Text|Produced by Wang Bo|The world's wealth.
The capital market is experiencing a drastic situation, how should the company do a good job in risk prevention and control, and avoid a sharp drawdown in the net value of the product?
Recently, WuXi Biologics (02269HK) lowered its performance expectations and triggered the stock price, implicating a number of heavy positions in the stock, including many products managed by star managers.
At the end of the third quarter of this year, China Industrial Securities Global held a total of about 35.55 million shares of WuXi Biologics, and Xingquan Heyi and Xingquan Social Value managed by star manager Xie Zhiyu were also buried in it for three years, which raised questions about the market's ability to select stocks.
In the past two years, China Industrial Securities Global, which has actively invested in equity investment, has also encountered the dual pressure of management scale and product performance.
In-depth research on the fundamentals of listed companies is the main daily homework of the company. However, China Industrial Securities Global has stepped on the ** due to the decline in performance expectations.
On December 4, WuXi Biologics significantly lowered its 2023 earnings forecast. The company lowered its full-year revenue growth rate from 30% to 10%, with non-COVID growth from 60% to 36%.
As a result, WuXi Biologics' stock price fell nearly 24% on the day. In the days that followed, its share price continued to fall, hitting a new low on December 22. From December 4 to 22, the stock accumulated **38%.
WuXi Biologics stock price action.
WuXi Biologics' heavy position is therefore also unsettling for its holders. Wind data shows that as of the end of the third quarter of this year, 7 companies under China Industrial Securities Global held a total of 35.55 million shares of WuXi Biologics, with a value of nearly 1.5 billion yuan.
In fact, under the ebb of the new crown business, the market has expected the "winter" of innovative drugs, but China Industrial Securities Global has bucked the trend and increased its holdings of WuXi Biologics by about 15.96 million shares in the third quarter.
It is worth noting that as a star ** manager, Xingquan Heyi and Xingquan Social Value, which Xie Zhiyu participated in the management, held about 19.48 million shares and 2.85 million shares of WuXi Biologics respectively, and increased their positions by about 5.6 million shares and 940,000 shares respectively in the third quarter, and WuXi Biologics also rose to the second largest heavy position of the two largest stocks.
With the stock price, the performance of the two ** has also been affected to a certain extent. As of December 22, Xingquan Heyi a, Xingquan social value for nearly a month35% during the year65%。
The addition of WuXi Biologics' ** prison has made Xie Zhiyu's professionalism questioned by the outside world.
According to the data, Xie Zhiyu joined China Industrial Securities Global in 2007 and is a veritable industry veteran, serving for more than ten years, and currently participating in the management of three ** companies, with a total scale of more than 40 billion yuan. In addition to being the best manager, he also wears many hats in the company.
On November 10 this year, the China Securities Regulatory Commission (CSRC) disclosed its feedback on the application for the establishment of an overseas subsidiary of Industrial Securities Global, which inquired about Xie Zhiyu's proposed chairmanship.
The China Securities Regulatory Commission pointed out that the proposed chairman of the Singapore subsidiary also serves as the deputy general manager of China Industrial Securities Global, the investment director of the ** management department, the director of the research department, the director of the international business department, and the ** manager. Please ask the company to explain whether the proposed chairman has enough energy to perform his duties.
In this regard, China Industrial Securities Global said that Xie Zhiyu is currently the deputy general manager of the company, in charge of the management department, research department and international business department. In the future, if he becomes the chairman of the Singapore subsidiary, he will help build the investment capacity of overseas business while doing a good job in management, and the company will also communicate and report to the regulatory authorities in accordance with relevant regulations.
China Industrial Securities Global has a good reputation in the field of active equity investment, but in the past two years, due to the continuous adjustment of the A** market, the product performance has also shown a significant retreat.
According to wind statistics, as of December 22, 2023, in the past two years, the 18 active equity classes** (including only the main share) of China Industrial Securities Global with comparable data have all fallen by more than 20%, and most of them are ranked in the middle and lower reaches of the same category.
Among them, 7 products fell by more than 40%, including Xingquan Social Responsibility, Xingquan Green Investment, Xingquan Hexing A, etc.
Xingquan's social responsibility has fallen by 45 percent in the past two years7%, which is at the bottom of the above products, ranking 1502 1656 in the same category. As an old ** established in 2008, its cumulative rate of return is about 246%, which is still a good result, but in the past two years, it has retreated seriously in ** fluctuations.
According to the data, its investment objective is to pursue the realization of current investment income and long-term capital appreciation, and at the same time emphasize the performance of listed companies in sustainable development, legal and moral responsibilities.
Judging from the quarterly report, the heavy stocks have been adjusted in each quarter of this year, and the information technology category has been reduced in the third quarter, and the allocation to the pharmaceutical and material industries has been increased.
However, the top three heavy stocks Preh Ophthalmology, CATL and China Duty Free, the stock prices have continued to fall recently, and they have been about 1% since the fourth quarter.
* The manager said in the third quarterly report that the structure adheres to the two main lines of consumption and growth, and the allocation of consumption is mainly based on medicine and tax exemption. In the third quarter, the allocation ratio of pharmaceuticals was significantly increased, and we are optimistic about the future performance of the pharmaceutical industry. The growth sector is equipped with computers, electric vehicles, etc. In addition, the allocation ratio of some cyclical industries has increased in the third quarter, such as chemicals, machinery, etc., mainly because it is expected that after the economy improves, there will be better elasticity in the profitability of pro-cyclical industries.
However, it remains to be seen when the manager's investment strategy will work, given the current performance.
The star products jointly managed by Xie Zhiyu and Cheng Jian have always been the focus of market attention. The **a share of the last two years**3627%, ranking 1036 1407 in the same category, the performance is not ideal.
Judging from the quarterly report, in the first three quarters, the ** heavy stocks were concentrated in the information technology industry, with a small amount of consumer and pharmaceutical stocks. Kuaishou, the largest heavy stock, has been holding it since the end of 2021 and fell slightly by 139%, down nearly 30% this year;WuXi Biologics, the second largest heavy stock, has been holding it since the second quarter of this year, and has increased its position significantly in the third quarter, but has recently taken a sharp diveSan'an Optoelectronics, the third largest heavy stock, has been held since the end of the third quarter of 2021, and has continued to increase its position since then, the stock fell by 54% last year and has continued to **22% this year.
The third quarterly report said that during the reporting period, it maintained a high level, and in the future, it will continue to tap the company's long-term growth value and continue to look for excellent companies with good investment cost performance. As for the performance of **, there is no explanation in the quarterly report.
Xingquan Heyi was established on January 23, 2018, and became a high-profile hit due to the glorious record of raising more than 30 billion yuan in one day at the time of issuance. But with the decline in performance in recent years, there are also many complaints in the ** bar.
Since its establishment, the net value of Xingquan Heyi has been significantly ** since 2020 and has doubled in early 2021. However, in the past two years, the performance has entered a downward channel, and the cumulative rate of return as of December 24 this year is about 24%, and the annualized rate of return is only 37%。
Xingquan Heyia performance.
The scale of Xingquan Heyi has also shrunk significantly, at about 15.8 billion yuan at the end of the third quarter of this year, compared with the original raised funds of more than 30 billion yuan.
Despite this, Xingquan Heyi still charges a higher management fee. According to the data displayed by Wind and Tiantian**.com, in the first half of this year, Xingquan Heyi lost about 8600 million yuan, but the management fee is charged 13.8 billion yuan, accounting for nearly 8% of the management fees of China Industrial Securities Global in the same period.
Since its establishment on September 30, 2003, China Industrial Securities Global has gone through 20 years of history, and its shareholders are Industrial ** and Global Life Insurance International, with 51% and 49% of the shares respectively.
Active equity investment is the focus of China Industrial Securities Global. During the booming equity market from 2019 to 2021, the company ushered in a highlight moment, and the scale of management rose rapidly.
Wind data shows that at the end of 2018, the company's management scale was only 187.7 billion yuan, ranking 21st, and at the end of 2021, it has reached 590.1 billion yuan, an increase of 214% in three years, and the ranking has also come to 14th.
Trend chart of changes in the global management scale of China Industrial Securities.
During this period, the company's popular products continued to attract the attention of the market. After Xingquan Heyi, in October 2019, Xingquan Hetai set a record of subscribing nearly 50 billion yuan in one day, with a maximum scale of 6 billion yuan and a placement ratio of only 12%.
Not only is the product popular, but the personal management scale of ** manager Xie Zhiyu at the end of 2021 is close to 100 billion, becoming the "top stream" in the industry in one fell swoop.
However, in 2022, the A** market began to decline, and the scale of Industrial Securities Global fell into a bottleneck after breaking through the 600 billion yuan mark at the end of June. At the end of the third quarter of this year, its scale fell to 584.5 billion yuan, a decrease of about 17.4 billion yuan from the historical high, mainly due to the shrinkage of active equity products.
From the perspective of the company's product structure, the scale of currency is about 301 billion yuan, accounting for about 51%;Mixed** was 141.8 billion yuan, accounting for about 24%;Bond** is about 122.1 billion yuan, accounting for about 21%;*type** is only 8.1 billion yuan, accounting for only more than 1%.
The company has only three indexes**, no ETF products, and active products in the equity category are the absolute main force, which will also form a certain constraint on the growth of scale.
The 20-year-old Industrial Securities Global, which is not the earliest batch of companies to be established, has shown some signs of aging, whether it will not advance or retreat, or go against the current, and let us wait and see.
end - Disclaimer: The information in this article does not constitute investment advice.