In the first quarter of this year, there was a significant adjustment in the A-share market, but from the newly disclosed first quarter data, the positions of several major institutions in the market are still relatively stable. For example, in the first quarter of this year, the number of A-shares with positions in social security funds and pension funds increased month on month compared with the fourth quarter of last year.
In addition, in the first quarter, the number of stocks increased by social security funds and pension funds was more than the number of stocks decreased. Among them, the social security fund 406 portfolio, known as the "ace portfolio", increased the holdings of nearly half of the individual stocks in the first quarter, and the overall positions were still dominated by growth stocks.
However, from the relevant data of QFII and northbound funds in the first quarter of this year, there may be a reduction of foreign capital, but this is not rare in the history of a shares. For example, in recent years, northbound funds have repeatedly made a net outflow of A-Shares in a single quarter, but on the whole, it has not affected the market to get out of the structural bull market.
social security fund increased 260 A shares against the trend in the first quarter
According to the statistics of choice, as of the end of the first quarter of this year, the social security fund held a total of 490 A shares, while at the end of last year and the end of the first quarter of last year, the social security fund held a total of 476 and 420 A-Shares respectively. This shows that the number of A-Shares held by the social security fund tends to increase in the past year.
Although there was a significant correction in the A-share market in the first quarter of this year, according to the data disclosed in the first quarter report, the social security fund still increased its holdings of a number of stocks in the first quarter of this year. According to the statistics of choice, in the first quarter of this year, the social security fund built 111 A shares; In addition, the social security fund also increased the positions of 150 A shares in the first quarter of this year. Compared with the end of last year, 38 A shares increased their positions by more than 50%.
On the other hand, the social security fund reduced its positions by 154 A shares in the first quarter, of which 16 A shares reduced their positions by more than 50% month on month compared with the end of last year; In addition, the social security fund also cleared 97 A shares in the first quarter of this year..
The latest shareholding changes of some "ace combinations" of the social security fund have always been paid more attention by the market. For example, the stock selection ability of the 406 combination of the social security fund is praised by the market. In the past, there were a large number of bull stocks in the companies that bet on it.
According to the statistics of choice, the 406 portfolio of social security fund held positions in 28 A shares in the first quarter of this year, and almost none of these A-Shares had undervalued cyclical stocks that were relatively stronger in the first quarter of this year, still dominated by growth stocks.
Among them, the social security fund 406 portfolio in the first quarter social security fund in the first quarter has 14 A shares, including 14 A shares that were augmented by the social security fund 406 portfolio in the first quarter of the first quarter, which included 14 A shares, including 603 Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) 187 7 , Shenzhen H&T Intelligent Control Co.Ltd(002402) , Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) , Autek China Inc(300595) , Zhejiang Cfmoto Power Co.Ltd(603129) , Fibocom Wireless Inc(300638) ( Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) , Qingdao Haier Biomedical Co.Ltd(688139) are new warehouses); There are 11 A-shares that choose to hold A-share option and have 11 A shares, including Shanghai Weaver Network Co.Ltd(603039) \ , Hubei Feilihua Quartz Glass Co.Ltd(300395) , Zhejiang Jiecang Linear Motion Technology Co.Ltd(603583) . With the market adjustment, these stocks fell to varying degrees in the first quarter.
pension fund newly built 47 A shares
According to statistics, as of the end of the first quarter of this year, the pension fund held a total of 137 A shares, while at the end of last year and the end of the first quarter of last year, the social security fund held a total of 127 and 110 A shares respectively. The number of A-share pension funds tends to increase in recent years.
According to the data disclosed in a quarterly report, in the first quarter of this year, according to the data from a quarterly report, in the first quarter of this year, 47 A shares were newly built by pension funds in the first quarter of this year, with 47 A shares newly built in 47 A shares, of which the proportion of newly built warehouses is more than 1% (accounting for more than 1% of the total share capital). A shares with A-shares in which the proportion of newly built warehouses is more than 1% (accounting for more than 1% of the total equity ratio). A shares include Shenzhen Jasic Technology Co.Ltd(300193) 193193 Chang Lan Electric Technology Co.Ltd(002879) , Zhejiang Weixing Industrial Development Co.Ltd(002003) , Beijing Career International Co.Ltd(300662) , Jiangsu Tianmu Lake Tourism Co.Ltd(603136) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Yantai Tayho Advanced Materials Co.Ltd(002254) ; In addition, in the first quarter of this year, the pension fund in the first quarter of this year also added 35 A shares in the first quarter of this year. Among them, there are 11 A shares that have added more than 30% of A-Shares at the end of last year, with a year-on-year year year year-on-year year year-on-year year year-on-year year-on-year year-on-year-on-year-year-on-year-year-on-year-year-on-year-year-on-year year year-end increases. Among them, there are 11 A shares with more than 30% more than 30% of a shares, respectively 605 Ningbo Deye Technology Co.Ltd(605117) , Chengtun Mining Group Co.Ltd(600711) , Gansu Shangfeng Cement Co.Ltd(000672) , Henan Lingrui Pharmaceutical Co.Ltd(600285) .
On the other hand, in the first quarter, the pension fund reduced its positions by 37 A shares, of which 15 A shares reduced their positions by more than 20% month on month compared with the end of last year; At the same time, 37 A shares were also cleared by pension funds in the first quarter of this year.
Look at the shareholding performance of enterprise annuity. According to statistics, as of the end of the first quarter of this year, enterprise annuity held a total of 30 A shares, while at the end of last year and the end of the first quarter of last year, enterprise annuity held a total of 44 and 26 A shares respectively. Specifically, in the first quarter of this year, there were 6 A shares of enterprise annuity and 9 A shares of new positions; There are 6 A shares for reducing positions of enterprise annuity and 23 A shares for clearing positions.
qfii's number of A-Shares held in the first quarter decreased month on month
According to the statistics of choice, as of the end of the first quarter of this year, QFII held a total of 764 A shares, while at the end of last year, the end of the third quarter, the end of the second quarter and the end of the first quarter, QFII held a total of 952, 663, 536 and 493 A shares respectively. This shows that in the past year, the number of A-Shares held by QFII decreased for the first time in the first quarter of this year.
Correspondingly, there was a net outflow of northward funds in the first quarter of this year.
According to statistics, the net outflow of funds from the north in the first quarter was 24.33 billion yuan. However, it is not uncommon for northbound funds to have a net outflow in a single quarter in history. For example, from 2019 to 2020, northbound funds had a net outflow in a single quarter for many times (the net outflow of northbound funds in the second quarter of 2019 was 29.07 billion yuan, the net outflow of northbound funds in the first quarter of 2020 was 17.9 billion yuan, and the net outflow of northbound funds in the third quarter of 2020 was 24.4 billion yuan). However, this did not affect the A-share market to get out of the structural bull market in the past two years.
The reporter of "daily economic news" noted that some foreign-funded institutions recently released the investment strategy outlook for the second quarter and for some time in the future.
On April 27, UBS Securities released the second quarter outlook for a shares, which pointed out that it is recommended to over allocate food and beverage, household appliances, power battery related, renewable energy and other industries, and suggest to under allocate banks, auto parts, leisure services, textiles and real estate.
For the over allocation industry, Meng Lei, China strategy analyst at UBS Securities, pointed out that in the second quarter, he was relatively optimistic about the sectors with profit stability, including photovoltaic, power battery and other industries related to new energy, as well as the food and beverage sector with high-quality profit growth under the current macro pressure situation.
Salman Ahmed, global macro and strategic allocation director of Fidelity International, recently pointed out: "We expect that economic growth will continue to be challenged by weak consumer and industrial confidence, especially in Europe. The timetable of the Russia Ukraine conflict will affect the economic situation of all regions and increase the risk of downward growth, while the pressure on commodity channels will increase the risk of upward inflation. In view of this, we have lowered our expectations for economic growth in 2022 at the beginning of this year, especially in developed markets. Considering The risk of recession in Europe is increasing, and central banks will remain committed to policy normalization in the context of high inflation, so we believe that stagflation will continue in the coming months. "
"Although there is still uncertainty, the Chinese market has shown positive signs, including constructive policy measures and more favorable financing conditions. Therefore, it is expected that the Chinese market environment will improve in the second half of the year, but the macro-economy will still fluctuate due to the epidemic in the short term." Salman Ahmed said.
