Deng Xiaofeng, add to your position

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As listed companies’ annual reports are released one after another, the equity holdings of well-known fund managers are gradually revealed.

A recent annual report from Beixin Building Materials shows that as of the end of 2025, two products managed by Gao Yi Asset’s fund manager Deng Xiaofeng held a total of over 25 million shares of the company, which is a further increase compared with the end of last year’s third quarter. It is also noteworthy that in the third quarter of last year, the two products managed by Deng Xiaofeng newly appeared on Beixin Building Materials’ list of the top ten circulating shareholders, indicating his optimistic outlook on the company.

In fact, beyond Gao Yi Asset where Deng Xiaofeng is based, in recent times the holdings of multiple private equity firms with assets under management of 100 billion yuan or more have also been disclosed. Judging by their add-on purchases, in the fourth quarter of last year, products under the Chongyang Investment umbrella newly entered the top ten shareholders list of Debang Lighting, and products under Renqiao Asset added to China Resources Shuanghe.

Deng Xiaofeng keeps adding to positions

According to the annual report recently released by Beixin Building Materials, as of the end of 2025, the Gao Yi Xiaofeng No. 2 Zhi Xin Fund and the Gao Yi Xiaofeng Hongyuan pooled capital trust plan managed by Deng Xiaofeng held a combined total of 25.31 million shares of the company, with the total market value of their end-of-period holdings exceeding 600 million yuan. Compared with the end of last year’s third quarter, the two products collectively increased their holdings of Beixin Building Materials by 500,000 shares.

It is also noteworthy that as early as the end of last year’s third quarter, Deng Xiaofeng had already stepped up his investment in Beixin Building Materials.

According to Choice data, as of the end of last year’s third quarter, the Gao Yi Xiaofeng No. 2 Zhi Xin Fund and the Gao Yi Xiaofeng Hongyuan pooled capital trust plan newly appeared on Beixin Building Materials’ list of the top ten circulating shareholders, with their total end-of-period shareholdings standing at 24.813 million shares.

According to publicly available information, Beixin Building Materials’ core businesses are three segments: gypsum board, waterproof materials, and coatings. In the fourth quarter of last year, the company achieved operating revenue of 5.375 billion yuan, down 1.51% year over year, and realized net profit attributable to shareholders of 320 million yuan, down 36.22% year over year. Although Beixin Building Materials faced pressure on its performance, the decline in operating revenue in the fourth quarter narrowed compared with the third quarter, and in 2025, revenue and profit from coatings and waterproofing increased significantly.

Specifically, in 2025, Beixin Building Materials’ waterproof building materials revenue was 4.79 billion yuan, up 3.3% year over year, with a gross margin of 18.9%, up 0.2 percentage points year over year. In 2025, coatings building materials achieved revenue of 4.42 billion yuan, up 23.1%.

Private equity firms with 100-billion-yuan scale target the “new growth engine”

Not only Deng Xiaofeng’s Gao Yi Asset, but multiple private equity firms with 100-billion-yuan scale have set their sights on high-quality companies with a “new growth engine.”

Debang Lighting recently released its annual report showing that as of the end of 2025, the foreign trade trust—Chongyang Target Return Phase 1 securities investment pooled capital trust plan newly entered the company’s list of the top ten circulating shareholders, with an end-of-period shareholding of 4.8653 million shares.

According to publicly available information, Debang Lighting focuses on the general lighting industry. In 2025, due to a contraction in the global lighting market total and upgrades of new products, the company’s general lighting main business faced pressure. However, benefiting from the further growth of China’s new energy vehicle penetration rate in 2025, its automotive lighting business became Debang Lighting’s new growth engine. In 2025, the automotive lighting business generated operating revenue of 672 million yuan, up 12.69% year over year, and the gross margin increased by 1.99 percentage points to 17.8%.

The annual report released by China Resources Shuanghe also shows that as of the end of 2025, the foreign trade trust—Renqiao Zeyuan equity private securities investment fund held 3.654 million shares of the company, representing an increase of 1.1803 million shares compared with the end of last year’s third quarter.

According to China Resources Shuanghe’s annual report, in 2025 the company achieved operating revenue of 11.0 billion yuan and net profit attributable to shareholders of 1.65 billion yuan, up 1.18% year over year. At the company’s performance briefing, China Resources Shuanghe said that synthetic biology is the second growth curve the company is focused on building. Currently, the company has already established seven technology platforms, has reserves of more than 20 in-house R&D projects, 6 projects conducting pilot-scale verification, and has also undertaken major national special tasks. At present, the high-temperature nylon precursor 1, 4-butylene diamine has achieved a hundred-ton-scale capacity, and has been expanding applications in cutting-edge fields such as high-temperature-resistant lamp housings for new energy vehicles.

Institutions expect an earnings-driven market

In the view of top private fund managers, with incremental capital continuing to enter the market and corporate earnings gradually recovering, this year’s capital market may feature an earnings-driven structural rally.

Fund manager Danshuiquan Investment believes that although geopolitical conflicts in the Middle East may still continue to ferment in the short term, when stretching the timeline, as the disclosure period for A-share listed companies’ financial reports approaches, market attention is expected to gradually return to a stage driven mainly by fundamentals, and the certainty of earnings growth will become the primary source of returns. Especially after experiencing short-term disruptions, the value-for-money of some assets in the current market has become even more pronounced.

Starstone Investment, in an interview with a reporter, analyzed that although overseas geopolitical conflicts have affected domestic market sentiment in the short term, based on historical experience since 2000, after risk appetite-driven downside adjustment in the stock market, sector performance will likely differentiate, and there may be oversold opportunities in the market. In addition, over a longer timeframe, as incremental capital gradually enters, domestic policies continue to be implemented, and policy effects gradually become visible, the probability of domestic price recovery and realizing corporate earnings this year is expected to increase step by step, and an earnings-driven rally may further unfold.

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