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What did private investors buy in this bull market+Xu Xiang Zexi's five-year trading list resumption

Reopening Xu Xiang: Sun Zexi's five-year transaction list

Since the establishment of Zexi, a subsidiary of Xu Xiang, the cumulative increase in the third phase is close to 22 times. Such brilliant achievements inevitably make investors curious. How did Zexi do it? The Securities Times took stock of the stocks bought by Zexi since its establishment more than five years ago. Let's take a look at this legendary fund with strong style and outstanding performance.

(1) 20 10 year

Zexi Investment was established on February 7, 2009. Since the first quarter of 20 10, Zexi has appeared in the top ten tradable shareholders of listed companies. In this quarter, only Da Yue Investment [1.77% capital research report ](600805, stock bar) and Lai Bao Hi-Tech [1.35%] appeared. Shares), rainbow shares [2.06% fund research report ](600707, shares) 3 shares, at the same time, Zexi's products are Zexi 1, which was established on March 5, 20 10. With the establishment of Zexi Phase II, Phase III, Phase IV and Phase V, Zexi intensively appeared in the top ten tradable shareholders of listed companies in the three quarters after 20 10, with the frequency of 13, 1 1 and 20 respectively.

Excluding duplicate shares, Zexi appeared in the top ten tradable shareholders of 42 listed companies at 20 10. Except for 7 stocks such as Qi Xiang Tengda [1.48% fund research report ](002408, stock bar), all other stocks in Zexi are fast-forward and fast-out, and the holding time is only one quarter. In terms of industry, according to Shenwan's first-class industry classification, among the above 42 stocks, the electronics industry is the largest, including Dazu Laser [-0.46% funded research report ](002008, shares bar), Lai Bao Hi-Tech, Dali Technology [5.87% funded research report ](0022 14, shares bar) and Jinsheng. In addition, there are 3 shares in real estate, chemical industry, machinery and equipment, commerce, medicine and biology.

Zexi 20 10 started to open positions in the first quarter. The Shanghai Composite Index was in the adjustment stage after 3478 points, and fell nearly 23% in the second quarter of 20 10. However, in the second quarter, among the three new shares of Zexi in the first quarter, except Da Yue's investment, Lai Bao Hi-Tech rose more than 10% against the market, and continued to rise in the next two quarters. Rainbow shares also rose by 1.47% this quarter. Zexi's private placement skills transformation has begun to take shape.

(2) 20 1 1 year

During the year, the Shanghai Composite Index fluctuated all the way down, with a cumulative decline of 2 1.68% for the whole year. The growth enterprise market index [0.78%] and the small and medium-sized board index [1.27%] both fell more than 30%. The number of shares in Zexi that year increased compared with the previous year, reaching 5 1 share. In the case of a large decline in small-cap stocks, Zexi bought a large number of main board stocks in the two cities that year, accounting for 34 stocks, accounting for more than 60% of all stocks; Small and medium-sized board and GEM stocks only hold 17 shares, accounting for more than 30%.

In terms of industry, Zexi bought a large number of machinery and equipment stocks this year. Including Furuite Equipment [1.30% capital research report ](300228, shares bar), Juli Rigging [1.82% capital research report ](002342, shares bar) and Chuanrun Co., Ltd. [4.42% capital research report ](002272, shares bar). Chemical industry and automobile each have 4 shares.

*ST Yuan Bo [0.00% Capital Research Report], which was on the verge of delisting recently, was also bought by "Shandong International Trust-Zexi Ruijin 1No." in the fourth quarter of 20/Kloc-0, becoming the ninth largest tradable shareholder. However, the product was withdrawn in the next quarter.

20 1 1, the Shanghai Composite Index fell by more than 20%, which was the worst performance of the Shanghai Composite Index since the establishment of Zexi. For the whole year, 34 of the 5 1 shares bought by Zexi fell, accounting for more than 60%. Five stocks, including Yifan Xinfu (0020 19, Stock Bar), fell more than 50%. However, because Zexi's shareholding cycle is mostly one quarter, the annual performance of these stocks is not completely related to their performance.

(3) 20 12

On 20 12, the number of stocks in Zexi dropped sharply, with only 29 stocks. From the industry point of view, Zexi holds more shares in the electronics and real estate industries, with 5 shares and 4 shares respectively, and there are also 3 shares in the chemical industry.

From the data of 20 10 to 20 12, it can be seen that Zexi prefers the electronic sector, holding the largest number of shares in 20 10 and 20 12, and also holding five electronic sector stocks in 20 1 1. In addition, this trend continues. In 20 13, 20 14 and the first quarter of this year, Zexi appeared in 2, 5 and 2 electronic stocks respectively.

(4) 20 13

In 20 13, there were 35 shares in Zexi, and the number of shares held increased slightly compared with the previous period. In this year, the stocks of Zexi Nonferrous Metals rose greatly, including Yintai Resources (000975, shares bar), Pengxin Resources (600490, shares bar), Liang Hai Shares [1.76% capital research report ](002203, shares bar) and Dongfang Zirconium Industry [2.06% capital research report] (. In addition, commercial trade and chemical industry each hold 3 shares.

Growth Enterprise Market (GEM) was launched on 20 13, with an annual increase of 82.73%, which is the second largest increase since the listing of GEM, second only to this year (at present, the annual increase of GEM index has doubled). The number of GEM stocks held by Zexi in that year also increased from 4 to 6 compared with the previous year.

It is worth noting that from 20 13, Zexi began to set foot in the increase. In September of that year, Shanghai Zexi Xu Zeng Investment Center (Limited Partnership) subscribed for 49.8 million shares of Xinke Materials [1.44% Capital Research Report] (600,255 shares) at a cost of about 2.6 yuan. According to the inquiry information of Shanghai Administration for Industry and Commerce, the executive partner of Zexi Xu Zeng is Shanghai Zexi. According to the announcement, Zexi Xu Zeng continuously reduced his holdings of new materials from 20 14 to 10, making a profit of [0.38%]. After tasting the sweetness, Zexi has been involved in the increase of listed companies since then.

(5) 20 14

20 14, the A-share market picked up, and the Shanghai Composite Index rose by 52.87% for the whole year. With the improvement of the market, Zexi has 53 stocks. In terms of industries, there are more stocks in non-ferrous metals, light industry manufacturing, building decoration, chemicals, textiles and clothing, electronics and other industries. Although financial stocks such as brokers and banks rose sharply, Zexi did not appear among the top ten tradable shareholders. In addition, there are 3 1 share in Zexi's small and medium-sized board and GEM stocks, accounting for nearly 60%.

With the skyrocketing market, Zexi's shares generally rose that year. Eight shares including Aerospace Science and Technology (00090 1, Share Bar) doubled their gains, but only 19 shares outperformed the annual increase of the Shanghai Composite Index (52.87%), accounting for less than 40%. This is related to the market differentiation of 20 14. Financial stocks rose sharply that year, but theme stocks generally rose. In that year, the growth enterprise market index only rose by 12.83%, while most of the stocks in Zexi were those with market value below10 billion yuan.

According to the data of Zexi official website, the yield of Zexi Phase III is more than twice that of that year, and the yield of Zexi 1 period is also more than 1 times. The yields of other products also outperformed the Shanghai Composite Index, which should be related to Zexi's short holding period and flexible operation.

In addition, the number of fixed shares that Zexi participated in began to increase, including East China Heavy Machinery (002685, stock bar), Gorgeous Family (600503, stock bar), Nanyang Technology (002389, stock bar) and Chitianhua (600227, stock bar). Zexi began to hold shares in listed companies that year, and Xu Xiang's mother Zheng entered Daheng Technology (600288, shares it) in this year; In addition, Zetian Investment also became the largest shareholder of the University of Technology in the second quarter of that year.

(VI) The first quarter of 20 15

In the first quarter of 20 15, A shares continued to soar, with the Growth Enterprise Market index rising by nearly 60% and the Shanghai Composite Index rising by more than 10%. Zexi appeared in the top ten tradable shareholders of 1 1 share this quarter. It is worth noting that all the stocks held by Zexi in this quarter are Shanghai and small and medium-sized board stocks, but they do not hold GEM stocks and Shenzhen main board stocks. In terms of sectors, the electrical equipment industry has the largest number, including Hangdian (6036 18), *ST Hairun and Xinlong Electric (002298). There are two branches of business, trade and electronics.

Among the above 1 1 shares, Dongfang Jinyu (600086, shares bar) has held Zexi products for four consecutive quarters, and its shares have been suspended since March 19 due to the planning of non-public offering. In addition, Zexi also bought *ST Hairun in the first quarter, and the person in charge of the company was publicly condemned by the Shanghai Stock Exchange on April 23 for violating the obligation of information disclosure.

Reopening Xu Xiang: Sun Zexi's five-year transaction list

In the secondary market, Zexi's investment mode has changed.

Statistics show that Zexi appeared in the top ten tradable shareholders of 190 stocks in recent five years. Among them, Shanghai and Shenzhen main boards 108, small and medium-sized boards and GEM stocks 82. However, the proportion of small-cap stocks represented by small and medium-sized board and GEM stocks is rising. When Zexi 20 10 was founded, there were only 19 small and medium-sized board and GEM stocks in Shanghai and Shenzhen stock markets, and 23 main board stocks, accounting for 45.23%, less than half. 20 1 1 year, with the growth enterprise market plummeting by 35% that year (the Shanghai stock index fell by 2 1%), the proportion of small and medium-sized stocks held by Zexi further decreased to 33.33%, but this proportion increased all the way in the following three years, 20 13 and 20/kloc-0.

What is confirmed by the above phenomenon is that the share of Zexi 20 10-20 13 stocks with a market value below10 billion yuan is also rising all the way. By the end of this year, the number of stocks with the market value below10 to 20 10/4 in Zexi accounted for 73.8 1%, 86.27%, 86.2 1%, 88.57% and 88.57% of all listed stocks respectively.

In terms of performance,

In the past five years, Zexi's stock performance has increased, and the proportion of companies has gradually decreased. In 20 10, of the 4 1 shares donated by Zexi, 3 1 share's net profit attributable to shareholders of the parent company increased positively year-on-year, accounting for 75.6 1%. 20 1 1, the proportion decreased to 60.78%, 2012,2013,2014, and then decreased to 58.62% and 57. 14% again. It is speculated that Zexi's investment in listed companies may not be a very important factor.

High delivery seems to be a factor that Zexi values more. For example, Zexi Investment proposed a high transfer at the shareholders' meeting of Ningbo United (60005 1, Share Bar) and Ganyuan Electric Power (002039, Share Bar). According to the data, there are 20 10 to 20 14, and Zexi has 12, 13, 5, 10, and 5 companies, including 2065438.

Geographical aspect

In recent years, Zexi is mainly optimistic about stocks in Guangdong, Jiangsu, Zhejiang, Shanghai and Beijing. From 20 10 to 20 14, the number of shares held by these five places accounts for more than 40% of the total number of shares, which are 52%, 49%, 4 1%, 7 1% and 665+0% respectively.

Subnew shares

Zexi's goodwill seems to have a downward trend. In 20 10, Zexi appeared in six sub-IPOs that year, including Ruipu Bio (30019) and Kangdexin (002450), accounting for 14% of all listed stocks. 20 1 1, the proportion decreased to11%; 20 12, Zexi did not appear in the top ten tradable shareholders of new shares; On 20 13, the IPO was suspended, and no new shares were listed that year; However, after the IPO was restarted, in 20 14 years, Zexi continued not to appear among the top ten tradable shareholders of sub-new shares. In the first quarter of 20 15, Zexi once again favored sub-new shares and appeared as the fourth largest tradable shareholder of Zhejiang listed company Hangdian.

Reopening Xu Xiang: Sun Zexi's five-year transaction list

In addition, Zexi also likes to hold a group in a heavy position. Since the 20 10 annual report, this method has gradually appeared. This quarter, of the 20 stocks it holds, 9 were jointly entered by two products. Zexi will also repeat operations on familiar stocks. For example, its gorgeous family newly launched on 20 10, 20 14 once again entered in a fixed way. Zexi is also keen to bargain-hunting stocks that have suffered from the Black Swan incident. The well-known event in the market is that it had previously bought Chongqing Beer (600 132, stock bar), and its share price plummeted due to the storm of hepatitis B vaccine project. In addition, Zexi also copied Changyou 3 (referred to as *ST Changyou before delisting) that has been delisted to the New Third Board. It is worth noting that in addition to entering the top ten tradable shareholders of listed companies, Zexi should still have a considerable amount of funds for short-term trading. As active hot money, there are many brokerage business departments circulating as the access channels of Zexi, such as Everbright Securities (60 1788, Stock Bar), Jiefang South Road Business Department of Ningbo, and several business departments of Guotai Junan.