Huaxia ** management *** Gu Xinfeng.
After several anxious battles, the 2023 public offering active equity investment champion was finally released.
According to the net value data updated by Wind Data on the evening of December 29, the selected two-year fixed opening of innovative small and medium-sized enterprises on the China Beijing Stock Exchange (hereinafter referred to as "China Beijing Stock Exchange Innovation") is 58With a net value increase of 56%, it won the champion of active equity public offering in the whole market in 2023. On December 29, the Chinese reporter of the brokerage exclusively interviewed Gu Xinfeng, the innovative manager of the China Beijing Stock Exchange.
Gu Xinfeng said in an interview that the most concerned ** on the Beijing Stock Exchange in 2023 is the strong wave since November, which is not only due to the boost under the favorable policy of "19 deep reforms", but also the quality of the companies listed on the Beijing Stock Exchange themselves. For example, Gu Xinfeng said that the purest server liquid cooling company is on the Beijing Stock Exchange, and the leading company in the collagen industry chain with ultra-high growth rate in the medical beauty industry is on the Beijing Stock Exchange, and there will be more and more such situations in the future. As early as the first half of 2023, he caught some companies with the characteristics of the Beijing Stock Exchange and recognized by professional institutional investors.
Gu Xinfeng's victory seems to be accidental, but in fact, he has paid the effort of "sharpening a sword for ten years". After graduating in 2012, he joined Huaxia ** and has served as a computer researcher, a special account investment manager, and the head of the business department of a subsidiary of Huaxia**. He told the Chinese reporter of the brokerage that the quality and growth of the company are the foundation of investing in growth stocks. "From an investment point of view, it is not enough for a company to be cheap, but also to see whether it has long-term investment value and growth. In 2023, we have personally felt that more and more high-quality companies are listed on the Beijing Stock Exchange, which is why more and more Beijing Stock Exchange ** is favored by institutional investors, including stock public offerings**. ”
Gu Xinfeng bluntly said that the Beijing Stock Exchange has formed unique advantages in the fields of new energy, auto parts, high-end new materials and other fields, and its own industry position is stable. Based on this, he believes that investing in the Beijing Stock Exchange can "eat three fish with one fish", and earn three parts of income: continuous improvement in liquidity, improvement in overall valuation level, and growth of corporate performance and cross-market transfer.
Some heavy stocks rose by more than 100% in a quarter
December 29 is the last trading day of 2023 for A-shares, and Beijing's financial street is bustling and still a busy scene. The office of Huaxia ** is located in the central area of Yuetan Temple. Near noon, the Chinese reporter of the brokerage met Gu Xinfeng in the office. It was midday break, and he was still staring at his computer. Seeing the reporter arrive, he stood up from his workstation with a smile on his face and a little relief. "It's been a busy two days, and investors are very concerned about the results. Like everyone else, I persevered until the last moment. ”
Founded in November 2021, Huaxia Beijing Stock Exchange Innovation is a company with a placement ratio of only 1424% Popular**. During the closed period, the proportion of the assets in the assets is 60%-100%, of which the proportion invested in the Beijing Stock Exchange is not less than 80% of the non-cash assets.
As of the end of the third quarter of 2023, the ** scale is 40.4 billion yuan, the top ten heavy stocks are Junchuang Technology, Suzhou Axis Co., Ltd., CommScope Chemical, Beiteri, Minshida, Tongxiang Technology, CATL, Mingyang Technology, Kaide Quartz, Tianming Technology. In 2023, many heavy stocks have risen by more than 100%. For example, Tianming Technology has accumulated a total of 155 throughout the year83%, an increase of nearly 110% in the fourth quarter of 2023 alone;Tongxiang Technology has accumulated a total of 141 throughout the year32%, the first, second, third and fourth quarters increased respectively27%；The cumulative increase in Suzhou shares throughout the year is as high as 18372%, with nearly 60% of the increase realized in the fourth quarter.
The performance of ChinaAMC Beijing Stock Exchange Innovation in 2023 is the result of a combination of factors. Gu Xinfeng told the Chinese reporter of the brokerage that on the one hand, the Beijing Stock Exchange ushered in a systematic policy under the favorable policy of "19 articles of deep reform". In the past few months, most of the BSEs** have achieved good returnsOn the other hand, in the first half of 2023, he also seized the investment opportunities of some companies with the characteristics of the Beijing Stock Exchange and recognized by professional institutional investors, including server liquid cooling companies listed on the Beijing Stock Exchange and related computing power companies, humanoid robot ** chain and other companies.
Gu Xinfeng's "19 Articles of Deep Reform" refers to the "Opinions on the High-quality Construction of Beijing ** Exchange" formulated and issued by the China Securities Regulatory Commission on September 1, 2023, which aims to further promote the stable development and reform and innovation of the Beijing Stock Exchange, accelerate the creation of a "main front" system for serving innovative small and medium-sized enterprises, and is a special arrangement for the construction of a "1+N+X" policy framework for the construction of a modern capital market with Chinese characteristics.
"It's not enough to be cheap", it's the texture and growth that are fundamental.
When reviewing the Beijing Stock Exchange in 2023, Gu Xinfeng specifically told the brokerage China reporter that the fourth quarter of 2023 is a critical time period. Judging from the Beijing Stock Exchange 50 Index, according to WIND, the index will accumulate **14 in 202392%, but the cumulative ** range in the fourth quarter of 2023 has reached 3346%。
Before the fourth quarter, the market's attention to the Beijing Stock Exchange was actually not high. The most concerned ** should be this wave of strength since November, which occurred after the promulgation of the '19 Articles of the Deep Reform'. Gu Xinfeng said that since the release of the "19 Articles of the Deep Reform", the supervision has also introduced a series of landing measures, including investor suitability, listing conditions implementation standards, transfer, issuance floor price, market-making transactions, margin trading, etc., in the continuous accumulation of various policies, quantitative changes have gradually led to qualitative changes. Up to now, the "19 Articles of Deep Reform" are being continuously implemented, and the overall ecology of the market has shown a positive and positive trend.
Gu Xinfeng's victory seems to be accidental, but in fact, he has worked hard to "sharpen a sword for ten years" behind his back.
Gu Xinfeng studied in the Department of Intelligent Science and Technology of Peking University, and after graduating in 2012, he entered Huaxia ** as a researcher in the computer industry. In 2015, he was transferred to Huaxia Capital, a subsidiary of Huaxia **, as the investment manager of the *** special account, and later served as the head of the *** business department. At the end of 2018, Gu Xinfeng returned to the investment department of Huaxia, and after successively serving as assistant manager and manager, he is currently the director of the investment department of Huaxia.
In the past decade since 2012, China's capital market has gone through two rounds of bull and bear cycles, and my investment framework has gradually taken shape in the middle. Gu Xinfeng said that the super bull market on the GEM from 2013 to 2015 and the ensuing long **, as well as the institutional bull market with core assets and high-quality tracks as the main line from 2019 to the first half of 2021, and the long drawdown that also accompanied it, left a deep imprint on him. "There are lessons and experiences that have affected me deeply. ”
We believe that the quality and growth of the company will always be the foundation of investing in growth stocks. "From an investment point of view, it is not enough for a company to be cheap, but also to see whether it has long-term investment value and growth. In 2023, we have personally felt that more and more high-quality companies are listed on the Beijing Stock Exchange, which is why more and more Beijing Stock Exchange ** is favored by institutional investors, including stock public offerings**. Gu Xinfeng said.
Gu Xinfeng's investment in the Beijing Stock Exchange found that institutional investors studied AI and server liquid cooling, and found the purest server liquid cooling companies on the Beijing Stock ExchangeStudying humanoid robots, it was found that the Beijing Stock Exchange also has high-quality first-chain companies;Research on the medical beauty industry, and found that the leading companies in the collagen industry chain with ultra-high growth rate are on the Beijing Stock Exchange. "Investors do not allocate the Beijing Stock Exchange for the sake of allocating the Beijing Stock Exchange, but when studying an industry with long-term huge growth space and in the process of actual research in the industrial chain, they find that a leader in this field is a listed company on the Beijing Stock Exchange. In the future, there will be more and more such situations, and a number of high-quality companies with scarcity and strong growth attributes in the whole A** market are settling on the Beijing Stock Exchange. ”
One fish and three eats" to earn money in these three aspects.
Gu Xinfeng bluntly said that in 2023, a number of companies on the Beijing Stock Exchange have shown huge investment value, but this is only "a small lotus that shows its sharp corners". He observed that compared with Shanghai and Shenzhen, the Beijing Stock Exchange has its own characteristics and characteristics, and has formed its own unique advantages in many subdivided industries
First, the new energy sector. All the world's leading companies in anode materials in Beijing Jiaotong have the world's largest production capacity and the world's second largest photovoltaic welding strip company, and these companies have performed very well in the past few years.
The second is an auto parts company. Automobiles are experiencing a great era of intelligence, electrification and the rise of domestic cars. In this context, these auto parts companies on the Beijing Stock Exchange have become the core suppliers of high-quality OEMs. For example, Beijiao has all the core suppliers of Tesla's plastic structural parts, the core suppliers of BYD's intelligent controllers, and the upstream companies that do all kinds of spare parts, including seats and plastics.
In addition, the Beijing Stock Exchange also has a large number of leading companies in the subdivision of high-end new materials, including the leading companies of global aramid paper and copper extractants. In addition, in the emerging consumer field, the Beijing Stock Exchange is the only leading collagen company that has obtained a Class III device certificate, and there is also a leading company in pet food OEM.
Generally speaking, there are many leading companies in the field of specialization, refinement, special and new or subdivisions in the Beijing Stock Exchange, and their profit volume may not be particularly large, and the average may be distributed in the range of 50 million yuan to 100 million net profits, but their performance growth rate is still relatively fast, and their own industry position is also relatively stable, ranking first and second in the subdivided industry. Gu Xinfeng said.
Based on the above analysis, Gu Xinfeng believes that investing in the Beijing Stock Exchange can "eat three fish with one fish" and earn money in three aspects:
The first is to earn money that continues to improve liquidity and increase the overall valuation level. In the future, with the continuous improvement of the liquidity of the Beijing Stock Exchange, its valuation level will continue to move closer to the valuation level of companies in the relevant sectors of the Shanghai and Shenzhen Stock Exchanges.
The second is to make money for the growth of business performance, which is probably the most important. As a relatively emerging market, many companies on the Beijing Stock Exchange are in the stage of vigorous development of emerging industries, and the industry is still a blue ocean with a relatively fast growth rate.
The third is to make money from cross-market transfers. High-quality companies on the Beijing Stock Exchange may be transferred to the Science and Technology Innovation Board or the Growth Enterprise Market in the future. Since there is a relatively large gap between the average valuation level of the Beijing Stock Exchange and the Shanghai and Shenzhen stock exchanges, if a company on the Beijing Stock Exchange successfully transfers to the Shanghai and Shenzhen Stock Exchanges, it can earn money from cross-market valuation arbitrage. Of course, there is a certain amount of uncertainty in this, but this opportunity must exist, and it is also an investment opportunity that he wants to focus on.
Editor-in-charge: Tactical Heng.
Proofreading: Wang Wei.