A shares showed an upward trend in the first week of April. All three major indexes closed positive, with the Shanghai index up 2.2%, the Shenzhen Component Index up 1.3% and the gem index up 1.1%. During the week, most of the indexes were red, and the top ones were dividend index, China Securities 100, Shanghai Securities 50 and China Securities 180. The indexes with poor performance during the week were China Securities 1000, science, innovation and entrepreneurship 50, China Securities 2000, gem composite index, small and medium-sized composite index and so on.
In the past week, the sector rotation differentiation was obvious, most industries recorded a red market, and a few sectors closed down. Among them, real estate, building materials, banking and other sectors led the increase. The national defense and military industry, non-ferrous metals and mechanical equipment sectors performed poorly.
From the perspective of capital inflows, the vast majority of sectors realized net capital inflows this week, and real estate, medicine, biology, media and other industries mainly showed inflows. The outflows are mechanical equipment, national defense and military industry, petroleum and petrochemical and other industries.
Fund topic: after the disclosure of the fund’s annual report, the value style of small and medium-sized market capitalization is outstanding
After the disclosure of the annual report of the fund, by the end of 2021, the scale of the fund market had reached 25.53 trillion, with monetary funds accounting for nearly 40% and equity funds accounting for nearly 10%. The funds with the highest annual income were Qianhai Kaiyuan public utilities, Qianhai Kaiyuan new economy a and BAOYING advantageous industry a, with the growth rates of share net worth of 119%, 109% and 101% respectively.
From the perspective of fund style, the returns of small and medium-sized cap and value style are significantly better than those of large cap and growth style funds.
In terms of fund asset allocation, the market value of bonds, stocks and funds accounted for 52%, 28% and 0.7% of the total net value respectively, and the allocation proportion of funds increased significantly.
In terms of industry allocation, the top three industries with the largest increase in net value are: manufacturing, power, heat, gas and water production and supply, scientific research and technical services; The top three industries with the largest reduction were finance, health and social work, leasing and business services.
Public funds are mostly Baijiu, new energy and financial sectors. The top three stocks in the market value are Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Wuliangye Yibin Co.Ltd(000858) , and the market value is 180.5 billion yuan, 153.1 billion yuan and 85.3 billion yuan respectively.
The heavily held circulating shares of the social security fund are mainly bank shares, and the top three in the market value are: Agricultural Bank Of China Limited(601288) , Industrial And Commercial Bank Of China Limited(601398) , Bank Of Communications Co.Ltd(601328) , with the market value of 69.152 billion yuan, 57.096 billion yuan and 14.315 billion yuan respectively.
Fof funds prefer pure bond funds. The largest market value of positions are bocom pure bond AB, Xingquan Wentai A and bocom Yulong pure bond a, with market values of 3.213 billion yuan, 2.722 billion yuan and 2.465 billion yuan respectively.
Macroeconomic data:
China: China’s official manufacturing PMI in March was 49.5, lower than the critical value, down 1.4% month on month (MOM) from February.
In terms of non farm workers, the unemployment rate in the United States decreased by 3.3% compared with that in the United States in March, down by 3.0%; In February, the core PCE price index continued to rise, with a year-on-year increase of 5.4% and the previous value of 5.17%; Germany’s unemployment rate in February was 3.1%, unchanged from the previous period, and the manufacturing PMI in March was 56.9, down 2.6% month on month; The EU unemployment rate in February was 6.2%, better than 6.3% last month; UK manufacturing PMI in March was 55.2, down 4.8% month on month; Oklahoma Cushing crude oil inventory reported 24233 thousand barrels, down 4.0% month on month; On March 18, the US natural gas inventory was 1415 billion cubic feet, an increase of 1.9% month on month.
Investment suggestions: the steady growth policy is clearly oriented and continuously fulfilled, the intention of policy care entity is obvious, the real estate policy continues to loosen, the market sentiment returns, and the future market is expected to further pick up. It is recommended to lay out sectors with undervalued or damaged early valuation, as well as industries with strong performance prospects. Under the catalysis of the epidemic, pay attention to the opportunities of the biomedical sector.
Risk warning: the spread of covid-19 pneumonia exceeds the expected risk
