Financial Associated Press (Beijing, reporter Li Lujia) news, since the tiger, "Ning Wang" continued to decline. Although the previously disclosed 2021 annual performance forecast is good, it has not stopped the decline in the stock price. As of the close of trading on February 10, CATL once again plunged 5.32% to 518.1 yuan, with the latest market value of 1207.6 billion yuan.
According to the value of the heavy stock market disclosed in the fund's four quarterly reports, as of the end of last year, there were 121 public offerings of 1297 funds holding heavy positions in the Ningde era, with a total market value of 119.962 billion yuan, estimated according to today's closing price of 518.1 yuan, which means that the floating loss of the position is nearly 9 billion. Obviously, in the recent big fall of the Ningde era, many heavy funds have suffered heavy losses.
On the one hand, after three years of market education and the continuous money-making effect of the popular track, many investors and even institutions have gradually formed faith in some popular tracks and continued to strengthen, and have also made practical actions with the allocation of funds in hand, when the end of 2021 "embracing the new economy" has become a consensus, the runway is too crowded, and the valuation has a certain stage of bubble phenomenon, and the adjustment has come. On the other hand, in the current market environment dominated by A-share stock funds, the strengthening of the traditional upstream cycle and the main line of "steady growth" has formed a diversion from the capital to the technology sector, especially in the period of institutional position adjustment at the beginning of the year, which further amplifies the overshoot of technology stocks.
The catheter era plunged and affected the "top stream" funds
As the largest weighted stock of the ChiNext board, since the tiger, the Ningde era has staged a "black opening". As of the close, 3 of the 4 trading days of the CATL era fell sharply. In terms of capital flow, the funds of the Land Stock Connect in the past 5 trading days have also continued to sell the Ningde era, and in the 5 trading days from January 27 to February 9, the northbound funds have accumulated a net sale of 2.662 billion yuan in the Ningde era.
It is worth mentioning that at the end of the third quarter of 2021, the Ningde era, when the stock price was soaring, once topped the first heavy stock of the public fund, and the domestic public fund held a market value of 117.2 billion yuan for the Ningde era. According to the previously disclosed fund quarterly report, as of the end of last year, there were still 1297 funds heavily held in the Ningde era, with a total market value of 119.962 billion yuan. Therefore, in the recent big fall of the Ningde era, many funds in the Ningde era have also been seriously injured.
According to the data of the heavy stocks of the Four Seasons Fund, the fund with the largest number of shares held by the Ningde Era is Zhao Yi's ABC New Energy Theme, followed by Zhu Shaoxing's Fuguo Tianhui Select Growth A, while Hu Xinwei's Hui Tianfu Consumption Growth and Zheng Zehong's Huaxia Energy Innovation A shareholding number are also at the forefront of the number of shares.
However, what is more concerned by investors is that since the second quarter of last year, many well-known fund managers have also taken the initiative to "drift" and re-allocate "Ning Wang". For example, according to the data of the Four Quarterly Report, by the end of 2021, Gülen had taken a heavy position in the NINGDE era in the "non-medical" fund she managed.
Further, CATL ranks high in the new starting point of Cervix And the first and second largest heavy stocks of CEIBS Alpha respectively, and both are "full allocations" that account for more than 9% of the net value of the fund. In addition, members of the "Ning Portfolio" such as LONGi shares and Yiwei Lithium Energy also appear in the top ten heavy stocks of the above two funds.
But in contrast, those who were more affected by the ningde era correction were Hu Xinwei and Li Xiaoxing.
Wind statistics show that as of the end of 2021, Hu Xinwei has a total of 5 heavy positions in the 8 funds under his management to hold NINGDE Times. thereinto. The number of shares held by HuiTianfu in the consumer industry reached 3 million shares. And Li Xiaoxing's 9 funds also have as many as 8 heavy positions in the Ningde era.
Li Xiaoxing's best-performing product under management last year, Yinhua Xinyi, the A share last year went to 38.62% of the year's earnings, but since 2022, the net value has fallen by more than 10%.
In contrast, it is Zhang Kun, Liu Yanchun, Xiao Nan and other representatives of the value school, but they do not need to be bothered by the decline of the "Ning Index" for the time being.
Mou Yiling of Minsheng Securities said that for public heavy stocks, in the context of the lack of wide credit to support the expansion of residents' balance sheets to promote new products, public heavy stocks lack incremental funds and fall into the dilemma of shrinking the amount game. In addition, after the penetration rate of some emerging products reaches a certain level, the downward impact of macro variables on its stock part is greater, of which new energy vehicles are taken as an example, automobile sales are related to macro variables such as resident income, and the penetration rate of new energy vehicles has exceeded 20%, and even if the penetration rate continues to increase rapidly, the stock part will be more affected by economic cycle fluctuations.
The sharp decline may stem from the high valuation of the sector
However, just before the stock price of CATL fell sharply in January this year, the company also issued a performance forecast saying that its net profit last year was between 14 billion and 16.5 billion yuan, an increase of 150% to 195% year-on-year. This is the highest profit level since the listing of CATL in 2018.
In view of the reasons for the growth of performance, CATL believes that there are three main aspects: one is the increase in the penetration rate of new energy vehicles and energy storage in 2021, driving the growth of battery sales; second, the company's market development has made progress, the release of new production capacity, and the corresponding increase in production and sales; third, the company has strengthened cost control, and the proportion of expenses to revenue has decreased.
On February 7, South Korean market research institute SNE Research also announced the ranking of the global installed capacity of electric batteries in 2021. CATL continued to rank first with a share of 32.6%, and LG New Energy continued to rank first with a share of 20.3%.
However, the above positives obviously did not prevent the Ningde era from "falling and falling", and the Ningde era continued to fall after the release of the share data.
In this regard, some industry analysts said that since 2019, the growth style in the past three years has far outperformed the value style. Further, after three years of market education and the continuous money-making effect of the popular track, many investors and even institutions have gradually formed a belief in some popular tracks and continued to strengthen, but also made practical actions with the allocation of funds in hand, when the end of 2021 "embracing the new economy" has become a consensus, the runway is too crowded, the valuation of a certain stage of the bubble phenomenon, the adjustment will come.
It is worth mentioning that from the four quarters report disclosed by the previous public offering, although there were still many fund managers who increased their positions in the new energy sector represented by the Ningde era at that time, there were also people who opened the market to warn of risks and began to adjust positions.
For example, Zheng Zehong, the star fund manager of Huaxia Fund, hinted at the risks of new energy in the four quarters report of Huaxia Energy Innovation. Zheng Zehong said that new energy is a very good industry, the past three years of high yield, looking at the next three years, I personally also think there is a large room for yield. But shorten the investment cycle, such as half a year or a year, because the static valuation is at a high level, there are more participants, it is entirely possible to usher in fluctuations or short-term outperform other indices, just like the liquor and pharmaceutical industries in 2021. Therefore, at this point in time, individuals suggest that investors should reduce their expectations for short-term new energy yields.