Since 2022, the market has been uncertain and the style has been rotating frequently. What is the direction of investment in the next step?
Recently, the announcements of some listed companies "spoiled" the latest positions of Fu Pengbo, Ren Xiangdong, Cheng Zhou, Tang Xiaobin and other institutional leaders. They took a fancy to a class of opportunities and increased their holdings.
That is the "wild lily" in small and medium-sized stocks.
spoiler's latest position
Since January this year, nearly 20 companies have "spoiled" the latest shareholding of shareholders due to share repurchase. China Securities News · China Securities Taurus reporter combed the latest shareholder list of these companies and found that under the current market tone, some fund institutions still adhere to their own investment system and their position style has not changed much; However, some fund institutions began to cast a net on stocks with relatively low market value, especially some public funds began to try to tap stocks in non popular segments.
On January 18, due to the repurchase of shares, the small and medium-sized market value company Topsec Technologies Group Inc(002212) in the field of network security disclosed the latest shareholders. Among them, the Ruiyuan growth value mixture managed by Fu Pengbo of Ruiyuan fund held more than 1.4 million shares of the company on January 14, 2022, which was the fourth largest circulating shareholder of the company compared with the end of September 2021. Calculated according to the average transaction price of the interval, the increased holding amount exceeds 26 million yuan. Moreover, the top ten circulating shareholders of Xingquan Hetai hybrid Xinjin Topsec Technologies Group Inc(002212) managed by Ren Xiangdong, manager of Xingzheng Global Fund, hold 15957300 shares, which is the ninth largest circulating shareholder.
Topsec Technologies Group Inc(002212) latest list of top ten circulating shareholders
Source: announcement of listed companies
Anhui Anli Material Technology Co.Ltd(300218) among the top ten circulating shareholders as of January 10, the list of the top ten circulating shareholders of GF multi factor mixed new companies managed by Tang Xiaobin, a well-known fund manager, holds 4041900 shares, making it the eighth largest circulating shareholder of the company. Compared with the shareholder information at the end of the third quarter of last year, noan pioneer hybrid, the fifth largest circulating shareholder, and Cathay Juxin value optimization and flexible allocation hybrid managed by Cheng Zhou, the fund manager of Cathay Pacific Fund, the sixth largest circulating shareholder, have increased their positions to varying degrees. The latest data show that the market value of Anhui Anli Material Technology Co.Ltd(300218) focusing on polyurethane composites is only about 3.5 billion yuan. Similarly, according to the latest shareholder information, huitianfu fund, which holds small cap shares Jiangsu Canlon Building Materials Co.Ltd(300715) at the end of the third quarter of last year, increased its holdings in both products.
Anhui Anli Material Technology Co.Ltd(300218) latest list of top ten circulating shareholders
Source: announcement of listed companies
In addition, in the context of the overall drag on the consumer electronics industry last year, the performance forecast of many companies in the industry in 2021 is not optimistic, and many funds either leave the market or wait-and-see. It can be seen from the latest layout of shareholders {115}. According to the disclosure, as of January 28, Dacheng cutting-edge industrial hybrid managed by "10 billion fund manager" Han Chuang and the list of the top ten circulating shareholders of two new products of Jingshun Great Wall Fund.
the market still has signals
In addition to the latest positions of institutional leaders, there has been a signal in the market recently.
Data show that since January this year, funds, securities companies and other institutions have investigated 603 companies, of which 196 companies have conducted institutional research twice or more and 36 companies have conducted institutional research more than five times.
On the whole, the market value of these companies investigated by institutions for many times is generally not high. According to statistics, among the above 36 companies, 18 companies have a market value of less than 10 billion yuan, accounting for 50%, of which Beijing Baolande Software Corporation(688058) , Shanghai General Healthy Information And Technology Co.Ltd(605186) , Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) , Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) and other companies have a market value of less than 5 billion yuan.
If the statistical scope is expanded, among the 196 companies surveyed twice or more, the proportion of small and medium-sized stocks, especially those with a market value of less than 10 billion yuan, has increased significantly. Statistics show that among the 196 companies, there are 116 companies with a market value of less than 10 billion yuan, accounting for about 60%.
Where does style switch go?
After the market adjustment since the beginning of 2022, there have been obvious changes in the research and judgment of fund institutions on this year's market style.
Many institutions believe that this year's market environment will be more complex and changeable, and the capture of short-term opportunities is as important as the layout of long-term opportunities. In terms of market style, fund institutions expect that there will be frequent rotation between large and small cap style, value and growth style in the short term.
The data show that in the nearly two months since December 15, 2021, the gem index has fallen by nearly 20%. Chen Ping, fund manager of HSBC Jinxin technology pioneer fund, pointed out that the market focused on "stable growth" in the short term and "growth" in the long term.
\u3000\u3000 "At present, it is noteworthy that after this round of adjustment, the valuations of some companies and sectors have returned to a relatively low historical level. For example, the current TTM P / E ratio of the CSI TMT index is at the lowest 7.5% in the past 10 years. Therefore, for growth stock investors, this round of adjustment may also be an opportunity to layout high-quality companies. Next, we will choose to dilute the track and start from bottom to top To explore high-quality structural opportunities with relatively reasonable valuation and still high growth. " Chen Ping said.
YONGYING fund expressed its view that it is patient to wait for further easing policies, and the sectors with stable growth as the main line deserve attention, such as real estate chain, infrastructure chain and financial chain. The valuation of relevant sectors is low, which is also in line with the phased support direction of the policy. We need to wait for the data verification signal after the policy is launched, and pay attention to the high-frequency data such as social finance data in January, commencement after the festival, land transaction, commercial housing sales and so on.
At the same time, YONGYING Fund pointed out that if there is a signal of monetary easing, the growth style may usher in a phased rebound. However, it should be noted that in mid and late March, if the Fed starts the interest rate hike cycle, the global risk asset prices may be affected again.
