The third quarter report of the first equity fund manager with a management scale of more than 10 billion was released.
On October 20, Lu Bin, assistant general manager of HSBC Jinxin Fund, investment director and director of stock research department, disclosed the third quarter report of four products under management. As of the end of the third quarter, these four fund products further increased their positions significantly based on the original high stock positions, with an increase of 2 to 3 percentage points.
Overall, the top ten heavily held stocks of the four funds in the third quarter report have not changed much. Ganfeng Lithium Industrial (002460.SZ), Aiwei Electronics (688798.SH), BYD (002594.SZ), Huayou Cobalt Industrial (603799.SH), and have increased their holdings to varying degrees, while Lu Bin's holdings in CATL (300750.SZ), Tianqi Lithium Industrial (002466.SZ) and other stocks, while holdings in have declined.
stock positions exceed 92%
Judging from the disclosed positions of the four funds of Lu Bin, his stock positions further increased at the end of the third quarter, all of which exceeded 92%.
From the perspective of stock positions, at the end of the third quarter, HSBC Jinxin Low Carbon Pioneer's stock increased from 90.53% of the stock position at the end of the second quarter to 93.46% at the end of the third quarter; HSBC Jinxin Dynamic Strategy Mixed increased from 90.62% to 92.56%; HSBC Jinxin Core Growth Mixed increased from 90.66% to 93.93%; HSBC Jinxin Intelligent Manufacturing Pioneer's stock increased from 90.12% to 93.78%.
scale, at the end of the third quarter, the scale of HSBC Jinxin Intelligent Manufacturing Pioneer stock reached 2.395 billion yuan; the scale of HSBC Jinxin Core Growth Mixed reached 2.60 billion yuan; the scale of HSBC Jinxin Low Carbon Pioneer stock reached 8.187 billion yuan; the scale of HSBC Jinxin Dynamic Strategy Mixed reached 8.114 billion yuan. The total scale of the four products was 21.296 billion yuan, a decrease from the end of the second quarter.
Ganfeng Lithium received 3 products to increase its holdings
heavy-holding stocks, compared with the end of the second quarter, the top ten heavily held stocks of funds managed by Lu Bin did not change much overall. The announced HSBC Jinxin Low Carbon Pioneer, HSBC Jinxin Dynamic Strategy, and HSBC Jinxin Core Growth all have heavy positions in Ganfeng Lithium, and in terms of the number of positions, they have increased compared with the previous period. However, with the changes in the size of the fund, Wind statistics show that the proportion of the stock in the net value of the fund is declining. In terms of
points product, HSBC Jinxin Low Carbon Pioneer Stock increased its holdings in Ganfeng Lithium Industry, Deep Carbon Pioneer (300454.SZ), BYD, Huayou Cobalt Industry, and Hangke Technology (688006.SH), respectively, increasing its holdings by 2.2776 million shares, 862,900 shares, 344,700 shares, 1.5308 million shares, and 158,500 shares respectively from the end of the second quarter; it reduced its holdings of Tianqi Lithium Industry, Yiwei Lithium Energy (300014.SZ), and CATL, respectively, reducing its holdings by 799,500 shares, 590,400 shares, and 92,500 shares respectively from the end of the second quarter. Salt Lake Co., Ltd. (000792.SZ) withdrew from the top ten heavily held stocks of the fund, and Siwei Tuxin (002405.SZ) is the top ten newly held stocks of the top ten.
HSBC Jinxin Low Carbon Pioneer Stocks' top ten heavily held stocks in the third quarter report
HSBC Jinxin Dynamic Strategy's top ten heavily held stocks have not changed, and some changes in individual stock positions have mainly occurred. In the third quarter, it increased its holdings in Ganfeng Lithium and Shenxinshui, and reduced its holdings in Tianqi Lithium, Oriental Fortune (300059.SZ) and Yanhu shares.
HSBC Jinxin Dynamic Strategy Top Ten Heavy Stocks in the third quarter report
HSBC Jinxin Core Growth Top Ten Heavy Stocks in the third quarter report Changying Precision (300115.SZ) entered the top ten, but the number of shares held at the end of the third quarter did not change compared with the end of the second quarter; Oriental Wealth fell out of the top ten.
In addition, HSBC Jinxin Core Growth also increased its holdings in Shenxin Service, Ganfeng Lithium and Hangke Technology in the third quarter, and reduced its holdings in Tianqi Lithium and CATL.
HSBC Jinxin Core Growth Third Quarter Report Top Ten Positions
HSBC Jinxin Intelligent Manufacturing Pioneer's shareholding list, Enjie shares entered the top ten. This is also the first time that Enjie shares have entered the list of HSBC Jinxin Intelligent Manufacturing Pioneer’s top ten heavily held stocks. Ganfeng Lithium Industry is eliminated from HSBC Jinxin Intelligent Manufacturing Pioneer's top ten heavily held stocks.
It is worth mentioning that HSBC Jinxin Intelligent Manufacturing Pioneer has also become the only one among the four funds that have disclosed their third-quarter reports. Ganfeng Lithium Industry has not appeared on the list of the top ten heavily held stocks.
In addition, HSBC Jinxin Intelligent Manufacturing Pioneer increased its holdings in Aiwei Electronics, Anheng Information and Huayou Cobalt in the third quarter, and reduced its holdings in Tianqi Lithium and CATL.
HSBC Jinxin Intelligent Manufacturing Pioneer's top ten heavy-weight stocks in the third quarter report
is still optimistic about new energy
For the operation in the third quarter, Lu Bin said that in terms of asset allocation, the current stock market risk premium is significantly higher than the historical average, and equity assets are very attractive, which means that the risk may be reduced, so the position with a higher combination will be maintained.
From the perspective of economic fundamentals, Lu Bin believes that the policies to stabilize the economy will continue to be strengthened in the third quarter, liquidity will remain relatively loose, enterprise production and operation will continue to recover, revenue and profit growth rates will improve, and fundamentals will continue to recover. After comparison of meso-level industries and bottom-up individual stock research, many growth industries and companies currently have high allocation value due to market decline or performance growth.
Regarding new energy, Lu Bin summarized that in the past few months, the new energy industry has made downward corrections corresponding to the valuation level in 2023. He believes that the current investment in the new energy industry is still highly attractive in growth stocks.
"In the past three years, the global energy structure has rapidly transformed to new energy, and the penetration rate of new energy vehicles and new energy power generation has greatly increased. The industry has also experienced a period of rapid development. More and more companies with long-term high-quality growth potential have emerged in China's new energy industry chain. These companies have large capital expenditures, sufficient technical reserves, increasingly competitive competitiveness, and their market share have continued to increase. They are expected to achieve a faster compound growth rate in the next few years." Lu Bin believes that HSBC Jinxin Low-Carbon Pioneer Fund, which focuses on investing in the low-carbon and environmental protection theme, will focus on two types of investment opportunities in the new energy industry in the future: 1. Supply and demand are still tight, and corporate profits can be maintained continuously; 2. Investment opportunities for new technologies, including new energy vehicles and new energy power generation.
Lu Bin said that at present, the main investment direction of HSBC Jinxin Low Carbon Pioneer Fund is focused on the upstream, mid- and downstream of the new energy industry chain represented by electric vehicles.
In addition to new energy, Lu Bin talked about other configuration priorities. He believes that after market adjustments in recent months, the valuation risks of some industries and individual stocks have been fully released, and many valuation and fundamental matching can be found in new energy, medicine, computer and other industries. At the same time, there is a large long-term space and a better company quality opportunity.
Lu Bin said in the third quarter report of HSBC Jinxin Core Growth Fund that it focuses on making investment judgments based on fundamentals and valuations, and focuses on selecting industries and individual stocks where future profits are expected to improve and medium-term return on equity is expected to remain stable. HSBC Jinxin Core Growth Fund currently focuses on the new energy industry chain, computer and high-end manufacturing industries in order to share the benefits brought by industry growth. HSBC Jinxin Intelligent Manufacturing Pioneer Fund , which focuses on midstream manufacturing, currently, its main investment directions include: the new energy industry chain represented by electric vehicles, TMT industry represented by computers, national defense and military industry, chemical nonferrous metals industry, etc.
In HSBC Jinxin Dynamic Strategy Fund, Lu Bin said that to maintain an appropriate balance of industry allocation, focus on selecting industries and individual stocks with expected improvement in future profits and expected stable medium-term return on equity. Currently, focus on new energy industry chain, computers, non-bank finance, high-end manufacturing and other industries, striving to share the benefits brought by industry growth.
