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The last roadmap of public placement is exposed. Fund trading continues “epidemic situation”
Author: Guo Luqing
The global epidemic has created a quarterly report from a special public fund.
On April 23, the first quarterly report on public funds was fully disclosed. Statistics show that in the first quarter, public funds basically adjusted their positions according to the impact of the epidemic. Pharmaceuticals outperformed food and beverages to become the number one public storage industry, while the concentration of holdings decreased further.
Looking further, public funds have diversified their positions on consumption and continue to maintain compulsory consumption of domestic demand, while reducing optional consumption and big finance.
According to individual actions, the first incomplete financial statistics, 266 funds and 171 funds were respectively compensatedPing An China(601318.SH) andVanke A(000002.SZ).
Judging the market outlook, the Star Fund believes this year’s volatility will not be small, but high-quality companies are expected to hit a record “over and over again.”
April 23,Guizhou Maotai(600519.SH) After the opening, the share price continued to rise by almost 2%, reaching a record high of 1265.68 yuan / share.
The investment follows the “epidemic situation”
Affected by the epidemic situation and the economic recession abroad, investor risk aversion increased, and the proportion of oversupply in the mandatory consumer sector increased significantly; Optional consumer positions and large financial sectors decreased significantly.
Public funds primarily allocate industries that are least affected by or benefit from the epidemic, such as medicine, computers, agriculture, forestry, livestock, fisheries, media, and retail and trade. , while reducing the industries and financial real estate that are most affected by the epidemic, such as non-bank financiers, Banks, household appliances, electronics, real estate, etc. Pharmaceuticals outperformed food and beverages to become the first heavy storage industry in public offerings.
In addition, among Shenwan’s 102 secondary industries held by public funds, the top five industries with the highest market value in the first quarter of 2020 are computer applications, medical devices, chemical pharmaceuticals, biologicals, and food processing; and low market value The top five industries are banking, household appliances, insurance, electronics manufacturing, and beverage manufacturing.
“In other words, consumption is the same, the fund manager chose the required internal demand and reduced optional consumption,” said a commentator on the Shanghai fund.
It is worth mentioning that the concentration of public fund holdings has decreased for three consecutive quarters, and the top 20 heavy stocks held by public funds had a market value of 3.7 percentage points to 32.58%. The increase and decrease in individual stocks correspond to the industry allocation. The increase in holdings is dominated by leaders in the pharmaceutical and computer industries, and the decrease in holdings is dominated by household appliances and financial real estate.
Specific for individual shares, in the first quarter of this year, the majority of shares added by public fundsMindray Medical(300760.SZ),ZTE Corporation(000063.SZ) andHengrui Medicine(600276.SH); The shares with the greatest decrease in market value and position relationship are Ping An,Gree Electric(000651.SZ),Merchants Bank of China(600036.SH), Vanke A andMidea Group(000333.SZ).
Overall, the proportion of public shares in the market value of the free circulation of A shares increased by 0.8%, the proportion of foreign-owned shares decreased by 0.6%, and the overall position of the fund decreased slightly . The ChiNext board increased significantly again and the share of the Science and Technology Board increased to 1%.
Significant reduction of real estate and finances.
In addition to Guizhou Moutai, there are 8 stocks with more than 500 funds, and the remaining 7 are Hengrui Pharmaceutical, Ping An, China Merchants Bank,Luxun Precision(002475.SZ),Yili(600877.SH),Wuliangye(000858.SZ) and Gree Appliances. However, compared to the end of the previous quarter, the fund reduced its positions in China Merchants Bank, Ping An, Gree Electric and Yili. The proportion of shares outstanding in Ping An and China Merchants Bank outstanding also changed to 5.54% and 4.07%, respectively.
At the end of the fourth quarter of last year, the number of funds held by Ping An was 1077, which represents 3.94% of the outstanding shares, that is, 266 funds were liquidated by Ping An; similarly, 654 funds owned Vanke A (000002. SZ), the stake represented 8.98% of the outstanding shares; At the end of the first quarter of this year, 171 funds had liquidated Vanke A.
It is the favorite of China Ping An, which belongs to the Xingquan Fund. The Xingquan Trend Investment, Xingquan Vision and Xingquan Heyi funds together hold Ping An with a market value of $ 3.462 billion.
However, of the 441 partial stock funds owned by Ping An, although Xingquan Heyi still owns 13 million shares, it reduced its holdings by 13.49 million shares in the first quarter, and the number of shares exceeded current holdings.
Among fund managers who collectively reduce their holdings of real estate shares, CEIBS Mingrui New Normal, Dongfanghong Industrial Upgrade, and Xingquan Social Responsibility have reduced their holdings of Vanke A by more than 3.5 million shares.
White goods at the end of the real estate industry chain are also treated differently by fund managers.
Tianhui’s future growth increased Gree appliances in the first quarter. At the end of the first quarter, the total market value of the shares reached 371 million, which is the fund with the highest market value of Gree appliances; Southern Fund generally reduced Gree in the first quarter. The best quality from South China, the premium dividends from South China, the Zhicheng from South China and other share reductions are more than 1 million shares.
He also suffered a significant reduction in positionsLead the puzzle(002600.SZ) andHan Laser(002008.SZ). At the end of the first quarter, there were 7 funds with Leading Intelligence, and in the last quarter there were 51 fund positions, meaning that 86.3% of fund managers chose to clear their positions.
The authorization of Han’s Laser Fund Manager (002008.SZ) is even more comprehensive. At the end of last year, there were 84 funds and only 6 were held at the end of the first quarter. Almost 93% of fund managers chose to erase Han’s laser.
Fund Manager Heavy Position Logic Star
No matter what type of market, growth stocks can always be respected by large numbers of fans, even star fund managers.
Ruiyuan’s high-profile growth value has increased its holdings of 8.355 million shares of Licent Precision (002475.SZ) in the first quarter, with a total market value of 695 million shares; GF Pioneer holds 828 million Licent Precision. First ranked among all funds, the fund manager is Liu Geshang.
The most determined position of Jiacang Lixun’s precision will be Rongtong China Wind No. 1, the fund manager increased the position of 7.323 million shares, and the total market value of the shares also exceeded 500 million, representing the 6.63% of the net value of the fund. Stocks and first fund manager heavyweight stock choseChangchun High-tech(000661.SZ).
Changchun Hi-Tech is the seventh largest heavyweight action among Liu Geshan’s managed GF innovations, and the first largest heavyweight action isKangtai Biology(300601.SZ); It is also the GF Shuangqing update managed by Liu Gesong. The first heavyweight stock is also Kangtai Biotechnology, and the second largest heavyweight stock is ZTE Corporation.
Although optimistic about medicine, Liu Gesong still has enough confidence in the opportunities of the industrial chain, such as independent innovation, new energies and the Internet. Among the GF pioneers who also serve as fund managers at Liu Gesong, the fund has a total size of $ 24.838 million, and the top three heavyweight stocks areInspur Information(000977.SZ),Yiwei lithium(300014.SZ) and ZTE.
It is reflected in the operation, and pays more attention to the coincidence of valuation and fundamentals.
“In the first quarter, we moderated the share of some technology companies whose performance growth rate did not match the valuation,” said Liu Geshang.
In public funds they actively increase their holdings of shares,Muyuan(002714.SZ) The number of funds held also increased by 61 in the first quarter. However, the number of positions decreased by 971,744,000 shares. It shows that public funds have a major disagreement with Muyuan.
At the end of the first quarter, Jingshun Great Wall Emerging Growth had Muyuan’s total market value of shares of 978 million, and Jingshun Great Wall Dingyi Hybrid had 379 million, ranking respectively in the top two. But these two funds reduced their holdings by 8 million shares and 4.9 million shares respectively. And Yinhua Shengshi Select added 484,300 shares, and the total market value of the positions was 122 million.
Editor-in-chief: Qin Xuanling
