect" channel exceeded 32% for the first time.

This record allocation means that Xie Zhiyu has further strengthened its bullish view on the value of Hong Kong stocks.

Does the counterattack rely on "old buddies"?

It is easy to pay attention to the study of suitable positions.$Kuaishou Technology-W (01024.HK) $。

Its position is too prominent: at the end of the second quarter, individual stocks accounted for 9.88% of net worth, within walking distance of the 10% legal limit.

Let's put it this way, whenever Kuaishou Technology has an increase of more than 3%, Xie Zhiyu will have to consider the issue of reducing positions.

Moreover, the allocation of this stock belongs to "fault first" in Xie Zhiyu's combination.

Haier Smart Home, the second largest stock in Xingquan, has only 5.42%, while China Resources Beer, the third largest stock, has only 3.73%. The allocation ratio lags far behind (below, Xingquan suitable for reporting heavy stocks in the second quarter).

Kuaishou Technology is one of the duo of short videos in China's Internet industry. Its influence is even jokingly called "old iron culture" by some people. From the public information, it can be found that Kuaishou Technology's flow and cash ability have been paid more and more attention in the public offering circle in the past year.

But is this one of Xie Zhiyu's considerations?

We don't know.

Photovoltaic stocks return to heavy stock sequence

At the most difficult time in 2018, a stock called Longji became the focus of Xie Zhiyu's portfolio.

At that time, the new energy subsidy policy declined, individual stocks fell back, and Longji once became the "mosquito blood" that the public was most worried about in Xie Zhiyu's combination.

However, after the difficult period, this stock once rose tenfold in the east wind of the new energy sector, becoming the "star stock" in the portfolio.

In the second quarter of 2022, Tongwei shares and Gu Household two new heavy warehouse stocks appeared in Xingquan Herun.

The former is the "peer" of Longji shares, while the latter is a gradual transformation of home decoration stocks from sofas to homes.

Whether the return of Tongwei shares to the list of heavy positions means that Xie Zhiyu's attitude towards the photovoltaic industry has changed, which is worthy of attention.

The position has been slightly reduced.

After skipping heavy stocks, I look back at the changes of Xie Zhiyu's stock position.

Overall, Xie Zhiyu separately managed the two funds, the overall position is still maintained at a high level, but slightly less than the previous quarter.

The stock position of Xingquan Herun decreased to about 90% from about 94% in the first quarter.

The stock position that is suitable for Xingquan has decreased by about 1%.

Positive temperature and recovery of the domestic economy

Xie Zhiyu said in the quarterly report that in the second quarter, China experienced the negative impact of sudden factors on the economy; the state took measures to help the economy in order to stabilize the economy and increase employment opportunities; as infrastructure investment continued to increase, real estate policies in some cities began to relax, and real estate sales have bottomed out since June.The domestic economy also showed a moderate recovery.

The International Federal Reserve continues to raise interest rates, and CPI remains high.Whether overseas demand slows remains to be seen.

In the second quarter, the indexes rebounded after the pullback, and the industries with better performance were mainly concentrated in new energy vehicles, photovoltaic and other areas, while the traditional cycle and consumer industries performed generally.

The fund maintained a relatively high position during the reporting period, resisting the impact of COVID-19 's epidemic situation, and will continue to select individual stocks, tap the company's long-term growth value, and constantly look for excellent companies with good investment performance-to-price ratio.