In The Second Quarter Of The Public Offering, 349 Heavy Positions Were Added. Under The Logic Of "Domestic Circulation", Fund Managers Focused On Consumption And Cycle

With the disclosure of listed companies and fund reports, the position of public funds in the second quarter also surfaced.

According to wind data, the reporter of 21st century economic report sorted out the heavy positions of public funds in the second quarter and found that there were 1702 stocks held by public funds in the whole market during the same period. Compared with the first quarter, 349 new stocks were found in the list of heavy positions in the second quarter.

After the disclosure of mid-term performance of listed companies, the investment opportunities shown in the second quarter report are also the focus of public funds' attention. In the face of changes in corporate performance, the corresponding position adjustment and stock exchange will also appear.

"The logic of a shares has shifted from liquidity driven to profit driven." Wei Fengchun, chief macro strategy analyst of Boshi fund, said, "the domestic big cycle brings certain returns, external shocks bring certain risks, and pursuing advantages and avoiding disadvantages are relatively clear investment strategies. Overestimation is not the reason for retreat, while undervalue is the basis of attack. From the perspective of varieties, the determined cycle and consumption are the beneficiaries of the domestic big cycle. "

Position changes in the second quarter

According to wind data, the top 10 stocks with the highest total market value held by public funds in the second quarter were Guizhou Maotai, Wuliangye, Lixun precision, Hengrui pharmaceutical, China Ping An, Changchun hi tech, Midea Group, Ningde times, Mindray medical and China Merchants Bank.

Compared with the data of the first quarter, Vanke A, Yili shares and Gree Electric appliances are no longer the top ten stocks with the highest total market value of public offering funds, while Changchun hi tech, Midea Group and Ningde times have entered the list of the top ten stocks with the total market value held by public offering funds in the second quarter.

In terms of position changes, the top 10 stocks that were most reduced by public funds in the second quarter included Agricultural Bank of China, Sinopec, Minsheng Bank, postal savings bank, Zijin mining, Industrial Bank of China, Sany Heavy Industry, Bank of China, Poly Real Estate and China Unicom. Among them, Agricultural Bank of China and other five stocks belong to the banking industry, which is also the most widely distributed industry.

The top 10 stocks with the largest increase include TCL technology, industrial and Commercial Bank of China, Lucent precision, Tongwei shares, Dongfang fortune, Yiwei lithium energy, Sanhua intelligent control, etc., and their industries are concentrated in electronic and electrical equipment.

As a matter of fact, the reduction of public offering funds is also in line with the performance of the listed companies. According to the data of the interim report in 2020, the profit growth of listed banks is still in the downward channel.

As for the five bank stocks among the top ten stocks with the largest reduction of public offering funds in the second quarter, the net profits of Agricultural Bank of China, Minsheng Bank, postal savings bank, Industrial Bank of China and Bank of China in the second quarter were all in a state of year-on-year decline. The net profits of the five companies decreased by more than 9% year-on-year, of which bank of China declined the most, accounting for 11.51%.

According to the 21st century economic report, compared with the first quarter report, more than 300 stocks have been added to the heavy positions of public funds in the whole market in the second quarter, including several stocks, such as Jinka intelligent, NANDA optoelectronics, Hongda Electronics, Kanghua biology, etc.

Among them, the stock price of many stocks rose significantly in the second quarter, such as NANDA optoelectronics, which increased by 77.38% in the second quarter.

"In the first half of the year, the A-share market showed a relatively large differentiation, investment opportunities quickly switched between different sectors, plate rotation is very obvious." An investment manager of a public offering fund in Beijing said in an interview.

From the position changes in the second quarter, changes in the allocation of public funds also appear. For example, BOE A and TCL technology in the first quarter or by the public funds to reduce the largest number of shares, and the second quarter has become the number of shares in the forefront of the number of shares.

"The second quarter performance of many sub sectors in the manufacturing and chemical sectors improved significantly. The performance of the optional consumer sector in the second quarter also showed a certain degree of repair, but the strength was relatively weak. The strong cycle which is more sensitive to macroeconomic performance and the "travel industry chain" affected by the epidemic situation are still far from the growth rate under the normal environment. " The macro strategy Department of GDF pointed out in an interview.

Focus on consumption and cycle

In fact, the newly disclosed interim report of listed companies shows that with the alleviation of the epidemic situation, the profits of A-share companies have been significantly restored.

"It is expected that the trend of performance recovery will continue, and the subsequent investment opportunities will be explored along the two lines of thought." According to the macro strategy Department of GDF, "the first idea is to find the sub sectors with relatively strong recovery in the second quarter among the sectors damaged by the epidemic, which are mostly concentrated in the manufacturing industry and some cyclical sectors. The second idea is to look for high roe industries with core profit barriers not damaged by the epidemic situation in the sectors damaged by the epidemic situation. Such industries are mainly concentrated in optional consumption and some cyclical sectors, such as airports, white household appliances, liquor, cement manufacturing, etc

Many fund managers have said that they will focus on consumption and undervalued cycle plate.

"The main contradiction of the equity market at present is that the downward trend of the long-term economic center is entangled with the economic upward trend after the epidemic, and the structural bull market features swing in the current economic environment. It is difficult to reverse the long-term trend, but it is also difficult to avoid the economic upward trend in the medium cycle. In the medium term, the repair of the undervalued plate is relatively certain, while the high valuation plate has higher requirements on the industry prosperity. " According to noan fund.

"Economic restoration, the cost rate decreased, investment income increased, and industrial profits accelerated. The manufacturing industry performed well, the profit growth of automobile and electronic industries accelerated, the transportation, mining, nonferrous metals, papermaking, and metal products in the cyclical category accelerated significantly, and the pharmaceutical and food manufacturing industries in the consumer sector performed relatively stable. External shocks and policy uncertainty will increase in September. The acceleration of the domestic macro cycle and the sustained recovery of the domestic economy are relatively certain. In the short term, it will be mainly reflected in domestic demand. The high boom in the investment side will continue and the consumer side will continue to moderate repair. " Wei Fengchun said.

However, after the China Daily News, a shares surged higher in July and August and ushered in shocks, and the layout of fund managers also showed some changes.

"This period of time slightly reduced holdings of innovative pharmaceutical stocks, mainly due to a bit high valuation." The former mutual fund manager told 21st century economic news that "the increase is in some agricultural stocks, mainly based on the top-down selection of high-quality companies in the industry."