The list of picks recommended by private equity heavyweights has been revealed.
Every year right after August, a highly valuable shareholding list gets "exposed".
The data behind this list comes from the latest semi-annual reports of listed companies, which not only includes the "long-hidden" shareholdings of private equity tycoons who almost never communicate with the public, but also their latest shareholding volumes (reflecting the tycoons' attention level), as well as comparative data with previous periods and other relevant information.
However, this list requires extremely meticulous collection and highly professional "interpretation". For example, it is necessary to exclude those "pseudo-tycoons" with overly aggressive investment styles, understand the investment preferences of real tycoons, and be good at clarifying wrong conclusions caused by data disclosure limitations.
In any case, experienced investors can still learn about the latest investment trends and shareholding actions of those tycoons from the list, and further speculate on their hidden investment layouts.
This time, we will conduct a preliminary analysis focusing on Deng Xiaofeng, Feng Liu, Qiu Guogen, and Yang Dong (Ningquan). It must be noted that the above summary is only based on statistical data, and does not constitute recommendations or trading prompts for the relevant companies mentioned.
Deng Xiaofeng Has a New Favorite Investment Target
Deng Xiaofeng, a leading figure in value investment, has long been in a state where "his figure is rarely seen in the industry, but his legends are widely spread".
In recent years, he has almost never published his investment views publicly, and many of the products under his management have been "closed for subscription" for a long time. The industry can only recall his outstanding investment capabilities through past legends and historical cases.
However, in the second quarter, Deng significantly increased the allocation intensity in some investment directions, and at the same time discovered several interesting new investment targets.
One of the directions is building material stocks. The semi-annual report shows that the two products managed by Deng Xiaofeng, Gaoyi Xiaofeng No. 2 and Gaoyi Xiaofeng Hongyuan, have newly purchased shares of Beijing New Building Materials.
The number of shares they hold in Beijing New Building Materials reached 7.15 million and 6.57 million respectively, and the latest market value of the shares held by both of them exceeded 110 million yuan, which can be regarded as a "sub-heavyweight" position in Deng Xiaofeng's shareholding portfolio.
Beijing New Building Materials is a typical leading stock in the building materials industry, with main products including gypsum boards, coatings, waterproof rolls and other products. Affected by the sluggish real estate investment in recent years, this industry has been in negative growth, but at the same time, a large number of industry capacities have exited, and the stock valuation of individual companies has also dropped significantly.
It is still unknown whether Deng Xiaofeng's purchase is a reverse position building, or he has seen some signs of inflection points, or it is caused by other factors.
But considering that the share price of Beijing New Building Materials is still hovering at the low level since the beginning of this year, new external bottom-hunting funds are expected to obtain a cost price close to or even lower than Deng Xiaofeng's.
In addition to Beijing New Building Materials, the newly added investment targets under Deng Xiaofeng's management also include TCL Technology, Wanhua Chemical, Zijin Mining and so on.
Among them, Zijin Mining is Deng Xiaofeng's long-time favorite stock. At the beginning of this year, Xiaofeng No. 2 once held more than 180 million shares (the market value at the beginning of the period once exceeded 6 billion yuan), but after that, due to the position increase of other institutions and the position reduction of Xiaofeng No. 2, Zijin Mining "disappeared" from Deng Xiaofeng's public shareholding list.
This time, with the withdrawal of a number of insurance institutions and national teams, the shareholding of Xiaofeng No. 2 in Zijin Mining has reappeared in the public list. It still holds shares with a market value of more than 3 billion yuan, which clearly reflects the fund manager's emphasis on this target.
In addition, Wanhua Chemical, the global leading enterprise in the chemical industry (mainly polyurethane), has also appeared in Deng Xiaofeng's shareholding list again. Xiaofeng No. 2 increased its position in Wanhua Chemical in the second quarter, becoming the seventh largest tradable shareholder of Wanhua Chemical, holding 24.9595 million shares, with a market value of more than 1.7 billion yuan.
Wanhua also belongs to the type of targets that Xiaofeng is good at: cyclical stock, industry leader, with high revenue ceiling and strong competitiveness. Moreover, the petrochemical industry is usually significantly affected by oil prices. Wanhua's semi-annual report shows that its revenue increased by more than 30% year on year, and the net profit attributable to shareholders increased by more than 60% year on year. Since the beginning of this year, its share price has fluctuated greatly, but the cumulative increase is not large.
However, the cost and motivation of Deng Xiaofeng's own purchase are still unknown to the public, and the investment threshold of this type of target is actually not low.
Feng Liu Conducted Large-scale Position Adjustment and Stock Swap
Feng Liu, another fund manager managing a large-scale fund, has a relatively large range of position adjustment actions in the second quarter as a whole, and his position structure has been reshuffled.
The outside world has different opinions on Feng Liu's investment style. As a private equity fund manager who grew up from individual investors, with a partial growth and flexible investment style, Feng Liu is extremely talented and highly controversial. Therefore, many of the targets in his position portfolio can only be "viewed from a distance" by the outside world, and are not suitable for blindly copying investment.
The Lingshan No.1 Yuanwang Fund managed by Feng Liu still focused on sectors such as consumer electronics and medicine in the second quarter.
He newly entered the top ten shareholders list of Aibo Medical, Transsion Holdings and Lomon Billions Group, and the market value of the shares he held reached 127 million yuan, 1.031 billion yuan and 453 million yuan respectively.
In addition, Feng Liu also increased his position in Angel Yeast by 3 million shares in the second quarter, holding 31.5 million shares at the end of the period, making the market value of his position in Angel Yeast exceed 1.1 billion yuan.
Angel Yeast is a leading enterprise in the domestic yeast industry. In the first half of the year, its revenue reached 9.187 billion yuan, up 16.3% year on year; the net profit attributable to shareholders was 881 million yuan, up 10.21% year on year, and its performance in all aspects can only be described as moderate.
The company is not an enterprise with absolute industrial chain discourse power like Yili and Moutai, but a food ingredient and additive company. In other words, the performance of this type of company usually depends on the situation of its upstream and downstream partners.
However, this type of company is very preferred by Feng Liu, as it has performance elasticity, expected gap, and is convenient for investment institutions to build differentiated cognition. In addition, the valuation of this type of company is usually not too high.
In addition, Hikvision, the most important heavy position stock of Feng Liu in the past two years, with the highest shareholding market value exceeding 11 billion yuan, is still being gradually reduced from his position portfolio.
The semi-annual report shows that the shareholding of Feng Liu's products in Hikvision has dropped to 113 million shares, and another 87 million shares were reduced in one quarter. This is also the seventh consecutive quarter for Feng Liu to reduce his position in Hikvision since the fourth quarter of 2024.
Despite the large-scale position reduction, Hikvision still ranks as Feng Liu's largest heavy position stock with a closing position market value of 3.865 billion yuan.
At the same time, Feng Liu also carried out large-scale position reduction on Zhongwei New Materials. The semi-annual report of Zhongwei New Materials shows that Feng Liu significantly reduced his position in this stock by 15.5 million shares in the second quarter, ranking the fourth largest tradable shareholder of its A shares. He also reduced his position in Ruifeng New Materials by 3 million shares, but still maintained the status of the third largest tradable shareholder.
Tycoon Qiu Guogen Increased Positions in Value Stocks
In sharp contrast to Feng Liu's large-scale position reduction in Hikvision, value tycoon Qiu Guogen contrarianly increased his position in Hikvision in the second quarter.
As the head of the established 10-billion-level private equity firm Chongyang Investment, Qiu Guogen is a first-class representative of value investment in the industry. He attaches great importance to the long-term fundamentals of enterprises, is good at concentrated position holding, and has a high success rate of investment.
According to the semi-annual report of Hikvision, two products under Chongyang Investment appeared in the top ten tradable shareholders list at the same time.
Among them, Chongyang Strategy Juzhi Fund "appeared" newly in the second quarter, holding 51.79 million shares. And Chongyang Strategy Caizhi Fund continued to increase its position by 7.86 million shares, with the shareholding rising to 61.43 million shares. The total shareholding of the two products exceeded 110 million shares, with a market value of more than 3.8 billion yuan.
In addition, considering Qiu Guogen's consistent investment style, it is very likely that Chongyang Strategy Juzhi was already a shareholder of Hikvision before, but it was hidden from the public due to the amount of shareholding that did not meet the disclosure requirement.
Looking back, it is not surprising at all that Hikvision entered Qiu Guogen's investment vision.
It is an industry leader in the security industry with a high market capacity ceiling.
In recent years, it has encountered various "headwinds", and its performance once retreated from a stable double-digit growth to zero growth or even slight negative growth, which led to a sharp drop in its valuation.
But its industry competitiveness is still outstanding, and its growth rate has returned to double digits this year.
Overall, this is a very typical alternative target of "value stock", and it is not surprising that Chongyang invested heavily in it.
A very interesting comparative case is that both of these two products of Chongyang "exited" their long-term heavy position stock NHU this year (only judging from the performance reports of listed companies).
The latter is a leading domestic company in the feed additive industry (vitamin A/E/D3, methionine, biotin, carotenoid). Moreover, this company does not simply compete in the middle of the industrial chain, but builds its cost and industrial chain advantages through the strategy of vertically connecting "basic raw materials → core intermediates → end products", and continuously expands product categories around its core technology. This strategy has helped the enterprise achieve a relatively stable and long-term growth cycle.
Chongyang's heavy position holding in this company can be traced back to at least 2020 to 2021. After that, the shareholding of Chongyang's products in this company was extremely stable for most of the time, and it was almost the most stable institutional investor of this company.
In hindsight, despite experiencing the pandemic period, Chongyang's holding in this company has obtained a very high cumulative return, and also helped Chongyang smoothly get through the test of the bear market.
In addition to Hikvision, Chongyang Investment also laid out the pharmaceutical stock Fuyuan Pharmaceutical. The semi-annual report shows that two products under Chongyang entered the top ten tradable shareholders list of this stock at the same time, one increased its position by 1.3795 million shares in the second quarter, and the other newly bought 1.3184 million shares. But the market value of the shares held in this company is not large. Chongyang's relevant investment logic remains to be observed.
Yang Dong's "New Investment Thinking"
Yang Dong, the founder of Ningquan Asset, as an absolute investment tycoon in the industry, is of course also widely concerned.
However, Ningquan has gone through the bear market unscathed in the past 4 to 5 years, but its performance in the tech stock bull market in the latest year is not outstanding. For this reason, Ningquan even "admitted its mistake" to its investors.
But Ningquan's strength is still there, and the outstanding industry insight of Yang Dong's team is still there. Their shareholding portfolio is still worthy of observation.
In the second quarter, Ningquan invested in the food stock Haoxiangni. The Yuanzhi No.79 Private Securities Investment Fund under this institution increased its position by 622,600 shares in the second quarter, holding 2.7962 million shares at the end of the period, ranking the sixth largest tradable shareholder of the company. Ningquan Yuanzhi No.39 Private Securities Investment Fund maintained its position unchanged in the second quarter, holding 2.0512 million shares at the end of the period. In addition, Ningquan Yuanzhi No.76 Private Securities Investment Fund is a new shareholder in the second quarter, holding 1.9324 million shares at the end of the period.
However, the total market value of Ningquan's shareholding in this stock has only risen to 57.29 million yuan. It is far from being a key target of their investment at present.
But Haoxiangni still has considerable performance support. The company's main business involves the production, processing and sales of jujube-related products, nuts and preserved fruits. In the first half of the year, its operating revenue reached 707 million yuan, a slight increase of 2.59% year on year; the net profit attributable to shareholders surged by 3851.85% to 744 million yuan, but the deducted non-net profit attributable to shareholders suffered a loss of 21.3144 million yuan.
This is of course a very "strange" performance report. The company's net profit exceeded its operating revenue. After careful investigation, it turns out that during the reporting period, the fair value of the Maimangmangmang shares held by the company changed, because the latter's listing directly led to the rise of fair value. Finally, this income, as high as 988 million yuan, was mainly recorded in the current profit, directly driving the sharp surge of net profit attributable to shareholders.
Therefore, whether this event promoted Yang Dong's investment, what we can see is Ningquan's firm shareholding in Haoxiangni.
In addition to Haoxiangni, Ningquan Asset also increased its position in Unilumin Technology, an LED display and lighting enterprise, by 100,000 shares in the second quarter, with the shareholding rising to 5.3914 million shares, and the market value of the shares reached 30.89 million yuan. The LED lighting industry is an industry that Yang Dong and the institution he manages are highly familiar with, but it really has few bright spots in recent years.
At present, it seems that many of the key positions of Ningquan Asset may still be hidden