Reporter of the Economic Business: Yang Jian Editor of the Economic Business: Zhao Yun
Since July, A-share market has undergone significant adjustments, and major institutions' enthusiasm for research in August was once high.
99 market trend is weak, but the survey situation has new highlights. First, popular stocks that have risen sharply recently have been frequently investigated by private equity institutions; on the other hand, for example, Cui Tongkui from Panjing Investment has appeared in research activities many times, Chen Xin, co-chief investment officer of Chongyang Investment, Shi Bo from Shanghai Shangya Investment, and Zhengxin Valley Innovation Capital 's Lin Lijun . These core figures of private equity have all appeared in the research activities of listed companies. What signals have they sent?
Perhaps as Chongyang Investment said in the "Dongyang Letter" released by Chongyang Investment on September 27, the current downturn may be "darkness before dawn", and a turning point may come at any time, and a new round of structural market is incubation.
Top private equity core figures appear in intensive research activities
With the adjustment of the market, major institutions have been enthusiastic about research in August. By September, institutional research declined. According to Oriental Fortune data, as of the 29th of the month in early September, the institutional surveys totaled 20,908 times, a decrease of 43,120 times. Among them, the motherboard surveys were 10,442 times, a decrease of 18,258 times. GEM 7719 times, a decrease of 11,095 times. Judging from the number of listed companies surveyed by institutions, a total of 741 listed companies were surveyed in the past month, a decrease of 206. There are 394 motherboards, a decrease of 53. There are 269 companies on the GEM, a decrease of 12.
From the industry perspective, general equipment ranks first, followed by special equipment, third is new metal non-metallic materials, fourth is biomedical , fifth is automobiles, and sixth is robots.
Specific stocks , Mindray Medical has conducted a total of 685 institutions in the past month, including 158 private equity institutions; followed by Eston , with a total of 581 institutions in the past month, including 79 private equity institutions; third is Jardin, with a total of 510 institutions in the past month, including 87 private equity institutions. According to Choice data from Oriental Fortune, private equity institutions have participated in a total of 3,396 listed company surveys in the past month, with 4,554 listed companies involved.
In the past month, Tamsuiquan has been a model worker in research of listed companies, and has surveyed a total of 66 listed companies, of which 22 listed companies were surveyed in one day on August 30.
It is worth noting that in the institutional research activities, there are many core tycoons of private equity institutions who personally participated in the research. Shanghai Panjing Investment has surveyed a total of 46 listed companies in the past month. In the research activities on August 30, September 7 and September 19, Cui Tongkui of Panjing Investment has appeared; in the past month, Shanghai Chongyang Investment has surveyed a total of 28 listed companies, including the company partner and co-chief investment officer Chen Xin, who appeared in the research activities on August 30; in addition, Shi Bo, a veteran private equity investment investment company, appeared in the research activities on September 7; Lin Lijun, the core figure of Zhengxin Valley Innovation Capital, appeared in the research activities on Yongmaotai on September 14.
Foreign-invested institutions actively participated in the survey of listed companies
Not only domestic private equity, but foreign-invested institutions also actively participated in the survey activities of listed companies. For example, Morgan Stanley has surveyed a total of 29 listed companies in the past month, of which 11 listed companies were surveyed on August 30, and 10 listed companies were surveyed on August 31, such as ZTE Communications , Goertek, Weichai Power , Yunnan Baiyao, Eston, Enjie Co., Ltd., Inno Laser, etc.
In addition, on September 26, Jiangfeng Electronics issued an announcement stating that it received research from private equity institutions including top private equity firms Nantu Assets, Qinghequan Capital, Yuanlesheng Assets , Shanghai Gaoyi Assets, Xitai Investment and other private equity firms with billions of dollars.
Jiangfeng Electronics' trend in the past two months (K)
It is worth noting that popular stocks that have recently risen sharply have also been frequently surveyed by private equity institutions. For example, Yingjie Electric has been surveyed by 411 institutions, and the company's stock price rose 25.5% in August and continued to rise 18.67% in September. In the research records, the questions of institutional investors involved the company's layout ideas in the photovoltaic industry, the business progress of semiconductor power supply equipment and other products, and the research and development of RF power supply products.According to data, Yingjie Electric is mainly engaged in the research, development, production and sales of industrial automation control products represented by power control system devices, and provides excellent power control and other automation control equipment for domestic photovoltaics, new LED light sources, nuclear power, glass fiber, metallurgy, petrochemical and other industries.
Yingjie Electric's trend in the past two months (K)
In addition, Xinlai Yingcai has received surveys from 252 institutions, and the company's stock price rose 29.39% in August and 29% in September. According to the data, one of Xinlai Yingmei’s main businesses is the research and development, production and sales of clean applied materials and high-purity and ultra-high-purity applied materials. The products are mainly used in business fields such as food safety, biomedicine and pan-semiconductors. In the fields of food safety and biomedicine, the company's key technologies for clean application materials include heat exchange, homogenization, fluid treatment, etc.; in the field of pan-semiconductor, the company's high-purity and ultra-high-purity applied materials can meet the requirements of special processes such as clean gas, special gas and metering accuracy, and can also meet the requirements for vacuum and cleanliness in the process of pan-semiconductor.
Xinlai Yingmei trend in the past two months (K)
Recently, the Nord Stream natural gas pipe that transports natural gas to Europe has suffered serious damage. Europe cannot expect Russia to significantly increase its natural gas supply at least this winter, which has caused domestic electric heating equipment to attract strong attention from the market and many bull stocks have emerged. Rainbow Group is one of them, which has also aroused the interest of institutional investors. On September 28, 2022, Rainbow Group issued an announcement stating that the company was under investigation on September 27, 2022, with the participation of Guangdong Xienuo Chenyang Private Equity Securities Investment, Tianfu Hedge Fund Society, CICC, Tianfeng Securities , Zhengxin Valley Investment and other institutions. According to the information, Rainbow Group mainly sells a series of household flexible heating equipment such as electric blankets and electric hand heaters.
Rainbow Group's trend in the past two months (K)
Private Equity: The market may be nurturing a new round of structural market opportunities
talks about the outlook for A shares after the National Day. The results of the private equity ranking survey show that
57% of private equity believe that the market continues to shrink, and the long and short momentum is insufficient. The market will continue to fluctuate after the National Day;
35% of private equity indicates that the index is already at a historical low, so it is relatively bullish;
also bearish private equity accounts for 8%.
Liu Cunxin, assistant manager of Rongzhi Investment Fund, told reporters on WeChat that the pre-holiday effect and the decline in risk appetite, hot money chose to leave during the holiday and wait and see. "We are relatively optimistic about the market in Q4, and believe that there is little chance of A-shares falling ahead of schedule. First of all, various policies continue to put in a bottom line. I believe that more favorable policies will come out in the future; secondly, the world currently has certain expectations for the US rate hike. The pressure for the US to decline sharply again in the short term is less, and the downward pressure on A/H shares will also be reduced. The industry is still optimistic about the rebound opportunities of the new energy industry, as well as some pharmaceuticals and consumption." Zhao Yuanyuan, investment director of Jianhong Times, also told reporters on WeChat: factors such as short-term liquidity tensions have eased after the National Day, and some funds may bring about a rebound. Feder shrinkage risk is also mostly reflected in asset prices, and the impact on A-shares will weaken. In addition, the economic drag of high temperatures has also been in the past. These factors indicate that the rapid decline of A-shares has come to an end. Possible positive factors that need to be focused on after
(by time) include: The central bank’s direct intervention in the foreign exchange market led to a temporary strength of the RMB; important meetings released favorable policies beyond expectations; hedges against the large expiration of MLF in November and lowered the reserve requirement ratio. Among them, the rebound sector is the sector that foreign capital prefers such as consumption and clean energy. The rebound sector in the Situation 2 is a policy-related sector that exceeds expectations, which may be real estate, new infrastructure, and optional consumption. Situation 3 may be beneficial to the growth theme.
Jurong Asset Investment Director Wang Lei told reporters on WeChat that after the National Day, it is expected that the market will rebound most likely. Considering that the current A-share dividends mainly come from the liberalization of domestic epidemic policies and real estate stimulus policies, the negative news mainly comes from overseas, so the more certainty is the travel chain and real estate chain.It is recommended to focus on travel chains such as hotels, transportation, catering, food and beverages, as well as real estate, banks, building materials, and home furnishings. Considering that during the National Day period, overseas exchange rate , stock markets and other markets may fluctuate significantly, and there is also uncertainty in Sino-US relations and Russia-Ukraine conflicts, it is recommended to appropriately avoid stocks in export directions.
It is worth noting that in the "Dongyang Letter" released by Shanghai Chongyang Investment on September 27, it is clearly stated that a new round of structural market is incubation. Chongyang Investment pointed out that since the beginning of this year, A-shares and Hong Kong stocks have undergone significant adjustments. In our opinion, the current downturn may be "darkness before dawn", and a turning point may come at any time. In our opinion, China's economic development is highly resilient, and the importance of the capital market in the high-quality development of is constantly increasing. Under the background of economic transformation, the situation of too much money and shortage of assets has driven long-term funds to enter the market. Under these major backgrounds, A-shares do not have the basis of a comprehensive bear market. The current weakness in the A-share market is more about structural rebalancing after the structural market reaches its extreme. After short-term risks are released, the market may be nurturing a new round of structural market opportunities.
Daily Economic News
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