12 big funds to debate new energy.

Shi Bo: "Low-carbon Technology and the new energy Revolution Era", to Jiang: "New energy is the value of investment in the dead hole" Sando Mamang, sparks have long been there.　　Haitong Fund, in the first quarter of this year, successfully capture the new energy industry such as the Black Horse with outstanding performance to move away from the Jinmao tower.　　And the world mansion, which is separated from Jin Mao Street, ushered in the Cathay Fund at the end of last year, the investment director of the company, who believes in value investment, is cautious about the new energy industry that loves storytelling, and the Cathay Fund barely configured any new energy sector stocks in the first quarter, but the results were equally　　Two of the Fund's views and practices on new energy are diametrically opposed, the big money and the big money between the war will be a century war?　　Ka real theme into new energy speculation the biggest winner new energy concept hype stems from last October, when the global economy was near stagnation, Mr. Buffett took the lead to buy the concept of new energy vehicles, BYD, China began to stir.　　The first action of the hot money, the Desay Battery and branch force, such as low-cost new energy batteries, the speculation lasted one months after the dead, when the market generally believed that only the small money in the weak market, the focus of attention then turned to 4 trillion investment concept.　　But in the 4 trillion investment concept will be the market climate with heat, the first major fund at this time unexpectedly exert to intervene in new energy.　　The fund is the first to rush into the wind power industry leading shares in the wind technology, the unit on December 26, 2008, more than 400 million shares of restricted circulation of tradable shares lifted (before its circulation of shares only 100 million shares), in a number of funds to take the joint, Goldwind technology finally closed to trading.　　The annual report of Goldwind shows that the large value growth, the great excellent tinea fine theme selected stock funds and other institutions to become the first one to do more than the main force, three of the funds to hold the nearest 30 million shares, the fund is not afraid of the size of the new energy stocks, the strategic tendency to show.　　As of May July, the 36.39 yuan of Goldwind's closing price rose to 218% from October 24, 2008, with a quarterly display of Huaan Manulife, investment domestic demand power and China Advantage Fund holding Goldwind technology before the total held 40 million shares. Other new energy sub-industry leading stocks are also gaining momentum. Solar Glass faucet South Glass A, since October 31 last year hit 5.90 yuan to April 15 this year, 21.50 Yuan, up 219%.　　A quarterly bulletin shows that the theme of Ka-fu, add-rich balance and the focus of the growth of the accumulation of three funds in the heavy warehouse to hold the unit, the Ka real theme in 2008 is the first major shareholder of CSG a, and the fund of the Hui-fu system only began in the first quarter of this year, the end of last year, heavy warehouse the shares of Peng Hua value and intermediation power and other funds have already withdrawn. Solar photovoltaic industry leading Tianwei change since November 7 last year, 12.20 Yuan to start, rose to May 6 40.83 yuan closing price, the increase also reached 221%. In the last two quarters of the list of circulating stock shareholders, we have seen the figure of the theme fund, the Fund in the last yearAt the end of the period to hold 9.5 million shares of Tianwei, up to the end of the first quarter of this year to 19.32 million shares, a leap into the largest circulating shares of shareholders. Automobile New energy battery field, borrow Ni-MH battery Dongfeng, Branch force far from salted fish, become a fund heavy warehouse stocks. From September 14 last year, the lowest price calculated from 4.5 yuan, as of May 6, branch force far rose by as much as 293%.　　In the process of the stock's rise, the core growth and Teda Bank of Silver Efficiency Optimization Fund in the first quarter of this year gradually opted to evacuate, and the sea Fortis Select and GF Large fund is to replace the shares of the largest circulating shareholders. Also from low-cost stocks of salted fish also produce thin film battery of Jin Jing technology. From October 28, the lowest price to May 6 The highest price, the period of increase seems to be with the main force far to negotiate well, up to 293%.　　Hua an Manulife and Societe Generale trend to become the stock of the former 2 large circulation shareholders, which Societe Generale trend at the end of last year began heavy warehouse Jin Jing technology. "Branch force far, Jin Jin technology than Goldwind, South Glass, Tianwei increase out of a paragraph is idle money, in fact, four shares of the rise should be similar."　　One fund manager joked. Throughout the new energy industry in the four major sectors of speculation in the stock, KA Real theme Fund is undoubtedly the new energy concept in the process of the biggest beneficiaries, Huaan Manulife second.　　Two funds were ranked 10th and 41st in the net growth rate since the year ended May 12.　　But the benefit of the whole new energy sector hype is far from the above mentioned funds.　　150 times times PE funds believe that the money from the investment in the days of the statistics show that the fund in the first quarter of the concept of new energy holdings has reached 33.2 billion yuan, accounting for the total market share of 2.7%, equivalent to the overall size of the public utility industry. On the other side wind's statistics show that at the end of the first quarter of this year, a total of 63 shares of the new energy sector were held by the fund, higher than the number of 56 stocks at the end of last year, it is noteworthy that this is only a quarterly fund disclosed the top ten stocks of data, and in fact the new energy concept stocks generally less A fund that is subject to a cap on the shareholding ratio can only be tasted more often.　　At the end of the first quarter, 5 new energy stocks were held by the Fund in the proportion of the shares in the share of more than 30%, Goldwind, Tianwei and other traditional new energy stocks, although the share price has been record highs, but the position continues to rise. As the fund's shareholding rose, the new energy sector rebounded strongly in the first quarter of this year. The new energy sector, divided by wind, totaled a net profit of 2.268 billion yuan in the first quarter, while losing 986 million yuan in the four quarter last year.　　Sales margins rose from 11.99% in the four quarter to 15.59% last year. Although the performance seems to be rising steadily, the new energy sector now seems to be at a high level of valuations.　　On the basis of this year's quarterly update, the new energy sector's dynamic average of 150 times times earnings, which has not eliminated some 20 loss-making companies. At present, the plate 81 stocks, less than 3There are only 9 stocks of 0 times multiples.　　Even the wind power project, which is popular with the market for Goldwind, has more than 60 times times its dynamic PE in 2009. But the investment director still thinks it's not expensive, "how can growth stocks be viewed on a static P/E ratio?" "There is also a joint venture fund manager in Shanghai who believes that for listed companies with bright prospects such as new energy, the value of investment is not measured in multiples," and we will only judge whether the sale is based on the progress of the new energy projects of these listed companies, not on market valuations.　　"The Rose: the New energy revolution." The coin side is ridiculously high on the static valuation, the other side is the new energy industry bright "money scene", stressed that the investment logic of public offering funds in the new energy industry is the investment value of the issue, the difference is obvious. Shi Bo, a famous private equity manager, has been working on new energy value digging and investing in this round of quotes. In a previous interview with this newspaper, he had described his new energy industry in the same way: "I feel like the 1999 is in the midst of a technological revolution." Premier Wen also said recently that the economic downturn is the easiest to produce a technological revolution. Keynesian can only rescue, but can not save the backward capacity, to go out of the depression period, must rely on schumpeter theory, through innovation to lead the market, through science and technology to solve contradictions, to have a new economy and new business model, or human development will be difficult, the economy will appear stagflation and recession. There was also a global recession in 1998, when a cyber revolution broke out. Now is a 10-year cycle, Obama advocated low-carbon technology and the new energy revolution era. "While a fund manager at a rich-country fund told reporters that the company was really bullish on the new energy industry by the end of 2008," It was thought that the rise of new energy would be inevitable in the aftermath of the economic crisis, and that the outlook was far from just the question of how much money could be made, but "Based on the above judgments, rich-country funds at the end of last year to increase the new energy industry," but up to the back of our own do not understand, the short-term rise is indeed too big, so we chose to reduce in April.　　"There are not a few fund managers with this kind of logic, roughly calculated, in the 2009 strategy report of the fund companies, explicitly put forward the new energy investment theme of the fund companies including Huaan, Rich, Everbright Pramerica, China Sea, the south, the new century and other fund companies." But in the first quarter after a sharp rise in the market, in addition to Huaan still choose to stick to, the reporter from the relevant companies to understand the new century, rich countries, Everbright Pramerica, the Sea, the south and other companies have been reduced from often away from the field may be timid, but not to hinder the daring of the　　Haitong, Yifangda and other funds in the new energy concept of rising relay intervention, so far the same harvest.　　Yifangda Fund Investment director Chen Zhimin once told reporters that although the new energy plate is indeed a mixed bag, but for the organization, need to seek treasure rather than avoid. Yun Jie, chief strategy analyst at Taida ABN Amro Fund Management, said the new energy could be a cross-cutting 2009 years of investment theme.　　Although the early stage of new energy plate stocks have just come to an end, but for the new energy speculation will not be over, the next wave will have a market. "I will soon become the secretary of the new energy company," a Shanghai Joint venture fund manager bullish on new energy, he told reporters because there are listed companies to investigate, so often many peers to ask him about the prospects of the new energy industry, he is also willing to "preach to teach." "China Merchants Fund Equity investment director Zhang Bing also bullish on new energy, he told reporters that this account," Now, the new energy battery is still in from the laboratory to the production line transformation phase, has not been mass-produced. If future lithium batteries can be mass-produced, the popularity of electric vehicles will become more and more high, if more than half of the world's cars are expected to use new energy batteries, according to the initial acquisition cost of 20,000 yuan, this will bring hundreds of millions of yuan of new energy battery demand, so we expect that the industry still has a relatively large opportunity. "Poisonous weeds": "New Energy" is the dead point of value investment but there are also peer-surveyed fund managers who still choose to remain silent on the industry's prospects, "see more lively," said the Shanghai fund manager, "for the industry no matter how many times I listen to the company or the researchers explain how much I am a layman, and the more I listen to the more complicated. "Whether it's a public offering or a private equity fund, investing in new energy industries and buying new energy stocks is a lot of speculation and a follower of the industry that really knows very little.　　"A manager of the Shenzhen Bao Ying Fund agrees with this view. But still bullish on the new energy stocks fund managers insist that this embarrassment is because see too fine, "pay attention to the entire industry trends, new energy industry is the direction of future economic development, if the obsession with some high-tech nouns, will only narrow their own road." "More fund managers, like Zhang Bing, can see only the future of new energy, but there is also a Shenzhen" Old 10 "fund investment director of the industry does not really grasp the core technology for the company refused to participate in such speculation," now the global from the government to the enterprise are in the "new energy" concept, rather than automotive products themselves. In such a background blindly follow the bandwagon will only accelerate the emergence of bubbles, after all, this area is still to rely on core technology. "The investment director who made a clear statement not to participate in the new energy concept hype also includes the Li Xuli of the Silver Schroeder and the Cathay Fund's return to the river, Li Xuli said:" The current stage of the new energy-related companies overvalued, investment will choose to more grasp the fundamentals of the industry and companies, the bank's funds rarely participate in such stocks. " "and return to the river more directly to reporters point out ' new energy ' is the value of investment in the dead hole," in the long run, the story of the listed companies are not in return. "The Fund's involvement in the new energy industry extends even to qdii, the Silver Schroeder Global Select Fund has risen more than 30% in recent months, and fund manager assistant Lu Wenbin told reporters that it had invested in new energy-listed companies overseas," This is a new economic growth point in Europe and the United States, and the future trend can be, foreign banks have started to lend to such companies. Lu told reporters that the new energy industry in China has indeed fired a bit, "relatively speaking, the new energy stocks abroad is still attractive." "The new energy bubble blown to May, the relevant departments on the future revitalization of the new energy industry planning will also be released, industry opportunities highlighted, but the industry listed companies in the future performance of the capital market may still be confusing."