In the second quarter, the fund’s holdings of 639 corporate banks are under pressure to “off-list”
Original Securities Daily Network The Voice of Securities Daily
As the public offering fund’s disclosure of the second quarter report of 2021 came to an end, its formation in the second quarter was revealed.
Hao Xinming, manager of Fangxin Wealth Investment Fund, said in an interview with a reporter from the Securities Daily that the proportion of A-shares in A shares as institutional investors has continued to increase in recent years. The highest ratio of professional institutional investors accounted for 7.53% in the first quarter, especially the head fund with a scale of 100 billion yuan. The adjustment of positions will have a greater impact on related stocks, so the market is paying more and more attention to fund dynamics.
Oriental wealthChoice data shows that in the second quarter, the fund reduced the total number of shares of 639 A-share listed companies to 14.699 billion shares. Specifically, in the second quarter, a total of 29 companies were reduced by the fund’s holdings by more than 100 million shares.
Postal Savings BankThe number of shares reduced by the fund was the largest, reaching 1.178 billion shares. Among them, China Merchants’ 3-year closed operation strategic placement (LOF) had the highest number of reduced holdings, reaching 290 million shares. The postal savings bank was cleared in the second quarter; and currently it still holds the postal savings bank. Among the bank’s funds, the Southern Allotment (LOF) has the largest reduction in holdings, reaching 195 million shares.
BOE AThe number of shares reduced by the fund reached 674 million shares. GF Small-Cap Growth Hybrid (LOF) C was the first “big player” to reduce its holdings, with a total of 24,575,200 shares reduced. In addition, GF Small-Cap Growth Hybrid (LOF) A, GF Technology Pioneer Hybrid also reduced its holdings of 24,575,200 shares and 14.334 million shares, respectively.
Liu Gesong, the top-tier fund manager who manages the GF Small-Cap Growth Hybrid Securities Investment Fund (LOF), stated in the second quarter report that the second quarter focused on research on the photovoltaic industry chain, power batteries, new chemical materials, panels, etc., with the characteristics of “global comparative advantage”. The conclusions of the survey of listed Chinese manufacturing companies are consistent with the logical judgment in the quarterly report, that is, the competitive landscape of China’s manufacturing industry with “global comparative advantages” is still in the process of further optimization, as the global economy continues to recover from the epidemic , The profitability of such manufacturing assets is expected to maintain a relatively long business cycle; at the same time, the valuation expansion of such manufacturing assets has not deviated from the economic range, and a considerable number of assets also have a higher price/performance ratio, which is also an investment The combination maintains the foundation of confidence.
In addition,Beijing-Shanghai high-speed railandMeinian HealthThe two companies have also been reduced by more than 500 million shares of the fund.TCL Technology、Focus Media、Zijin Mining、Sany Heavy Industry、China General Nuclear Power、ICBCThe number of shares held by the fund of six other companies is more than 300 million shares.
After further review, it is found that after the reduction operation, of the above 29 companies that have been reduced by more than 100 million shares by the fund,China Pass Number, Meinian Health, China General Nuclear Power,Meijin Energy、Shanghai Bank、Changshu BankSix other companies hold less than 20 funds, which are 5, 7, 11, 11, 15, and 16.
From an industry perspective, in the three major tier-1 industries including banking, electronics, and pharmaceuticals and biology, the number of shares held by the fund in the second quarter was reduced by more than 1 billion shares, with 2.699 billion shares, 1.620 billion shares and 1.089 billion shares reduced respectively.
Since July, the above three industry indexes have performed poorly. The bank index has a cumulative decline of 6.47%, which ranks among the top decliners in Shenwan’s first-level industry. The pharmaceutical and biological industry index also has a cumulative decline of 5.93% during the period. Although the electronic industry index has increased Reached 2.65% but has fallen to the eighth place on the increase list.
Liu Cunxin, assistant to the fund manager of private equity platoon nets interviewed by a reporter from Securities Daily, said that since the Spring Festival, the market has shown a structural market. Under the influence of domestic policies, the epidemic, and overseas economic factors, the industry rotates more frequently. In this case , The investment direction or target of the fund is an ideal pilot light for the market. In addition, the current market value is king, and the proportion of institutional investors has risen, greatly enhancing the market voice of funds and other institutions. Therefore, the large-scale reduction of fund holdings will be focused on by the market and interpreted as “undesirable investment targets in the short term.” However, we believe that not all the fields and individual stocks that are reduced by the fund have no investment value. Without understanding the reasons for the reduction of the fund, it is recommended that investors should carefully evaluate the areas and individual stocks that have been reduced and analyze the long-term Whether the fundamental investment logic has changed, whether the company’s profit model can be sustained, whether the industry is accepting major challenges, etc., and make a suitable investment decision based on its own investment style.
Guangdong-funded fund researcher Ren Tao also told reporters that for the fields and individual stocks in which fund holdings are being reduced, we need to judge whether it is a collective shift in the organization’s grasp of the trend or the implementation of established investment plans. If the market environment has not changed, the fund’s holdings will be reduced. It was only a short-term disturbance. For example, at the beginning of the year, institutions also significantly reduced their holdings of chips, but at this time the chip sector reached a new high.
Table: List of 29 companies that reduced fund holdings by more than 100 million shares in the second quarter
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