ge lan of china europe fund picked up shanghai pharmaceuticals again in the first half of the year and built positions in kelun biotech and wuxi helix
2024-08-31
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in the first half of 2024, ge lan, the star fund manager of china europe fund, picked up shanghai pharmaceuticals again and built positions in several stocks including kelun bio-tech and wuxi partners.
on august 31, the 2024 interim reports of the three public funds managed by ge lan were disclosed, and her hidden heavy holdings were also exposed.
as of the end of the second quarter of 2024, the size of public funds managed by ge lan was about 40.765 billion yuan, down 11.14% from 45.874 billion yuan at the end of the first quarter. the size of a private asset management plan product managed by ge lan further dropped from 206 million yuan at the end of the first quarter to 194 million yuan.
judging from the hidden heavy holdings disclosed in the 2024 interim report (the 11th to 20th heavy holdings), shanghai pharmaceuticals returned to the china-europe healthcare holdings list after the first half of 2023; china-europe medical innovation, which is also a pharmaceutical theme fund, established positions in kelun bio-tech, dong-e-ephedrine, and wuxi biopharma for the first time in the first half of this year.
"although domestic demand is still in a stage of gradual recovery, structural growth opportunities in the consumption and service sectors may be brewing." ge lan believes that after the industry has undergone deep adjustments in the previous stage, industry concentration has accelerated, the safety margins of some high-quality companies have continued to increase, and their competitive landscape, moats and operating capabilities have continued to optimize. among them, a number of companies that have made early arrangements to go overseas are also worthy of special attention in terms of expansion into new regions and new categories.
looking ahead to the second half of 2024, ge lan said that there are opportunities to be explored in supply innovation, channel expansion, consumption upgrading, and product exports.
sino-europe healthcare's holdings decreased by 87 stocks
currently, ge lan manages three public funds, namely china europe healthcare, china europe mingrui new starting point and china europe medical innovation.
since the top ten holdings have been disclosed in the second quarter report of 2024, the focus of this annual report is on the hidden holdings (11th to 20th holdings) disclosed in the semi-annual report of 2024. for funds with larger management scale, hidden holdings account for a small proportion of the fund's net value, so fund managers are more flexible in adjusting their positions and can better grasp periodic investment opportunities.
among the public funds managed by ge lan, the largest product is china-europe healthcare. as of the end of the second quarter of 2024, the fund size was 32.787 billion yuan.
specifically, sino-europe healthcare holds a total of 114 stocks, 87 fewer than at the end of 2023. its hidden heavy holdings are tiantan bio (600161.sh), ailiying (002821.sz), yifeng pharmacy (603939.sh), tongce medical (600763.sh), enhua pharmaceutical (002262.sz), xinye industry (300832.sz), jiuzhou pharmaceutical (603456.sh), huadong medicine (000963.sz), shanghai pharmaceuticals (601607.sh), and boya bio (300294.sz).
it is worth mentioning that after the second half of 2023, tiantan bio and yifeng pharmacy increased their holdings by 19.28% and 22.45% respectively. in contrast, ge lan reduced her holdings in ailiying, tongce medical, enhua pharmaceutical, xinye industry, jiuzhou pharmaceutical, huadong medicine, and boya bio to varying degrees.
after sorting out the holdings, a reporter from the paper found that after shanghai pharmaceuticals was liquidated by the fund in the second half of 2023, it returned to the holdings list in the first half of 2024.
source: the paper reporter based on wind data statistics
china-europe medical innovation, which is also a medical-themed fund, had a managed scale of 6.816 billion yuan as of the end of june this year, making it the second largest fund product under ge lan.
sino-european medical innovation holds a total of 142 individual stocks, and two hong kong stocks were added to its hidden heavy holdings in the first half of this year. the ten hidden heavy holdings are aier eye hospital (300015.sz), kelun botai biopharmaceuticals (06990.hk), tiantan biological, zhixiang jintai (688443.sh), tongce medical, rongchang biopharmaceuticals (09995.hk), china biologic products (01177.hk), tongrentang (600085.sh), dong-e e-jiao (000423.sz), and wuxi partners (02268.hk).
after sorting out past holdings, a reporter from the paper found that kelun bio-tech, dong-e e-jiao, and wuxi healthcare were the first to establish positions in sino-european medical innovation. as of the end of june 2024, they held 1.398 million shares, 1.871 million shares, and 5.3845 million shares, respectively.
source: the paper reporter based on wind data statistics
the changes in the hidden heavy holdings of china europe mingrui new starting point are more obvious. among the ten hidden heavy holdings, the new stocks include hisense home appliances (000921.sz), deye holdings (605117.sh), tianfu communication (300394.sz), crrc corporation limited (601766.sh), zhuhai guanyu (688772.sh), and samsung medical (601567.sh).
in addition, china europe mingrui new starting point also significantly increased its holdings in siyuan electric (002028.sz), catl (300750.sz), changdian technology (600584.sh) and gigadevice (603986.sh), increasing their holdings by 177.69%, 74.03%, 59% and 12.45% respectively compared with the previous period.
source: the paper reporter based on wind data statistics
we are optimistic about supply innovation, channel expansion, consumption upgrade, and product export.
looking back at the first half of 2024, ge lan analyzed in the 2024 interim report that thanks to the country's sound manufacturing system and strong export drive supported by high production efficiency, the overall domestic macro-economy continues to show a marginal stabilization trend, reflecting the resilience of the domestic economy. however, it is also seen that the economy is currently in a period of transition from old to new drivers, and the gradual recovery of the economy still needs further transmission of monetary and fiscal policies.
in this context, ge lan said that the overall market risk appetite is low, and defensive sectors such as banks, coal, petroleum and petrochemicals, and utilities have performed well. in terms of market style, combined with the low-interest rate market environment, high-dividend assets have a high cost-effectiveness, and the dividend style continues to be interpreted. in terms of growth, technological innovation led by ai big models is still an important investment theme, and the performance of artificial intelligence-related sectors is still strong. with the rapid iteration of technology and the continuous expansion of application scenarios, the ai ecosystem is becoming more and more perfect, and a complete chain from basic research to application development to product implementation has gradually been formed. the stocks related to the sector have performed well.
ge lan pointed out that due to geopolitical disturbances and insufficient consumption expectations, sectors such as media, computers, and pharmaceuticals have fallen sharply. "although domestic demand is still in the stage of gradual recovery, structural growth opportunities in the consumption and service sectors may be brewing."
ge lan believes that after the industry has undergone deep adjustments in the previous stage, industry concentration has accelerated, the safety margins of some high-quality companies have continued to increase, and their competitive landscape, moats and operating capabilities have continued to optimize. among them, a number of companies that have made early arrangements to go overseas are also worthy of special attention in terms of expansion into new regions and new categories.
looking ahead to the second half of 2024, ge lan said that there are opportunities to be explored in supply innovation, channel expansion, consumption upgrading, and product exports.
in this semi-annual report, ge lan mainly elaborated on the highlights that may appear in the technology sector in the second half of the year.
in terms of technological innovation, ge lan analyzed that whether from the top-level design or the support policies issued by various regions, the switch from old to new growth drivers is still a long-term trend in the future, and from a medium-term perspective, the industrial structure is also continuously transforming towards strategic emerging fields. overseas, this round of overseas demand recovery is relatively weak, and the us manufacturing pmi has recently experienced a continuous decline. the market expects that the overall liquidity trend will be loose.
regarding the hard technology industry, ge lan believes that the productivity upgrade and prosperity improvement in the subdivided fields may bring certain opportunities. from the hardware side, taking consumer electronics as an example, with the gradual improvement of the ecological layout of ai-related systems, ai terminals, xr devices, etc. are expected to usher in a new cycle of large-scale growth under the dual impetus of cyclical recovery and innovation-driven.
from the perspective of ai big models, ge lan said that leading companies are still investing in human resources, computing power and other resources to accelerate the enrichment of the application ecosystem. "at present, ai terminal application scenarios have penetrated into various fields such as medical care, education, and entertainment, which will also promote the rapid iteration and supply improvement of upstream industries such as computing chips. combined with the launch of the third phase of the national big fund and other national policies and financial support, we believe that computing power, algorithms, terminals, and data are still in the rapid growth stage of the industry cycle."
the paper reporter ding xinqing
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