In the first half of this year, public fund companies surveyed 59,158 A-share listed companies (times), a year-on-year increase of 123%.Specifically, public offerings are "highly interested" in sub-sectors such as machinery, electrical equipment, and electronics, and they frequently conduct research on related companies.
Industry insiders believe that the market will continue to test the multiple capabilities of institutional investors such as stock selection and trading. For industries with long-term potential, the public offering will pay more attention through research.
Research "Full Fire"
Data shows that in the first half of this year, a total of 59,158 A-share listed companies were investigated (times), an increase of 123% year-on-year, and the total number of investigated stocks reached 1,601.
"In the first half of this year, the market will be a full-scale test for institutional investors, especially in terms of stock selection and trading." A large-scale public funder in Beijing said that the market is volatile and good companies are becoming more and more difficult to find. Therefore, Repeated research and verification is required.
According to the above-mentioned person, although it is not very convenient for fund managers to conduct on-site research on business trips in the first half of the year, online research can be carried out at any time, which improves the efficiency of research to a certain extent, which is also one of the reasons for the increase in public offering research.
The data shows that among the fund companies that participated in the survey in the first half of the year, Harvest Fund conducted the most surveys with 1,326 surveys; Wells Fargo Fund, China Asset Management and China Southern Asset Management all conducted more than 1,000 surveys.There are 50 fund companies with more than 500 surveys.
"In-depth research must not only rely on desk work or listening to roadshows, but must go to the company to see it." A person from Harvest Fund told the China Securities Journal reporter that the company has always encouraged fund managers to "go out", emphasizing the integration of research and investment. Fund managers Research must be done in person, and researchers must conduct in-depth research."Fund managers or researchers who go to investigate pay special attention to communicating with companies in the upstream and downstream industries of the company and people other than corporate executives, so as to facilitate mutual verification."
Focus on segmented areas
From the perspective of industry distribution, the data shows that the listed companies surveyed by public funds involve many sub-fields such as industrial machinery, electrical components and equipment.Among them, industrial machinery, electrical components and equipment, and electronic components have the most listed companies surveyed, involving 136, 96, and 94 listed companies respectively.
Liu Yiqian, head of business of Shanghai Securities Fund Evaluation and Research Center, believes that the survey situation reflects to a certain extent the degree of public offering's interest in different industries."The high-frequency survey of public offerings in industrial machinery, electrical components and equipment, and the subdivisions of electronic components is related to the relatively large correction of the corresponding stocks since December last year and the emergence of investment opportunities. It is also related to the transformation and upgrading of my country's economic structure. of listed companies have long-term development potential and are related to rich and long-term investment opportunities.”
The data shows that in the first half of the year, Rongbai Technology received a total of 247 (times) researches from fund companies.In addition, Focuslight Technology, Gaoce Co., Ltd., Aohua Endoscopy, Inovance Technology (300124), and Shengmei Shanghai received more than 200 fund companies (times).
According to the data, Rongbai Technology is engaged in the research and development, production and sales of cathode materials for lithium batteries.As of the close on July 5, the share price of Rongbai Technology was 141.9 yuan, an increase of 23.05% this year.In May this year, CITIC Securities released a research report saying that with reference to the valuation level of leading companies in all aspects of the lithium battery industry chain and the valuation premium brought about by the company’s significant increase in market share, Rongbai Technology will be given a 25 times price-earnings ratio in 2023, corresponding to the target The price is 163 yuan.
