on September 12, xinpengwei (688508.SH) announced that the fixed increase in capital raising was completed, with a total amount of 0.969 billion yuan, 17.905 million shares issued and a fixed increase price of 54.11 yuan per share. With the announcement issued by Xingzheng Global Fund on September 20, the market was shocked that Xingquan's housewarming and Xie Zhiyu actually won nearly half of the fixed increase.

the announcement shows that the new vision of housewarming management and the optimization of xingquan business model, Xie Zhiyu's participation in the management of xingquan social value for three years, xingquan herun, xingquan suitable together to participate in the core friends micro this fixed increase. The above five funds subscribed for 1.7553 million shares, 256300 shares, 3.0525 million shares, 1.7553 million shares and 1.9572 million shares respectively, totaling 8.7766 million shares, with a total cost of 0.475 billion. The announcement shows that the book value on September 18 totaled 0.468 billion yuan.

Source: Societe Generale Global Fund Fixed Increase Announcement

in addition to the xingquan fund, there are a number of institutions involved in this fixed increase. Nord Fund and Caitong Fund were allocated 1.4415 million shares and 571100 shares respectively, costing 0.078 billion yuan and 0.031 billion yuan respectively; Shenwan Hongyuan Securities, CITIC Securities and Guangfa Securities were allocated 2.6354 million shares, 887100 shares and 554400 shares respectively, costing 0.143 billion yuan, 0.048 billion yuan and 0.03 billion yuan respectively; Huatai Asset Management was allocated 1.6633 million shares at a cost of 0.09 billion yuan. Huaxi Yinfeng Investment and foreign institution UBS AG were each allocated 554400 shares.

figure: core friends micro-fixed increase final placement results source: announcement

Xinpengwei is an important supplier of power management chips in domestic smart home appliances, standard power supplies, mobile digital and other industries. The well-known end customers of the company's products mainly include Midea, Gree, Skyworth, Philips, Supor, Jiuyang, Lake, ZTE, Huawei, etc.

As of the latest, the total market value of Xinpeng Micro is about 7.3 billion yuan. The company's semi-annual report shows that in mid -2023, the company achieved operating income of 0.384 billion billion yuan, an increase of 2.36 percent over the same period last year, and a net profit of 46.5902 million billion yuan, a decrease of 19.71 percent over the same period last year. In addition, the profit forecast released by Xinpengwei shows that the company will achieve a total operating income of 0.99 billion yuan in 2023, an increase of 37.62 percent over the same period last year, and a total operating income of 1.31 billion yuan in 2024, which is expected to increase by 32.32 percent over the same period last year.

According to the fund report, Xie Zhiyu and Qiao Qian have already taken a heavy position in the semiconductor industry.

Take Xie Zhiyu's Xingquan Herun as an example. The fund has heavy positions in Industrial Fulian (601138.SH), ZTE (000063.SZ), Lanqi Technology (688008.SH), etc. The invisible heavy positions include semiconductor stocks such as Changdian Technology (600584.SH) and Saiteng Stock (603283.SH). The new vision of Xingquan, a subsidiary of the housewarming, has a heavy position in Jingchen shares (688099.SH), ZTE, Saiteng shares and so on.

this heavy participation in core friends micro-fixed increase, in line with the two fund managers in the second half of the investment logic.

Xie Zhiyu said in the report that looking forward to the second half of the year, he will focus on the macroeconomic inflection point and the marginal changes in various emerging technologies. He believes that from the perspective of various sectors, with the release and application of CHATGPT4.0, artificial intelligence has opened up space on the application side, and the demand for servers, computing power, models and chips has been continuously enlarged. In the first half of the year, the number of game editions increased, the supply of film and television products was abundant, and the market value of related companies rose after a correction. The main reason is that AI's killer applications in various fields still need time and technology to evolve. In addition, industries related to the solid investment cycle weakened, followed by a phased rebound with the expected improvement in real estate, such as real estate, building materials, coal, steel, light industry and other sectors.

Qiao Qian said that scientific and technological innovation has brought new markets and new demands, and the relevant industrial chain continues to breed investment opportunities. In the medium-term dimension, import substitution, exports, and technological innovation remain the focus of top-down attention. We still recognize the long-term competitiveness of high-quality leading companies and their outstanding and sustained profitability and growth ability in the current economic stage, pay attention to the matching and cost performance of profitability and valuation, insist on building a margin of safety by lengthening the cycle and focusing on high-quality varieties, seek intersection varieties in our top-down and bottom-up logic, and strive to achieve the goal of creating medium-and long-term value for investors.