On February 8, while investors were still immersed in the joy of the “red envelope” market on the first day of the year of the tiger, the major indexes in the morning fell sharply, and the gem index fell by more than 4%.
In the afternoon, the market rebounded, and the abnormal rise of financial stocks such as securities companies drove the Shanghai stock index to turn red. Then the large infrastructure sector strengthened again, and the sector lifted the limit tide, driving the index to rebound further. As of the closing, the three major A-share indexes had mixed gains and losses, with the Shanghai index rising slightly by 0.67%, the gem index falling 2.45% and the Shenzhen composite index falling 0.98%.
On the disk, in the past two trading days, the trend of the main board is significantly stronger than that of the gem. The financial real estate with unsatisfactory performance in 2021 continues to maintain a strong market relative to growth stocks. But the five major public funds, including new energy, semiconductor, military industry, Baijiu and medicine, are not ideal.
In the view of insiders, the promotion of the spring market or the characteristics of style switching, valuation repair is still the main line of the current market, the market continues to show the characteristics of style switching, and value stocks are expected to continue to outperform growth stocks with high valuation. It is expected that the probability of further accumulation of funds and undervalued sectors will further increase in the future. At present, the Shanghai index has not accumulated large risks, and more risks may come from emerging hot industries.
fund heavy position track “rollover”
In terms of individual stocks falling today, the most concerned by the market is the collective sharp decline of track stocks such as lithium battery chip cro. Although the decline of all sectors narrowed in the afternoon, in the end Contemporary Amperex Technology Co.Limited(300750) still fell by more than 6%, and Wuxi Apptec Co.Ltd(603259) was close to the limit.
From the perspective of market performance, in fact, the overall performance of today’s disk is not weak. Throughout the day, there were still 3630 stocks rising and less than 1000 stocks falling in the market. But in this part of the stock dropped, it includes new energy, semiconductor, military industry, Baijiu, medicine, the five public funds heavily loaded track.
According to the previous disclosure of the four seasons report of public funds, the top ten heavy positions are: Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , China stock market news, China Merchants Bank Co.Ltd(600036) , Longi Green Energy Technology Co.Ltd(601012) , Wuliangye Yibin Co.Ltd(000858) , Luxshare Precision Industry Co.Ltd(002475) , Wuxi Apptec Co.Ltd(603259) , Luzhou Laojiao Co.Ltd(000568) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) . Among them, 9 fell today.
Among them, Wuxi Apptec Co.Ltd(603259) is the “good heart” of many investment institutions. According to the “position analysis of the top ten heavy positions of public funds in the fourth quarterly report of 2021” released by Huachuang securities, Wuxi Apptec Co.Ltd(603259) ranked fourth in the top 5 list with the largest holding scale of 88 10 billion funds, with the holding scale reaching 21.86 billion yuan.
According to the data, as of December 31, 2021, 97 institutional investors held Wuxi Apptec Co.Ltd(603259) . Among them, China Europe Fund, Jingshun Great Wall Fund, Yinhua Fund, huitianfu fund and other 14 fund institutions hold more than 10 million shares. It is worth noting that Wuxi Apptec Co.Ltd(603259) is also a heavy stock of China Europe medical and health a managed by “public offering sister” Glenn.
According to the data, as of the fourth quarter of 2021, the market value of the position Wuxi Apptec Co.Ltd(603259) held by China Europe medical and health fund a reached 7.793 billion yuan, and the heavy position Wuxi Apptec Co.Ltd(603259) accounted for 10.05% of the net value of the fund. As of the close, the estimated decline of China Europe healthcare a reached 2.96%. In the past three months, China EU healthcare a fell by 18.75%.
In addition, the 16 products of Jingshun Great Wall Fund hold Wuxi Apptec Co.Ltd(603259) 55721400 shares in total, of which the five products managed by fund manager Liu Yanchun hold 50775700 shares in total. The 38 products of Yinhua Fund hold Wuxi Apptec Co.Ltd(603259) 52776200 shares in total.
In response to today’s market shock, Huaxia Fund said that today, affected by bad news and rumors, leading stocks of two mainstream popular tracks, innovative drugs and new energy, fell sharply. When the current market risk appetite has not been fully repaired, negative information has been over interpreted and reacted, and pessimism has spread to other growth stock sectors, resulting in adjustments in many industries such as new energy, medicine, semiconductor and electronics. The decline on the gem is deeper and significantly weaker than that on the main board.
In the long run, Huaxia Fund believes that the reconstruction of market confidence still needs time and process, and the repair of risk appetite is not achieved overnight, but it is not appropriate to be overly pessimistic about the market at present. From the perspective of opportunities, we still maintain the investment main line of “steady growth + new energy + scientific and technological growth”. In the short term, the market is more responsive to the rebound and repair of undervalued traditional real estate and infrastructure industry chains under the attitude of steady growth policy, which has trading opportunities; While the stock prices of the industries with the highest growth in the early stage generally corrected and the valuation fell, but the varieties with long-term industrial prospects, high prosperity or sustained growth, such as new energy and digital economy, have long-term investment value.
value style is expected to dominate in the future
In fact, since this year, disturbed by the overseas market, A-Shares have ushered in a wide adjustment as a whole. Among the many falling sectors, last year’s popular track has become the hardest hit area occupied by the enemy. As of today’s close, salt lake lithium and semiconductor sector indexes have fallen by more than 15% year to date, and lithium batteries, power equipment, energy storage, photovoltaic and other sectors have also fallen by more than 10%. In the context of capital style switching, undervalued large finance and other sectors have become sought after objects.
Further, since the launch of this round of market in 2019, the growth style has far outperformed the value style in the past three years. Some market participants said that after three years of market education and the strengthening of the continuous profit-making effect of popular tracks, many investors and even institutions have gradually formed faith in some popular tracks and continued to strengthen them. At the same time, they have also made practical actions with their capital allocation. When “embracing the new economy” has become a consensus at the end of 2021, the tracks are too crowded, There is a certain period of bubble valuation phenomenon, the adjustment is also coming.
Recently, Zhang Hui, general manager of huitianfu, also said that from the investment side, there has been a trend of extreme and centralized investment by some fund managers in the industry, that is, heavy positions bet on a certain sector, which violates the basic principle of portfolio management of balanced allocation and risk diversification. Some fund managers extremely invest in a certain sector and win short-term performance ranking. The “fame” story, which has grown rapidly from a small scale to 120 billion yuan, spreads and affects fund managers like a virus.
He also said that China’s economy is in a period of structural transformation, industry stratification has accelerated, and the market has shown a good structural market in stages. From the perspective of investment behavior, the turnover rate of these funds is extremely high, with less real long-term investment and more speculation. China’s institutional investors have developed very fast in recent years. In 2021, the market value of A-share institutional investors has exceeded 50%, but the trading volume is more than 70% of retail investors. From the perspective of trading behavior, China’s capital market still has obvious retail characteristics. In fact, the investment behavior of many institutions also shows strong retail characteristics. This is also one of the important reasons why the Chinese market is particularly volatile.
Therefore, from the above perspective, the dominance of short-term growth style does not mean that the value style will never have a chance. At least from the performance since 2022, the value style has had good relative and absolute benefits.
In addition, from the perspective of capital flow, it is not difficult to find the clue of style switching. It is worth mentioning that on the first trading day of the year of the tiger, that is, February 7, the north capital net bought 5.552 billion yuan of a shares, of which the Shanghai Stock connect net bought 6.6 billion yuan, but the Shenzhen Stock connect net sold 1.1 billion yuan. On the same day, financial stocks led the net purchase of northbound funds, such as Ping An Insurance (Group) Company Of China Ltd(601318) . In addition, many financial stocks such as China stock market news, China Merchants Bank Co.Ltd(600036) , Industrial Bank Co.Ltd(601166) also received substantial purchase of northbound funds.
Previously, Zhou wenqun, head of stock investment and fund manager of Fidelity International China, said that from the perspective of performance growth and valuation, A-share core assets have strong attraction. This is also the reason for the continuous inflow of foreign capital since 2015. Meanwhile, in the field of growth stocks, investors need to pay more attention to the safety margin of valuation in 2022. Since the epidemic, the logic of “the strong is always strong” has been continued. The long-term growth trend of the consumer industry is relatively certain, and the profit of the leading consumer is recovering. In addition, benefiting from China’s structural reform, there is still a lot of room for domestic substitution, and there are also many investment opportunities in specialized, special and new enterprises. In terms of sector layout, we are more optimistic about consumption, building materials, real estate chain, semiconductors, industrial coatings, mechanical parts and other sectors.
