The “king of trillion retail” China Merchants Bank Co.Ltd(600036) is experiencing a “dark moment” recently. Due to the investigation of former president Tian Huiyu, the share price of China Merchants Bank Co.Ltd(600036) A-Shares fell by 15% in two weeks, and the share price of H shares fell by about 20%. In just two weeks, the market value evaporated 174 billion yuan.
As a “top student” in bank stocks, China Merchants Bank Co.Ltd(600036) has always been on the core shareholding list of public funds. In the first quarter, it was the eighth largest heavy position stock of more than 4000 active equity funds in the whole market. In the face of the huge shock of heavy position stock price, some public funds have taken the lead in “bottom reading”.
The latest announcement shows that from April 25 to April 28, huitianfu’s absolute return and harvest advantage selection mixed funds bought China Merchants Bank Co.Ltd(600036) , but some funds chose to reduce their positions to “avoid risks”, and the two funds under rosefinch reduced their holdings of China Merchants Bank Co.Ltd(600036) .
huitianfu and harvest’s equity funds “bottom reading” purchase
In the face of the sharp decline of China Merchants Bank Co.Ltd(600036) share price of traditional white horse blue chip, will the public fund holding more than 5% of the circulating shares go or stay? The recently disclosed announcement on related party transactions has opened the “tip of the iceberg” of the position adjustment of trillion public funds.
On April 29, huitianfu Fund issued an announcement on major related party transactions of huitianfu’s absolute return strategy fixed opening hybrid fund. The announcement showed that huitianfu’s absolute return fixed opening hybrid fund purchased China Merchants Bank Co.Ltd(600036) issued shares and listed on Shanghai stock exchange through the secondary market on April 28, 2022, with a total purchase amount of 1 million shares and 392088 million yuan.
Huitianfu absolute return strategy fund is a hedge fund. From the quarterly data disclosed previously, the financial industry has been the second largest heavy position industry after the manufacturing industry in the past few quarters. In the first quarter of this year, the fund increased its position in the financial industry. At the end of the first quarter, the proportion of the financial industry held in the net value of the fund reached 11.07%, an increase of 1.86 percentage points compared with the end of last year.
Previously, China Merchants Bank Co.Ltd(600036) did not appear in the shareholding list of huitianfu absolute return strategy fund over the years, which is also the public purchase of China Merchants Bank Co.Ltd(600036) .
As a matter of fact, huitianfu is not the only one who has taken the initiative to “copy the bottom” of CMB recently. As early as April 26, Harvest Fund announced that harvest advantage selection mixed on April 25, 2022 bought China Merchants Bank Co.Ltd(600036) “shares (securities code: China Merchants Bank Co.Ltd(600036) )” issued by the custodian China Merchants Bank Co.Ltd(600036) “in the secondary market, with a trading volume of 500000 shares and a trading amount of 1964842830 yuan.
Harvest advantage select hybrid is also a fund that prefers heavy positions in the financial industry. The first quarterly report shows that the fund held 13.63% of the allocation proportion of the financial industry at the end of the first quarter, and China Merchants Bank Co.Ltd(600036) is the second largest heavy position stock in the first quarter. At the end of the first quarter, it held China Merchants Bank Co.Ltd(600036) nearly 2.3 million shares, 27.78% higher than the increase at the end of the fourth quarter, and the stock market value at the end of the first quarter was more than 100 million yuan. This is also the second increase of China Merchants Bank Co.Ltd(600036) .
However, some fund managers hold a conservative view on China Merchants Bank Co.Ltd(600036) short-term. Rosefinch Fund recently announced that its two funds, rosefinch constant one-year holding period hybrid and rosefinch industry Zhenxuan, sold China Merchants Bank Co.Ltd(600036) on April 21. The average selling price was around 41.75 yuan. The two funds jointly reduced their holdings of China Merchants Bank Co.Ltd(600036) more than 1.4 million shares, with a total reduction of nearly 59 million yuan.
China Merchants Bank Co.Ltd(600036) future strategy is very clear and firm
China Merchants Bank Co.Ltd(600036) recently, the huge fluctuation of stock price is directly related to the “change of the president”.
On the evening of April 18, China Merchants Bank Co.Ltd(600036) issued an announcement on the change of the president, removing Tian Huiyu from the posts of China Merchants Bank Co.Ltd(600036) president and director, and appointing another. Wang Liang, the China Merchants Bank Co.Ltd(600036) executive vice president, presided over the work of the bank, while Director Tian Huiyu did not attend the meeting for personal reasons. On April 22, the Central Commission for Discipline Inspection announced that Tian Huiyu, the former president of China Merchants Bank Co.Ltd(600036) was investigated.
On the morning of April 25, China Merchants Bank Co.Ltd(600036) held a quarterly performance communication meeting online. This is also the first time that Wang Liang, the executive vice president currently presiding over the work, made a speech to the outside world after the investigation of the former president. Although he has not been formally appointed as acting president, in fact, Wang Liang is “fully authorized and acting as president” by the board of directors, which is equivalent to exercising the responsibility of “acting president”.
Whether the strategy of China Merchants Bank Co.Ltd(600036) in the future will be shaken, adjusted and changed. Wang Liang said that China Merchants Bank Co.Ltd(600036) ‘s strategy is very clear and firm China Merchants Bank Co.Ltd(600036) ‘s strategy has established the development strategy focusing on “retail banking” since 2004, put forward the strategy of “light banking” by 2014, and put forward the 3.0 business model with “value cycle chain of big wealth management” as the core last year. These are in the same strain and keep pace with the times. They are constantly improved and deepened on the basis of retail banking strategy. At present, retail banking business has become the ballast of China Merchants Bank and half of the business. It has made great contributions to China Merchants Bank in terms of scale, income, profit and brand. Retail banking business will be firm.
At the same time, China Merchants Bank also formulated a new five-year development plan last year. The vision of the new development plan is to become “the best value creation bank driven by innovation, leading model and distinctive characteristics”. The core of building 3.0 model is “business model of big wealth management + digital operation model + open and integrated organization model”. The next five-year development plan has been fully demonstrated and studied by the bank and submitted to the board of directors for deliberation and approval. The board will unswervingly implement the new five-year development plan.
Wang Liang said that in the next step, the management of China Merchants Bank will unswervingly implement the strategy and keep the implementation of the strategy unchanged.
Wang Liang said bluntly that CMB’s share price fluctuated and fell last week. We were very anxious and had in-depth communication with investors.
“We are not only full of confidence in the future of China Merchants Bank, but also because China Merchants Bank has laid a stronger foundation for development, including business foundation, customer foundation and management foundation, which can support a longer-term development.” Wang Liang said.
China Merchants Bank Co.Ltd(600036) the first quarterly report shows that the net profit attributable to the owners of the parent company in the first quarter was 36.022 billion yuan, a year-on-year increase of 12.52%; The operating revenue was 91.99 billion yuan, a year-on-year increase of 8.54%; The basic earnings per share was 1.43 yuan, a year-on-year increase of 12.6%.
the top ten heavyweight stocks of new active equity funds in the first quarter
In the first quarter, the market style switched, banks and other undervalued sectors became “safe havens” in the volatile market, and active equity funds also actively increased their positions in bank stocks in the first quarter.
According to the data of Tianxiang investment consultant, China Merchants Bank Co.Ltd(600036) in the top ten heavy positions of new public funds in the first quarter, there were 631 active equity funds held by China Merchants Bank Co.Ltd(600036) at the end of the first quarter, an increase of 22 compared with the previous quarter, and the market value of positions reached 30.125 billion yuan at the end of the first quarter.
E Fangda, huitianfu, harvest, Penghua and Yinhua are the five companies holding the largest number of China Merchants Bank Co.Ltd(600036) shares, with market capitalization of 9680183600 yuan, 4248539400 yuan, 3569915800 yuan, 1361983700 yuan and 921876000 yuan respectively.
China Merchants Bank Co.Ltd(600036) is also the “heart of many star fund managers”. According to the data, China Merchants Bank Co.Ltd(600036) is the second largest heavyweight stock selected by e fund blue chip managed by “public offering brother” Zhang Kun at the end of the first quarter. It held China Merchants Bank Co.Ltd(600036) 115 million shares at the end of the first quarter and a market value of 5.382 billion yuan at the end of the period.
The other two funds of e fund quality selection and e fund quality enterprises under his management also had a heavy position of China Merchants Bank Co.Ltd(600036) . E fund quality selection increased its position of China Merchants Bank Co.Ltd(600036) in the first quarter. Compared with the end of the fourth quarter, the number of holdings increased by more than 10% month on month. The market value of China Merchants Bank Co.Ltd(600036) at the end of the first quarter exceeded 1.6 billion yuan. E fund quality enterprises also increased its position of China Merchants Bank Co.Ltd(600036) , with a month on month increase of more than 10%.
In addition to Zhang Kun, 18 funds including huitianfu value selection managed by Lao jienan, ICBC financial real estate managed by Yan Yao and Wang Junzheng, yifangda steady income managed by Hu Jian and harvest value selection managed by Tan Li also held China Merchants Bank Co.Ltd(600036) more than 10 million shares in the first quarter respectively, and the above 18 funds held China Merchants Bank Co.Ltd(600036) market value of more than 470 million yuan.
According to Everbright Securities Company Limited(601788) statistics, in the first quarter, the proportion of bank stocks with heavy fund positions was 4%, Compared with the beginning of the year, it increased by 1.1 percentage points, ending the downward trend for four consecutive quarters in 2021, and the increase of position proportion ranks first in all industry sectors. Compared with the high point of 6.7% in 2019 and 5.6% in 2021, the current position proportion still has some room for improvement.
