This article**: Times Weekly Author: Shi Hao.
In the year 2023.
After the sharp rise in the first and second quarters, the stock prices of artificial intelligence companies represented by ChatGPT generally suffered a deep retracement.
The worst thing is those who chase artificial intelligence concept stocks at a high level.
Debang steady profit growth", the actual steady and deep set.
According to the statistics of choice data, as of the end of 2023, among the newly established active equity categories** that year, a total of 32** fell by more than 25% throughout the year (Class A and C are calculated separately), and 8** lost more than 30% throughout the year. Among these loss-making new technology categories, Debang Stable Profit Growth Flexible Allocation Mix is more representative. Lei Tao, the manager responsible for the operation of the product, graduated from Shanghai Jiaotong University with a major in control theory and control engineering, and worked in Huawei for 4 years, in June 2021, Lei Tao was transferred from Debang to Debang, and is currently managing 8 of them, with a total scale of 329.9 billion yuan.
Debang stable profit growth flexible allocation mix is divided into two types of shares, A and C, of which the class A share was established earlier and was issued and operated on March 10, 2017, but in the five complete years from 2018 to 2022, the annual performance of the ** year has underperformed the average of similar products four times, and the volume has also fallen from the initial fundraising of 300 million yuan to 2 million yuan at the end of 2022.
After many years of poor performance, on March 29, 2023, Debang announced that Debang Stable Profit Growth Flexible Allocation Mixed Addition Manager Lei Tao was jointly responsible for product operation with Wu Zhipeng, and half a month later, Lei Tao replaced Wu Zhipeng and was solely responsible for related operations.
On May 11, 2023, Debang Stable Profit Growth Flexible Allocation Hybrid New Class C Share, as of the end of September 2023, the total scale of Debang Stable Profit Growth Flexible Allocation Hybrid A and C reached 68 million yuan.
Although the product scale will increase in 2023, the performance list of Debang's stable profit growth flexible allocation mix is not good. Among them, the class A share lost 15 for the year14%, ranking in the middle and lower reaches of 2,332 similar products, and Class C, which was established later, has a loss of more than 35% in less than 7 months from its establishment to the end of the year, ranking second to last in the performance of new equity products in 2023.
The reason for the loss of Debang's stable profit growth and flexible allocation mix is that it has chased up the ChatGPT concept of listed companies. From the 2023 edition of the ** already disclosed.
In the second and third quarters, Lei Tao's shareholding industry concentration is extremely high, and he tends to adjust his position frequently. In the second quarter, the top 10 heavy positions of Debang Stable Profit Growth Flexible Allocation Mix were Shengtian Network, Sanqi Mutual Entertainment, Flush, Mingchen Health, Baotong Technology, Shenzhou Taiyue, Hand Information, Xinzhi Software, Yao Ji Technology, and Giant Network, accounting for a total of 60 percent of the net value45%；In the third quarter, all the above-mentioned companies have withdrawn from the list of the top ten heavy stocks, and the related companies have become Sanhua Intelligent Control, Kunlun Wanwei, Yunsai Zhilian, Yuanjie Technology, Cialis, Fiberhome Communications, Zhongji Innolight, Digital China, Focus Technology, and Zhejiang Digital Culture, accounting for about 55% of the net value.
Debang Stable Profit Growth Flexible Allocation Mixed Selection**The timing of the above-mentioned heavy stocks, the corresponding companies are generally in a state of high valuation, but Lei Tao was not worried at that time. Debang's stable profit growth flexible allocation hybrid second quarter report said that since the second quarter, it has focused its products on the artificial intelligence track for investment. Artificial intelligence, as the most exciting technical force in the pan-technology field, has brought many amazing changes to the global technology community in less than a year. Investment opportunities in the artificial intelligence industry will further spread as technology continues to develop and deepen. Such investment opportunities will continue for a long time to come, and the focus of products on this track will also fully enjoy the dividends of industrial development.
Since the third quarter, the hype enthusiasm for the concept of artificial intelligence has ebbed, and the stock prices of listed companies that have risen significantly have been **. Among them, in the third quarter alone, the share price of Shengtian Network increased from 2479 yuan shares fell to 1436 yuan shares, Sanqi Mutual Entertainment's share price in the same period**3779%, Baotong Technology, Hand Information, etc., also have more than 20%**, so far, Debang stable profit growth flexible allocation mixed single-quarter loss of 28%, ranking the last of the same kind; In the fourth quarter, although Lei Tao had significantly adjusted the list of heavy stocks, because the industry was still in the first trend, its performance only ranked in the middle of similar products.
It should be pointed out that the reason why Debang stabilized the profit growth and flexibly allocated mixed class A "only lost" 15% for the whole year was largely due to the foundation laid by Wu Zhipeng, the former ** manager, in the first quarter. Statistics show that due to Wu Zhipeng's advance layout of ChatGPT concept listed companies such as Kunlun Wanwei, Kingsoft Office, and 360, in the first quarter of that year, Debang achieved a single-quarter income of 17 percent in terms of stable profit growth and flexible allocation31%, ranking in the top 5% of similar products, after that, Lei Tao replaced Wu Zhipeng ** Debang stable profit growth flexible allocation mix, nine months of loss of nearly 30 percentage points.
Although the product income is not ideal, Lei Tao is still optimistic about the investment prospects of related enterprises. In an interview at the end of the year, Lei Tao believes that after the third quarter of 2023, the global technology industry chain has shown signs of turning point upward. On the one hand, large manufacturers have raised product output, showing optimistic expectations for 2024; On the other hand, there is a demand for replenishment of consumer electronics, and with the emergence of new consumer terminal products, there are important investment clues in the industry.
According to the statistics of Tiantian**, Debang stable profit growth flexible allocation mix is not the only loss of Lei Tao during his tenure, throughout his three-year ** manager career, as of January 9, 2024, all of Lei Tao's products have not achieved positive returns during their tenure.
"Huatai Berry Foresight Choice" continuously stepped on the wrong track
If Lei Tao's pursuit of artificial intelligence stocks can still be attributed to lack of experience, and the small scale of the product is also convenient for flexible adjustment of positions, then in the past year, the veteran Niu Yong of Huatai Berry ** can be called disappointing.
Niu Yong has more than 13 years of experience as a manager. From 2010 to 2017, Niu Yonghuaan** managed a number of index products and has rich experience in quantitative investment research; At the beginning of 2018, Niu Yong switched to Huatai Berry**, and a year later served as the assistant to the investment director of the investment research department. As of the end of 2023, Niu Yong has 11 ** under management, with a total scale of 354.7 billion yuan.
Huatai Berry Foresight Smart Mix is Niu Yong's current management scale and the largest loss**. Since its inception in July 2021, the Huatai Berry Vision Smart Mix managed by it has accumulated a loss of nearly 55% in two and a half years, of which the overall decline is more than 38% in 2023 alone. As of the end of the third quarter of 2023, the scale of Huatai Berry Vision Smart Mixed is only 149.2 billion yuan, compared with 41.1 billion at the time of the initial fundraising3.4 billion yuan, less than 4 percent.
The reasons for the loss of Huatai Berry Vision Smart Mix in 2023 are mainly due to the following aspects. In the first quarter of 2023, Niu Yong shifted his heavy stocks to Hong Kong stock pharmaceutical targets such as WuXi Biologics, Pharmaron, and Tigermed, and did not step on the technology industry brought by ChatGPT; From the perspective of turnover rate, in the first half of 2023, the comprehensive turnover rate of Huatai Berry Vision Smart Hybrid Comprehensive Turnover Rate is 88881%, far more than about 2 times the frequency of position adjustment in the past years, after a toss, not only did not "drink the soup", but took over the "stand guard".
As of the disclosed third quarter report of 2023, the top 10 heavy stocks are Mingchen Health, GenScript Biotech, Pharmaron, Chi-Med, Shengtian Network, Tigermed, Changan Automobile, Aimeike, Jingjiawei, and Zhuoran Shares.
There is still a future for artificial intelligence.
After the large number of artificial intelligence concept stocks, although many of the best performance is bleak, Xu Zhixiang, manager of Fuguo New Materials and New Energy, believes that after each major crisis, scientific and technological innovation will drive the direction of emerging industries, and the driving factor is the supply to create demand. We tend to judge long-term things more accurately than short-term, and the same is true for industrial development.
Specific to the investment direction, Xu Zhixiang said that he will focus on three directions: first, embodied intelligence, that is, intelligent cars and robots; On the one hand, it is necessary to improve computing power to meet the requirements of AI end-side applications, and on the other hand, AI will give birth to intelligent hardware innovation, especially in the field of home and wearable devices, more innovative products will emerge, such as MR headsets, AI intelligent assistants, etc.; The third is commercial aerospace, with the maturity of the first technology, the rapid decline in the cost of capacity, mankind will enter the space age, satellite Internet is only the first step of exploration, a number of private aerospace companies continue to innovate and break through, open the industry ceiling, pay attention to rocket manufacturing, satellite manufacturing, ground supporting construction and other opportunities.