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Source: brokerage China
Recently, chemical stocks have been collectively pulled up.
On May 7, the chemical industry plate rotated higher, Hubei Yihua rose by the daily limit, and Qingyuan rose by 7%.Dappgames.42%, Lubei Chemical, Xingfa Group and Chuanheng shares led the increase. Recently, the whole petroleum and petrochemical, coal, non-ferrous and other resources and high dividend industries have increased significantly. In the Wind hot concept index, the chemical sector among the top gainers, in fact, quietly, the sector index has rebounded strongly from the low at the beginning of the year by nearly 48%, a number of stocks continue to interpret the rising market.
Coupled with the suspension of the shares of Daniu Zhengdan shares hit a record high, from the lowest price on February 7, Zhengdan shares rose to yesterday's highest price, an increase of 700%. Brokerage Chinese reporters combed and found that some fund managers have quietly placed heavy positions in the chemical sector, and a number of fund managers cleared their positions in Daniel Zhengdan shares in the first quarter, missing this chemical cow stock.
Chemical cattle stocks rose to suspension.
Zhengdan shares issued an announcement on the evening of May 6 that the company's shares and convertible bonds had serious abnormal fluctuations and would be suspended for verification. If calculated from the lowest price on February 7, Zhengdan shares rose to yesterday's highest price, an increase of 700%, which is one of the biggest gains in this period of time. The company's main business is the production and sales of trimellitic anhydride (TMA).
The announcement said that Zhengdan shares traded for 10 consecutive trading days (April 18, 2024 to May 6, 2024). The daily closing price deviation reached 117.Dappgames.60%DappgamesDuring the same period, the cumulative deviation of the closing price of Zhengdan shares convertible bonds reached 117.36%. According to the relevant provisions of the Trading rules of Shenzhen Stock Exchange, it belongs to the situation of serious abnormal fluctuations in the trading of stocks and convertible bonds. During the period from April 29 to 30, the Shenzhen Stock Exchange has announced that it will focus on monitoring abnormal securities such as "Zhengdan shares".
A Chinese reporter from the brokerage noted that a number of fund managers sold Zhengdan shares in advance. In the 2023 report, fund managers of 12 fund companies held the stock, including Sun Meng, Zhang Hongyi, Chen Guofeng of Huaxia Fund, Xu Yizheng and Wu Zhenxiang of Huidianfu, etc., but in the first quarter, only one public fund manager held Zhengdan shares. The rise of Zhengdan shares happens to be in the first quarter, which shows that the above fund managers have quietly adjusted their positions and sold at the start of the stock price.
Guojin Quantification Select, which increased its position in Zhengdan in the third quarter of 2023, captured the rising cycle of the stock. However, fund manager Ma Fang has begun to sell his chips one after another in the first quarter of this year. Ma Fang reduced his holdings in Zhengdan shares by 818900 shares and still held 1.2626 million shares, ranking eighth among the top 10 tradable shareholders.
Funds for heavy chemical stocks are starting to make money.
With the recent continuous rise in a number of chemical stocks, a number of funds with heavy positions in the sector outperformed the benchmark and began to make money.
According to the data, the recovery of the chemical industry has accelerated this year. In 2023, only 41 companies reported that the net profit of the basic chemical sector had more than doubled compared with the same period last year, while the number of companies that had more than doubled the year-on-year growth in the first quarter of 2024 has increased to 89. The number of chemical companies entering the performance inflection point has increased rapidly. A number of fund managers are clearly optimistic about performance repair sector stocks.
Since February this year, a number of chemical stocks have rebounded at a low level, and Lubei Chemical has doubled its share price to 110.81% since its low at the beginning of the year.
A Chinese reporter from a securities firm noticed that since the end of last year, some fund managers have captured the rising market of Lubei Chemical Industry and continued to increase their positions in chemical stocks. Wang Ping, the fund manager, has quantitatively purchased 2.1058 million shares of Lubei Chemical Industry in 2023 and bought another 2.3182 million shares in the first quarter of 2024, bringing the total position to 4.424 million shares. Jingshun Great Wall specializes in new quantitative optimization in the first quarter of the top ten circulating shareholders of Polaroid, holding 395000 shares.
Investment promotion quantitative selection rose 3.19% in the first quarter, outperforming the benchmark. "after the liquidity risk has been removed, the excess return of the strategy has been quickly repaired, which is in line with my previous judgment. The excess return of the current strategy has reached a new high for the year, and I still have no plan to adjust the strategy." Wang Ping said.
The new fund set up in January this year, Nanhua Fengyuan quantitative stock selection, achieved a 7.48% increase in performance under a number of chemical stocks. A quarterly report shows that the fund has a heavy position with Dewanhua, Lubei Chemical and other chemical raw materials stocks.
Brokerage Chinese reporters noted that Longbai Group's shares have rebounded nearly 38% since the low at the beginning of the year, rising 4.19% to 21.88 yuan on May 6.
Since buying the leading chemical stock Longbai Group for the first time in 2020, the private equity fund No. 1 Yuanwang No. 1 managed by Gao Yi assets Feng Liu has increased its position in 8 million shares again in the first quarter of this year, with a total position of 80 million shares, with a reference market value of 1.515 billion yuan.
The idea of fund manager's position is exposed.
According to the quarterly report, 14 products of China Europe Fund hold Wanhua Chemical, of which Zhou Weiwen, a 10 billion fund manager, has five products that have increased their positions in Wanhua Chemical. China Europe era Vanguard, which has the largest number of shares, holds 11.5333 million shares as of March 31. the size of the fund is 12.254 billion yuan.
It can be seen from the position thinking of the pioneers in the China-Europe era that Zhou Weiwen basically maintained the combination at the beginning of the year, relative to the market over-allocation of aquaculture and basic chemical industry. "We are optimistic about excellent companies with long-term value but short-term performance trends are frustrated by the prosperity of the industry, and we believe that the profits of these companies are expected to improve significantly in 2024 or even 2025. In addition, we have added growth-related computing power of the AI industry chain, downstream application companies, as well as upstream resource products that benefit from physical and liquidity cycles, and reduced power equipment and electronic stocks with limited upstream space. " Zhou Weiwen and Luo Jiaming said.
Another chemical leader, Yuntianhua, is also favored by CEIBS fund managers, with seven products bought by Yuntianhua. Wang Pei and Yin bought five products, including responsible Investment C, Industry growth E, Innovation and growth C, one-year holding C, and three-year holding period A, respectively.
Wang Pei and Yin Weiol expounded the idea of adjusting positions in the annual report, increasing the weight of value assets at the allocation level, and reverse allocating new energy and other industries that have fallen deeply. Increased research efforts on science and technology and carried out a reasonable deduction and cost-effective identification. Fund managers believe that as the economy stabilizes to a new normal, there will also be a subtle change in the mentality of A-share investors, while excellent companies that pay more attention to internal skills and adjust and optimize their balance sheets will be more favored this year.
New Yangfeng was led by Boshi growth, managed by Chen Peng (Jin Kirin analyst) Yang, to buy ten major stocks and hold 13.69 million shares. the overall fund portfolio maintained a high position allocation, but because the structure was mainly concentrated in the mid-stream manufacturing and industrial upgrading direction, for the upstream resource asset allocation is relatively small, outperforming the benchmark.
Guojin Securities pointed out that in the context of the relatively weak performance of the overall fundamentals of the chemical sector, seeking deterministic value style and thematic trend style have become the two main lines. With the continuous development of the relevant policy combination, there are signs that the demand side of some products whose prices are in the bottom grinding cycle are beginning to improve. It is suggested to pay attention to the pro-cyclical plate investment opportunities after the price risk is cleared. From the perspective of performance certainty, continue to recommend the tire industry chain, under the background that the sustainability and certainty of the demand side have been verified, the short-term and medium-term performance of tire enterprises continue to rely on the cost-effective advantage to achieve global substitution. At the same time, under the background of good supply and demand in the industry, it is suggested to pay attention to the opportunities of upstream equipment brought about by enterprise production expansion.
