The asset management was once the "Holding Tump" buying the "Holding Tun" to buy it by investors

Economic Observation Network reporter Hong Xiaotang was pushed to the cusp of the wind because of the high concentration of its fund holdings.

Recently, the listed company reported the disclosure, and some investors found that dozens of funds owned by Guangfa Fund held by the Guangfa Fund, including Sunshine Power, Jing'ao Technology, Jinlang Technology and other energy sector stocks, which were concentrated too high, and encountered questioning of investors.

On September 6th, investors also nicknamed "Sunshine Power" in the shares of Sunshine Power.

In some insiders interviewed by the reporter, dozens of fund managers of a institution are optimistic about a stock and buying a high probability that it belongs to the company's behavior. The institutional "holding group" stock trading behavior is not conducive to stabilizing the capital market, and it will cause the risk of "smashing" of single stocks and cannot be sustainable.

Buy in one fell swoop

The investment target of the Guangfa Fund, which is questioned by investors, is the sunshine power supply.

In the semi -annual report announced recently, the list of ten major circulation stocks was disclosed, of which 5 funds including Guangfa Fund, including Guangfa High -end Manufacturing, Guangfa Technology Pioneer, and Guangfa Shuangqing upgrade Essence

Not only that, it can be found in a more detailed list of institutional investors that 44 funds under the Guangfa Fund holding Sunshine Power shares exceeded 83 million shares.

Following the following Huatai Berry Fund, 10 funds holding a total of 13.493 million shares of sunlight power supply, that is, the "love" of the Guangfa Fund to the sunlight power supply is 6 times that of Huatai Berry Fund, which is its. The sum of the number of funds in the lattice of 8 fund companies.

In the list of the top ten circulation stocks of Sunshine Power, the helmsman who have strictly selected funds such as the three years of holding, the upgrade of Guangfa Shuangqing, and the vanguard of Guangfa Technology are Liu Gehi, the star fund manager. According to statistics from reporters, Liu Ge's total of 46.4551 million shares (including co -tube) holding a total of 46.4551 million sunshine power, occupying half of the mountains holding the sun power supply. Zheng Chengran, the new generation of fund manager, followed closely, holding the number of sunlight power at 27.6298 million shares.

In addition, the reporter found that bond funds such as Guangfa Jiyu, Guangfa Jiyue, and Guangfa Jirui were also on the list of institutional investors with sunshine power.

It is worth mentioning why the Guangfa Fund, which has never appeared in the investigator of the Sunshine Power Source, is so optimistic about the investment sector. As of press time, the relevant persons of Guangfa Fund have not responded.

The director of a science and technology listed company in East China said, "Generally speaking, institutional investors are optimistic about a listed company and determined that they have to go through several or even more than a dozen tracks and investigations. The records are not very frequent in the record, but investors' investigations must be voluntarily disclosed according to the wishes of the listed company. Indeed, some investigations have not been announced by the listed company. "

As a photovoltaic company's sunlight power supply, in April this year, it was questioned due to growth. The stock price plummeted, and then the stock price bottomed out and slowly rose.

The semi -annual report recently disclosed in Sunshine Power showed that the company achieved operating income of 12.281 billion yuan in the first half of the year, an increase of 49.58%year -on -year; net profit of home mother was 900 million yuan, an increase of 18.95%year -on -year; gross profit margin was 25.54%, a year -on -year decrease of 2.51%.

In fact, Guangfa Fund concentrated on "preference" to 2021. In the first quarter of 2021, Guangfa Fund has not yet appeared among its top ten circulating shareholders. The list of institutional investors is only ranked 17th. The index connecting fund is passively held. In just 3 months later, the Sunshine Power "suddenly" was "suddenly" by more than 20 fund managers of Guangfa Fund at the same time. The central report disclosed by Sunshine Power in 2021 shows that the top ten mobile shareholders, Zhong Guangfa Fund, occupied 5 seats and all "new advances". The number of consolidated shares exceeded 65 million shares, and the number of shares in the merger of the Yifangda Fund in the following was 23.68 million shares.

same

Not only the sunlight power, the similar operations of the Guangfa Fund also appeared on Jing'ao Technology. According to Wind data, as of the end of the second quarter of this year, the six funds under the Guangfa Fund occupied the company's six ten major shareholders. According to the list of more detailed institutional investors, the total 48 funds under the Guangfa Fund holding the stock of the listed company, the total number of holdings reached 154 million shares, and the total market value of 107 was estimated at the closing price on September 6th. 100 million yuan. The number of 48 funds above occupies the company's more than 14%of the circulating shares of the company.

The number of holdings of this holding will be ranked far away by more than 2 times that the China -EU Fund, which has a total of 75.48 million shares.

Among them, Guangfa High -end Manufacturing, Guangfa Technology Pioneer, Guangfa Industry Strict Selection, Guangfa Shuangqing upgrade, Guangfa Small Plate Growth and Guangfa Innovation and Upgrade 6 funds in the top ten shareholders of the top ten shareholders are 2098.38, respectively. Thousands of shares, 19.4757 million shares, 18.2751 million shares, 16.023 million shares, 14.0849 million shares, 13.6353 million shares, a total of 102.6571 million shares, accounting for 66%of the number of Jing'ao technology.

Investigating its heavy positions, the reporter found that the sharp increase in the Guangfa Fund was one quarter earlier than the sunshine power supply, and its operation was still "suddenly" concentrated. Back to June 2020, Jing'ao Technology Director Wu Tingdong and Deputy General Manager Huang Xinming started a video conference on investigating institutional investors. Among the institutional investors participating in the institutional investor, Guangfa Fund appeared in the research list for the first time, and including Huaan Fund More than 20 institutional investors including Fuguo Fund launched an online survey.

On November 8th, Guangfa Fund participated in the survey again. Jing'ao Technology issued the "Announcement on the Investigation of the Company's actual controller, chairman and general manager" on the same day. Nearly 20 institutions participating in the survey also conducted investigations on issues such as the company's actual controller's investigation on the company's influence and other issues. Essence

A few months later, in the first quarter of 2021, Guangfa Shengxing, Guangfa Ruian selected, and Guangfa Juri appeared on the list of the top ten circulation shareholders of Jing'ao Technology, with a total of 17.0671 million shares.

In the third quarter of the same year, the total number of 13 funds under the Guangfa Fund held a total of 83.2531 million shares.

Since then, the Guangfa Fund has continued to increase the chips. As of the end of the second quarter of this year, Jing'ao Technology was 48 funds under the Guangfa Fund, and more than 30 fund managers held over 15,300 shares at the same time, accounting for 14.34%of the company's circulation shares.

While the Guangfa Fund has increased investment, the company's stock price has also risen, and it has risen. From the first quarter of last year to June 30 this year, the stock price of Jing'ao technology increased by nearly two times, and the highest price once exceeded 100 yuan.

A public fund person told reporters: "A fund company concentrates on holding the stocks with only a stock, which has indeed pushed the stock price, but the short -term increase after holding a group is easy to form a bubble."

The stocks that have been "made in the law" by the Guangfa Fund are far more than that, including new energy sectors such as Jinlang Technology, Longji Green Energy, and Tiantuang Energy.

According to Wind data statistics, as of the end of the second quarter of this year, more than 20 fund managers of more than 20 funds of 35 funds under the Guangfa Fund held more than 27.17 million shares, accounting for 9.24%of the company's circulation shares.

Tiantuangneng was also held by 20 fund managers of 39 funds under the Guangfa Fund, holding a total of 95.41 million shares, accounting for 7.21%of the company's circulation shares.

The reporter has contacted the Guangfa Fund for the shareholding logic of the above -mentioned investment target sector but has not responded as of press time.

Dangerous "holding group"

As for the "holding group" stock trading, many people interviewed by the reporter said that the behavior would have an uncertain impact on the stability of the capital market and was unsustainable.

"Generally, fund managers will choose investment targets through their own research, internal researchers and sellers, but dozens of fund managers of a company collectively optimize one or more stocks and buy them at the same time. Collective behavior.

A public officer in Shanghai also said that if a company, especially a company with a large equity scale and a large amount of funds, buys a certain or some stocks, then the pricing power of these listed companies may be possible. In the hands of this company, of course, it can also be manifested from the stock price and the stock price will rise sharply during the concentrated warehouse. However, once the funds are concentrated, it may be "smashed" on the stock price of listed companies.

And when a small number of institutions obtain high returns through the "holding group" and win the market and investor recognition, the fund manager who hides some value investment and decentralized investment will face a unfavorable situation, and even gradually under the pressure of performance rankings gradually gradually gradually gradually gradually gradually gradually gradually gradually gradually gradually gradually gradual. Lost the right to speak, and the phenomenon of inferior coins expelled good currency.

In fact, as early as 2014 and 2017, the corresponding fund investment standards were introduced to prevent the fund from using the advantages of funds to manipulate the stock price.

Article 12 of the "Administrative Measures for the Management of Public Funding Securities Investment Fund" issued in 2014 stipulates: "Fund managers use fund property for securities investment, and must not have the following situations: (1) A fund holding a company issued a securities issued by a company Its market value exceeds 10 % of the net asset value; (2) All funds managed by the same fund manager hold a company issued by a company, exceeding 10 % of the securities. "

In addition to the "double ten ratio" restrictions, the regulatory layer in 2017 also issued the "Regulations on the Management of Lobricity Risk Management of Open Securities Investment Fund", of which 15 stipulates: "All open funds managed by the same fund manager managed Holding a circulating shares issued by a listed company shall not exceed 15%of the listed company's circulating shares; all the investment portfolio managed by the same fund manager holds a circulating shares issued by a company, and shall not exceed the listed company's circulating shares that can be circulated shares of the listed company 30%".

Although the above behavior of Guangfa Fund has not been obviously triggered, its "group -style" buy is questioned by the market.

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