The annual reports of Listed Companies in 2021 have entered an intensive disclosure period. As of the press time of April 10, 1399 A-share companies have disclosed their annual reports, and the position route of long-term funds such as insurance funds, social security funds and QFII institutions has gradually surfaced.
Insurance capital and social security funds have a strong preference for the financial industry. Among their heavy positions, banking, insurance and other financial stocks occupy the majority. QFII institutions have diversified positions, and strengthen the layout of individual stocks in advanced manufacturing, non-ferrous metals and other fields.
A number of industry insiders disclosed to the China Securities Journal China Securities Taurus reporter that now is a good time to allocate equity assets. For specific allocation strategies, it is suggested to balance positions and focus on the two important main lines of steady growth and technological innovation.
financial stocks favored
As of April 10, a total of 105 insurance institutions and their products appeared in the list of shareholders of listed companies that have disclosed the 2021 annual report.
According to the data, from the perspective of heavy positions of circulating shares of institutions, up to now, the financial industry is most favored by insurance funds and social security funds. Among the top 10 listed companies with heavy positions of single insurance capital, except China United Network Communications Limited(600050) a non-financial enterprise, all other seats are covered by banks and insurance institutions. If the list of heavy positions is expanded to the top 20, 15 listed companies come from the financial industry.
The social security fund also focuses on financial stocks. In terms of the number of shares held, the top four heavyweight stocks of the social security fund are all listed companies in the financial industry, of which Agricultural Bank Of China Limited(601288) has the most shares, reaching 23.5 billion shares Industrial And Commercial Bank Of China Limited(601398) temporarily ranked second, with more than 12.3 billion shares held by the social security fund Bank Of Communications Co.Ltd(601328) , The People’S Insurance Company (Group) Of China Limited(601319) followed, ranking third and fourth at present, with more than 2 billion shares held by the social security fund.
In addition to the financial industry, some listed companies in non-ferrous metal mining and dressing industry, power, heat production and supply industry, telecommunications service industry, energy industry, real estate and other industries are also heavily held by insurance funds and social security funds.
From the increase of insurance capital and social security fund, non-ferrous metal smelting and rolling processing, oil and natural gas exploitation, general equipment manufacturing, chemical raw materials and chemical products manufacturing, special equipment manufacturing, computer, communication and other electronic equipment manufacturing have become the new favorites of institutions.
qfii prefers advanced manufacturing, non-ferrous metal and other industries
Data show that up to now, 33 QFII institutions have appeared in the list of the top ten circulating shareholders of more than 200 listed companies.
In terms of the number of heavily held shares, Shengyi Technology Co.Ltd(600183) was held 290 million shares by Hong Kong Weihua electronics. Although Hong Kong Weihua electronics reduced Shengyi Technology Co.Ltd(600183) 3127 million shares in the fourth quarter compared with the end of the third quarter of 2021, the remaining shares still ranked first China Pacific Insurance (Group) Co.Ltd(601601) Citigroup Global Finance holds 150 million shares, unchanged from the previous period, ranking second. In addition, Zijin Mining Group Company Limited(601899) , China stock market news, Shenzhen Salubris Pharmaceuticals Co.Ltd(002294) and other companies also rank among the top in the number of shares held by QFII institutions.
In terms of position changes, the Central Bank of Norway increased its holdings of Venustech Group Inc(002439) 557 million shares, accounting for 0.77% of its outstanding shares. Satellite chemical was increased by 4.04 million shares by the Kuwait Government Investment Bureau. In addition, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Guangxi Yuegui Guangye Holdings Co.Ltd(000833) were also increased by more than 3 million shares by QFII institutions. In terms of reduction, except that Shengyi Technology Co.Ltd(600183) was greatly reduced by Weihua electronics in Hong Kong, Huaihe Energy (Group) Co.Ltd(600575) was reduced by UBS group by 7.45 million shares.
From the perspective of industry distribution, the industries of individual stocks held by QFII institutions are widely distributed. In addition to the important industries such as advanced manufacturing and computer, which have been favored for a long time, insurance, nonferrous metal mining and beneficiation, capital market services and other industries have also become the targets of QFII institutions’ heavy positions. In terms of industries with increased holdings, software and information technology services, chemical raw materials and chemical products manufacturing, general equipment manufacturing and other industries have been strengthened by QFII institutions.
layout valuation low and expected low varieties
Many industry insiders said that it is now a good time to allocate stocks. The market valuation meets the stock selection requirements of insurance funds. It is a good time to gradually increase positions, focusing on the two important main lines of steady growth and technological innovation.
Citic Securities Company Limited(600030) said it was determined to lay out varieties with low valuation and expected low valuation. In terms of configuration, it is suggested to stick to the main line of steady growth, pay attention to the real estate industry chain, and continue to layout around the “two low positions”. First, for the varieties with relatively low valuation, it is recommended to pay attention to high-quality developers, property management and building materials enterprises after the expected mitigation of real estate credit risk, communication operators with significantly improved cash flow, smart grids and energy storage in the field of new infrastructure, data centers and cloud infrastructure benefiting from “East data and West computing”, and fine chemical enterprises with the ability to develop new businesses such as new materials. Second, the varieties whose fundamentals are expected to be relatively low, focus on the allocation opportunities of midstream manufacturing plagued by cost problems after the commodity price peaked, such as smart cars and parts, photovoltaic wind power equipment, etc. the airlines, hotels and department stores whose fundamentals are expected to be still low. In addition, the recent focus on a quarterly report is expected to exceed expected varieties. It is recommended that we focus on photovoltaic, semiconductor, Baijiu, Chinese medicine and building blocks.
QFII announced its position in the fourth quarter of last year, holding 16 shares with a stock market value of more than 1 billion
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