Source: gold and stone miscellaneous talk

People are popular, right or wrong. Recently, the news that the public offering boss is about to leave office has spread all over Shanghai, with a number of guesses pointing to Zhong Geng's top stream Qiu Dongrong. At present, the relevant Weibo has been deleted.

The Financial Associated Press verified to the channels and other parties that Qiu Dongrong had no plans to leave office. Another source pointed out that the products managed by Mr Qiu will hire more fund managers, which may have led to a misunderstanding of leaving office.

As far as Jinshi knows, there are indeed many fund products in the recruitment of fund managers, the early fund managers will choose to step down, but specifically according to the situation of the company.

For example, Ye Jia, the manager of Hengyue Fund, resigned Hengyue Jiaxin, and the management scale shrunk greatly. at that time, the author analyzed that under the background of Ye Jia's unsatisfactory performance, Hengyue Foundation was getting rid of Ye Jiahua more and more.

For example, the author has been talking about Xingquan fund top Xie Zhiyu left office in August 23 more than 10 billion large fund products, Xie Zhiyu management scale has also shrunk from more than 50 billion to 36.4 billion. This is because under the new rules of public offering, securities firms should pay more attention to investment and research services, highlight team ability, and the halo of star managers is no longer.

So Qiu Dongrong, who is posted online, will most likely be false news. After all,Harrah's100playvideopokerHe is the top of the Zhonggeng Fund, and his performance has been steady and steady, but at the moment when the star fund manager is diluted by public offering, it is very possible for Qiu Dongrong to step down as a product. But if Qiu Dongrong really leaves as rumored, it will be a heavy burden that the medium Geng Fund cannot bear. After all, it accounts for 80% of the medium Geng Fund, and it is also the chief investment officer and the fourth largest shareholder.

As for why the outgoing productHarrah's100playvideopoker? Is it because of poor performance? According to wind data, Qiu Dongrong's return in three years is as high as 30%.Harrah's100playvideopoker.91% is the existence of the current top performance of fund managers. Although the performance is very good, but the boss will also have a pullback, withdrawing 11% in the past year.

2) is it because the Zhong Geng Foundation is going to Qiu Dongrong? High probability is not. At present, Qiu Dongrong, with a management scale of nearly 20 billion, is the vice president and chief investment officer of Zhonggeng Fund, the fourth largest shareholder of the company, and has a prominent position. Moreover, at present, the total management scale of the Zhonggeng Fund is only 25 billion, and Qiu Dongrong owns 80%, which shows the importance of Qiu Dongrong to the Zhonggeng Fund.

3) it can only implement the policy requirements, improve the ability to invest in research, pay attention to team training, and play down the halo of star fund managers.

It is true that the stocks selected by Qiu Dongrong in the first quarter can. China Hongqiao rose 87%, Sisheng Pharmaceutical rose 62%, and Meituan rose 78%. There are not only non-ferrous stocks that have risen rapidly recently, but also the Internet of Hong Kong stocks, which have increased more recently. There are also real estate stocks with strong policy expectations in the near future.

And Qiu Dongrong's quarterly report point of view is also worth in-depth, let's take a look at which configuration directions he is optimistic about?

1) US debt interest rates are high, the equity risk premium of the Hang Seng Index is also at an all-time high, the performance price of Hong Kong stocks is very high, and some companies are scarce. The level of implied return on equity assets is high, corresponding to strategic opportunities, so equity assets should be allocated actively.

2) Equity assets are systematic and strategic allocation positions; to invest in companies whose fundamentals continue to improve in the next stage, the profitability of Ouwang achieves high growth and high flexibility; the long-term return of high dividend strategy is partial to beta, and it is not a low-risk strategy. Investment is more important than fundamentals and pricing. (on the whole, Qiu Dongrong is slightly bearish about high dividends.)

3) adhere to the undervalued investment strategy, and strive to achieve sustainable excess returns by selecting stocks with good fundamentals, positive profit growth and undervalued stocks to build a portfolio with high expected returns.

4) to determine that the return on capital is supply rather than demand, it is necessary to meet three requirements: supply shrinks, the pattern continues to optimize, and better yet, supply leads demand; demand risk is fully released or there is a wide space for it. Ideally, rapid growth or sustained high growth The fundamental risk of individual stocks is released, the pattern tends to be clear, the competitive advantage is prominent, and the high-quality companies with two high characteristics (high profit growth and high elasticity).

5) Qiu Dongrong is optimistic about three aspects: pharmaceutical, Internet stocks and intelligent electric vehicles and other technology stocks with strong ① business growth attribute and large future space: Hong Kong stock pharmaceutical technology, Hong Kong stock Internet, Hong Kong stock intelligent electric vehicle.

② supply end shrinking or rigid, with high growth or profit flexibility of value stocks, the main industries include basic metals represented by resources companies, energy transport companies, real estate and so on.

There is room for ③ demand growth and the supply of cost-effective companies with competitive advantages, including machinery, electronics, pharmaceutical manufacturing, power equipment and new energy, agriculture, forestry, animal husbandry and fishing.

For Qiu Dongrong, the author saw a netizen say that Qiu Dongrong, like Deng Xiaofeng, is a small number of fund managers who are qualified in appearance.

I remember that two days ago, the author posted "too accurate!" When traditional Chinese medicine buys a fund, it purely depends on the face of the fund manager: Wang Bin is good, and he evaluates Manager Cai.Harrah's100playvideopoker... ", traditional Chinese medicine's evaluation of Manager Cai: two words," conceited ". After a while, he added, "it belongs to the war to bring troops to him, he can lead the soldiers askew."

He thinks Wang Bin is good. The author took a look at Wang Bin's income of 15.3% in three months and 28.11% in the past three years, of which the return of Hua an Anxin consumer service is as high as 314%. Therefore, the investment master has to learn the Book of changes and know something about people.

Although Qiu Dongrong has a high level of trading ability, the asset management scale of the Zhonggeng Fund has not been large. Qiu Dongrong alone managed 80% of the total size of the Zhonggeng Fund, making a profit of 17.85% in the past three months, a loss of 14.72% in the past year, and a profit of more than 24% in the past three years.

It is worth noting that the largest shareholder of Zhonggeng Fund is Meng Hui, the second largest shareholder is Zhonggeng Group, and the fourth largest shareholder is Qiu Dongrong, with a stake of 9.73%. In other words, 1) Zhong Geng Fund is an individual public offering; 2) Zhong Geng Fund is a real estate department public offering; 3) Zhong Geng Fund is deeply bound to Qiu Dongrong, the core fund manager of the company. Qiu Dongrong manages nearly 20 billion and monopolizes 80% of the company.

Among them, Meng Hui has a master's degree, has joined the asset management industry for more than 30 years, and is a veteran in the financial industry. he has successively served as vice president of asset management in Minfa Securities, assistant director of Minsheng Securities, and deputy director of sales of Guojin Securities. Haifutong has served as vice president, established the Zhonggeng Fund in 2015, was approved in 2019, and now has a management scale of 25 billion.

Although Qiu Dongrong, the company's core fund manager, has outperformed most fund managers, his income in the past three years has exceeded 30%. However, its management scale has shrunk significantly from 32 billion yuan in Q1 in 2023 to the current 20 billion yuan, and its management scale has been reduced by 1/3. This is inseparable from Qiu Dongrong's loss in the past two years. Some funds have lost money and some funds have been redeemed.