(Source: Silver Persimmon Finance).

Mo Haibo of Wanjia Fund, Jin Zicai of Caitong Fund, Liu Yuanhai of Soochow Fund, and Wang Peng of Manulife Fund are leading the 2024 annual performance of active equity funds under management.

In the volatile market, the main line of investment is becoming more and more confusing. Are there trade-offs within the hottest AI industry, which industries have been significantly undervalued, and which sectors are expected to usher in a reversal?

Recently, the fund's 2024 quarterly report has been released intensively, and the position adjustment and views of active equity fund managers have also surfaced. Mo Haibo of Wanjia Fund, Jin Zicai of Caitong Fund, Liu Yuanhai of Soochow Fund, Wang Peng of Manulife Fund and many other well-known high-performance fund managers, leading the 2024 annual performance of active equity funds under management. Their rebalancing actions and decision-making views may provide investors with some inspiration and reference.

Mo Haibo: The market value of PV has already contained most of the negative expectations

Mo Haibo, director of the investment research department of Wanjia Fund, is a long-term high-performance actively managed fund manager, and the six funds under management will rise by more than 30% in 2024. In the fourth quarter of 2024, the performance of Mo Haibo's funds under management was relatively flat, and the largest Wanjia Quality Life rose 1.38% in the fourth quarter.

Although the performance is not as bright as the first three quarters, under the steady long-term performance, Mo Haibo's scale under management in the fourth quarter still increased significantly, which is more precious among the active equity funds that have shrunk by nearly eighty percent in the fourth quarter. According to Flush iFinD data, by the end of 2024, Mo Haibo's total scale under management reached 14.658 billion yuan, an increase of nearly 45% from the end of the third quarter.

From the perspective of the market outlook, Mo Haibo said in the quarterly report that his top three position structures have been adjusted from AI, agriculture, forestry, animal husbandry and fishery, and innovative drugs in the third quarter to AI, photovoltaics, and agriculture, forestry, animal husbandry and fishery. He said in the quarterly report of Wanxing emerging blue chips that the reasons for buying photovoltaics are: first, the market value has contained most of the negative expectations. In the past 2~3 years, most of the leading companies in the photovoltaic sector have fallen more, and the market has full expectations for the involution competition in the industry; Second, there are positive changes on the policy side. In the second half of 2024, the Political Bureau of the Central Committee put forward the expression of preventing "involution" vicious competition, the photovoltaic industry held a symposium on preventing "involution" vicious competition in the industry, and many departments have introduced relevant policies. Once the policy begins to support the bottom, it is difficult for the industry fundamentals to deteriorate further. With the orderly advancement of industry self-discipline, the price of the industrial chain is also slowly recovering, and the inventory level of some links in the main photovoltaic industry chain has been relatively low.

According to Flush iFinD data, as of the end of the fourth quarter of 2024, the top 10 heavy stocks of Mo Haibo's 6 funds under management are Haiguang Information (688041. SH), Xinyisheng (300502. SZ), iFLYTEK (002230. SZ), Kingsoft Office (688111. SH), Tianfu Communication (300394. SZ), Zhongji InnoLight (300308. SZ), Winwin Hi-Tech (300087. SZ), Tongwei Co., Ltd. (600438. SH), Fortune Federation of Industry (601138. SH), Junda Co., Ltd. (002865. SZ）。 Among them, Jinshan Office, Tongwei Co., Ltd., and Junda Co., Ltd. are new heavy positions, and at the same time, they have increased their holdings in iFLYTEK, Xinyisheng, Tianfu Communication, Zhongji Innolight, Quanyin Hi-Tech, etc.

Jin Zicai: In the future, the excess return of the large consumption sector will come from "new".

The net value of Caitong Prosperity Selection, which is managed by Jin Zicai of Caitong Fund, will increase by 51.85% in 2024, winning the runner-up in active equity for the whole year, and other funds under its management have also gained more than 40%. In the fourth quarter of 2024, the mixed net value of Caitong Prosperity Selection One-year Holding Period increased by 28.57%, and most of the remaining funds also rose by more than 20%. As of the end of the fourth quarter of 2024, Jin Zicai's scale under management was 5.862 billion yuan, an increase of 30% from the end of the third quarter.

In the quarterly report, Jin Zicai mentioned the increase in the allocation of the consumer sector while continuing to be optimistic about the AI industry. He said in the quarterly report of Caitong Prosperity Selective One-year Holding Period Mixed Seasons that it has significantly increased the allocation of companies with new business models and new product forms in the consumer sector, especially the former. He believes that the main excess income of the large consumption sector in the future comes from the "new", and companies that need to adapt to the current macro environment and make certain changes will benefit more, especially optimistic about the future growth potential of enterprises that meet the current cost-effective consumption trend in the new business format.

In terms of AI, Jin Zicai said that he continues to be firmly optimistic about the overseas computing power sector, and believes that the A-share market may still undervalue the entire overseas computing power sector, "The obvious difference between us and the market is that we are quite optimistic about the long-term market space and performance sustainability of the entire computing power sector, but remain cautiously optimistic about the landing rhythm of the entire AI on the end side." ”

In addition, Jin Zicai said that he would increase the allocation of domestic computing power, and compared the 2024 year of domestic computing power to overseas computing power at the beginning of 2023, believing that the domestic capital expenditure arms race for AI has just begun, and it is expected to replicate the growth trajectory of overseas computing power in 2023.

Corresponding to the position adjustment, in terms of AI, Cambrian-U (688256.SH) has become Jin Zicai's new heavy position in the fourth quarter of 2024, holding a total of 858,900 shares as of the end of the fourth quarter of 2024, becoming its second largest heavy stock. In addition, the original heavy stock Shanghai Electric Co., Ltd. (002463. SZ), Xinyisheng (300502. SZ), Kinpan Technology (688676. SH), Zhongji InnoLight (300308. SZ), Taclink (688205. SH) was also overweighted.

In terms of "new consumption", Jin Zicai's top ten heavy positions have newly entered Wanchen Group (300972. SZ), three squirrels (300783. SZ), Heilan House (600398. SH) 3 consumer stocks. Among them, Wanchen Group, the "first stock of mass snacks", jumped to its largest heavy stock, holding a total of 7,109,700 shares as of the end of the fourth quarter of 2024.

Liu Yuanhai: Pay more attention to investment opportunities in AI applications

Liu Yuanhai of Soochow Fund, which focuses on TMT investment, will continue to achieve good results in 2024, and the funds under management will rise by more than 30% in 2024, except for Xinji. In the fourth quarter of 2024, although the performance of Liu Yuanhai's funds under management was affected by the market correction, all of them still closed positive, with the best performance of Soochow Jiahe Advantage Select Mix rising 4.22% in the fourth quarter of 2024, and the largest Soochow Mobile Internet Mix rising 1.33%.

Throughout 2024, Liu Yuanhai's scale under management has been growing, reaching 5.994 billion yuan by the end of the year, an increase of 4.8% from the end of the previous quarter, and nearly tripling from 2.138 billion yuan at the beginning of 2024. It is worth mentioning that the Four Seasons Report disclosed that in mid-October 2024, the manager Soochow Fund purchased a total of 1.35 million yuan from Soochow Mobile Internet Mix.

From the perspective of the market outlook, Liu Yuanhai said in the quarterly report of Soochow Mobile Internet Hybrid that the performance of AI computing power in the AI industry chain in the past two years has been relatively strong, but after early adjustments, the current valuation of some optical module companies is at the relatively bottom of history; The global demand for AI computing power is expected to be relatively certain in 2025, so there may still be good investment opportunities at present. Looking forward to 2025, the AI industry chain will pay more attention to investment opportunities in AI applications, focusing on four directions: AI hardware, automotive intelligence, AI humanoid robots, and traditional software companies that embrace AI.

From the perspective of position adjustment, Liu Yuanhai's list of top ten heavy stocks has not changed much, as of the end of the fourth quarter of 2024, the order is Weir shares (603501. SH), Shanghai Electric Co., Ltd. (002463. SZ), Crystal Optoelectronics (002273. SZ), Lixun Precision (002475. SZ), Zhongji InnoLight (300308. SZ), Xinyisheng (300502. SZ), Tianfu Communication (300394. SZ), Tuopu Group (601689. SH), Goertek (002241. SZ), Jingfang Technology (603005. SH）。

Among them, Jingfang Technology is the tenth largest heavy position of Liu Yuanhai, and most of the remaining heavy stocks in the fourth quarter of 2024 have been increased to varying degrees, the largest increase is Tuopu Group, which was increased by 2090.91% from the previous quarter, as of the end of the fourth quarter of 2024, Liu Yuanhai's fund under management holds a total of 7.23 million shares of Tuopu Group, which is its eighth largest heavy stock. At the same time, Goertek, a heavy stock, was reduced by more than 40% from the previous month.

Wang Peng of Manulife Fund: Invest in the leader of the boom industry and pursue Davis double-click

Wang Peng of Manulife Fund is also a "dark horse" in 2024, with 5 of the 6 funds under management rising by more than 40% throughout the year, ranking among the best active equity fund managers. Wang Peng's performance in the fourth quarter was also stable, with an average increase of more than 5% in a single quarter, and the best performance of Manulife Prosperity Smart Selection 18-month holding hybrid, up 8.26% in the fourth quarter of 2024. As of the end of the fourth quarter of 2024, Wang Peng's total scale under management was 8.916 billion yuan, and continued to grow slightly throughout the year, an increase of 27% from the beginning of 2024.

He said that in the fourth quarter of 2024, the market as a whole will show a volatile structural market, with active funds in the market leading the theme rotation and active rotation, while companies with fundamentals with concentrated institutional positions are under greater pressure. In the fourth quarter, we still insisted on holding the direction of AI computing power in line with the direction of industrial development, and at the same time tried to find opportunities on the AI side and AI applications, so as to avoid losses in thematic investments that lack fundamental support.

In the fund's regular report, Wang Peng repeatedly mentioned his investment method: "invest in the leader of the boom industry and pursue Davis double-click", that is, choose those companies with large long-term space and good short-term performance, and avoid companies with obvious short-term themes that catalyze overdraft. The core of this method is to pursue the double rise in valuation performance brought about by performance exceeding expectations, and the long-term excess return is obvious, which will be relatively weak in the stage of logic rather than performance, but the risk-return ratio will still be prominent in the long run.

Reflected in the position adjustment, many AI leading stocks that have been heavily held and increased by many fund managers have been reduced by Wang Peng in the fourth quarter of 2024, including Shanghai Electric Co., Ltd., Shengyi Electronics, Xinyisheng, and Zhongji Innolight. Among them, Zhongji InnoLight suffered the largest reduction in holdings, with the number of positions at the end of the fourth quarter of 2024 decreasing by 75.35% quarter-on-quarter.

However, as of the end of the fourth quarter of 2024, Wang Peng's stock position is still more than ninety percent. As of the end of the fourth quarter of 2024, the 6 funds under Wang Peng's management held a total of 30.5141 million shares, and the fourth quarter was increased by 1949.99% from the previous quarter. In addition, the new entry of Megmeet (002851. SZ), Taichenguang (300570. SZ), Taclink (688205. SH), Quectel (603236. SH), Borche Technology (300548. SZ) 5 stocks.