QFII'S Latest Investment Path Exposure: Two Consecutive Quarters Of "Photovoltaic" Advanced Embedded Semiconductor

With the disclosure of Listed Companies in the Chinese newspapers, QFII's position in the second quarter, known as "smart capital", has "surfaced".

According to the statistics of 21st century economic reporter, as of July 29, among the listed companies that have disclosed their annual reports, QFII has appeared among the top ten circulating shareholders of 20 companies.

Among them, 14 stocks have become the key target of QFII's new entry and increasing holdings in the second quarter of 2021.

These new, increased holdings of stocks mainly in the communications electronics, medicine and other industries.

It is worth mentioning that Taiwan based shares, the largest domestic semiconductor leading enterprise, were newly held by QFII. In the first half of the year, Taiji achieved a net profit of 33 million yuan, up 77.27% year on year.

"In general, the investment style of social security funds and insurance funds is relatively stable, and the investment style of QFII funds is more active. It is optimistic about industries with better future prospects and higher prosperity, such as electronics, medicine and biology." Chen Mengjie, chief strategic analyst of YueKai Securities Research Institute, said that social security, insurance capital, QFII and funds can be regarded as practitioners of medium and long-term investment in the market, among which QFII has become an important tool for overseas investors to allocate assets in China.

"Photovoltaic leader" and "fruit chain leader" in jiacang

Statistics show that QFII holds 20 stocks with a total value of more than 10 billion yuan, and 4 stocks hold more than 1.5 billion yuan. From the perspective of shareholding changes, Dongfang fortune, Xinwei communications, Maiwei shares and other stocks have gained more shares of QFII.

On July 23, Maiwei released its 2021 semi annual report. According to the data, Maiwei Co., Ltd. is a high-end equipment manufacturer integrating mechanical design, electrical development, software development and precision manufacturing. At present, we develop and produce core production equipment for solar cell heterojunction hjt and OLED panel industry.

In the photovoltaic industry chain, it is called "hjt (heterojunction) equipment leader" by the organization. According to the semi annual report of Maiwei in 2021, the operating revenue in the first half of 2021 was 1.239 billion yuan, with a year-on-year increase of 32.07%; The net profit attributable to the parent company was 252 million yuan, with a year-on-year increase of 33.17%; The net cash flow from operating activities reached 304 million yuan, a year-on-year increase of 677.16%.

According to the second quarter report, there are four QFII companies holding 1.895 billion yuan of Maiwei shares.

Among them, the Macao monetary authority Xinjin holds 630000 shares, and the bill and Melinda Gates trust foundation holds 772000 shares. UBS group increased 246000 shares in the second quarter, and JPMorgan Chase Bank increased 328000 shares in the second quarter, with a total of 1888000 shares.

Industry insiders believe that perc is the mainstream technology in the current photovoltaic cell market, and it still has a few years' life, but it is close to the theoretical efficiency limit of 24%. After this round of large-scale iteration, it is expected that the expansion of production line will come to an end, which will lead to the outbreak of hjt demand.

In addition, QFII also added positions in the second quarter of the "fruit chain leader" Xinwei communications and Internet brokerage Oriental Fortune.

Compared with Dongfang fortune, the second quarter performance of Xinwei communication is not so good.

According to the financial report, the company achieved revenue of 3.055 billion yuan in the first half of 2021, with a year-on-year growth of 19.48%; The net profit attributable to the parent company was 172 million yuan and 127 million yuan after deducting non-profit, with a year-on-year decrease of 47.53% and 56.66% respectively. The company said that its performance has been under pressure since 2019. Based on this, the company has accelerated the layout of new businesses such as LCP (liquid crystal polymer), BTB (board to board connector), UWB (ultra wideband), passive components and other new businesses.

In addition, the company also announced plans to raise nearly 3 billion yuan to invest in RF front-end devices and other projects in 2020. However, as most of the new industries are still in the early stage of layout, it is still time to make significant contribution to the performance.

A person from a foreign-funded institution in Shanghai also said that QFII is a medium and long-term investment, and stable performance growth and high certainty are the main criteria for QFII stock selection.

Embedded semiconductor faucet in advance

In the second quarter of this year, six shares of Sanxin medical, Taiji, zoli pharmaceutical, Wenzhou Hongfeng, Dongpeng beverage and Bailong Dongfang were held by QFII Xinjin.

Taiji Co., Ltd. is the largest power semiconductor leading enterprise in China, mainly engaged in the R & D, manufacturing, sales and service of power semiconductor devices. Its main products are high-power thyristors, rectifiers, IGBT, power semiconductor modules, solid-state pulse power switches and other power semiconductor devices.

On July 26, Taiji announced its 2021 semi annual report. The report shows that during the reporting period, the company's revenue was about 161 million yuan, an increase of 30.86% over the same period last year; The net profit attributable to shareholders of listed companies was 33 million yuan, an increase of 77.27% over the same period last year; The non net profit attributable to shareholders of listed companies was 31 million yuan, up 105.23% over the same period last year. This is also the first time that the company has been newly held by QFII. A total of two new institutions hold Taiji shares, with UBS holding 993300 shares and Societe Generale holding 739400 shares.

Zoelli pharmaceutical, which is based on traditional Chinese medicine products, is also the first time to obtain QFII new holdings.

The latest semi annual report of zoelli Pharmaceutical Co., Ltd. showed that during the reporting period, the company achieved a revenue of 698 million yuan, a year-on-year increase of 49.46%; The total profit was 106 million yuan, with a year-on-year increase of 202.09%; The net profit attributable to the shareholders of the listed company was 86.5607 million yuan, up 181.90% year on year.

Zoelli pharmaceutical said that the company's core products Wuling series and bailing tablets maintained a strong sales momentum, and the main business income increased significantly compared with the same period last year. At the same time, efforts were made to expand the market of traditional Chinese medicine decoction pieces, and the main business income of Chinese herbal pieces series products increased compared with the same period last year.

In fact, in the past, QFII positions were dominated by large consumption, big finance and other stable types, and the income was also relatively ideal.

However, with the change of market direction, from the perspective of the latest shareholding, QFII prefers leading enterprises with high certainty and fast growth.

At the same time, Novartis, Weisi medical and other 6 shares were reduced by QFII.

Institutional ownership convergence

According to the information disclosed, institutional investors such as funds, social security funds, QFII and insurance capital have similar preferences for industry leaders.

For example, in the second quarter, the social security fund and QFII focused on increasing the position of the Internet brokerage Dongfang fortune. Among them, the social security fund's increased holdings of Dongfang fortune reached 5.531 million shares, and the latest shareholding number reached 43.8883 million shares.

In line with the social security fund, QFII also focused on increasing the position of Dongfang fortune in the second quarter, with the number of 14.6983 million shares, which is also the largest one among the stocks reported in the second quarter.

In addition, insurance capital and QFII also increased positions in Xinwei communications and Maiwei shares.

Specifically, in the second quarter of the year, the number of shares increased to 217300, and Xinjin held 4894500 shares of Xinwei communications.

In terms of the market value of the positions, Maiwei shares, with a market value of about 300 million yuan, are currently held by insurance companies.

Some people from Shenzhen fund company said that although there are some fluctuations in the market recently, there are still many relatively high-quality assets in the A-share market from a global perspective. As a professional institutional investor, QFII also makes correct judgments in the global investment varieties.