The Paper reporter Ge Jia
The proportion of heavyweight stocks Hong Kong stocks has increased significantly. He added positions in China Hongqiao (01378.HK) and China National Offshore Oil Corporation (00883.HK), and reduced his holdings in Kuaishou (01024.HK). This is Zhong Geng Some operations performed by Qiu Dongrong, deputy general manager and chief investment officer of the fund, in the second quarter.
html On July 15, the four funds managed by Qiu Dongrong fully disclosed their second quarter reports for 2022. The data showed that as of June 30, the total size of the funds managed by Qiu Dongrong was 29.201 billion yuan, compared with 20.338 billion yuan at the end of the first quarter. A substantial increase of 8.863 billion yuan, an increase of 43.58%.However, looking at specific products, the size of the four funds has increased and decreased, forming a positive link with the change in share. Among them, the scale of Zhonggeng Value Pilot Fund has grown the most, with the scale at the end of the second quarter reaching 15.475 billion yuan, an increase of 7.512 billion yuan from the previous quarter, an increase of 94.34%; the one-year holding scale of Zhonggeng Value Quality increased by 1.668 billion yuan to 7.509 billion yuan, an increase of 94.34%. Reaching 28.57%; the shares of the above two products increased by 79.87% and 18.74% respectively in the second quarter.
The shares of the other two funds, Zhonggeng Small Cap Value and Zhonggeng Value Smart, both experienced slight declines in the single quarter, with declines of 9.75% and 4.64% respectively, and fund sizes fell by 6.81% and 1.57% respectively in the single quarter.
Qiu Dongrong's changes in the share and size of funds under management in a single quarter, source: Wind
In terms of asset allocation, the overall stock positions of the four funds have not changed much, and they all maintain high positions operations of more than 90%. Among them, Zhonggeng Value Quality has a one-year holding period and Zhonggeng Value Pilot has a month-on-month decrease in positions, with the maximum decrease being only 3 percentage points. For the other two funds, their positions increased during the same period, with the maximum increase also being around 3 percentage points.
However, there have been obvious changes in the top ten stocks.
Take Zhonggeng Value Navigation, the largest among the four funds, as an example. The top ten holdings of this fund at the end of the second quarter are: China Hongqiao, China National Offshore Oil Corporation, China Overseas Development (00688.HK), Meituan , Luxi Chemical (000830), Xingfa Group (600141), Changshu Bank (601128), Kuaishou, Sunong Bank (603323), Kanghua Biology (300841).
Zhonggeng Value Leader’s top ten stocks in the second quarter report, source: Fund Announcement
Hong Kong stocks still account for a large proportion of the top ten, and the number of shareholdings has basically increased significantly, such as China Hongqiao, China Ocean The number of shares held by Petroleum and China Overseas Development increased from 92.6265 million shares, 88.143 million shares and 19.089 million shares at the end of the first quarter respectively to 197.984 million shares, 169.239 million shares and 55.4485 million shares at the end of the second quarter.
In addition, the number of shares held by Meituan (03690.HK) also increased from 6.3368 million shares at the end of the first quarter to 7.0253 million shares at the end of the second quarter; however, the number of shares held by Kuaishou-W increased from 9.355 million shares at the end of the first quarter. Reduced to 7.6355 million shares at the end of the second quarter.
In terms of A-share holdings, Gemdale Group (600383.SH) and Liuyao Group (603368.SH) have withdrawn from the top ten holdings, while Xingfa Group (600141) and Kanghua Biological (300841) have entered the market. top ten.
Zhonggeng Value Leader's second quarter report on the changes in the top ten holdings of stocks, source: Choice Financial Terminal
Zhonggeng Small Cap Value Fund's second quarter report on the top ten stocks is a "major shakeup."
Changes in the top ten heavyweight stocks in the second quarter report of Zhonggeng Small Cap Value, source: Choice Financial Terminal
Among them, the top ten heavyweight stocks at the end of the first quarter are Zitian Technology (300280.SZ), Xinlong Health (002105.SZ), Aerospace Morning Light (600501.SH), Haoneng Shares (603809.SH), Changshu Bank (601128.SH), and Qianjin Pharmaceutical (600479.SH) all fell out of the top ten, and the new one to the top ten was Xing Development Group, China Electronics Research (688128.SH), Chuangye Huikang (300451.SZ), Wangneng Environment (002034.SZ), Kanghua Biological, and Yongyi Shares (603600.SH).
Zhonggeng Small Cap Value’s top ten stocks in the second quarter report, source: Fund Announcement
Looking back on the second quarter, Qiu Dongrong stated in the quarterly report that it maintained a relatively high equity allocation position in the second quarter, especially actively allocating Hong Kong stocks.In the second quarter, there were many and rapid changing factors. The pace of market transactions changed rapidly. Domestic liquidity was abundant. Investors gave their greatest optimism to the booming track with policy support. The contradiction between structural overestimation and underestimation in the A-share market has become again. Outstanding, the valuation level of high-valued stocks represented by large-cap growth stocks has risen to more than 85% of the historical quantile. Now we are still facing the impact of uncertainties such as energy and rising inflation. We will carefully evaluate this structural risk.
Based on the level of equity risk premium, Qiu Dongrong remains cautiously optimistic and actively looks for value stocks with low valuations and limited supply but stable or expanding demand, as well as growth stocks with relatively low valuations but rising prosperity, and obtains by seizing structural opportunities. excess income.
"The performance of value stocks in Hong Kong stocks is average, but the technology and Internet rebounded slightly. Hong Kong stocks are basically at historically low levels from various valuation dimensions. Based on the systemic opportunities of Hong Kong stocks, strategic allocation will continue." Qiu Dongrong said that in terms of investment ideas in the market outlook, he Adhere to the concept of low valuation value investment, build a cost-effective investment portfolio by selecting stocks with reduced fundamental risks, positive profit growth, and cheap valuations, and strive to obtain sustainable excess returns.
Regarding the future investment directions that are promising, Qiu Dongrong said that he will focus on four aspects: first, value stocks represented by resources and energy, some Internet stocks and pharmaceutical technology growth stocks in Hong Kong stocks; second, finance, real estate, etc. among large-cap value stocks; The third is energy and resource companies and their downstream production capacity; the fourth is segmented leading companies with unique competitive advantages in the broad manufacturing industry.
Editor in charge: Wang Jie
Proofreader: Ding Xiao
