Public offeringfundThe disclosure of the second quarterly report came to an end.On the whole, with the recovery of the market, the asset allocation ratio of public funds in the second quarter increased, among which the activepartial stock fundEquity positions picked up significantly.From the perspective of the industry, compared with the first quarter, the public funds’ investment in alcohol, photovoltaic wind power andnew energyThe car industry chain has increased its positions.
Fund managers generally believe that the economy is expected to recover in the second half of the year, and the internal performance of high-prosperity industries may be differentiated in the future.good futureThe demand for consumption and medicine continues to recover and there is room for growth and development.
Consumptionnew energyPositions in other fields rose
With the recovery of the market, the allocation ratio of publicly offered stocks increased in the second quarter. According to the data, as of the end of the second quarter of this year, the total market value of stock assets of public funds was 6.62 trillion yuan, accounting for 22.84% of the total assets; the total market value of bond assets was 14.28 trillion yuan, accounting for 49.28% of the total assets. Compared with the first quarter, the market value of stock assets and the proportion of market capitalization have increased. In the first quarter of this year, the total market value of stock assets of public funds was 6.04 trillion yuan, accounting for 22.09%.
Among them, the active partial stock fund stock positions rebounded significantly.according toCICCResearch reportAccording to statistics, the positions of active stock-biased funds increased from 85.6% in the previous quarter to 87.5%, breaking the high point in the fourth quarter of 2021, and also the highest level in the past 10 years, of which A-share positions increased from 79% to 80%; sharehybrid fundThe position rose from 85% to 87.2%, and the stock position of the flexible allocation fund rose from 68.5% to 71.6%. In terms of Hong Kong stocks, the allocation of active stock-biased funds that can invest in Hong Kong stocks rose to 15.8% in the second quarter from 13.7% in the previous quarter.
From the perspective of the shareholding industry, the shareholding concentration of popular tracks has increased, and alcohol, photovoltaic wind power andnew energyThe car industry chain has increased its positions.according toCICCresearch report statistics,semiconductorinnovative drugs, new energy vehicle chain, photovoltaic wind power,Military industry、Consumer ElectronicsAmong the about 400 listed companies covered by popular tracks such as alcohol and wine, the shareholding ratio of public offerings increased slightly from 52.8% in the previous quarter to 54.6%. Among them, wine, photovoltaic wind power,new energy vehicleThe industrial chain increased by 3.2, 1.2, and 1.1 percentage points respectively; the innovative drug track position turned down by 1.9 percentage points.semiconductor、Consumer ElectronicsandMilitary industryTrack positions also saw a slight decline.
In terms of individual stocks, the data shows that from the perspective of the total market value of the holdings,Kweichow MoutaiIt ranks first with a stock market value of 193.264 billion yuanFund heavy positionsShares, a total of 2012 funds held.Ningde eraThe total market value of fund holdings also exceeded 100 billion yuan, which was 148.374 billion yuan. also,LONGi Green Energy、Wuliangye、Luzhou Laojiao、WuXi AppTec、Shanxi Fenjiu、Eastern FortuneIn the second quarter, the fund holdings of individual stocks also exceeded 50 billion yuan.
The trajectory of fund rebalancing emerges
With the disclosure of the fund’s second quarterly report, many fund managers with a management scale of more than 10 billion yuan have also surfaced.
With the recovery of net worth,China Europe FundManager Ge Lan’s management scale in the second quarter has once again reached the threshold of 100 billion yuan, reaching 101.751 billion yuan, of which the total A/C scale of CEIBS Healthcare reached 71.082 billion yuan, the scale of CEIBS medical innovation was 12.689 billion yuan, and the scale of CEIBS Alpha was 11.974 billion yuan. billion.China Europe Healthcare, which it manages, increased its holdings in the second quarter.Aier Ophthalmology、WuXi AppTec、Pharmaron、Mindray Medical，Tongrentang、Jiuzhou PharmaceuticalNewcomers are the top ten holding stocks, whileZhifei Biological、Porton sharesOut of the top ten heavyweight stocks.
According to the second quarterly report,China Universal FundThe total scale of the eight funds managed by manager Hu Xinwei is 58.778 billion yuan, an increase of 6.559 billion yuan compared with the end of the first quarter. The latest scale of China Universal’s consumer industry under its management is 20.785 billion yuan.The stock position increased from 85.13% at the end of the first quarter to 90.57%. Among the top ten stocks with heavy holdings, compared with the first quarter, the fund increased its holdings by 90.57%.Pien Tze Huang、Luzhou LaojiaoreducedCDFGandShanxi Fenjiu. at the same time,Yili Shares、Haier Smart HomeNew top ten heavyweight stocks,Ningde eraandWuXi AppTecThen it falls out of the list of heavyweight stocks.
Wells Fargo FundFuguo Tianhui, managed by manager Zhu Shaoxing, had a scale of about 37.1 billion yuan at the end of the second quarter, an increase from 33.5 billion yuan at the end of the first quarter. In terms of the top ten heavyweight stocks,Mindray Medicalout of the top ten,Eastern FortuneNew to the top ten. in,Mindray Medicalor affected by a drop in market value, andEastern FortuneIt’s an obvious move to increase positions. In the first quarterly report, the top ten heavyweight stocks did not appear in Oriental Fortune, but in the second quarterly report, the fund’s holdings of Oriental Fortune reached 36.0059 million shares, far exceeding its holdings at the end of last year.
Fundamentals improve or become majordriving force
On the whole, in the second quarterly report, fund managers are more optimistic about the market.good futureThe demand for consumption and medicine continues to recover and there is room for growth and development. However, since the overall position of the fund is already at a relatively high level, some institutions believe that there may be a short-term adjustment game.
Looking ahead,InvescoGreat Wall FundManager Liu Yanchun said that in the second half of the year, my country’s economy showed a clear upward trend. It is expected that the overall valuation level of the stock market will continue to expand with a high probability. Economic recovery and improvement in corporate profits are the main driving forces for the market at this stage. The strength and sustainability of the recovery need to be tracked in the second half of the year.
GF FundManager Liu Gesong believes that judging from the market trend since the beginning of May, it is expected that the most pessimistic stage may have ended, systemic risks may have been fully released, and the trend force of fundamentals is expected to become the core of asset pricing again. There may be a variety of structural market conditions.
For the consumer industry, Hu Xinwei said in the second quarterly report that the overall performance of Chinese consumption in the second quarter of 2022 will be under pressure. However, the trend of domestic consumption recovery is also relatively obvious. “We believe that the short-term epidemic factor will not affect the potential for sustained and steady growth of China’s consumer industry, let alone the trend of continuous upgrading of Chinese consumption.”
In the field of medicine, Ge Lan believes that with the rapid increase in the per capita income and cognitive level of Chinese residents,medical serviceAnd the demand for consumer medical care is still growing rapidly and has not been fully met, and the future space is still huge. Overall, I am optimistic about the medium and long-term investment opportunities in the pharmaceutical and biological sector, but short-term market fluctuations are unavoidable.
CITIC SecuritiesThe research report said that the current public fund position is the highest in the past 15 years, and the active private equity position has also entered the middle and high water level.Institutional positionsThe industry distribution is further concentrated, and industries with high positions are facing the game of adjusting positions in the short term.In terms of configuration, it is recommended to continue to adhere to the balanced allocation of growth manufacturing, medicine and consumption, and short-term growth manufacturing is more inclinedsemiconductorandMilitary industry。
(Article source: Economic Information Daily)
(Original title: After the fund’s second quarterly report is disclosed, the proportion of stock asset allocation has increased, and the new energy consumption and other fields have been increased)
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