shine trader reports:
The turnover of Shanghai and Shenzhen stock markets exceeded 1 trillion yuan for the 44th consecutive trading day. In the face of the continuous shock and active market, how do public and private equity play?
Overall, public and private equity positions remain high, and many people are quietly ambushing and preparing to attack in the adjustment
High public and private positions
Although the market continues to fluctuate, public and private funds still maintain high positions.
From the perspective of public funds, the data of Haomai fund showed that as of September 17, the overall position of partial equity funds was 68.13%, at an all-time high level.
Compared with September 10, partial equity funds increased their positions slightly by 2.33 percentage points. Among them, the positions of equity funds increased by 0.73 percentage points, and the positions of standard hybrid funds increased by 2.54 percentage points, reaching 86.29% and 65.71% respectively.
As of September 17, data source: Haomai fund
In terms of specific industries, the top three industries with fund allocation proportion are comprehensive, automobile and basic chemical industries, with allocation positions of 5.66%, 5.32% and 4.26% respectively; The three industries with the lowest fund allocation ratio are coal, media and steel, with allocation positions of 0.29%, 0.36% and 0.55% respectively. From last week’s situation, the fund mainly increased its positions in the automotive and pharmaceutical industries.
Zhu Hong, investment director of Nord fund, revealed that its position is at a relatively medium and high level. “In fact, our stock position will not change much. We are optimistic about the A-share market in the medium and long term. The semi annual report of listed companies has been disclosed, and the companies whose semi annual report performance exceeds expectations and the prosperity of the third quarterly report deserve special attention.”
From the perspective of private equity funds, the private placement ranking network data showed that as of September 10, the stock private placement position index was 77.54%, a month on month reduction of 0.61 percentage points compared with September 3.
Among them, 58.25% of the private equity positions exceeded 80%, 24.98% of the private equity positions ranged from 50% to 80%, and 16.77% of the private equity positions were less than 50%. On a month on month basis, the proportion of private placement of stocks with positions of more than 80% decreased significantly, while the proportion of private placement of stocks with positions of less than 50% increased significantly. This means that private placement as a whole remains cautious and optimistic.
Wu Weizhi, chairman of China Europe Ruibo, said that at present, the position remains neutral in the range of 60% to 75%. For individual stocks whose valuation has entered the overvalued range, they will gradually reduce their positions. At the same time, they will pay more attention to high-quality companies that have entered the reasonable valuation range and choose the opportunity to adjust their positions. “We believe that the new energy vehicle and photovoltaic industry will have 5 to 10 times more space in the long term. Due to the high degree of market attention and participation, in order to reduce the volatility of products, we will also reduce our positions periodically, but it will not affect our long-term strategy.”
Rapid position building of sub new fund
From the perspective of the raising of new bullets, since the second half of the year, as of September 22, the establishment scale of new public funds has been close to 700 billion yuan. Among them, the establishment scale since August has reached 400 billion yuan. From these funds, which have been established for less than two months, many fund managers have built positions quickly.
Take the strict election of GF industry managed by Liu Gesong as an example. The fund was established on August 26, and its net value increased by 0.19% on August 27. The position building signal is quite clear. As of September 17, the net value of the fund unit was 0.959 yuan.
Similarly, there is the growth selection of Cinda Australia Bank. The fund was established on September 10. Only six trading days have passed. As of September 17, the net value of unit a was 0.9739 yuan.
When it comes to the rhythm of building positions of new funds, Yao Zhipeng, fund manager of harvest vision pioneer’s one-year holding period, said that if the market does not fluctuate violently, the new funds will quickly hit 20% – 40% positions first, and then slowly hit up after the net value soars slightly.
“There are some differences between open-end funds and holding funds. If it is an open-end fund, I may stop when the position is built to 70% – 80%, because there is usually redemption after the new fund is opened, and the position will be automatically full after redemption, while closed-end funds do not have these problems. Personally, I am optimistic about individual stocks more than the plate, and the performance of the plate may be more balanced in the future,” Yao Zhipeng said.
Harvest vision pioneer was established at the end of August with an initial offering of 3.07 billion yuan. As of September 17, the unit net value of share a was 1.0181 yuan.
Standing at the current time point, Li Yongxing, director of equity investment of YONGYING fund, said that the transaction volume of Shanghai and Shenzhen stock markets has exceeded 1 trillion yuan for several consecutive trading days. The high transaction volume is mainly reflected in the increase of transaction activity and funds are actively looking for a new direction.
“The capital has accelerated the switching among various sectors. The growth sector still contributes the most to the trading volume, spreading from electronics to military industry and machinery, and new energy is extending to upstream materials and downstream power operation. In addition, the attention and turnover of cyclical stocks have increased significantly, while the turnover of consumer sectors has decreased.” Li Yongxing believes.
In terms of future opportunities, Li Yongxing believes that firstly, in the cycle industry, chemical stocks have a good profit performance in the cycle of rising oil prices, and leading companies entering new energy materials are expected to improve the valuation center; The profitability of bank shares continues to improve and the operation quality is improved. Under the condition of stable interest rate, the release of performance may bring investment opportunities.
Secondly, in the growth style, pay attention to the high prosperity brought by the qualitative change of the penetration rate of new energy vehicles. In the case of large-scale industry, the supply in the middle and upper reaches exceeds the demand, and the boom diffuses to the upper reaches.
Third, in the consumer sector, the fundamentals of medicine and liquor are relatively stable, mainly due to market overly worried about policy risks. If the reduction of foreign capital leads to the valuation falling back to a reasonable level, it may have better investment opportunities.
Reprint indicated source：Shine Trader Limited Live information