The mid-year report of listed companies revealed that the change of heavy holdings of private equity fund managers such as Liu Mingxing, which has attracted much attention from the market, has gradually surfaced.

Following the previous reduction of Rong Zhixin, Feng Liu disappeared from the list of major shareholders of Ruichuang Weina China Daily, and clearance sale was not ruled out. As a domestic head company in the field of chip segmentation-non-refrigeration infrared, Ruichuang Micro Nano had a strong daily limit on Friday.

In contrast, Zhuo Liwei, who is also an asset fund manager in Gao Yi, made his debut by continuously increasing his holdings of Huafeng Chemical, and was rapidly promoted from the ninth largest tradable shareholder at the end of the first quarter to the fourth largest tradable shareholder.

Private equity fund's heavy stocks

Most of them have outperformed the market since the third quarter.

Recently, with the disclosure of the interim report of listed companies, the position line of private equity funds in the second quarter has become clearer.

Among the 192 A-share companies that released the official interim report, private equity funds appeared in the list of 43 top ten shareholders/circulating shareholders, among which 15 companies continued to be increased by private equity funds, and Huafeng Chemical and Meihua Bio all increased their holdings by more than10 million shares.

Table 1: The disclosed interim report revealed that private equity funds increased their holdings in the second quarter.

Source: wind

In terms of participation, the number of products of private equity funds is the largest in the list of major shareholders in Li Ande. At the end of the second quarter, the company was also heavily stocked by four products of Yuanxin (Zhuhai) Private Equity Fund, and three of them continued to increase their holdings on the basis of the previous heavy positions.

Judging from the market value of positions, Kweichow Moutai, the stock king, still holds the highest amount of private equity.

In the second quarter, Ruifeng Huibang No.3 Private Equity and Jinhui Rong Sheng No.3 Private Equity once again increased their holdings in Kweichow Moutai. By the end of the second quarter, it held 0/2.698 million shares of Kweichow Moutai/KLOC, with a total market value of 25.967 billion yuan. At present, they are the only private equity fund among the companies that have published financial reports that holds more than10 billion yuan.

Figure 1: Top ten shareholders of Kweichow Moutai at the end of the second quarter

Source: wind

Since the third quarter, the market as a whole has stepped out of the callback. From July/KLOC-0 to August 5, the Shanghai Composite Index, the Growth Enterprise Market Index and the Shanghai and Shenzhen 300 Index fell by 5.05%, 7.32% and 4.52% respectively.

According to statistics, among the 43 companies that were heavily invested by private equity funds in the second quarter, 33 companies outperformed the main index, 27 companies rose against the market, and some companies ushered in a sharp rise. For example, Junda shares rose by 62.54%, Rong Zhi Rixin shares rose by 43.37%, and Yuhuan CNC, Xiaolan Technology and Li Ande shares all rose by more than 30%.

Did you retire before the daily limit?

Feng Liu may sell Ruichuang micro-nano clearance.

At present, the positions of head private placement and star private placement fund managers are gradually emerging, and Feng Liu and Zhuo Liwei, very famous high-school assets in the private placement circle, have appeared.

After Rong Zhixin released the interim report on July 25th, Liu Feng reduced his holdings of 1 4729 million shares in the second quarter. According to the Na Wei interim report of Ruichuang on August 5th, Feng Liu Gaoyi Linshan1Roy Fund has withdrawn from the top ten tradable shareholders, and Feng Liu is likely to significantly reduce its holdings or even clear its positions.

Looking through the company's historical data, since it entered the company in the fourth quarter of 2020, Feng Liu Gaoyi Linshan 1 Roy Fund has been the largest tradable shareholder of Ruichuang Na Wei for six consecutive quarters, and the number of shares held at the end of the first quarter of this year was180,000 shares. At the end of the second quarter, the position of Jing Shun Great Wall New Energy Industry Fund, the tenth largest circulating shareholder of the company, was 3.843 million shares, so even if Feng Liu still held his position, he at least reduced his holdings by about 1.4 1.6 million shares.

As the first listed company of science and technology innovation board, Ruichuang Micro-Nano has achieved good results. On July 22nd, 20 19, the opening price was 59. 1 yuan, and the highest intraday price reached 123.32 yuan on July 5th, 2002108.66. However, from October 6 to March 9, 20201October, the company's share price followed the rapid correction of the market, with a drop of more than 30%. Although the company's share price rose again on August 30, 202 1, and hit a new high of 129.48 yuan, it fell into a callback again and hit an intraday high of 30% on April 27 this year.

Figure 2: The trend chart of Ruichuang Micro-Nano since its listing.

With the rebound of the current market, Ruichuang Micro-nano has also stepped out of a wave of rising prices. From April 27th to June 6th, in a short period of 1 month, the company's share price has risen by 42.3%. Feng Liu took this round of rebound to reduce his holdings, but on the whole, Feng Liu's heavy position behavior did not create profits for him.

However, on August 5, the day when the company released the interim report, Ruichuang Micro Nano gained a daily limit of 20CM. In the first half of this year, due to the income growth brought by infrared thermal imager and microwave RF system and components, the company's operating income increased by 24.89% year-on-year; However, due to the decline in gross profit margin of products and the increase in period expenses, the company's net profit in the first half of the year decreased by 58.28% year-on-year. However, from the data of the first two quarters of this year, the company's net profit in the second quarter increased substantially, with a profit of11270,800 yuan in the first half of the year and a profit of 96,682,400 yuan in the second quarter. This may also be one of the reasons why the company's share price rose sharply after the release of the interim report.

Spandex profit may have bottomed out.

Zhuo Liwei bottom jiacang huafeng chemistry

Compared with Liu Feng's continuous reduction, Zhuo Liwei made his debut in the middle of this year by continuing to increase his holdings of Huafeng Chemical.

In the first quarter of this year, Gao Yi Liwei's selected Weishi Fund managed by Zhuo Liwei became the top ten tradable shareholders of Huafeng Chemical, ranking ninth with 16475300 shares. In the second quarter, Zhuo Liwei further increased his holding of Huafeng Chemical12,474,800 shares. At the end of the second quarter, the position of 28,950,5438+00,000 shares was promoted to the fourth largest tradable shareholder of the company.

Figure 3: Huafeng Chemical's former 10 major tradable shareholder at the end of the second quarter.

Source: wind

In the middle of this year, Huafeng Chemical also appeared the situation of increasing income without increasing profit. Operating income138.38 million yuan increased by 7.3 1%, and net profit of 2.395 billion yuan decreased by 37.81%. During the reporting period, the weak market demand for spandex and the year-on-year increase in costs were the main reasons for this situation.

The price of spandex began to decline after reaching a ten-year high in August 20021year. According to the statistics of Wind, 40D spandex, for example, has been falling all the way since it reached an all-time high of 80,000 yuan/ton in August last year. On August 5 this year, the latest price was 33,000 yuan/ton, a decrease of 58.75%.

However, CICC said that the profit of spandex has bottomed out, which is the latest catalyst. On the supply side, this year's new capacity output mainly comes from Huafeng 50,000 tons and Xiaoxing 30,000 tons put into production last year. Looking forward to the future, the pressure on the cost side is expected to gradually ease during the year, and the BDO production capacity will reach its peak, including 200,000 tons of Dongyuan Technology, 65,438+10,000 tons of Ke Mei in Xinjiang, 65,438+10,000 tons of Huaheng in Inner Mongolia, 65,438+10,000 tons of Wanhua Chemical, 65,438+10,000 tons of Yuxin in Huizhou and 0/655 of Wu Heng Chemical in Ningxia.

On the other hand, the industry is generally losing money, and the current operating rate of spandex has dropped to about 70%. Due to the cost reduction, the price of spandex may continue to decline, but its profitability may have bottomed out. Looking ahead, there may be a staged rebound.

However, judging from the performance of the secondary market, although Zhuo Liwei continues to be optimistic and CICC is optimistic about the improvement of Huafeng Chemical's future profitability, the company's share price has been weak since this year, with a cumulative correction of 28.54% during the year. Zhuo Liwei has not made rich profits in this company.

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