The fourth quarter report of the fund in 2021 has been disclosed. According to statistics, the proportion of the market value of the bank sector with heavy fund positions has decreased. Among them, many star fund managers such as Zhang Kun have reduced their positions in bank stocks, but at the same time, many star fund managers continue to overweight bank stocks in the fourth quarter and are optimistic about the later bank sector.
Insiders said that the valuation of bank stocks is low and the fundamental risk is small. The fund increases the position of bank stocks in order to pursue steady investment. However, some bank stocks are favored by funds while others are not, which needs to distinguish the competitiveness of different banks. It is suggested to pay attention to banks with sound fundamentals and advantages in debt side.
the proportion of fund heavy positions in the market value of the banking sector decreased, and Zhang Kun reduced his positions significantly
According to the statistics of Dongcai choice, by the end of the fourth quarter of 2021, the fund had heavy positions in 32 A-share banks, holding a total of 9.649 billion shares, a decrease of more than 100 million shares compared with 9.773 billion shares at the end of the third quarter; The market value of the position was 150.267 billion yuan, accounting for 4.05% of the total market value of the fund's heavy positions, down from 4.25% at the end of the third quarter.
According to the statistical data of China Merchants Securities Co.Ltd(600999) Research Report, in the fourth quarter of 2021, the proportion of heavy positions in the banking sector of active partial share public offering funds was 2.94%, down 0.39 percentage points month on month. By industry, in the fourth quarter, the top four in the market value of active partial share public offering funds were electronics, power equipment and new energy, food and beverage and medicine. With a share of 2.9%, the banking sector ranked 10th among CITIC's primary industries, down 1 month on month.
"At the end of 2019, the market value of the public offering and heavily held banking sector reached a high of 6.52%. It continued to decline in the first two quarters of 2020, stopped falling and rising in the third quarter of 2020, rebounded to 5.6% in the first quarter of 2021, and continued to decline in the last three quarters of 2021." China Merchants Securities Co.Ltd(600999) Liao Zhiming's team pointed out that from the second quarter to the fourth quarter of 2021, the market value proportion of heavy warehouse banks continued to decline. On the one hand, it reflected the market's expectation of economic downturn in the second half of 2021, on the other hand, it was mainly due to the fermentation of individual real estate enterprises' liquidity crisis, which caused the market to worry about asset quality.
The financial Associated Press reporter found that there were many well-known fund managers who reduced their positions in heavy bank stocks in the fourth quarter. Several funds managed by "top flow of 100 billion" Zhang Kun reduced their holdings of some heavily held bank stocks. According to statistics, the three-year holding period of e-fund high-quality enterprises managed by Zhang Kun and the selected mixing of e-fund blue chips reduced 10 million shares and 12 million shares of Ping An Bank Co.Ltd(000001) respectively in the fourth quarter, but the shares held by China Merchants Bank Co.Ltd(600036) remained unchanged; In addition, e fund's high-quality selection mix has slightly reduced its holdings of China Merchants Bank Co.Ltd(600036) one of the top ten heavyweight stocks; E Fund Asia selected stocks reduced their holdings of Hong Kong stocks Postal Savings Bank Of China Co.Ltd(601658) .
Zhang Kun said in the fund's four seasons report that he slightly increased his stock position in the fourth quarter, adjusted the structure, increased the allocation of science and technology and other industries, and reduced the allocation of finance, medicine and other industries.
Ningbo, Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) and other fund managers are optimistic about the banking sector
Although the overall bank shares held by the fund decreased, many star fund managers continued to overweight bank shares in the fourth quarter. For example, the four fund products managed by Qiu Dongrong, a 10 billion fund manager, increased their holdings in one or two bank stocks with heavy positions. Among them, the total holdings of Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) and Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) increased by more than 60 million shares.
According to the statistics of Dongcai choice, China Minsheng Banking Corp.Ltd(600016) , Industrial And Commercial Bank Of China Limited(601398) , Bank Of Ningbo Co.Ltd(002142) , Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) obtained a net increase of more than 100 million shares in the fourth quarter of the fund; Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) , Agricultural Bank Of China Limited(601288) , Bank Of Chengdu Co.Ltd(601838) obtained a net increase of more than 40 million shares.
For the later banking sector, Yinhua Fund Manager Li Xiaoxing said he was optimistic. "Banking stocks are the sector we are more optimistic about. Although the overall revenue and profit growth rate returns to the normal level in 2022, retail banks and urban commercial banks in economically developed regions will still maintain a high growth rate. In addition, the asset quality of such banks is less affected by economic fluctuations. After the large-scale liquidation of non-performing assets, their credit costs will decline significantly, which will feed the growth of profits." Li Xiaoxing said in the fourth quarter report on the regular opening of hybrid funds in Yinhua market for two years.
Qiu Dongrong is optimistic about regional bank stocks related to the manufacturing industry chain, serving the real economy and having unique competitive advantages. He believes that such banks have stable operation, low fundamental risk, extremely low valuation and high growth.
Liao Zhiming's team continued to actively look at the banking sector. "We believe that under the steady growth in 2022, the growth rate of social finance is expected to pick up slightly. The macro interest rate environment is similar to that in 2019. The growth rate of the banking sector that has not risen for two consecutive years is expected to be comparable to that in 2019, or up to 20%. Recently, most of the performance express are beautiful, which is expected to catalyze the market in January." Liao Zhiming said.
"In the fourth quarter of 2021, the position of bank stocks was at an all-time low, and there was 66% - 201% room to increase positions compared with the peak." China International Capital Corporation Limited(601995) the bank research team pointed out that considering that the valuation of bank stocks is still cheap and there is a large space for position repair, the "steady growth" has made efforts to reverse expectations, and continues to be optimistic about the opportunities of Chinese banks throughout the year.
