The first quarterly report of the public offering was released: Zijin Mining, Midea Group, and China Merchants Bank entered the top 10
On April 23, the first quarter report of the public fund in 2024 has been fully disclosed, and the trend of the public fund's position adjustment has also been exposed.
Wind data shows that as of the end of the first quarter of 2024, Kweichow Moutai and CATL have continued to be the first and second largest heavy stocks, Zijin Mining, Midea Group, and China Merchants Bank have newly entered the top ten heavy stocks, and Wuliangye, Luzhou Laojiao, Hengrui Pharmaceutical, Mindray Medical, and Shanxi Fenjiu, which are still among the top ten heavy stocks.
In addition, WuXi AppTec, Tencent Holdings, and SMIC withdrew from the top 10 heavy stocks, and Luzhou Laojiao and Mindray Medical suffered a reduction in their holdings.
According to CICC's latest research report, in the first quarter of 2024, the scale of public fund assets increased, the proportion of bond assets increased, and the proportion of equity assets remained basically the same. Since the beginning of February, domestic policy measures to stabilize growth and stabilize expectations have been actively introduced and implemented, reform expectations in some areas have risen, investors' risk appetite has been restored, and market performance has prevailed in global equity assets.
Zijin Mining, Midea Group, and China Merchants Bank entered the top 10
According to the latest data from Wind Data, in the first quarter of 2024 report, the top 10 heavy stocks of public funds are: Kweichow Moutai (600519.SH), CATL (300750. SZ), Wuliangye (000858. SZ), Zijin Mining (601899. SH), Luzhou Laojiao (000568. SZ), Hengrui Pharmaceutical (600276. SH), Midea Group (000333. SZ), China Merchants Bank (600036. SH), Mindray Medical (300760.HK) SZ), Shanxi Fenjiu (600809. SH）。
Source: Produced by The Paper reporter based on Wind data
Compared with the end of 2023, Zijin Mining, Midea Group, and China Merchants Bank have newly entered the top 10 heavy stocks, and WuXi AppTec (603259. SH), Tencent Holdings (00700. HK), SMIC (688981. SH) to withdraw. Kweichow Moutai and CATL continued to be the first and second largest heavy stocks.
From the perspective of increasing holdings, among the top 10 heavy stocks of the fund, Zijin Mining has increased its holdings the most. As of the end of the first quarter of 2024, Zijin Mining's holdings increased by 627 million shares, and the total market value of its holdings increased by 21.536 billion yuan from the previous quarter, with a total of 1,101 funds holding the stock. Among them, ChinaAMC SSE 50 ETF, Huatai Pineapple CSI 300 ETF and E Fund CSI 300 ETF ranked among the top three in terms of the number of holdings in Zijin Mining.
China Merchants Bank and Midea Group also followed, increasing their holdings by 268 million shares and 158 million shares respectively, and the total market value of their holdings increased by 12.877 billion yuan and 14.637 billion yuan month-on-month.
From the perspective of the reduction of holdings, Luzhou Laojiao has been reduced the most. As of the end of the first quarter of 2024, Luzhou Laojiao's holdings decreased by 20,361,400 shares, and the total market value of its holdings decreased by 2.354 billion yuan quarter-on-quarter, while Mindray Medical also suffered a reduction in holdings, with a decrease of 6.8763 million shares and a total market value of 3.288 billion yuan compared with the previous period.
As far as the top 10 heavy stocks as a whole are concerned, the heavy stock targets of public funds in the third quarter are mainly distributed in the consumer goods and services, health care, industrial and materials industry sectors.
Equity positions in active equity funds decreased slightly
According to CICC's latest research report, the overall asset scale of public funds continued to rebound in the first quarter, with the total asset value rising from 30.2 trillion yuan in the previous quarter to 31.8 trillion yuan, the scale of equity assets basically the same as that of the previous quarter, rising slightly from 5.8 trillion yuan to 5.84 trillion yuan, and the proportion of stocks in total assets fell by 0.8 percentage points from the previous quarter to 18.4%, and the scale of bond assets increased by 1 trillion yuan to 16.9 trillion yuan, and the proportion of bond assets continued to rise to 53.1% compared with the previous quarter.
The proportion of equities in total fund assets decreased slightly by 0.8 percentage points to 18.4%;
CICC pointed out that the stock position of active equity-biased funds declined. The position of active equity funds decreased from 88.2% to 87.7% in the fourth quarter of last year, the position of partial stock hybrid funds decreased slightly from 87.9% to 87.4%, and the stock position of flexible allocation funds decreased from 76% to 75.5%, which is still at a historically high level.
From the perspective of the heavy holdings of active equity-biased funds, CICC summarized the following five characteristics, including the main board to increase positions, the science and technology innovation board and the ChiNext board to reduce positions, the high dividend and resource stocks to increase positions, and the growth stocks to reduce positions.
First, the shareholding concentration of leading companies has rebounded for the first time in recent quarters. The market value of the top 100 companies with heavy positions in active equity funds increased from 52.7% to 55%, and the market value of the top 50 companies increased from 40% to 42.3%. Among them, the market value of CATL, Zijin Mining, and Midea Group increased more, WuXi AppTec, Kweichow Moutai, and Luxshare Precision decreased their positions more, and Hong Kong-listed CNOOC increased its position more, and Xpeng Motors reduced its position more.
Second, the positions of the main board have rebounded sharply, and the positions of the science and technology innovation board and the growth enterprise board have declined. The heavy position on the Main Board increased to 71.5% in the first quarter from 68% in the fourth quarter of last year. The growth style allocation was reduced, with the heavy position of the Science and Technology Innovation Board falling to 10.5% from 12.2% in the previous quarter, still overweight by 3.6 percentage points, the ChiNext position falling by 1.5 percentage points to 18.2%, still overweight by 2.3 percentage points, and the heavy position of the Beijing Stock Exchange in the first quarter of 0.15%, a slight decline.
The third is to increase positions in non-ferrous metals, communications and household appliances and other industries, and reduce positions in medicine and biology, electronics and computers. In terms of increasing positions, in the context of rising commodity prices, resource stocks represented by non-ferrous metals and petroleum and petrochemicals increased their positions by 1.8/0.4 percentage points respectively from the previous quarter, and the positions of the coal industry also increased slightly. 1.0/0.9/0.5 percentage points;In terms of position reduction industries, the growth sector reduced positions more, the position of the pharmaceutical and biological industry decreased by 3.2 percentage points in the quarter, the TMT sector was differentiated, and the position of the electronics/computer industry decreased by 1.5 and 1.4 percentage points respectively.
Fourth, the position of the theme of high dividends has increased significantly. The proportion of heavy positions in artificial intelligence themes decreased from the previous quarter, the overall allocation ratio of central enterprises increased from 13.9% to 15.4%, the positions of core large central enterprises in five industries, including telecommunications, construction, petroleum and petrochemical, coal and banking, increased from 2.5% to 3.3%, and the attention of high dividend themes continued to increase, with the proportion of heavy positions increased by 1.1 percentage points to 7.1%, which was increased for four consecutive quarters, and the positions of specialized, special and new themes decreased for three consecutive quarters, from 4.9% in the previous quarter to 3.6%. Positions in the digital economy shrank slightly by 0.9 percentage points to 9.8%.
Fifth, in terms of the track, the new energy vehicle industry chain and wine positions have risen. Among them, the wine and new energy vehicle industry chain received the most additional positions, increasing their positions by 0.7/0.5 percentage points respectively, semiconductors and innovative drugs reduced their positions more, with positions falling by 1.7%/1.6% respectively, military positions decreased by about 0.7 percentage points, photovoltaic and wind power positions continued to decline by about 0.3 percentage points for the sixth consecutive quarter, and consumer electronics positions decreased slightly by about 0.2 percentage points.
Proportion of active equity funds in the first quarter, Source: Wind, CICC Research
CICC concluded that from the perspective of public offerings, although the proportion of equity holdings decreased slightly, the overall level was still at a historical high. Structurally, high dividends and resource stocks became the main trading lines in the last quarter, and the proportion of institutional allocations increased, while positions in growth industries such as TMT and pharmaceuticals fell sharply, among which high-dividend utilities, home appliances, telecommunications and banking industries received additional positions, as well as non-ferrous metals, petroleum and petrochemical and other resource stocks also increased their positions.
In terms of allocation, CICC believes that it will focus on the export sector with high prosperity in the closing period of the first quarterly report, the opportunities brought by external factors and the clearing of supply to the upstream resource industry, and focus on the resource sectors such as gold, petroleum and petrochemicals, and non-ferrous metals, and the high-dividend sector needs to pay attention to logical changes, and the focus needs to shift to the dividend ratio and willingness to improve enterprises.