Zhitong Financial APP learned that Huatai Securities released a research report that the position of 24Q1 public offering funds fell 0% month-on-month.Galagaonlinefree.5pct, but still at a high level since 2016, fund allocation concentration showed signs of recovery for the first time after a continuous decline for nearly a year. → funds reached a consensus on the three major clues of dividend / boom / theme.
Specifically, within the ① dividend assets, the interpretation of public utility / coal positions is relatively extreme, with environmental protection / steel / petrochemical allocation coefficient quantiles at more than 60% since 2016, while bank allocation factors have been relatively low since 2016. (within the ② export chain, except for the high level of textile clothing positions (allocation coefficient quantile > 90% since 2016) The quartile of the allocation factor of white appliances / small household appliances / household items is in the central position since 2016. ③ themeGalagaonlinefree: internal positions in the subject industry rise and fall, 24Q1 funds increase positions in communications, reduce positions in electronics / computers.
The main points of Huatai Securities are as follows:
The allocation strength of 24Q1 public offering motherboard rebounded, while the overall allocation strength of Hong Kong stocks decreased compared with the previous month.
24Q1, 48.1 billion newly established partial stock funds, slightly lower than 23Q4 (66 billion). At present, the quarterly report of 24Q1 funds has been disclosed, and the data show that the size of stocks held by active partial stock funds has declined compared with 23Q4, with positions falling 0.5pct, which is at a higher level since 2016, while positions in Hong Kong stocks, compared with 23Q4 (4.9%), are lower than 0.1pct. In terms of the proportion of sub-sectors, active partial stock funds increase positions on the main board and reduce positions on the mass entrepreneurship and innovation plate, in which the allocation coefficient of the main board rebounds slightly to the historical average since 2010, and the gem is still below the average since 2010. Science and Technology Innovation Board allocation intensity is still high. 24Q1, fund holdings rebounded moderately, taking the initiative to allocate large market capitalization stocks, and the market value of the top 50 shares in the top 50 of heavy positions accounted for 47.1% of all heavy positions.
Growth funds are looking for new growth, value funds huddle dividends and export chains
Analysis of funds with obvious changes in positions: funds with the new theme of ① increase positions (mainly in the direction of communications) mainly reduce positions in AI and power equipment, their style does not significantly drift, the pursuit of new growth is the main reason for cutting positions, ② value funds 24Q1 reduce positions in food, beverage and medicine, the quantiles of the two sectors (since 2016) have dropped to less than 50%, mainly in two directions First, the dividend sector (petrochemical / coal / utility / bank / transportation, etc.), the second is the export chain (home appliances / light industry / textile, etc.), ③ increases the position of resource goods (non-ferrous metals / petroleum petrochemical) from a variety of fund sources, growth & value fund 24Q1 increases the holdings of resource products, while ④ significantly reduces the positions of pharmaceutical funds, mainly export chains and food and beverage. ⑤ 24Q1 positions have increased significantly but still food and beverage / utilities / electronics.
In TMT, the quartile of public industry allocation coefficient rose to an all-time high.
The quantile of 24Q1 public industry allocation coefficient has risen to the highest level since 2016, among which electricity and ports are both at the highest level since 2016. The configuration coefficient of the manufacturing industry has rebounded slightly compared with the previous month, in which power equipment is the main direction of adding positions. The quantile of configuration coefficient of photovoltaic (photovoltaic auxiliary materials / modules / inverters) and lithium batteries has rebounded to 37.5% since 2016 (in which the quantiles of configuration factors of auxiliary materials and components are more than 80%, inverter is 65.6%), 81.2%. The TMT allocation factor quantile (since 2016) has dropped to 50% month-on-month. Structurally, the fund has mainly benefited from communications in the low-altitude economy (97% since 2016). The electronic / computer allocation factor quantile has dropped to 31.2% Accord 9.3%, and the media allocation factor quantile is also below 10%.
24Q1 public offering plus position consumption / cycle, the allocation coefficient of large financial sector remains at an all-time low.
The quantile of the allocation coefficient of 24Q1 consumption rebounded to 55% since 2016, mainly increasing the allocation of the export chain. The allocation coefficient of household appliances / textile clothing / light industrial manufacturing was at 56.2% / 96.8% / 62.5%. The allocation coefficient for pharmaceuticals fell back to the level of 25% since 2016, and the positions were mainly reduced by non-theme funds. The allocation coefficient of food and beverage (liquor) has rebounded slightly to the central position since 2016, or is mainly driven by the internal cutting of large consumption; the allocation coefficient of 24Q1 cycle has rebounded to the level of 90% since 2016, in which non-ferrous metals and petroleum and petrochemical are the main directions of increase, and the quantile of allocation coefficient of non-ferrous metals and coal has risen to 100% since 2016, and the quantile of allocation coefficient of petroleum and petrochemical is also above 75%. The allocation factor of 24Q1 Financial is at the level of 0% in 2016, and the main banks are taking positions.
Risk tips: 1) disclosure error of fund quarterly report; 2) measurement error.
