liu gesong bought a large amount of trina solar in the first half of the year and established positions in faraday electronics and philihua for the first time
2024-08-29
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"from a fundamental perspective, as macro policies are gradually implemented, the capital market in the second half of the year is expected to be better than in the first half," wrote liu gesong, deputy general manager of gf fund, in the latest disclosed 2024 interim report.
on the evening of august 29, the 2024 interim report of gf small cap growth mixed fund, managed by gf fund deputy general manager liu gesong, was first disclosed, and the hidden heavy holdings and latest views of the fund were also released.
as the fund managed by liu gesong for the longest time, as of the end of the second quarter of 2024, the net asset value of gf small cap growth mixed fund was 5.902 billion yuan, a further decrease of 699 million yuan from 6.601 billion yuan at the end of the first quarter.
since the top ten heavily-weighted stocks have been disclosed in the second quarter report of 2024, the focus of this interim report is on the hidden heavily-weighted stocks disclosed in the report (the 11th to 20th heavily-weighted stocks).
specifically, gf small cap growth hybrid fund holds a total of 25 stocks, and its hidden heavy holdings are zhenhua technology (000733), jinlong technology (300763), ja solar (002459), goodwe (688390), zhansheng micro (300782), dongwei semiconductor (688261), fara electronics (600563), trina solar (688599), cathay biopharmaceuticals (688065), filet (300395),
the reporter of the paper found that zhenhua technology, fara electronics and philihua are all new targets of this hidden heavy holdings, accounting for 4.13%, 2.05% and 1.64% of the fund's net value respectively, ranking 11th, 17th and 20th largest heavy holdings. among them, fara electronics and philihua are the first positions bought by gf small cap growth hybrid fund since its establishment.
public information shows that fara electronics is a professional manufacturer of film capacitors. according to its 2024 semi-annual report disclosed on august 24, during the reporting period, the company achieved operating income of 2.117 billion yuan, a year-on-year increase of 7.38%; and achieved net profit attributable to shareholders of 482 million yuan, a year-on-year decrease of 1.86%.
quartz material and quartz fiber manufacturing company, philihua, achieved operating income of 915 million yuan in the first half of 2024, a year-on-year decrease of 10.54%; and achieved net profit of 172 million yuan, a year-on-year decrease of 39.94%.
in terms of portfolio adjustment, liu gesong significantly increased his holdings in trina solar and goodwe, with the increase ratios being 182.16% and 40% respectively; zhanrui micro and cathay biopharma were both reduced to varying degrees.
it is worth mentioning that compared with the end of 2023, liu gesong liquidated 6 stocks in one go, namely, hollewo (688682), ehualu (300212), gaoce shares (688556), quartz shares (603688), kangtai biological (300601), and beijing new building materials (000786); hengdian dongmei (002056) entered the fund's holdings list again after 14 years.
source: the paper reporter based on wind data statistics
liu gesong wrote in the semiannual report that during the reporting period, the industry allocation of gf small cap growth mixed fund did not change much, with appropriate increases in the allocation of military and semiconductor equipment industries, while maintaining the original allocation level in global comparative advantage assets such as photovoltaics and industrial chains, lithium batteries, and new energy vehicles.
liu gesong analyzed that the global semiconductor cycle is on the rise, and domestic equipment orders continue to maintain high growth, so he increased the proportion of semiconductor equipment holdings in the first half of the year. after the adjustment of the military industry sector, the investment risks have been fully released, and the valuation level of leading companies is very attractive, so he also increased the military industry in the first half of the year. the energy storage industry returned to the high growth channel in the second quarter, and the performance of leading companies in the second quarter was close to a historical high. it is expected that it will still maintain a relatively high growth rate in the second half of the year.
"after the price of photovoltaic products fell sharply, the industry has begun to optimize, companies without competitive advantages are accelerating their exit, and leading companies have begun to increase their protection of their own technologies in terms of intellectual property rights." liu gesong said that the policy level has also clearly proposed to prevent "involutionary" vicious competition. he believes that as the industry re-enters a healthy development stage, he is confident in the market performance of the industry.
looking ahead to the second half of the year, liu gesong expects that overall economic growth will remain stable and structural policies are expected to be further strengthened. with the support of policies such as stabilizing consumption and promoting the stable development of real estate in the second half of the year, overall consumption is expected to gradually improve. external demand is also expected to see further positive changes in the second half of the year. the federal reserve's monetary policy is about to enter the stage of interest rate cuts, which will have a positive impact on boosting overseas consumer demand and driving my country's commodity exports. it is expected that the manufacturing industry in emerging market countries will still be in a recovery cycle in the second half of the year, which will be beneficial to my country's exports of capital goods and high-tech goods.
"from a fundamental perspective, as macro policies are gradually implemented, the capital market in the second half of the year is expected to be better than in the first half. in terms of investment strategy, we are more optimistic about industries where stock prices have been adjusted more fully, fundamentals have improved on a month-on-month basis, and there have been marginal changes in policies," said liu gesong.
the paper reporter ding xinqing
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