(Original title: Big exposure! Public offerings buck the market and add positions to these leading stocks)
Affected by U.S. bond yields, Russian-Ukrainian conflicts, repeated epidemics and downward economic pressure, the Shanghai Stock Exchange Index fell from 3,400 points to around 3,000 points in the third quarter of this year. Falling market investment operations have attracted widespread market attention.
The newly disclosed three quarterly reports of public funds are freshly released. “Mao Wang” and “Ning Wang” are still publicly offered heavy stocks, and public offerings have bucked the market and increased their positions in pharmaceutical and banking leading stocks such as Mindray Medical and China Merchants Bank. Specifically, in the third quarter, the holdings of Sunshine Energy and Ziguang Guowei were increased, and the holdings of Ningde Times and Oriental Fortune were reduced. Public funds paid more attention to selecting individual stocks in the weak market, and individual stocks in the direction of increasing their holdings also achieved a good excess. income. In terms of industry allocation, public funds focus on investing in manufacturing, finance, information transmission, software and information technology services and other industries in the real economy and national strategic directions. Pro-cyclicality and high prosperity are the two main investment lines of public funds.
“Mao Wang” and “Ning Wang” are still publicly offered stocks
Public offerings buck the market and increase positions in pharmaceutical and bank leading stocks
In the weak market in the third quarter of this year, public equity funds as a whole still maintained a stable shareholding position.
Wind data shows that as of the end of the third quarter of 2022, the average shareholding position of all equity funds with comparable data was 73.5%, a slight decrease from the average shareholding position of 74.88% at the end of the second quarter. Among them, open-end stock fund positions dropped from 90.28% in the second quarter to 88.98%; during the same period, open-end hybrid fund positions also dropped from 72.8% to 71.44%.
From the data of heavy holding stocks, the data shows that as of the end of the third quarter of 2022, Kweichow Moutai still ranks as the number one heavy holding stock in public funds, with a total market value of 176.8 billion yuan in 2,069 public funds in the market; Ningde Times holds 1,544 public funds, The total market value of Shigekura also exceeds 100 billion. These two leaders in consumer and technology stocks have also become listed companies with a total market value of over 100 billion in public offerings in the whole market.
In addition, the number of funds held by Luzhou Laojiao, Wuliangye and LONGi Green Energy has also exceeded 800, with a total market value of more than 50 billion yuan.
Compared with the top ten stocks in the fund’s second quarterly report, the top five heavyweight stocks in the third quarterly report did not change. In terms of ranking, only LONGi Green Energy and Luzhou Laojiao were ranked: LONGi Green Energy dropped from third place to fifth, and Luzhou Laojiao ranked second. Jiao rose from fifth place to the top three.
Among the 6-10 heavyweight stocks in the public offering, Mindray Medical and China Merchants Bank are among the top ten new public offering heavyweight stocks. In the second quarter, WuXi PharmaTech and Huayou Cobalt were transferred out of the top 10 heavyweight stocks. Shanxi Fenjiu, Yiwei Lithium Energy, BYD, etc. are still in the top ten.
In general, in the adjustment of liquor and technology stocks in the third quarter, public funds generally maintained an attitude of increasing their holdings compared with the second quarter, and most of the number of shares held increased month-on-month, and the leading pharmaceutical stocks and banking stocks that fell more in the previous period. It is also subject to the “more and more buying” of funds, and the number of shares held has increased significantly, showing the operation direction of capital investment against the market and value investment.
Increase shareholding to achieve excess returns
Ningde Times, Oriental Fortune, etc. were reduced
Judging from the increase list of publicly offered funds in the third quarterly report, Sunshine Energy, Deye shares, and Ziguang Guowei are at the forefront of the industry. Among them, the market value of Sunshine Energy increased by 12.7 billion yuan, ranking first in the industry; the market value of well-known stocks such as Ziguang Guowei, Gujing Gongjiu, and Hengrui Medicine also increased by more than 6 billion yuan, ranking at the forefront of the industry.
Among the top ten public offerings, there are many stocks in industries such as power equipment, electronics, and liquor. From the performance of the third quarter, most of the stocks that have increased public offerings also performed well. For example, among the top ten increased holdings, three The average quarterly increase was 18.51%, and 9 stocks achieved positive returns. Among the top 50 stocks increased by public offerings, the average increase in the third quarter was 7.76%, showing that during the stock market adjustment period, public offering funds paid more attention to selecting individual stocks in subdivided industries to obtain excess returns.
Judging from the list of shareholding reduction in the third quarterly report of public funds, CATL, LONGi Green Energy, and Dongfang Wealth ranked in the top three, but the shrinking market value of public funds was mainly due to the decline in the secondary market. Most of the shares did not decline significantly.
In addition, liquor stocks such as Wuliangye and Kweichow Moutai, WuXi PharmaTech, Huayou Cobalt and other well-known stocks have also been reduced by public funds to a certain extent. Judging from the performance of these stocks in the third quarter, the secondary market performance of the stocks that suffered the reduction Poor, under multiple influencing factors, the total market value of the above-mentioned stocks held by public offerings has shrunk to a certain extent.
Manufacturing and waiting is still the main direction of investment
Pro-cyclical and high prosperity are the two main investment lines
In general, as of the third quarterly report of 2022, in terms of industry allocation, public funds invested in the manufacturing industry with a total market value of 3.62 trillion yuan, which is the main investment direction of public funds, accounting for more than 50% of the net value of comparable funds. The total market value of public funds invested in the financial industry, information transmission, software and information technology service industries is 357.5 billion yuan and 209.4 billion yuan respectively. It defines the investment objective of public funds to serve the real economy.
Talking about the investment operation of public funds, Minsheng Jiayin Fund said that in the short term, the current market still faces many uncertain risks overseas, and it is necessary to be alert to the transmission effect of overseas risks on the domestic market; but in the medium and long term, the domestic market continues to recover. The macro-economy and the prudent and adequate monetary policy make the A-share market more resilient and have higher risk resistance capabilities. In terms of direction, focus on the direction of reasonable valuation and policy support, such as relatively optimistic about Xinchuang, education, high-end manufacturing and other industries.
SPDB-AXA Fund also said that when the market is in a relatively bottom area, if a macro factor can improve, then we believe that the probability of a large positive change in the market is also very large, which is conducive to strategic positioning.
Looking forward to the market outlook, SPDB-AXA Fund said that the hot growth track is greatly affected by external disturbances and soaring US bond interest rates in the short term, but the upward trend in the medium and long term will not change. Companies with excellent fundamentals such as , prosperity and so on deserve active attention at the current point in time. The industry allocation recommendations revolve around two main lines. The first is the pro-cyclical sector with low-level layout and valuation repair, including banking, real estate, home appliances and other real estate chain industries. Followed by the current high prosperity track, energy storage, photovoltaic, military, new energy vehicles and other directions.
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