Behind the Nuoan Fund's abandonment of "masked cards": Why is Zhuo Shengwei?

In the process of "barriers" all the way, the proportion of Nuoan's growth mixed with Zhuo Shengwei has always maintained less than 5%of its total share capital. Today, in the context of the weakening of Zhuosheng Micro -stock prices, why did the Noon Fund suddenly no longer "masked" and chose a high -profile "lifting card"?

Author: Zheng Chenyi

Figure: Tuwa Creative

Guide

One || Combined with the continuous increase of Nuoan's growth mixed for 5 consecutive quarters, in the context of the continuous "collapse" of Zhuo Shengwei's stock price, Noon's growth mixed has fallen into "the more you fell, the more you buy, the deeper the more you buy," Embarrassing situation.

及 || Cai Songsong and the Growth of Nuoan, which have been managed, have always been a hot topic in the market. The fund is famous for its "shuttle one track" investment. Its radical investment style has also attracted the attention of many industry counterparts.

Three || "Nuoan's high -profile license is on the one hand to reduce costs through low positions, and on the other hand, it may also release a stimulus signal to the secondary market." In response to Noon's license, Zhuo Shengwei, a large public offer in South China People said. "Give the market a chance to play on topics," he added further.

After nearly nine years, the public offering of the "rivers and lakes" was reproduced.

On September 14, Zhuo Shengwei (300782.SZ) disclosed that the company recently received the "Simple Rights Change Report" issued by shareholders Norot Fund Management Co., Ltd.. The "Report" shows that the Nuoan Fund's Nuoan Growth Securities Investment Fund (hereinafter referred to as the "Nuoan Growth Hybrid") was increased by 51,9500 shares of Zhuo Shengwei shares through centralized bidding transactions on September 8, 2022. This After the changes in the secondary equity, Noon's growth mixed with Zhuo Shengwei has reached 26.721 million shares, accounting for 5.0065%of its total share capital.

In the 2022 report that just disclosed recently, the Growth Mixed Growth of Nuo An also held only 19.312 million shares of Zhuoshengwei, accounting for 3.62%of the total share capital. In other words, in just more than two months, the proportion of its shareholdings accounted for the total share capital of Zhuosheng Micro will reach the license line.

By looking through Nuoan's growth and mixed past regular reports, reporters from the Economic Observation Network found that the fund's earliest establishment of Zhuo Shengwei may be traced back to 2019, and the period continued to shoot. The growth of Annan growth has been ranked ninth of the top ten shareholders of Zhuo Shengwei.

In the process of "barriers" all the way, the proportion of Nuoan's growth mixed with Zhuo Shengwei has always maintained less than 5%of its total share capital. Today, in the context of the weakening of Zhuosheng Micro -stock prices, why did the Noon Fund suddenly no longer "masked" and chose to "raise cards"?

In this regard, some public fund managers told reporters, "If it is really optimistic about a company, the Nuoan Fund has many ways to avoid lift cards. Now after the high -profile official announcement, it will bring a lot of hidden risks to the fund itself. ","

A large public offerings in South China told reporters that Nuoan's move, "On the one hand, reducing costs through low positions, and on the other hand, you may also want to release a stimulus signal to the secondary market."

"Give the market a chance to play on topics," he said.

"The more the core heavy stock stocks are deeper,"

After this card, if the closing price was calculated on September 14, the market value of the Nuoan growth mixed position managed by the star fund manager Cai Songsong, which was managed by the star fund manager Cai Songsong, reached 2.69 billion yuan.

Judging from the details of the announcement, within six months before September 13, the Nuoan growth mixed has bought Zhuo Shengwei five times. By 95.10 yuan/share, the fund also continued to increase the buying effort when Zhuo Shengwei's stock price hit a record low in August this year, typical "more and more buying and buying".

A reporter from the Economic Observation Network found a regular report and found that Nuoan's mixed positions began in 2019.

Among the fund disclosed in the third quarterly report of the fund, Zhuo Shengwei ranked its fourth largest heavy stock shares, holding 474,600 shares, accounting for 0.48%of the total share capital of Zhuosheng Micro. Because the reporter did not inquire about the positioning information of Zhuo Shengwei (300782.SZ) in the mid -reporting of the 2019 mid -reporting of Noon, which means that Cai Songsong's 474,600 shares Zhuo Shengwei (300782.SZ) shares That is the third quarter of 2019.

Subsequently, Cai Songsong began to soar all the way on the road of "Buguang" Zhuo Shengwei.

Specifically, the first round of warehouses that were mixed on Zhuo Shengwei in the growth of Noon, which occurred in the third quarter of 2019 to the third quarter of 2020. Noon's growth and mixing continuously increased its holdings for 5 consecutive quarters, and held shares. The number of shares at the beginning of the period gradually climbed to 6.8937 million shares, accounting for a total share capital of 0.48%to 3.83%.

Zhuo Shengwei's stock price (previous reinstatement price) was also 130.56 yuan/share from 22.91 yuan/share station in the fluctuations, and the range of the stock price rose as high as 526.79%.

During this period, whether in the first quarter of 2020 or in the fourth quarter of that year, the two large -scale callbacks of Zhuo Shengwei's stock price did not affect Cai Songong's firm "barrier warehouse".

On the contrary, during the fourth quarter of the following 2020 to the first quarter of 2021, with the recovery of Zhuosheng Micro -stock price, Nuoan's growth and mix of holdings were reduced for two consecutive quarters. The 6.8937 million shares decreased to 4.4055 million shares disclosed in the first quarter of 2021, accounting for a total share capital of 3.83%to 2.38%. Perhaps due to the "missing income" of this reduction, Cai Songsong then opened the second round of the second round of Blot Warehouse of Noon's growth and mixed in Zhuo Shengwei.

The reporter found that the growth of Nuoan was mixed in the fifth quarter from the second quarter of 2021 to the second quarter of 2022, and continued to increase the position of the position. By 2022, the 193,100 shares disclosed by the central report, accounting for the total share capital to rise from 1.56%to 3.62%.

However, Zhuo Shengwei's stock price trend failed to re -engrave the prosperous scene of the fund's first round of barriers.

From July 9th to July 13th, 2021, Zhuo Shengwei's stock price (previous reinstatement price) fell 18.71%within three transactions, unveiling the company's "big curtain" of the decline in the company's stock price.

Wind data statistics show that in the 288 trading days from July 9, 2021 to September 14, 2022, Zhuosheng WeChat's stock price plummeted by more than 68.72%, and the total market value evaporated by more than 80 billion yuan. Now its stock price is still surrounded by 100 100 Yuan/share fluctuates up and down.

Combined with the above -mentioned Nuoan's growth and hybrids for 5 consecutive quarters, in the context of the continuous "collapse" of Zhuo Shengwei's stock price, Noon's growth mixed into the embarrassment Situation.

In response, investing in the big V "shares of the sea bald head" ridiculed on the snowball platform: "Zhuo Shengwei (stock price) can cross 100 yuan, Nuo An absolutely contributed greatly."

Behind the "collapse" of the stock price of the secondary market, it is the "worst transcript" since the listing of Zhuo Shengwei (300782.SZ).

According to the 2022 interim reported by Zhuo Shengwei on August 28, the company achieved operating income of 2.235 billion yuan in the first half of this year, a year -on -year decrease of 5.27%; the net profit of the mother was 752 million yuan, a sharp decline of 25.86%year -on -year; Net profit was 757 million yuan, a year -on -year decrease of 23.87%.

If the statistical range is stretched, as early as the first quarter of 2021, Zhuo Shengwei's revenue increase has begun significantly, and the year-on-year growth rate has gradually decreased from 162.37%to -5.27%today. A negative growth has occurred for two consecutive quarters.

For the continuous decline of performance, Zhuo Shengwei attributed the reason in the interim report: "In the first half of 2022, the geopolitical conflict, the new crown epidemic disturbance and the changes in the upstream and downstream supply chain affected the operations and plans at all levels. A series of changes in the economic environment were given to the economic environment. The consumer market has covered shadows, and the downstream smartphone market is weak, which will inevitably affect performance in the short term. "

Zhuo Shengwei also pointed out that the company's RF front -end chip industry has increasing market competition, and the company has gaps in the overall strength and brand awareness of international heads such as Skyworks and Qorvo. In addition, in China, local competitors The chip products provided tend to be homogeneous, which has led to the decline in market prices and reduced industry profits.

Fund manager full of "controversial"

Cai Songsong and the Growth of Nuoan he managed have always been a hot topic in the market. The fund is famous for its "shuttle one track" investment. Its radical investment style has also attracted the attention of many industry counterparts.

As early as 2020, An Yan, who was also the deputy general manager of Changxin Fund Management Co., Ltd. at that time, stated in the second quarter report of the long -term domestic demand he managed. Fund managers have only been in their careers for three years. They have been investing in only one year. The scale has rapidly expanded from one billion yuan last year to nearly 200 billion yuan. Most of the scale flowed into the second quarter of this year. The product was basically a full -warehouse semiconductor. I can't help but think deeply. Although it is suspicious of grapes, is this really good? From historical statistics, it can be clearly seen that the profit distribution of investment in the stock market is also followed by the principle of 28 or even 19, and few people must make money. , Most people pay for it. Unfortunately, everyone feels that they are very few people. "

有公募投研人士告诉记者，“押注单一赛道的投资方法就像是一场豪赌。当相关概念行情火热、行业景气度向上的时候，主题基金可以取得巨大收益，但反过来，随着The market changes, the rotation of the sector, the theme fund will also have a lot of retreat, and it is difficult to return to the early high in the short term. "

The reporter noticed that the top ten heavy warehouses disclosed by Noon's growth in the middle report of 2022 were Well (603501.SH), Zhuo Shengwei (300782.SZ), Northern Huachuang (002371.SZ), and Northern Huachuang (002371.sz) Zhaoyi Innovation (603986.SH), Sino-Micro Corporation (688012.SH), Shengbang (300661.SZ), San'an Optoelectronics (600703.SH), Beijing Junzheng (300223.SZ), Shanghai Silicon Industry -uuuu -UU -UU -U UU (688126.SH), SMIC (688981.SH), a clear chip semiconductor track.

In addition, in addition to Zhuo Shengwei, which has already been cited, Nuoan's growth hybrid is also located in the top ten listed companies, including Linewell Co., Ltd., Northern Huacu, Zhaoyi Innovation, San'an Optoelectronics, and Shanghai Silicon Industry-U Big shareholders. Faced with the semiconductor sector that has continued to shock back since this year, Cai Songsong said in a central newspaper in Nuo'an's growth and mixed. The industry's prosperity brought by scientific and technological innovation will not easily change. In addition, we have always emphasized that the biggest opportunity of my country's semiconductor industry in the future will be replaced by domestic. This year is the first year of domestic replacement. The influence should not be visible to the development of the industry. "

"Investment is anti -human, and inverted investment is painful, and important investment opportunities often appear when there are major differences in the market." Cai Songsong said in the interim report.

From the perspective of performance, the "pain" with Cai Songsong, as well as Nuo An's growth of 2.6463 million household holders.

According to Wind data, as of September 14, the performance returns of Noon's growth mixed year were -31.73%, and the maximum retracement was -48.55%. A decrease of more than 6 billion yuan compared to the beginning of the year.

High -profile cards or "intention to do"

During the reporter's visit to the industry on the Nuoan Fund's cards, many practitioners told reporters that Nuoan had a intention to do it.

A large public offering researcher in South China told reporters: "Although the Securities Law requires unanimous actors to hold more than 5%of the shares to disclose, the public fund itself does not have the ability to acquire the dealer. When reaching the license line, it usually adopts the calculation model of a single fund, which means that if a fund manager is really optimistic about a stock, it will buy and hold the position through many funds, and rarely allow the single fund to hold positions to hold positions. Excerpted the card. "

According to reporters, since the China Business Fund raised the oriental wealth and the Galaxy Fund's cards in 2013, the public fund has been in the next nine years. Many funds have a total position that exceeds the license line, that is, "masked the sign".

"On the one hand, this move is to reduce costs through low positions, and on the other hand, it may also release a stimulus signal to the secondary market." In response to Nuoan's cards, Zhuo Shengwei, the above -mentioned investment researchers told reporters.

"Give the market a chance to play on topics," he added further.

Li Chao, a public fund manager in Shenzhen, said that after the Nuoan Fund's cards were raised by Zhuo Shengwei, his position will be locked for half a year. If the market situation fluctuates sharply at this time, it will cause investors to redeem a lot, which will cause related products In a very unfavorable situation.

"If it is really optimistic about a company, there are many ways to avoid licenses in the Nuoan Fund. Now after the high -profile official announcement, it will bring a lot of hidden risks to the fund itself." He analyzed.

It is worth mentioning that just a few days before the high -profile licenses of the Noon Fund caused a heated discussion in the market. On September 6, the China Magistrate Document Network released the "First Trial Criminal Decision of Zou Fan, Zou Xiang Xiang Xing's Crime" Zou Xiang, the original executive director and fund manager of the Fund Investment Department, made illegal acts of "mouse warehouses" with "mouse warehouse", which has aroused widespread market attention.

According to the content of the judgment, Zou Xiang used its management operation to operate the "Nuoan Stock Securities Investment Fund" account from March 2010 to January 2015, and did not disclose the fund's account of stocks and movements. It was leaked to his brother Zou Fan, and then instructed Zou Fan to use the actual control of "Zou Fan" and "Tianmou" two securities accounts for convergence of transactions, and illegally made a total of more than 23 million yuan.

Subsequently, in February 2017, when Zou Xiang was investigated by the Chongqing Public Security Bureau for suspected of using uninvited information transactions, in order to revoke the case or deal with it in the investigation stage, Zou Xiang asked Tang to entrust the case of the organizer of the case. At that time, Wang, the captain of the five detachments of the Chongqing Public Security Bureau's Economic Crime Investigation Corps, took care of and provided help.

After Wang accepted his entrustment, he discussed with Zou Xiang how to reduce the amount of cases involved, leaked the case information and case handling. To this end, Zou Xiang had been separated or entrusted Tang Mou 2 to Wang Mou with a total of 3.5 million yuan alone from May 2017 to April 2019.

In the end, Zou Xiang was sentenced to 11 years in prison for alleged use of unintentional information transactions, bribery, etc., and fined 14.45 million yuan.

In response to the above situation, reporters from the Economic Observation Network called the relevant person in charge of the Noon Fund for interviews and verification, but they have not been replied as of press time.

(At the request of the interviewee, Li Chao is the name of Hua)

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