The disclosure of interim reports by listed companies is nearing its end, and the positions of private institutions with a market cap of billions have emerged.

Previously disclosed data showed that in the second quarter of this year, Feng Liu increased holdings of Hangzhou Hikvision, Shengyi Technology, Angel Yeast, and Xinxiang Richful Lube Additive; reduced holdings of Ningxia Baofeng Energy Group and Beijing Shunxin Agriculture; and maintained positions in LB Group, Jonjee Hi-tech Industrial and Commercial Holding, and Zhejiang Medicine.

Yang Dong, a trustworthy fund manager in the industry, has newly entered Shanghai Kinetic Medical and MLS Co.,Ltd. in the second quarter; increased holdings of Unilumin Group; reduced holdings of Leyard Optoelectronic; and maintained positions in Lets Holding Group, Zhejiang Medicine, and Unilumin Group.

Yang Dong is known as the conscience of the industry because he has warned of risks at high levels twice.

In October 2007, when the SSE Composite Index broke through 6000 points and the bull market was strong, Yang Dong, the then General Manager of Xingquan Fund, wrote a letter to investors, repeatedly warning of the possibility of a significant market correction.

At that time, Yang Dong even directly stated, 'If you redeem the fund due to risk factors, we can understand.'

Afterwards, the SSE Composite Index fell from over 6000 points to over 1600 points.

In 2015, the SSE Composite Index reached its peak at 4400 points, and Yang Dong again openly warned of the risks, mentioning, 'Another burst of bubbles may soon come, and this time the stock price crash could cause even greater harm to investors than in 2008. The stock market may face a storm.'

It was these two warning letters that helped earn Yang Dong the nickname 'conscience of the industry' among fund investors. This also helped him raise over 10 billion yuan for the first fund issued by Ningquan Asset Management when he established the private equity firm in 2018.

Yang Dong himself is very low-key. Every time he speaks up, it is during a critical period of market turning point.

It is worth mentioning that in the second quarter of this year, Ningquan Asset Management increased its efforts to bottom-fish in some industries. According to the product report of Yang Dong's Ningquan Asset Management in July, its stock position remained at over 60%, with the top five industries being basic chemical industry, communications, banks, real estate, electronics, and home appliances.

According to the latest monthly report released by Ningquan Asset Management owned by Yang Dong, looking back at the second quarter, the market continued its rebound from the first quarter, and the Hong Kong stock market saw a leading rally. However, the pessimistic sentiment in the market did not fully alleviate, and the rebound did not last, with the market once again falling below 3000 points. The bottoming-out process will continue.

Yang Dong said that the portfolio of Ningquan Asset Management is mainly focused on stable stocks, but it is gradually increasing its efforts to bottom-fish in some industries, and the flexibility of the portfolio has been increased.

According to Ningquan Assets, there are some fundamental changes happening in the A-share market at present. The market's weighing mechanism is still continuously working, filtering and distinguishing between the good and the bad.

Ningquan Assets believes that it is currently difficult to make money in the stock market. However, looking at a longer period of time, the equity market is still much better than the current yield level of more than 2 percentage points for 30-year Treasury bonds. For patient capital, the current opportunities for layout are still good.

The report states: There is no stock market in the world that only goes up and never goes down, and there will also not be a stock market that only goes down and never goes up. In recent years, we have already endured a long period of time and a significant decline in the stock market. It's not a big problem to wait a little longer. Besides doing what needs to be done, there is nothing else we can do but wait.