At the end of the second quarter of the public offering fund, top fund managers such as Cai Songsong, Dong Chengfei, Ge Lan, Xie Zhiyu, Liu Yanchun and Zhu Shaoxing finally released the quarterly report.
In terms of positions, the above-mentioned star fund managers basically maintained a relatively stable stock position. Among them, only Liu Yanchun reduced his position. Jingshun Great Wall Dingyi’s stock position dropped to 90.75% from 94.52% at the end of the first quarter, a new low in nearly three and a half years, but still maintained his preference for consumption and medical treatment.
In terms of portfolio adjustment, Dong Chengfei, who had been rumored to have suffered from “fixed-point explosion”, reduced his holdings of two “explosion stocks”, meinian health and Songcheng performing arts; Glenn, on the other hand, has maintained his preference for Aier ophthalmology for more than three years, adding its position to the largest position once again; The leading analog chip company, Shengbang shares, was greatly increased by Tsai Songsong as the largest heavy position shares.
Tsai Songsong’s big investment in simbond
Cai Songsong, famous for his heavy position in semiconductors, released the second quarterly report of its product noan growth mix. The size of the fund reached 28.177 billion yuan at the end of the second quarter, an increase of 1.067 billion yuan compared with 27.110 billion yuan at the end of the first quarter. However, specifically, the above growth was mainly contributed by the rise in net worth, while its fund shares shrank by about 4.5 billion in the second quarter.
In terms of position, noan growth mix still maintained a high position operation in the second quarter, with the stock market value accounting for 94.21% of the fund’s net asset value at the end of the second quarter, an increase of 2 percentage points compared with the end of the first quarter. However, compared with the end of the first quarter, the list of its top ten heavy position stocks did not enter or exit, but only adjusted its specific portfolio structure.
Among them, simbond, the leading analog chip company, was greatly increased and became the largest position stock of the fund, with the number of shares increased from 7.7651 million to 11.6474 million, accounting for 10.45% of the net value of the fund. Cai Songsong started to take a big position in Shengbang shares since the mid-term news in 2019. The stock rose rapidly this year, with a range rise of 76.86% in the second quarter alone.
In addition, Zhuosheng micro, Zhongwei company and Shanghai silicon industry were increased, while Zhaoyi innovation, Weier shares, North Huachuang, SMIC international, San’an optoelectronics and Changdian technology were reduced.
In his quarterly report, Cai Songsong reviewed the performance of the semiconductor sector in the first half of the year. In May, the news of several mobile phone manufacturers Cutting orders came out, which touched the last nerve of the empty side in the semiconductor sector. The prosperity of the semiconductor chip market in this round is obvious to all, but the stock price did not show the corresponding trend, Among them, the market’s worry about repeated orders from mobile phone manufacturers is the main factor. It’s worried that the sustainability of this business cycle is not enough. This news is also the landing of this bad news. Therefore, after May Day, leading design manufacturers led the decline.
However, he believes that the demand side of the current business cycle is triggered by a comprehensive innovation cycle. Now suppliers, channel providers and terminal manufacturers are hard to find a single source of goods, which can not be controlled by a single demand. Therefore, the plate quickly recovers after a sharp fall; With the approach of Daqing on July 1, the market sentiment is gradually rising. The semiconductor chip industry continues to have a high momentum. In terms of domestic substitution, the progress of key core elements exceeds expectations. In the middle of June, the technology sector led by chips broke out in an all-round way. Then, with the performance forecast of chip companies, the performance growth completely ignited the market. Throughout June, the industry’s high prosperity and the scissors gap between stock prices are getting bigger and bigger.
Cai Songsong believes that the prosperity of the semiconductor industry in this round is rooted in the innovation cycle brought by 5g. The improvement of innovation demand side is linear, while the expansion of capacity capital expenditure is nonlinear, which leads to the contradiction between supply side and demand side. And the blockade of China’s technology by COVID-19 and the United States has intensified. In the short term, this contradiction will be alleviated and the supply and demand relationship can be dynamically observed after the new capacity has been delivered.
“Therefore, the scale and time dimension of semiconductor chips are likely to exceed expectations. In addition, as domestic related technology products are conquered one after another, and the acceleration of domestic substitution, the industry is about to enter a dividend period in which both the total market volume and the domestic market share will rise. ” Cai Songsong said in the quarterly report.