A number of star fund managers have announced the 2020 annual report of the funds they manage.
On March 30, funds managed by GF Fund Liu Gesong, Penghua Fund Wang Zonghe, and Cinda Australian Bank Fund Feng Mingyuan all announced their 2020 annual reports, and their hidden heavy stocks And the outlook on the market is also freshly released.
Liu Gesong: The photovoltaic industry has entered the fast track
In 2019, the three funds managed by Liu Gesong took the top three in the annual income, and the income The rates exceeded 100%, setting a record. This made its reputation a lot.
Liu Gesong currently manages 7 funds in GF Fund, with a management scale of 84.343 billion yuan. The best return for employment comes from the GF Shuangqing Upgrade A established in 2018, with a total return of 230.18% and an annualized return of 64.12%.
Specifically, the annual report of GF Shuangqi Upgrade and Hybrid shows that as of the end of 2020, the fund’s stock position is 92.37%, with a total of 85 stocks held in all positions, and three Compared with the quarter, Liu Gesong reduced the allocation of the technology industry, but combing through the 11-20th stocks of the fund, it is found that the technology sector is still the main position, and the fourth quarter of 2020 has significantly increased the allocation of the procyclical sector.
In addition to the top ten most heavily held stocks, the stocks that hold more than 1% of positions include Rainbow Soft Technology (688088.SH), Changjiang Electronics Technology (600584.SH), UFIDA (600588.SH), China Shenhua (601088.SH), Tongkun shares (601233.SH), etc. 
Guangfa Double Engine Upgraded Hybrid Fund’s top 20 largest stocks at the end of 2020, source: Wind
The second high GF innovation and upgrade, as of the end of 2020, the fund’s stock position is 92.67%, holding a total of 85 stocks.
Except for the top ten heavyweight stocks, positionsStocks accounting for more than 1% include Rongsheng Petrochemical (002493.SZ), Hengli Petrochemical (600346.SH), Changjiang Electronics Technology (600584.SH), Tongkun Stock (601233.SH), Lanqi Technology (688008. SH) etc.
GF will upgrade the top 20 heavy stocks by the end of 2020, source: Wind
In addition, GF Small-Cap Growth Hybrid A has 79 stocks, “hidden heavy stocks” There are Yihualu (300212.SZ), Prite (002324.SZ), Changjiang Electronics Technology (600584.SH), Wowu Biology (300357.SZ), Weining Health (300253.SZ), etc. 
Guangfa’s small-cap growth hybrid A top 20 heavyweight stocks at the end of 2020, source: Wind
Will increase. Under policy guidance, medium and long-term capital may continue to flow in, capital market reforms continue to advance, and China’s economy has great resilience and potential. Based on the above conditions, we are optimistic about the medium and long-term investment value of A-shares. The market enters the early stage of credit contraction of “credit contraction + profit expansion”. The overall valuation of the capital market is likely to be difficult to increase significantly. It is more important to find opportunities to determine rapid growth in performance. Whether its own prosperity can break out will determine whether relevant assets can be obtained. The key to excess returns.
For the promising industries in the future, Gesong Liu believes that as the photovoltaic industry enters the era of parity, the establishment of the general trend of automobile electrification, and the rapid growth of overseas demand, the photovoltaic industry Has entered the fast track, leading companies will fully benefit. Although the technology industry has fluctuated, it is still optimistic about the long-term development space of the industry. At the same time, as the overseas epidemic eases and the world continues to resume work and production, procyclical industries are still worthy of attention.
Wang Zonghe: Using value investment to cross the cycle is far better than choosing a time when the market is fuzzy
Penghua Fund’s star fund manager Wang Zonghe also has a management scale of more than 50 billion yuan. He currently manages 10 funds, and Penghua managed by him Ingenuity Selection’s subscription scale exceeded 100 billion yuan at the time of its first sale, causing heated discussions in the market.
From the perspective of Penghua’s ingenious selection of the top ten heavyweight stocks at the end of 2020, the fund holds 4 liquor stocks, judging from the 11-20th stocks , Wang Zonghe favors the pharmaceutical industry, including Aier Ophthalmology (300015.SZ), Betta Pharmaceuticals (300558.SZ), Xinda Biology (01801.HK), Hengrui Pharmaceuticals (600276.SH), Tigermed Medicine (300347.SZ).
Penghua Ingenuity Optimal was established on July 10, 2020. In less than half a year, Wang Zonghe has accumulated a total of Tencent Holdings (00700.HK), Midea Tuan-W (03690.HK), Ping An of China (601318.SH), Kweichow Moutai (600519.SH) all exceeded 2 billion yuan. 
Penghua’s ingenuity selects the top 20 heavyweight stocks at the end of 2020, source: Wind
In addition, Wang Zonghe’s current fund with the highest return is Penghua, which has been under management since 2010. Consumption optimization, total return on employment 363.10%, annual return 16.11%.
Penghua Consumer Optimal 2020 annual report shows that as of the end of last year, the fund’s stock position was 85.35%, holding a total of 81 stocks. Among them, invisible stocks include Ping An of China (601318.SH), Tsingtao Brewery (600600.SH), Fuling Mustard (002507.SZ), Yifeng Pharmacy (603939.SH), Jinshiyuan (603369.SH), and UFIDA ( 600588.SH). 