Central Huijin, more than 200 billion yuan to buy the bottom!

Source: Brokerage China

The fund's first quarterly report revealed the trajectory of Central Huijin's trading.

Recently, the first quarterly report of public funds has been disclosed. According to the statistics of Securities Times and Brokerage China reporters, a number of "giant" broad-based ETFs were greatly increased by Central Huijin in the first quarter, of which only four products, including ChinaAMC CSI 300 ETF, ChinaAMC SSE 50 ETF, Harvest CSI 300 ETF and E Fund CSI 300 ETF, were increased by Central Huijin by a total of more than 200 billion yuan.

Some institutions believe that the policy funds represented by Central Huijin are an important force for maintaining the stability of the market, which not only brings incremental funds to the market, but also helps to boost the confidence of the capital market.

The movements of the "national team" were exposed

ETFs only disclose the holders and the corresponding holdings in the semi-annual and annual reports. Although the ETF will not disclose the information of its holders in the quarterly report of the fund, it will disclose in the quarterly report that the proportion of fund shares held by a single investor reaches or exceeds 20%, which means that if there is a large subscription by an institutional investor that causes its holding ratio to exceed 20%, its subscription status during the reporting period will also be disclosed.

As the largest broad-based index in China, the CSI 300F is the mainstream ETF bought by Central Huijin.

According to the 2023 annual report of ChinaAMC CSI 300 ETF, as of the end of 2023, Central Huijin held 2.893 billion shares of ChinaAMC CSI 300 ETF, ranking as the largest holder. According to the latest quarterly report disclosed by the fund, the shares held by institutions 1 and 2 at the beginning of the period were 1.102 billion and 1.791 billion respectively, with a total of 2.893 billion shares, which is exactly the same as the shares held by Central Huijin, so it can be confirmed through the data that institutions 1 and 2 are suspected of being institutional seats of Central Huijin.

The first quarterly report also shows that in the first quarter of this year, institutions 1 and 2 subscribed for 13.2 billion and 3.8 billion shares of ChinaAMC CSI 300 ETF respectively, with a total of 17 billion shares, estimated at an average price of the ETF in the first quarter, costing about 58.2 billion yuan. As of the end of the first quarter of this year, Central Huijin held a total of 19.887 billion shares of the fund, with a market value of 71.75 billion yuan.

In addition to ChinaAMC CSI 300 ETF, the first quarterly report of Harvest CSI 300 ETF also revealed the buying trajectory of Central Huijin.

According to the first quarterly report of Harvest CSI 300 ETF, the shares held by institutions at the beginning of the first phase were 2.682 billion, which is exactly the same as the shares held by Central Huijin at the end of 2023, which can also confirm that institution 1 is suspected of being the institutional seat of Central Huijin.

In the first quarter of this year, Central Huijin increased its holdings in Harvest CSI 300 ETF by 15.6 billion. As of the end of the first quarter of this year, Central Huijin held a total of 18.286 billion shares of Harvest CSI 300 ETF. According to the average price estimate of Harvest CSI 300 ETF in the first quarter, Central Huijin increased its holdings of the fund by about 54.3 billion yuan in the first quarter.

Also able to confirm the suspected large-scale purchase by Central Huijin are ChinaAMC SSE 50 ETF and E Fund CSI 300 ETF.

According to the first quarterly report of ChinaAMC SSE 50 ETF, institutions 1 and 2 suspected of being Central Huijin subscribed for a total of about 15.9 billion shares of ChinaAMC SSE 50 ETF, costing about 37.6 billion yuan.

According to the first quarterly report of E Fund CSI 300 ETF, institutions suspected of being Central Huijin subscribed for about 45.7 billion shares of E Fund CSI 300 ETF, costing about 76.1 billion yuan.

To sum up, Central Huijin spent a total of more than 200 billion yuan to buy 4 broad-based ETFs.

In addition, there are also funds such as ChinaAMC CSI 1000 ETF and E Fund SSE Science and Technology Innovation Board 50 ETF that have a large amount of institutional subscriptions in the first quarter.

The fund's first quarterly report is still being disclosed, and with the release of more ETF data, Central Huijin's buying roadmap will be clearer.

The "national team" continues to increase its holdings of ETFs

In fact, starting in 2023, stock ETFs have become an important channel for the "national team" to enter the market.

In the fourth quarter of 2023, the Shanghai Composite Index hovered below 3,000 points.

On October 23, 2023, Central Huijin announced that it would buy exchange-traded funds (ETFs) on that day and will continue to increase its holdings in the future. This is a relatively rare public call by Central Huijin to increase its holdings in ETFs. With Central Huijin and other "national team players" announcing their holdings of ETFs, incremental funds have entered the market one after another.

Central Huijin's ETF holdings are relatively concentrated. As of the end of 2023, Central Huijin is the top 10 holders of 9 broad-based ETFs, holding a total of 40.13 billion shares, and increasing its holdings by 13.139 billion shares in 2023. Its largest holdings are ChinaAMC SSE 50 ETF, with a total of 12.361 billion shares and a total of about 29.2 billion yuan. It is followed by 2 CSI 300 ETFs, including Huatai Pinebridge CSI 300 ETF with about 6.247 billion shares, about 21.9 billion yuan, and E Fund CSI 300 ETF with about 6.146 billion shares, about 10.3 billion yuan.

Central Huijin Asset Management Co., Ltd., a wholly-owned subsidiary of Central Huijin, holds a total of 38 products through a single asset management plan directly held or jointly established with public fund managers, with a total of 10.567 billion shares.

Guoxin Investment is a "national team player" who announced an increase in holdings in December last year. Wind data shows that as of the end of 2023, Guoxin Investment holds a total of 5 ETF products, such as CSI Guoxin Central Enterprise Technology, Bosera Central Enterprise Innovation Driven ETF, Bosera CSI Guoxin Central Enterprise Modern Energy ETF, etc.

On February 6 this year, Central Huijin once again announced that it would expand the scope of exchange-traded index funds (ETFs), continue to increase the intensity and scale of holdings, and resolutely maintain the smooth operation of the capital market.

A large number of incremental funds entered the market, which greatly boosted investor sentiment, and the A-share market rebounded, standing at 3,000 points. Industrial Securities said that the policy funds represented by Central Huijin are an important force for maintaining the stability of the market, and if the subsequent market volatility intensifies again, the inflow of policy funds to maintain stability is still expected. At the same time, all kinds of medium and long-term funds are also expected to use ETFs to deploy A-share assets. Guolian Securities also said that Central Huijin's increase in ETF holdings, on the one hand, has brought incremental funds to the market, which has been clearly reflected in the ETF capital flow data, and on the other hand, Huijin's announcement of increasing its holdings of ETFs will help boost the confidence of the capital market.

The scale of high-performing active equity funds continued to increase

With the Shanghai Composite Index holding 3,000 points, market sentiment is gradually warming. Many equity funds have once again won the favor of investors, and their scale has continued to increase, continuing to bring incremental funds to the A-share market.

As shown in the latest quarterly report of the fund, the scale of Dacheng high-tech industry and Sino-European dividend preferential in the first quarter of this year increased by more than 1 billion yuan, and the scale of active equity funds such as GF Theme Leading, Yinhua Wealthy Theme, Harvest Value Selection, Dacheng New Industry, GF Electronic Information Media Industry Selection, Soochow Mobile Internet, and Huaxia Classic Allocation increased by hundreds of millions of yuan.

Fund managers are also optimistic about A-share investment opportunities in the fund's first quarterly report.

Ruiyuan fund managers Fu Pengbo and Zhu Ling said in a quarterly report that the valuation level of the sector index is still lower than the historical average, and the A-share market is expected to have some structural opportunities. With the disclosure of the annual reports and first quarterly reports of listed companies, the improvement of fundamentals and economic changes in the second quarter may have a stronger and clearer guiding effect on the investment of the whole year. We will continue to dynamically adjust the portfolio, explore new investment targets, and select companies with reasonable valuations, high growth certainty, and endogenous and stable growth to continue to generate cash flow.

In terms of the specific subdivision direction of attention, Qiu Dongrong, manager of Zhonggeng Value Pilot Fund, said that he paid more attention to the following types of opportunities: first, technology stocks such as pharmaceutical, Internet stocks and smart electric vehicles with strong business growth attributes and large future space; second, value stocks with high growth or profitability elasticity on the supply side, including resource companies represented by base metals, energy transportation companies, real estate, etc.; third, cost-effective companies with space for demand growth and competitive advantages in supply, including machinery, Electronics, pharmaceutical manufacturing, power equipment, etc.; Fourth, small and medium-cap growth stocks and value stocks.

Lan Xiaokang, manager of the CEIBS Dividend Preferential Fund, said that in the context of the continuous decline in risk-free returns, dividend assets are worth paying attention to. From the perspective of the asset map of the whole society, dividend stock assets are attractive, and the value of dividends will be more important in the value of the stock market.

Editor-in-charge: Li Dan

Proofreading: Peng Qihua

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