Source: Broker China
Author: Wang Xiaoqian
The three-quarter report on funds managed by famous fund managers such as Qiu Dongrong and Liu Yuanhai has been released!
Specifically, within the third quarter,$Xiaopeng Motor-W (09868.HK) $It has become Qiu Dongrong's “favorite”. Zhonggeng's value leadership and Zhonggeng's value flexibility have greatly increased Xiaopeng Motor's position. Furthermore,$Green Leaf Pharmaceuticals (02186.HK) $,$Saiten Co., Ltd. (603283.SH) $etc., are also highly regarded. Qiu Dongrong is full of confidence in the future market. “Waiting for water to flow in a light boat to cross Wanzhongshan Mountain is hopefully the best time to hug.”
However, Dongwu Mobile Internet Hybrid, managed by Liu Yuanhai, still maintained the top three results of similar products in the first three quarters. Looking ahead to the fourth quarter, Liu Yuanhai is optimistic about investment opportunities benefiting from the development of AI technology in three directions: AI computing power and applications, electronic semiconductors, and automotive intelligence.
Qiu Dongrong: Waiting for water to flow in a light boat to cross Wanzhongshan
On October 20, five products managed by Qiu Dongrong released three quarterly reports.
In terms of performance, in the third quarter, the net value of Zhonggeng Value's leading value increased by 3.84%, and the excess yield reached 7.53%; the net value of the small market value of Zhonggeng Value fell 6.28% and the excess yield was 0.78%; the net value of Zhonggeng Value, with an excess yield of -0.73%; the net value of Zhonggeng Value's quality of value increased by 0.86%, with an excess yield of 4.57%; the net value of Zhonggeng's stock exchange rate fell 1.93%, with an excess yield of 4.44%.
In terms of stock positions, Zhonggeng's value leader fell to 92.64% in the third quarter, but remained high; Zhonggeng's small market value increased to 94.49%; Zhong Geng's value flexibility declined slightly to 94.34%; Zhonggeng's value quality fell slightly to 93.44%; and the value of Zhonggeng Kong Stock Connect increased to 99.31%.
In terms of heavy stocks, Zhonggeng Value led heavy positions in the third quarter$Hongqiao, China (01378.HK) $,$Meituan-W (03690.HK) $,$Xiaopeng Motor-W (09868.HK) $,$Shenhuo Co., Ltd. (000933.SZ) $,$Green Leaf Pharmaceuticals (02186.HK) $,$China Overseas Development (00688.HK) $,$COSCO HIPPON (01138.HK) $,$Chuan Yi Co., Ltd. (603100.SH) $,$Yuexiu Real Estate (00123.HK) $and quick hand. Among them, Xiaopeng Motor and Luye Pharmaceutical were added to the top ten heavyweight stocks, while the holdings of Meituan and Kuaishou declined compared to the previous quarter.
Zhonggeng's small market value and heavy position$Chuan Yi Co., Ltd. (603100.SH) $,$Saiten Co., Ltd. (603283.SH) $,$Changshu Auto Accessories (603035.SH) $,$Guangxin Co., Ltd. (603599.SH) $,$Emma Technology (603529.SH) $,$Shenhuo Co., Ltd. (000933.SZ) $,$Meichang Co., Ltd. (300861.SZ) $,$Liuyao Group (603368.SH) $,$Lihua Shares (300761.SZ) $with$Jing Chen Co., Ltd. (688099.SH) $. Among them, Saiten Co., Ltd., Shenhuo Co., Ltd., and Lihua Co., Ltd. were added to the top ten heavyweight stocks.
Zhong Geng's value is smart and heavy$Changshu Auto Accessories (603035.SH) $,$Huatong Co., Ltd. (002840.SZ) $,$Poly Development (600048.SH) $, Chuanyi Co., Ltd., Shenhuo Co., Ltd.$COSCO HIPPON (01138.HK) $,$Emma Technology (603529.SH) $,$Kanghua Biotech (300841.SZ) $,$Liuyao Group (603368.SH) $with$AntuBio (603658.SH) $. China Hongqiao, Shenhuo Co., Ltd., Xiaopeng Auto, Meituan, COSCO Haineng, Chuanyi Co., Ltd., China Overseas Development, Saiten Co., Ltd., Liuyao Group, and Kuaishou are heavily valued by Zhonggeng. Among them, Xiaopeng Motor and Saiten Co., Ltd. added to the top ten heavyweight stocks.
The value position of Zhonggenggang Stock Connect is heavy$Saisheng Pharmaceutical (06600.HK) $,$Xiaopeng Motor-W (09868.HK) $,$Hongqiao, China (01378.HK) $,$Meituan-W (03690.HK) $,$COSCO HIPPON (01138.HK) $,$China Overseas Hongyang Group (00081.HK) $,$Green Leaf Pharmaceuticals (02186.HK) $,$Peer Hunting & Hiring (06100.HK) $,$Okonvision Bio-B (01477.HK) $with$Kuaishou-W (01024.HK) $. Among them, Luye Pharmaceutical and Oukang Weishi Biotech have been added to the top ten largest stocks.
When discussing his views on the future market, Qiu Dongrong still maintains his confidence in the future market. In the third quarterly report, he said that the overall decline and downturn in the market is significant and takes a long time. The clear stock price level is visible to the naked eye. Valuation indicates a high implied return. From the investment perspective, it is a stage where opportunities are widely distributed. In particular, the starting point of valuation for some growth stocks with promising prospects is close to the level of the end of 2018, and many directions are beginning to flourish and cannot simply be classified as dreams and stories. It is worth studying and forward-looking layout. “Welcome the old and the new at the bottom of the market, price the 'new' and actively take risks, and wait for the water to flow to cross Wanzhongshan in a light boat, and hopefully embrace the best time.”
Qiu Dongrong said that his future focus includes several categories. The first is technology stocks such as pharmaceuticals, smart electric vehicles, etc. and internet stocks with strong business growth attributes and a lot of room for the future;
Second, the supply side is shrinking or rigid, but there are still high growth value stocks. The main industries include resource companies and energy transportation companies represented by basic metals, real estate, non-bank finance, etc. among large-cap value stocks;
Third, it is a cost-effective company with room for demand growth and a competitive advantage in supply. The main industries include non-ferrous metal processing, pharmaceutical manufacturing, machinery, electrical equipment and new energy, and auto parts.
Liu Yuanhai: The future A-share market may enter the era of technology stocks
In terms of performance, the net value of Dongwu Mobile Internet Hybrid A closed down 14.07% in the third quarter, and the excess yield was 0.76%; in the third quarter, the net value of Dongwu Mobile Internet Hybrid C closed down 14.11%, and the excess yield was 0.76%. However, Dongwu Mobile Internet Hybrid A still has revenue of 38.35% since this year, ranking second among similar products; Dongwu Mobile Internet Hybrid C has earned 38.13% since this year, ranking third among similar products.
In terms of stock positions, Dongwu Mobile Internet's hybrid position fell to 89.6% in the third quarter. The top ten most heavily traded stocks included$Kanayama Office (688111.SH) $,$Vail Shares (603501.SH) $,$Desai Seaway (002920.SZ) $,$Tianfu Communications (300394.SZ) $,$Zhongji Xuchuang (300308.SZ) $,$Shanghai Electric Co., Ltd. (002463.SZ) $,$Xinyi Sheng (300502.SZ) $,$IFF (601138.SH) $,$Zhuo Shengwei (300782.SZ) $with$Lixun Precision (002475.SZ) $. Among them, Shanghai Electric Power Co., Ltd., Xinyi Sheng, and Zhuo Shengwei added to the top ten most heavily traded stocks.
Liu Yuanhai said in the quarterly report that in the third quarter, the trend in the A-share market was weaker than expected. Although the end of July policy signal had already appeared, the market was still lagging behind the end of the policy for about two months. Risk appetite in the A-share market has declined markedly. Coupled with the outflow of capital to the north, the vulnerability of the market has increased. Since technology stocks are a high-beta industry, the adjustment in technology stocks in the third quarter was greater than the margin of market adjustment.
Looking ahead to the fourth quarter, Liu Yuanhai determined that the current A-share market policy may have already come to an end. With the gradual implementation of the steady growth policy, the profit of A-share listed companies may be expected to bottom out and rise. Therefore, the downside risk of the market may be small. After adjustments in the third quarter, the A-share market may be positive and optimistic in the fourth quarter. He is still relatively optimistic about technology stock investment opportunities represented by AI artificial intelligence.
“We believe that AI artificial intelligence technology is expected to drive global technology into a new cycle of innovation and application. At the same time, combined with the digital economy, it is expected to become a new growth engine for the Chinese economy over the next 3-5 years and longer. Therefore, we judge that the A-share market may enter the technology stock era in the next 3-5 years or even longer. We are optimistic about the technology stock market in the A-share market for the next 3-5 years or even longer.” Liu Yuanhai wrote. He said that the fund may continue to focus on technology stocks and strive to achieve a continuous rise in the fund's net worth by sharing the development of China's technology industry.
Looking at the main investment line, Liu Yuanhai believes that the main investment line for A-shares and technology stocks in the fourth quarter may still have to be searched around the main line of AI. He is relatively optimistic about investment opportunities in the following three directions benefiting from the development of AI technology, namely AI computing power and applications, electronic semiconductors, and automotive intelligence.
Editor/Somer