Author: Jia Er Editor: Yuan Chang This year, what kind of A-share ** manager is the most active? Of course, it is a new ** that has been raised since the fourth quarter of last year. They got money at a relatively low point in time, and they also got an opportunity at a low valuation. But at the same time, the tests are also coming, how to grasp the opportunities given by the times, create long-term benefits, think about it, and the latest data shows that these ** established in the fourth quarter of 2023 have begun to "hand in", and the net worth trend of some of the star ** managers is particularly "interesting", what is the signal behind this? 
Among the ** subscribed in the fourth quarter of 2023, 5 ** have achieved a fundraising scale of more than 1 billion yuan, which can be regarded as the "hot model**" of the quarter, and their ** managers are Yang Jinjin of Bank of Communications Ruiyuan, Gao Nan of Yongying Ruixin, Zhou Sijie of SDIC UBS Shengxuan, Bao Wuke of Invesco Great Wall Value, and Liao Hanbo of Great Wall Balanced Growth. 
From the latest net value observation, the net value of these ** managers (except Yang Jinjin and Gao Nan) has begun to fluctuate, and the daily net value fluctuated by more than 0 on February 53%, which obviously means that some of these layouts have been completed. 
In addition, if as of February 2 (according to wind data), the cumulative net value growth of the above** since 2024 is between -3% and 0.5% range. In 2023, the average performance of the new ** (established in the fourth quarter of last year) is -8%, and the above 5** all outperform. Not to mention the comparison with the whole market. 
Of course, for the new **, low ** is not the goal, and the short position is not the end. Everything is done in order to wait for a better time and layout for opening a position. So, what has the above-mentioned star manager of the new management team laid out since its establishment? Relatively speaking, Bao Wuke managed Invesco Great Wall Value Discovery and Yang Jinjin managed Bank of Communications Ruiyuan was established in October in three years, and these two ** have more information. Its choices and reflections may be more representative. First of all, the data of the 4th quarter report shows that when the value discovery of Invesco Great Wall and the three-year fixed opening of Bank of Communications Ruiyuan were established for about 2 months, ** were controlled between 3 and 4 percent. 
Considering that the lower limit of the two ** is 6 percent (there is no requirement for the opening period), the pace of Bao Wuke and Yang Jinjin's position building is obviously restrained.
Among them, the layout of Invesco Great Wall Value Discovery is more cautious, and the net value of the day of subscription and redemption was 10006。After the redemption is released, it seems that the short-term net value fluctuation of Invesco Great Wall value is also low. 
And Yang Jinjin's choice is obviously proactive. As a well-known stock selection manager in the industry, Yang Jinjin's layout varieties are very worthy of attention. The 4th quarterly report shows that the direction of his position is mainly basic chemicals, transportation, machinery and equipment, power equipment, public utilities, etc. Among them, there are not only first-class shares of Air China and Huaneng International, but also small and medium-cap stocks Amway shares and Bohai Ferry. 
Judging from the fourth quarter report, Yang Jinjin focused on two issues that must be solved in the future: if the economy continues to maintain a stable situation and demand does not change significantly, is there a new systemic opportunity for a significant increase in shareholder returns? In the context of the overall slowdown in demand, can the middle and lower reaches achieve the clearing of supply and the improvement of profitability through market mechanisms? He will also focus on selecting sub-sectors and companies that are in the current context of an improvement in the landscape, where free cash flow is expected to improve substantially, and at the same time, shareholder returns will also improve significantly.
Standing at the junction of 2023 and 2024, more ** managers can't wait. In the ** established in the fourth quarter of 2023, the data of the 4th quarter report was disclosed, and there were also 7 active biased stocks*** greater than 80%.
And even if the end of 2023 is not high, it may actively increase its position in 2024. For example, CITIC Prudential Advanced Manufacturing, managed by Sun Haozhong, was established on October 9, and the 4th quarterly report shows that the equity at the end of 2023 is about 1627%。However, as of February 2, the ** fell by more than 116%。Judging from the performance of the year, there is a high probability that the ** level has been greatly improved. In addition, such as Jin Yuan Shun'an Industrial Selection managed by Min Hang and Zhou Boyang, Bank of China Hong Kong Stock Connect Pharmaceutical managed by Zheng Ning and Xia Yibing, and Guotai Junan CSI 1000 Preferred managed by Hu Chonghai, etc., have a high probability of being more obvious. The manager of the public offering is advancing and entering.