At present, the first quarterly report of public funds has entered an intensive disclosure period. Since this year, in the face of the shock adjustment of the A-share market, what operations have public funds, as professional institutional investors, carried out? In the end, which stocks were added to buy? Which stocks have been held for five consecutive quarters? Which have been reduced? What is the investment logic behind it? In this regard, this newspaper specially combs and analyzes the positions of public funds that have been disclosed in the first quarterly report in detail, and excavates the investment opportunities for readers.
1252 individual stocks were added to the fund in the first quarter
411 only for new entrants
According to the data, as of the closing on April 22, 2057 A shares were held by the public fund at the end of the first quarter of this year. From the perspective of the total market value of holdings, Kweichow Moutai Co.Ltd(600519) , Contemporary Amperex Technology Co.Limited(300750) , Wuxi Apptec Co.Ltd(603259) , Longi Green Energy Technology Co.Ltd(601012) , China Merchants Bank Co.Ltd(600036) and other five shares ranked among the top five in the market value of shares held by the public fund at the end of the first quarter, with the market value of positions exceeding 50 billion yuan.
In terms of the proportion of tradable shares held, 476 heavily held shares held by the public offering fund at the end of the first quarter accounted for 5% or more, of which 6 shares including Amlogic (Shanghai) Co.Ltd(688099) , Porton Pharma Solutions Ltd(300363) , Ja Solar Technology Co.Ltd(002459) , Sg Micro Corp(300661) , Zhejiang Ssaw Boutique Hotels Co.Ltd(301073) , Huali Industrial Group Company Limited(300979) , etc. held by the fund exceeded 30%.
In this regard, Hu Bo, the financial intelligence investment fund manager of paipaipai.com, who was interviewed by the reporter of Securities Daily, said that the public fund is still the holder of value investment as a whole, and the public fund has obvious research advantages, so the heavy positions of public funds often represent the field and direction of value investment.
From the perspective of position change, 1252 individual stocks obtained additional positions of public funds in the first quarter. In terms of newly acquired shares, 411 individual shares were newly acquired by public funds, among which, the number of newly acquired shares of 5 individual shares, including Jingke energy, Shanxi Coal International Energy Group Co.Ltd(600546) , Anhui Hengyuan Coal Industry And Electricity Power Co.Ltd(600971) , Shenzhen Jufei Optoelectronics Co.Ltd(300303) , Hunan New Wellful Co.Ltd(600975) , exceeded 30 million in the first quarter; In terms of additional shares, 841 individual shares were additional shares, among which the number of additional shares held by individual stock funds such as China National Nuclear Power Co.Ltd(601985) , China State Construction Engineering Corporation Limited(601668) , Zijin Mining Group Company Limited(601899) , Industrial And Commercial Bank Of China Limited(601398) , Guanghui Energy Co.Ltd(600256) and so on exceeded 300 million shares in the first quarter.
From the perspective of shenwanyi industry, the public funds in the three major industries of banking, non-ferrous metals and building decoration increased their positions the most in the first quarter, with 2.396 billion shares, 1.627 billion shares and 1.405 billion shares respectively.
As a professional institutional investor, public funds also maintain a relatively stable position in some heavy positions.
The reporter further combed and found that among the disclosed heavy positions of the public fund at the end of the first quarter of this year, 1019 stocks were continuously held by the public fund at the end of the last five quarters, and the large market value stocks were favored by the fund. Among them, Kweichow Moutai Co.Ltd(600519) , Industrial And Commercial Bank Of China Limited(601398) , Agricultural Bank Of China Limited(601288) , Contemporary Amperex Technology Co.Limited(300750) , China Merchants Bank Co.Ltd(600036) , Petrochina Company Limited(601857) .
In terms of performance, as of 16:00 on April 22, 121 of the above 1019 companies had first announced the performance of the first quarter of 2022, and 84 companies’ net profits attributable to the shareholders of the parent company during the reporting period had increased year-on-year, accounting for nearly 70%.
In terms of market performance, from April to the end of April 22, the closing of April 22, the end of April, the end of April, the end of April 22, the end of April. Since April, the end of April, and the closing of April 22. Among the above 1019 stocks, 353535out of 353535out of 353535among 353535353535among 353535among 353535out of 359 of the above 1019, among which 35353535out of 353535out of 35353535out of 35353535353535353535out of 3535353535of the above 1019 stocks, 353535of 35out of 359 of the above 1019 stocks, beating the Shanghai index over the same period period (down 5.08.08.08% 5.08%), accounting for 34.54%, accounting for 34.54%, among which, 185out of which 185out of which 185of which 185shares have realized during the period, among which 185out of 185among which 185among which 185among which 185shares have gained during the period, and 19%, strong performance.
\u3000\u3000 “In the current market situation, the pressure of fund redemption is great, and the liquidity of individual stocks with concentrated fund positions may be relatively poor. When the fund is redeemed, it may lead to passive selling of the fund, and the impact on these relevant individual stocks may exceed the individual stocks in which the fund is less involved in investment. Therefore, from the perspective of liquidity, the short-term market performance of heavy positions of public funds may fluctuate greatly, but from the perspective of lengthening the cycle , once the extreme price of heavy positions of relevant public funds occurs due to liquidity factors, it may be a good time for investors. ” Hu Bo said.
It is worth noting that since April, 363 stocks have been increased by northbound funds, 213 stocks have been increased by financiers, 56 stocks have been increased by northbound funds and financiers, and food and beverage and national defense and military industry are the main areas of joint positions, with 6 and 5 respectively.
In terms of valuation, as of the closing on April 22, the latest dynamic P / E ratio of A-Shares was 15.74 times (overall method). Among the above 56 stocks, the latest dynamic P / E ratio of 21 stocks was lower than 15.74 times, and the latest dynamic P / E ratios of 9 stocks, including Chongqing Rural Commercial Bank Co.Ltd(601077) , Huafa Industrial Co.Ltd.Zhuhai(600325) , Chinese Universe Publishing And Media Group Co.Ltd(600373) , Xinfengming Group Co.Ltd(603225) were lower than 10 times.
Ma Cheng, chairman of juze investment, said in an interview with the reporter of Securities Daily that from the main allocation sectors of fund companies at the end of the first quarter of this year, a common feature is that the performance of this sector is relatively excellent, and the overall valuation is relatively low and the safety margin is high. With the continuous efforts of monetary and fiscal policies, it is expected that the overall market will be initially repaired.
99 individual shares are jointly held by funds, social security and other institutions
According to the data, as of the closing on April 22, among all 2057 companies with heavy positions in public funds, a total of 99 companies appeared in the list of top 10 circulating shareholders of social security fund, insurance capital, QFII and pension fund.
From the position of the social security fund, by the end of the first quarter of 2022, a total of 54 shares had been held by the social security fund. Among them, Zijin Mining Group Company Limited(601899) , Cgn Power Co.Ltd(003816) , Pangang Group Vanadium Titanium & Resources Co.Ltd(000629) 3 individual shares have obtained more than 100 million shares of the social security fund, reaching 351342900 shares, 167515200 shares and 165 million shares respectively.
From the perspective of insurance capital positions, as of the end of the first quarter of 2022, a total of 10 shares had obtained insurance capital positions among all the heavy positions of public funds. Among them, Bank Of Nanjing Co.Ltd(601009) obtained more than 100 million shares of insurance capital, reaching 406792300 shares; Three individual shares including Zhejiang Crystal-Optech Co.Ltd(002273) , Iflytek Co.Ltd(002230) , Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) etc. have obtained more than 10 million shares of insurance capital, which are 197787 million shares, 17.804 million shares and 176986 million shares respectively.
QFII is also an important institutional investor. By the end of the first quarter of 2022, a total of 47 shares in all the heavy positions of public funds had been held by QFII. Among them, Bank Of Nanjing Co.Ltd(601009) obtained more than 1 billion shares held by QFII, reaching 1392721100 shares Jiangsu Financial Leasing Co.Ltd(600901) and Zijin Mining Group Company Limited(601899) obtained more than 100 million shares of QFII, 149332400 shares and 148720900 shares respectively.
In terms of pension funds, by the end of the first quarter of 2022, a total of 11 shares had been held by pension funds among the heavy positions of all public funds. Among them, Cts International Logistics Corporation Limited(603128) and Shenzhen Topband Co.Ltd(002139) obtained more than 10 million shares in pension funds, 370868 million shares and 119858 million shares respectively; The number of shares held by 8 pension funds including Xinyangfeng Agricultural Technology Co.Ltd(000902) , Hunan Kaimeite Gases Co.Ltd(002549) , Yantai Tayho Advanced Materials Co.Ltd(002254) , Queclink Wireless Solutions Co.Ltd(300590) , Baoji Titanium Industry Co.Ltd(600456) , Inventronics (Hangzhou) Inc(300582) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Guangdong Tecsun Science & Technology Co.Ltd(002908) , etc. also exceeded 1 million.
Liu Youhua, deputy director of the wealth Research Department of paipai.com, told the Securities Daily: “social security funds, insurance funds, QFII and pension funds pay great attention to fundamental research and focus on the value of long-term growth of enterprises. Therefore, they often choose sunrise industries with business cycle, large growth space and policy support, and then choose leading enterprises with competitive advantages to invest in the industry.”
It can be found that among the heavy positions of all public funds, a total of 99 stocks have attracted the attention of more than one of the four institutional investors (Social Security Fund, insurance capital, QFII or pension fund), and have a pile of technology stocks; Generally excellent performance; Most institutions are optimistic about the three characteristics.
First, from the perspective of industry distribution, the 99 companies generally recognized by institutional investors are mainly distributed in the three major industries of medicine and biology, basic chemical industry and computer, and the number of companies involved are 16, 12 and 9 respectively. It can be seen that the computer industry and pharmaceutical and biological industry with high scientific and technological content are still the focus of institutional investors.
Yuan Huaming, general manager of Huahui Chuangfu investment, told the reporter of Securities Daily: “First, in the context of repeated epidemics, rising global commodity prices and supply chain adjustment, the basic chemical, pharmaceutical, biological and computer industries have continued their boom performance for some time. The steady fundamental performance has made these industries receive more attention in this year’s complex market environment; second, steady growth is expected to become the main line of the A-share market in the future, and the above industries also benefit from policies Direction. “
Secondly, among the above 99 companies recognized by institutional investors, 71 companies achieved year-on-year growth in net profit in the first quarter of 2022, accounting for more than 70%.
According to the data, as of April 22, among the 99 companies generally recognized by institutional investors, 81 companies have received positive ratings such as “buy” or “overweight” in the last 30 days. Among them, 8 companies, including Hangzhou Robam Appliances Co.Ltd(002508) (27 times), Zhejiang Supor Co.Ltd(002032) (24 times), Zwsoft Co.Ltd(Guangzhou)(688083) (23 times), Zhuzhou Kibing Group Co.Ltd(601636) (21 times) and China Mobile (20 times), have received 20 or more positive ratings.
first quarter fund reduction of 789 companies
centralized four industries
With the gradual disclosure of the first quarterly report of the public fund in 2022, its troop arrangement in the first quarter was revealed.
According to the data, as of the closing on April 22, in the first quarter of this year, 789 A-share listed companies were reduced by public funds, with a total of 12.632 billion shares, of which 24 companies were reduced by public funds by more than 100 million shares.
In this regard, Long Hao, chairman of Jinding assets, told the reporter of Securities Daily, “Affected by the weakness of the market, the popular track sector fell across the board last year. Driven by the ranking of investment income in the industry, the major public fund managers will choose individual stocks with low fundamental risk, extremely low valuation and large growth space, and the active or passive reduction of public funds will have a” herding effect “on the secondary market “It can not be ignored, but we see that with the continuous introduction of financial stability maintenance policies in the near future, some popular track sectors may rebound after the bottom, especially the bright performance of popular sectors, superimposed with the decline of some high-priced stocks, there are obviously better investment opportunities.”
The reporter further combed and found that after the reduction operation, among the above 24 companies with more than 100 million shares reduced by public funds, Anhui Jianghuai Automobile Group Corp.Ltd(600418) , Hangzhou Great Star Industrial Co.Ltd(002444) , Cgn Power Co.Ltd(003816) , Bank Of Shanghai Co.Ltd(601229) and other four companies were held by less than 20 funds, respectively.
From the perspective of the industry, the number of shares reduced by the funds in the four major Shenwan level industries such as electronics, power equipment, media, medicine and biology in the first quarter was more than 700 million shares, reducing 1.85 billion shares, 946 million shares, 804 million shares and 764 million shares respectively.
Since April, the performance of the above four major industry indexes has been poor, all of which have underperformed the Shanghai Composite Index (a cumulative decline of 5.08% in the month). The cumulative decline of the power equipment industry index reached 17.49%, ranking in the forefront of the decline list of shenwanyi industry. The cumulative decline of the pharmaceutical and biological industry index reached 13.04%, the cumulative decline of the electronic industry index reached 12.54%, and the cumulative decline of the media industry index was 12.38%.
The only reason why the fund manager should try to distinguish between the increase or decrease of the target shares held by the public fund and the decrease of the target shares held by the fund manager is that the fund manager should try to avoid being overestimated as one of the important reasons for the decision-making of reducing the target shares held by the public fund, These targets may fall into a long adjustment period. For targets with excellent fundamentals or no obvious overestimation, once fully adjusted, it may be a good layout opportunity.
It is noteworthy that most top flow fund managers are full of confidence and high expectations for the future A-share market. They generally believe that they are not pessimistic about the future capital market. The overall valuation of A-Shares has entered a relatively low range, and there may be a structural market at the beginning of the second quarter.
GF fund manager Liu Gesong said that from a medium – and long-term perspective, we are not pessimistic about the future capital market. Considering from the perspective of industrial development and medium and long-term investment, there are many industries with investment value in the current A-share market. I hope fund investors can be patient. From the perspective of cost performance, after the adjustment in the first quarter, the valuation level of many industries has returned to the position at the end of 2018. We judge that the market may usher in a structural market from the second quarter.
“After adjustment, the market is not pessimistic about the future.” Zhou Weiwen, China Europe Fund Manager, said.
“When stocks fall, we may need some time and restraint to calm ourselves down.” E fund manager Zhang Kun said. For the future, Zhang Kun believes that although the short-term market faces many difficulties, it also provides quite attractive prices for long-term investors. He believes that the free cash flow accumulated by enterprises every day will be reflected in the accumulation of their value, and the growing enterprise value will eventually be projected into the growth of their market value.
For the future investment of a shares, Zhou Weiwen believes that in the future, we will look for two types of investment opportunities along the main line of “alpha for good industries and beta for industries with reversal of difficulties”: the first type is industries with continuous good prosperity in the coming years; The second category is the dilemma reversal industry. The share prices of these industries are low and the short-term operation is uncertain. However, from the perspective of about two years, the probability operation will return to normal.
Fu Pengbo, manager of Ruiyuan fund, said that in the process of dynamic portfolio adjustment, the company will make a more prudent assessment of the company’s valuation and growth certainty in order to control the fluctuation of net worth. Combined with the annual report of Listed Companies in 2021 and the first quarterly report of 2022, we will continue to explore new investment opportunities, eliminate companies whose operating conditions and expectations do not meet, and increase the allocation when the alternative target is “killed” by the market.
In the view of Li Xiaoxing, Yinhua Fund Manager, the performance of the consumer sector deviated in the first quarter under the multiple pressures of economy, epidemic and cost, but looking forward to the whole year of 2022, we will be more optimistic about the margin of the consumer sector.
Liu Yanchun, manager of Jingshun Great Wall Fund, said that at present, the overall valuation level of the A-share market has dropped significantly. Compared with the growth, profitability and valuation level of global excellent companies, many high-quality listed companies in China have been very attractive at this stage. As the external environment returns to normal, stock pricing will eventually rise to a reasonable level.
In the quarterly report of China EU medical and health mixed fund managed by Glenn, he said: “in the first quarter of this year, the hot spots within the pharmaceutical sector rotate rapidly. We will still adhere to the investment orientation of the long-term investment value of enterprises and divide the risks into permanent losses and temporary adjustments. The core of risk control is to avoid permanent losses as much as possible, which requires us to carefully select enterprises and stick to the best quality companies.”
