As the representative of overseas long-term funds, the position change of QFII has always been concerned by the market.
According to the current statistical data, the electronics industry has become the industry with the highest market value of QFII positions, and individual stocks Shengyi Technology Co.Ltd(600183) have become the stocks with the highest market value of QFII positions. From the perspective of dynamic change, Zijin Mining Group Company Limited(601899) became the stock with the largest change in the market value of QFII positions in the fourth quarter, and this stock was also increased by QFII, social security fund and well-known private equity Gaoyi assets.
Meanwhile, in the fourth quarter, QFII’s new stocks were mainly small and medium-sized market value growth stocks. Some institutions believe that the investment channels have been greatly broadened, which makes the layout of foreign capital in China cover a wider range and can go deep into many small and medium-sized stocks. It is worth noting that the world’s largest QFII has not spoken for a long time recently. The relevant person in charge said that the long-term trend of China’s stock market has not changed, and the policy risk may have passed the inflection point.
e-Cheng QFII industry with the highest market value
With the annual reports of listed companies released one after another, the investment situation of QFII in the fourth quarter also surfaced. As of April 2, among the listed companies that have disclosed their annual reports, 223 listed companies have appeared in QFII positions, with a total market value of 63.466 billion yuan.
In terms of 28 shenwanyi industries, by the end of the fourth quarter, the top five industries with the highest market value of QFII positions were electronics, medicine and biology, computer, non bank finance and chemical industry, with market values of 10.334 billion yuan, 9.451 billion yuan, 7.388 billion yuan, 6.041 billion yuan and 5.389 billion yuan respectively.
From a stock perspective perspective, the top ten stocks with the highest market capitalization of QFII’s holdings are Shengyi Technology Co.Ltd(600183) Shengyi Technology Co.Ltd(600183) . Compared with the previous period (i.e. the end of the third quarter of 2021), only the market value of satellite chemistry, Beijing New Building Materials Public Limited Company(000786) , Bloomage Biotechnology Corporation Limited(688363) positions increased.
this stock became the stock with the largest change in QFII’s position market value in the fourth quarter
Data show that, compared with the end of the third quarter of 2021, at the end of the third quarter of the third quarter of 2021, the top ten stocks with the biggest change in QFII’s market value of positions held by QFII are respectively, China Pacific Insurance (Group) Co.Ltd(601601) 899 \ , Shanghai Baosight Software Co.Ltd(600845) , Henan Shuanghui Investment & Development Co.Ltd(000895) .
It is worth noting that Abu Dhabi Investment Bureau, one of the world’s top three sovereign wealth funds (SWFs), bought 140 million shares Zijin Mining Group Company Limited(601899) , becoming the tenth largest shareholder of the shares in the fourth quarter of 2021.
According to the annual report, Zijin Mining Group Company Limited(601899) the top ten circulating shareholders also include three products managed by Deng Xiaofeng, chief investment officer of Gaoyi assets, holding a total of 940 million shares, an increase of 20.8 million shares compared with the end of the third quarter of last year. According to the reference market value at the end of the period, the market value of the shares exceeds 9 billion yuan.
In addition, the national social security fund 103 portfolio and the national social security fund 114 portfolio also increased their positions of Zijin Mining Group Company Limited(601899) 548 million shares and 16.34 million shares respectively in the fourth quarter of last year. According to the reference market value at the end of the period, the holding value of the stock market is about 3.8 billion yuan.
According to the data, Zijin Mining Group Company Limited(601899) 2021 achieved an operating revenue of 225.1 billion yuan, an increase of 31% compared with 171.5 billion yuan in the same period in 2020; The net profit attributable to the parent company was 15.7 billion yuan, an increase of 141% compared with 6.5 billion yuan in the same period in 2020. As of the closing on April 1, 2022, Zijin Mining Group Company Limited(601899) reported 11.45 yuan / share, with a total market value of 293.8 billion yuan.
qfii investment spreads to medium and small cap growth stocks
According to the current disclosure of the annual report, at least 115 shares were newly admitted to QFII in the fourth quarter of 2021, of which 7 shares were newly admitted for the first time, the shareholding ratio of QFII exceeded 3%, and the shareholding ratio of Guangdong Huate Gas Co.Ltd(688268) with the highest shareholding ratio exceeded 7%.
it is worth noting that most of the new stocks of QFII have a total market value of less than 10 billion, and the largest stocks have a market value of about 30 billion at the end of the year. It can be seen that the overall investment direction of QFII in the fourth quarter is focused on small and medium-sized growth stocks
The head of China investment business of a QFII institution in Shanghai said that in recent years, many foreign investors have been expanding their investment and research capacity in the Chinese market. The obvious change is that the number of stocks covered by foreign research and investment is much higher than in the past. “In the past, due to the limited investment channels, the concentration of foreign shares was very high. Now the investment channels have been greatly widened, which makes the layout of foreign capital in China cover a wider range and can go deep into many small and medium cap stocks. In addition, the optional targets in the Chinese market are also greatly improved, so that foreign capital can find more targets that meet their investment requirements.”
largest QFII voice: the long-term trend of China’s stock market remains unchanged
UBS’s UBS (Lux) Equity Fund – China opportunity is known as the world’s largest QFII Fund (USD), focusing on Listed Companies in China’s offshore and onshore markets. Recently, Shi bin, head of UBS asset management China equities, has not spoken for a long time.
“The attractive long-term trend of the Chinese market still exists. We have confidence in the Chinese stock market, and we need more patience at present,” Shi Bin said He said that one of the reasons for being optimistic about China’s stock market is that the government has strengthened policies and measures to stabilize growth. At the two sessions in early March, the government announced a GDP growth target of 5.5% in 2022, higher than market expectations. “We believe that this requires Chinese policymakers to strengthen monetary, fiscal and credit support to provide stronger support for the economy and the market.”
It is worth mentioning that Shi bin believes that the policy risk may have passed the inflection point. “Policy is the main reason for the sharp fluctuations in many sectors of the stock market last year, and this year may be the key to reversing the stock market. The recent investigation of technology and health care companies by regulators is mainly the continuation and implementation of relevant policies last year. We believe that the policy risk may have passed the inflection point.”
In terms of future layout, Shi bin believes that fundamentals and valuation are very important, and it is also crucial to grasp the policy direction. “At present, the valuation of China’s stock market has reached an attractive level, and we will continue to focus on the long-term element of investment: Fundamentals,” he said
