Since the beginning of this year, A-shares have rebounded strongly, and while retail investors have entered the market,Private placementThe big men also ran into the arena. High-profileStar fundManager Ren Zesong alsoPrivate equity firmIn the middle of its "second spring", its product Jiyuan-Xiangrui 1 has achieved 90% of its revenue this year.
In the face of market hotspots, there are also private placements that insist on the originalInvestment Strategyconstant. "Shell King" Xin Yu still insists that the shell stocks are not relaxed, and their holdings are stillState-owned enterprise reformSubject. Gree GroupMixed changeCan the wind direction lead the reform of the state-owned enterprises to rise again?
Ren Zesong opens the "second spring"
A-share marketAt the same time of a strong rebound, the private equity strategists also actively entered the market. Ren Zesong, a high-profile star fund manager, is also among them.
The postal strategy of Ren Zesong’s managementEmerging industry fundWinning the 2013 annual public fund fund champion with a return of 80.38%, it became a smash hit “public offering one brother”. However, since then, "stepping on the thunder"Letv(300104,Medical stock),Kang Kang Pharmaceutical(300267,Medical stock),Xuan Ya International(300612,Medical stock),LetChina Post Fundlost heavily.
In 2018, Ren Zesong quietly left the China Post Fund, and later confirmed that Ren Zesong went to Shanghai Jiyuan Asset Management Co., Ltd. as the general manager.
According to the data, Jiyuan Assets was established in February 2014. Its founder is Li Weimin and is also the legal representative of Jiyuan Assets. At present, Li Weimin and Ren Zesong hold 55% and 45% of their shares in Jiyuan Assets.
The data shows that Shanghai Jiyuan Assets filed a new product on February 22 this year - Jiyuan-煜烽1 private placementStock investmentThe fund, in addition, also filed the Jiyuan-烨熠1 private equity investment fund on March 25 this year.
"Daily Economic News" reporter found that the fund industry association's filing information shows that Jiyuan Assets has 4 products, namely, Jiyuanyuan No. 1 private equity investment fund, Jiyuan-Xiangrui No.1 Fund, Jiyuan-煜烽1 Private Equity Investment Fund, Jiyuan-烨熠1 Private Equity Investment Fund.
According to the private placement network data, the income curve of Jiyuan-Xiangrui No.1 has not changed much from May 2016 to the end of December 2018. It has been below the traditional liquidation line, but the income of the fund has been from the end of December 2018. The curve has risen sharply. As of March 29, 2019, the product's revenue this year was 90%; in addition, the latest net value of Jiyuan-煜烽1 as of April 4 was 1.212 yuan.
Above twoPrivate EquityThe core figure of the product is Ren Zesong. In just 3 months, this result is quite eye-catching. However, about thisFund heavy positionThe stock did not find relevant information.
Jiyuan Assets allowed Ren Zesong to open the "second spring." These products broke out this year by the A-share market, which has always been favored.Medium and small,gemIn addition, with its "concentrated position" style, short-term profit is also reasonable.
State-owned enterprise reform opens a new curtain
After the bear market last year, some private equity funds have changed their investment strategies to break through this year's sudden surge. However, some private equity companies still insist on the original investment style.
along withListed company2018annual reportThe disclosures of the private placements have also surfaced. From the perspective of positions, "Shell King" Xin Yu has a special liking for the reform of state-owned enterprises.
It is understood that due to the stricter backdoor, Xinyu, which is not relaxed in 2017,Private productThere is no small loss.
Wind data shows that this year, Xinyu’s Hongyan Shenzhou Animal Husbandry Fund appears in the list of the top ten shareholders of the listed companies’ 2018 annual report, including holdingTianshun shares(002800,Medical stock) 358,000 shares heldDalian Thermal Power(600719,Medical stock) 2,109,700 shares heldWeichai Heavy Machinery(000880,Medical stock) 1.59 million shares heldGuisheng shares(600992,Medical stock) 3.138 million shares heldZhenghong Technology(000702,Medical stock) 4,434,400 shares heldPhoenix bamboo textile(600493,Medical stock) 3.31 million shares. At the same timeGuotou Zhonglu(600962,Medical stock) The holdings were held, holding 3.09 million shares at the end of last year.
"Daily Economic News" reporter found that the recent Gree Group mixed reform once again stood on the vent, among whichGree Electric(000651,Medical stockAfter the daily limit on April 9th, the daily limit was again on April 10. In addition,Chinese ship(600150,Medical stockThe asset integration has also made the reform of state-owned enterprises surging, and the stock price of Chinese ships has also appeared in four consecutive “one-word” daily limit.
From the perspective of the secondary market, in recent years, the investment in the theme of state-owned enterprise reform has been generally sustainable. Then, how much influence will the Gree Group's mixed reform and the reorganization of Chinese ships bring to the market? It is worth noting that in the recent state-owned enterprise reform sectorJiadian shares(000922,Medical stock), the national investment in China and Lu have risen, in additionZhongcheng shares(000151,Medical stock) The rise in the target of state-owned enterprise reforms is remarkable.
Guosheng Securities releasedResearch reportIt is said that Gree's mixed reform is a key step for the reform of state-owned enterprises. The equity of state-owned enterprises is expected to enter a new stage of market-oriented pricing. It tends to believe that this round of state-owned enterprise reform has opened a new curtain. If the progress is smooth, it is expected to be more than a split shareholding reform, which is likely to stimulate a new round of institutional dividend. In the later period, we can pay attention to the four major trends. First, local state-owned assets, especially in areas with more active reforms such as Shanxi and the eastern coastal areas, and areas with relatively large fiscal pressures; second, the progress of the “Double Hundred Actions” of the SASAC; and third, state-owned enterprises. The reform of the assessment mechanism; the fourth is the reorientation of the state-owned enterprise reform, which can follow the relevant formulation of “competitive neutrality”.
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