Event public funds released 2022q1 heavy position shareholding data. Since the position data of active fund 1 can better reflect the changes of market style, we screen the investment types in the data of heavy positions of public funds, and take active funds as a unified caliber to calculate and analyze the changes of fund position data.
2022q1 fund’s position in the banking sector is still in the state of low allocation, and the proportion of low allocation is expanded. The proportion of low allocation in 2022q1 banking sector is 3.31%, which is 0.11 percentage points higher than that in 2021q4. Among them, the proportion of low allocation of state-owned banks, joint-stock banks and rural commercial banks is 1.27%, 1.92% and 0.15%, which is 0.04, -0.26 and -0.01 percentage points higher than 2021q4. Urban commercial banks realize over allocation, which is 0.04%, which is -0.35 percentage points higher than 2021q4.
2022q1 fund’s overall position in banks has increased, and the allocation proportion of urban rural commercial banks is slightly higher. The total market value of 2022q1 fund’s position in banks is 90.842 billion yuan, an increase of 15.42% over 2021q4. It ranks seventh in CITIC’s primary industry, an increase of 3 over 2021q4; Positions accounted for 4.04%, an increase of 1.06 percentage points over 2021q4; From 2011 to 2022q1, the average value of the fund’s overall position in banks was 5.71%, with a median of 5.25%. The current position proportion is at a low level since 2011. In terms of sub sectors, the positions of state-owned banks, joint-stock banks, urban commercial banks and rural commercial banks accounted for 0.5%, 1.89%, 1.52% and 0.13% respectively, with changes of 0.34%, 0.29, -0.09 and 0.05 percentage points respectively compared with 2021q4. The positions of urban commercial banks and rural commercial banks are higher than the historical average and median, and the positions of state-owned banks and joint-stock banks are lower than the historical average and median. From 2011 to 2022q1, the average positions of state-owned banks, joint-stock banks, urban commercial banks and rural commercial banks were 1.09%, 4.16%, 0.57% and 0.08% respectively, and the median positions were 1.04%, 3.23%, 0.54% and 0.08% respectively.
Among the existing heavy position stocks, the fund prefers 2022q1, which has achieved remarkable results in light business transformation and high-quality urban rural commercial banks in Jiangsu, Zhejiang, Chengdu and Chongqing. The banks with the highest number of heavy positions include China Merchants Bank Co.Ltd(600036) , Bank Of Ningbo Co.Ltd(002142) , Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) and Industrial And Commercial Bank Of China Limited(601398) , and the number of heavy position funds are 488, 347, 246, 142 and 110 respectively; The top five banks in the total market value and position ratio of heavy positions are China Merchants Bank Co.Ltd(600036) , Bank Of Ningbo Co.Ltd(002142) , Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) and Bank Of Chengdu Co.Ltd(601838) respectively. The market value of heavy positions is 28.573 billion yuan, 21.495 billion yuan, 7.71 billion yuan, 49.29 yuan and 4.436 billion yuan, with shareholding ratios of 1.27%, 0.96%, 0.34%, 0.22% and 0.2% respectively.
The proportion of public fund positions in the investment banking sector is expected to rise, which is expected to be affected by the wide credit environment and risk aversion. The epidemic has caused short-term disturbance to the economic data, but the policy orientation of steady growth remains unchanged. The standard reduction is implemented to optimize the cost of bank liabilities. In the later stage, it is optimistic about the boosting effect of the provision reduction of large banks on profits and statement expansion, as well as the guiding effect on joint-stock banks and regional small and medium-sized banks. We continue to be optimistic about the investment opportunities in the banking sector, give a “recommended” rating, and pay attention to the high-quality urban rural commercial banks in Jiangsu, Zhejiang and Chengdu Chongqing whose first quarter performance is expected to exceed expectations. In terms of individual stocks, Bank Of Ningbo Co.Ltd(002142) ( Bank Of Ningbo Co.Ltd(002142) ), Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) ( Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) ), Bank Of Hangzhou Co.Ltd(600926) ( Bank Of Hangzhou Co.Ltd(600926) ) and Bank Of Jiangsu Co.Ltd(600919) ( Bank Of Jiangsu Co.Ltd(600919) ) are recommended.
The risk indicates that the macroeconomic growth is lower than expected, resulting in the risk of deterioration of asset quality.
