Since the beginning of the year, the performance of China's equity market has deviated, and China's major stock indexes have recorded a decline. The poor performance of the equity market also hit the purchase enthusiasm of the fund. The number of funds issued in the first three months of 2022 was 265.6 billion, the second lowest since 2017, a significant decrease of more than 700 billion over the same period in 2021; In the first three months of 2022, the number of partial equity funds issued in China was 169.8 billion, a significant decrease of more than 780 billion compared with the same period in 2021. Due to the poor performance of the stock market and the continued weak market sentiment, the proportion of all open-end funds investing in stocks has been hovering at 65% since 2022. The index of fund heavyweight stocks also fell a lot. The 30 index, 50 index, 100 index and 200 index of fund heavyweight stocks according to wind statistics all fell by about 20% year to date, and the valuation of the corresponding index also fell sharply. At present, it has returned to the level of mid-2020.
The rapid development trend of public funds continues, and the total scale continues to expand. By the end of the first quarter of 2022, the total value of assets held by public funds had exceeded 27.36 trillion yuan, setting a new record. At the end of the first quarter, the market value of A-share stocks held had exceeded 5.51 trillion yuan, the market value of bonds held had exceeded 13.81 trillion yuan, the market value of funds held had exceeded 0.19 trillion yuan, and the cash held had exceeded 4.61 trillion yuan. The proportion of the market value of A-Shares held by public funds in the total market value of A-Shares has been rising since the first quarter of 2019, and has exceeded 7% at present. The proportion of equity assets invested by public funds has rebounded slowly since the fourth quarter of 2018, from about 11.33% in the fourth quarter of 2018 to 22.09% in the first quarter of 2022.
Overview of public fund allocation in the first quarter: the scale of public fund continues to expand, and there are more positions in large financial sectors and upstream resource products. In terms of individual stocks, 2450 stocks were heavily held by public funds in the first quarter of 2022, of which 805 stocks were reduced by public funds, with a total reduction of more than 11.785 billion shares; 1646 shares were increased by public funds, with a total increase of 24.529 billion shares; From the perspective of industry, in the first quarter, 21 of the 28 industries at shenwanyi level were increased by public funds, and the corresponding sectors of large financial sector and pro cyclical industry gained more positions in the first quarter; In terms of the change range of industrial positions, the industries with positions increasing by more than 25% in the first quarter included non-ferrous metals (26.08%), communications (26.75%), transportation (28.73%), architectural decoration (32.85%), agriculture, forestry, animal husbandry and fishery (40.06%), mining (40.97%) and commercial trade (42.62%). The electronics industry reduced its positions by more than 23% in the first quarter.
