After the close on July 20, someone flipped through the publicly disclosed list of the end-of-quarter “bull-and-bear private stock” holdings, and the 22 A-shares listed under Zhang Sufen’s column all had negative signs marked for their year-to-date gains.

The most eye-catching is ST Haitai, at a current price of 2.53 yuan, which is down 37.68% year-to-date—by far the worst drop among these 22.

In A-share retail circles, she and her husband Xia Zhongyang are known as the “value-buying duo.” Their public track record starts with 200k yuan in capital. By laying low-priced positions in low tiers, targeting small-cap stocks, and focusing on shares with backgrounds tied to central or state-owned enterprises, they grew the scale to the tens of billions. In several past bull-bear cycles, this strategy has made a lot of money. For example, Aerospace Power held the position for 5 years, waiting until a window when defense-industry assets were securitized; per share they made over 200k yuan, a case often cited in the circle.

The style of these 22 stocks matches her usual selection logic. Most of the share prices are below 5 yuan, and stocks with central/state-owned enterprise backgrounds account for more than 60%.

There are 5 stocks with a year-to-date decline within 10%: Jinyi Industrial at 4.84 yuan, down 4.35%, for which she holds 3.53 million shares; Weiwei Co., Ltd. at 3.12 yuan, down 8.4%, holding 18.12 million shares; Northeast Pharmaceutical at 4.72 yuan, down 8.62%, holding 5.73 million shares; Xinxing Casting at 3.74 yuan, down 8.89%, holding 21.17 million shares; and Sunshine Lighting at 2.94 yuan, down 9.26%, holding 7.8 million shares.

There are 10 stocks with declines between 10% and 20%, covering industries including trust, coal machinery, real estate, packaging, pharmaceuticals, cement, home furnishings, environmental protection, and department stores: Shanxi Guotou A at 3.03 yuan, down 10.62%, for which she holds 63.9 million shares,