Since the beginning of this year, the tens of billions of private placements, which were once bleak, have ushered in a big explosion, and many private placements of tens of billions of dollars have gained positive returns in the first half of the year.
According to data from the Private Equity Pai Pai Network, the overall income of 87 private equity firms with a performance record of 10 billion yuan in June was 5.41%, which made the overall income rebound to -3.85% this year.Among them, a total of 23 private equity firms with 10 billion yuan achieved positive returns in the first half of the year, accounting for less than 30%; 19 companies had a floating loss of more than 10% in the first half of the year.
In terms of categories, the tens of billions of private placements managed futures strategies and bond strategies performed prominently, while the private placements of quantitative stock strategies were differentiated.In addition, the performance of active stock strategy private placements is average, with few positive gainers, and many private placements have floating losses of more than 10%.
It is worth noting that in the current round of A-share rebounds, new energy is undoubtedly the best performing sector.But recently, tens of billions of private placements have prompted the risk of the new energy sector, "It is difficult to sustain the outstanding performance of new energy, and the risk-return ratio of this sector is extremely poor at this stage."
23 tens of billions of private equity
Make money in the first half of the year
In the past June, the market ushered in a rapid rise in the market, and the tens of billions of private equity performance, which was once dismal, quickly regained its lost ground.
Private equity Pai Pai.com data shows that in June, the overall revenue of 87 billion-dollar private equity companies with performance records was 5.41%, of which 80 companies achieved positive returns that month, accounting for as high as 91.95%.Among the tens of billions of private placements that achieved positive returns, there were as many as 22 tens of billions of private placements with a monthly return of more than 10%. It can be said that June is a bumper season for tens of billions of private placements.
In addition, the overall income of 87 private equity firms with tens of billions of dollars in the first half of this year rebounded to -3.85%, of which the number of private equity firms with positive returns of tens of billions of dollars also increased to 23, accounting for 26.44%.
Specifically, in the first half of the year, Jiuying Assets became the leader of tens of billions of private equity with a performance of more than 15%, and Loken International and Blackwing Assets ranked second and third respectively.The tens of billions of private placements managed futures strategies and bond strategies performed well.Among them, many bond strategies such as Tongyi Investment, Youshan Fund, Mingyi Fund, Hesheng Assets, and Lerui Assets have achieved positive returns in their tens of billions of private placements; Heiyi Assets, Qianxiang Assets, Hande Investments, Luoshu Investments, etc. The core strategy is to manage futures.
The private equity performance of quantitative stock strategies has been differentiated. For example, Chengqi Assets, Century Frontier Assets, Egret Asset Management, Si Xie Investment, Jintechnet Assets, etc. all achieved positive returns in the first half of the year, Magic Square, Jiukun, Qilin, Lingjun, etc. has not returned to positive earnings.
On the whole, in the first half of the year, the private placements of actively managed stock strategies performed the worst, with few positive gainers and many private placements with floating losses exceeding 10%.Minority Investments, Tairun Haiji, Renqiao Assets and Yuanxin Investments were among the few equity private placements that achieved positive returns in the first half of the year.
In addition, there are still 19 private equity firms with 10 billion yuan in performance in the first half of the year, with a floating loss of more than 10%, of which the floating loss of alluvial assets exceeded 20%, and the performance was at the bottom.Veteran private equity firms such as Yongan Guofu, Danshuiquan, Yuanlesheng, Shifeng Assets, and Dunhe Asset Management also performed poorly in the first half of the year.
private equity
Bearish on the new energy sector
In the current round of A-share rebound, new energy is undoubtedly the best performing sector.Whether it is photovoltaics, new energy vehicles, and lithium batteries, there is a rapid rise in the market. Among them, photovoltaic equipment has risen by more than 45% in the past two months, and the leader Tongwei (600438) has risen by 35% in the past month; The lithium battery sector has surged 35% in the past two months.
It is worth noting that a number of tens of billions of private equity firms recently held a mid-year strategy meeting and forecast the market in the second half of the year. The hot new energy sector has attracted much market attention.
Zeng Xiaojie, founder of Yuanlesheng, said at the mid-year strategy meeting that the sectors such as photovoltaics and electric vehicles, which are relatively hot in the market, are still booming.Taking photovoltaics as an example, although the price of photovoltaic products in China has risen this year, overseas markets, especially the European market, still contributed to strong demand. It will bring more space to the industry.
Regarding the new energy vehicle sector, Zeng Xiaojie believes that the trend of Chinese cars replacing Europe and Japan has just begun, and the cost performance of self-owned brand cars has already achieved a rolling advantage. Cars, especially domestic new energy vehicles, may open the ceiling for sales, and even increase the pace of the car replacement market by replacing electricity with oil.
However, Zeng Xiaojie also said, "Once the industry develops rapidly, a large amount of industrial capital will flow in, which will also lead to possible involution and excess in all aspects of the industry. Therefore, as some high-end manufacturing industries gradually enter an industrial capital-intensive period, We will also choose carefully in the industry, but we are still optimistic about the upward direction of the economy.”
Xia Junjie, general manager of Renqiao Assets, a private equity firm specializing in contrarian investments, said that from the perspective of industry trends and stock cycles, it is difficult to sustain the outstanding performance of new energy. At this stage, the risk-return ratio of this sector is extremely poor. status.
Xia Junjie said that in fact, there have been some bad signals in the photovoltaic and semiconductor industries recently.For example, PV downstream module companies have begun to show signs of shutdown and production reduction because they cannot bear the pressure of upstream price increases; TSMC also lowered its capacity utilization rate in the third quarter for the first time, and the price of MCU chips has also dropped significantly.However, the market does not seem to care about these negative "disturbances", with institutions holding firm positions and stock prices remaining strong.
"The reason is that, on the one hand, the market's risk appetite is still increasing; on the other hand, people are becoming more and more insensitive to negative information. But the mistake of buying at the apex of the cycle is often irreversible." Xia Junjie said.
In addition, Zeng Xiaojie believes that with the relaxation of real estate and Internet policies, the fundamentals of these two industries may also usher in a significant improvement at the bottom, and will pay attention to the marginal changes in the profitability of related companies.
