Data from Oriental Wealth
Zhang Kun managed E Fangda Blue Chip Select in the fourth quarter to increase the position of Yili shares, Tencent Holdings, Hikvision, etc., Luzhou Laojiao, Guizhou Moutai, Wuliangye, Yanghe shares and other liquor stocks have been reduced, of which Luzhou Laojiao, Guizhou Moutai reduction of more than 15%, its heavy holdings of Ping An Bank were also reduced by 6% of the shares, Hong Kong Stock Exchange, China Merchants Bank and other positions unchanged.
Data from Tongdaxin
Judging from the current top ten heavy stocks of the Shanghai 50 Index, Zhang Kun reduced his holdings in Guizhou Moutai and increased his position in Yili shares, and the position of China Merchants Bank revealed a bearish liquor sector, a bullish food consumption sector, and a neutral banking sector.
We can look at the strengths and weaknesses of these sectors from the valuation level and price position.
Baijiu Moutai 50 times PE; Food Yili 24 times PE; From the perspective of investment return time, it takes 50 years to return to Maotai, 24 years to Yili, 10 years to China Merchants Bank, from the perspective of gross profit and growth rate, the flexibility of wine is the largest, food is second, and the bank is the most stable. Valuation is attractive for food and banks, the liquor sector has some inflated heights, this is the hundred billion big man E Fangda Zhang Kun's reduction of liquor, increase the position of Yili, hold the hard logic behind the bank.
Let's look at the price position, Moutai from the beginning of the epidemic low less than 1000 to the high point of 2600 doubled 160%, and then to the current 2000 is still doubled 100% model annual average of 50%, and Yili shares 25 to 51, and then to the current 40 also rose to 60%, the annual average of 30%; China Merchants Bank from 26 to 57, the current 52 is also a doubling model, about 50% a year, obviously Moutai has the most violent increase in two years, China Merchants Bank is second, Yili is the most stable, the most pullback. Our price comparison analysis found that the big guy Zhang Kun increased the position of Yili shares, because the adjustment is the most sufficient!
From the perspective of chip warfare, the above three are profit plates are greater than the trap disk, the stock price is above the average cost, temporarily dominated by bulls, their weight ratio in the SSE 50 in the large market is close to 30%, if it is a listed company, 30% of the shares can basically be relatively controlled, so the market has a certain support To see these plates Are clear! If you want not to fall, you must have funds to continuously push up the chips, and the trend will continue.
At present, the net inflow of Funds into Shanghai-Hong Kong Stock Connect is 3 billion, which is reduced compared to yesterday, indicating that the market is cautious, and it is necessary to be cautious when entering the market.