①Photovoltaics plummeted today, with public funds rumored to be forced to sell heavily; ②In the first quarter, a total of 34 funds held heavyweight in chongqing sokon industry group stock, and Liu Gesong participated in the management of six products, all of which held the stock.
Did the public fund suffer from the photovoltaic breakdown again on June 25th, according to the Finance Associated Press (Reporter Wu Yuqi)?
Today during trading hours, a rumor emerged pointing directly to the sharp decline of the photovoltaic sector due to the public fund's liquidation. In the rumor, “Guangfa (GF) Group suffered a liquidation crisis. Liu Gesong held long positions in photovoltaic and Sokon shares. The photovoltaic side could not sustain itself and was forced to liquidate.”
Some industry insiders analyzed that, on the one hand, public funds do not have the concept of "liquidation" and do not operate with leverage or margin trading in individual stock investments. On the other hand, the rise and fall of different sectors are not directly related, and the related rumors are not credible. Some netizens also support this view.
Industry insiders also analyzed that, if selling a holding stock of a public fund is defined as "forced to liquidate", then if a fund product has relevant sales actions due to liquidity management or position management, it also has the meaning of "forced to liquidate". Such rumors undoubtedly increased market panic in normal trading industry.
The photovoltaic sector experienced a sharp decline today. Wind data shows that as of the closing of June 25th, the Wanda Photovoltaic Concept Index fell by 1.52%. Looking at individual stocks, Sokon shares plummeted by the limit in the afternoon, with a daily turnover of 9.51 billion yuan and a current market value of 129.40 billion yuan. In addition, Sungrow Power Supply fell more than 5%, Aiko Solar Energy, Longi Green Energy and others fell nearly 4%, and other photovoltaic concept stocks such as JA Solar Technology, Trina Solar Co., Ltd. Tongwei Co., Ltd. and Hainan Drinda New Energy Technology all fell.
Sokon was a heavyweight holding for 34 funds during the first quarter.
As a photovoltaic giant with a market cap over 100 billion yuan, Sokon's limit down undoubtedly caused many investors to suffer losses.
As of the first quarter, Sokon was the major holding of 34 funds, involving 14 fund companies, with a total of 52.1811 million shares held. Among them, Guangfa Fund's holdings are far ahead. According to the publicly available data statistics, seven products of the company rank among the top ten public funds holding Sokon's stock.
Data of the top ten public funds holding Sokon's stock and position at the end of Q1 2024 (source: Wind)
The largest holding of Sokon is Guangfa Technology Pioneer, managed by Liu Gesong, which held 8.7093 million shares with a market value of 758 million yuan in the first quarter. The latest size of the fund is 8.383 billion yuan, the latest net value is 0.72, and the performance in the past year is -19.43%.
In addition, Liu Gesong also holds long positions in Sokon in five other products including Guangfa Industry Strict Selection Three Years Holding, Guangfa Small-cap Growth, Guangfa Dual-engine Upgrade, Guangfa Innovation Upgrade, and Guangfa Multi-element Emerging Market. The number of shares held in each product exceeds 2 million. Li Bo's Trust Energy New Energy Selection also held 3.7188 million shares.
In terms of changes in holdings, Liu Gesong participated in the management of six products. Except for Guangfa Innovation Upgrade co-managed with Wu Yuanyi, all these products reduced their holdings in Sokon compared to the previous reporting period.
However, Liu Gesong has always been a supporter of the photovoltaic and semiconductor sectors. Taking Guangfa Technology Pioneer as an example, which he represents, except for Sokon, the heavy stocks held in the first quarter were also photovoltaic concept stocks such as Sungrow Power Supply, EVE Energy Co., Ltd., JA Solar Technology, Trina Solar Co., Ltd., JinkoSolar, Naura Technology Group, SG Micro Corp, Advanced Micro-fabrication Equipment Inc. China and Hangzhou First Applied Material. The holding style of other products under his management is similar.
Liu Gesong, who has always adhered to photovoltaics, also talked about investment logic in the quarterly report. He stated that the photovoltaic and related industry chain targets, which have a heavy position in the fund's holdings, showed a continuous improvement in profitability and industry competitiveness in the annual report. At the same time, the industry's terminal presentation also showed a warming trend, maintaining optimism about the photovoltaic industry chain. He still bullish on the consumption demand stimulated by policies for new energy vehicles and consumer electronics, so he also maintains a certain position in new energy vehicles and semiconductor industries.
Many fund managers are still advocates of new energy.
As one of the subdivisions of the new energy sector, the performance of photovoltaics has not been satisfactory in recent years. Under the rapid rotation of the sector, the once brilliant new star-the new energy sector-has gradually declined. Some fund managers have already adjusted their positions, except for Liu Gesong, many well-known fund managers are still sticking to new energy.
As star fund manager of Qianhai Open Source Fund, Cui Chenlong has many products holding new energy stocks, such as M & S Electronics Technology and Hangzhou Sunrise Technology which are heavily held in Qianhai Open Source Hengqin New Opportunities Mix.
Zheng Chengran, also from Guangfa Fund, has heavy positions in new energy. His managed Guangfa High-end Manufacturing has reached a scale of 7.842 billion yuan and holds many new energy stocks such as Sungrow Power Supply, Jinko Solar, Trina Solar and JA Solar Technology in the first quarter. The thematic fund Guangfa New Energy Selection also focuses on the photovoltaic industry, and its net value has dropped to 0.66. The rest of the managed products such as Guangfa Carbon Neutral Theme and Guangfa Growth New Energy all have photovoltaic concept stocks among the top ten holdings.
Shi Cheng is also sticking to the new energy sector. He manages six products with a latest scale of 12.057 billion yuan, which has declined for three consecutive quarters. In terms of holdings, the top ten holdings are very similar between products, and the first heavy holdings are all Contemporary Amperex Technology. Other holdings such as Tianqi Lithium Corporation, Ganfeng Lithium, EVE Energy Co.,Ltd., Guangzhou Tinci Materials Technology, Sinomine Resource Group and Shenzhen Kedali Industry also appear in the top ten holdings.
Looking at the index trend, the Wande New Energy Concept Index fell by 23.84% in the year, and the Wande Photovoltaic Concept Index fell nearly 30%. The poor performance of the aforementioned product seems to have a traceable reason.