2024-01-22 22:59:00
On January 22, the 2023 quarterly reports of public funds were disclosed, and the latest top ten holdings of public funds were released.
Compared with the end of the third quarter of 2023, the heavy holdings of public funds have not changed much, and the ranking of the top three holdings has not changed. Kweichow Moutai, CATL, and Luzhou Laojiao are still among the top three holdings. Among the top ten heavily held stocks, Shanxi Fenjiu has newly entered the top ten, and Gujing Gongjiu has withdrawn from the top ten.
In addition, electronic sector stocks such as Luxshare Precision, Montage Technology, and Hikvision are favored by public funds and will become the targets of substantial increase in positions in the fourth quarter of 2023. Ningde Times, Kweichow Moutai, Luzhou Laojiao, Meituan-W, etc. were significantly reduced by public funds.
Many fund managers said that the A-share market has undergone continuous adjustments, and equity assets are currently in a systematic and strategic allocation position, and there may be good opportunities to buy stocks with long-term value.
Top ten heavyweight stocks exposed
On January 22, the top ten holdings of public funds at the end of the fourth quarter of 2023 were exposed. Tianxiang Investment Consulting data shows that among all public equity fund holdings (including Hong Kong stocks), Kweichow Moutai, Ningde Times, Luzhou Laojiao, Wuliangye, Tencent Holdings, Luxshare Precision, Hengrui Pharmaceuticals, Mindray Medical, WuXi AppTec, and Shanxi Fenjiu have become the top The top ten heavily held stocks (the statistical basis is 4955 actively investing partial stock funds that announced the 2023 quarterly report).
Compared with the end of the third quarter, the heavy holdings of public funds in the fourth quarter of 2023 have not changed much, and the ranking of the top three holdings has not changed. Among the top ten holdings, Shanxi Fenjiu has newly entered the top ten holdings, and Gujing Gong has entered the top ten. Liquor has withdrawn from the top ten heavy holdings.
Judging from the increase in holdings, Luxshare Precision has received the largest increase in holdings. As of the end of the fourth quarter of 2023, actively investing in equity funds has increased its holdings of Luxshare Precision by a total of 8.262 billion yuan, and the holdings of Montage Technology and Hikvision have exceeded 40 100 million, stocks such as New Industries, Zhifei Biotechnology, Midea Group, Zijin Mining, Tongfu Microelectronics, Mindray Medical, Muyuan Shares, Wen’s Shares and other stocks have increased their holdings by more than 3 billion yuan.
As of the end of the fourth quarter of 2023, Ningde Times, Kweichow Moutai, Luzhou Laojiao, and Meituan-W have all been reduced by more than 10 billion yuan, of which Ningde Times has been reduced by more than 16.8 billion yuan. Tencent Holdings and ZTE were reduced by more than 9 billion yuan each, and WuXi AppTec was reduced by more than 7 billion yuan.
Electronics sector favored
According to data from Tianxiang Investment Consulting, Luxshare Precision became the company with the largest increase in holdings by public funds in the fourth quarter of 2023. As of the end of the fourth quarter, actively investing in equity funds had increased their holdings of Luxshare Precision by a total of 8.262 billion yuan. Montage Technology and Hikvision followed closely behind, with additional holdings of 4.384 billion yuan and 4.023 billion yuan respectively in the fourth quarter of 2023. According to Tianxiangtonggu’s industry classification, these three companies all belong to the electronic components industry.
In the fourth quarter of 2023, Luxshare Precision rose 15.53%, Montage Technology rose 18.23%, and Hikvision rose 2.72%.
It is worth mentioning that the increased holdings of public funds in the fourth quarter of 2023 include a number of electronic component stocks, including Tongfu Microelectronics, Semiconductor Manufacturing International Corporation, Goertek, Zhuosheng Micro, Weill, and North China. Among them, Tongfu Microelectronics, Goertek, and Zhuosheng Micro all increased by more than 20% in the fourth quarter.
It can be seen from the positions of some fund managers that this sector is favored by fund managers. Golden Eagle Technology Innovation, managed by Golden Eagle Fund Chen Ying, will focus on high-tech sectors represented by electronics, computers, and media at the end of the fourth quarter of 2023. Among the top ten heavily held stocks, there are stocks such as Weill Co., Ltd. and Changying Precision.
Among the top ten holdings of Soochow Mobile Internet managed by Liu Yuanhai, the fund manager of Soochow Fund, there are also many electronic component stocks. Luxshare Precision, Weill Co., Ltd., Desay SV, and Zhuosheng Micro were among the top ten stocks at the end of the fourth quarter. The top four holdings of the fund.
Buying opportunities may arise
Looking forward to the market in 2024, Zhou Weiwen, fund manager of China Europe Fund, said: “We believe that the pace of sustained macroeconomic improvement will not stop. After the expectations of entrepreneurs and residents and related budgets are adjusted, the economy will likely stabilize after a period of time. It has been continuously The adjusted A-share market may present good opportunities to buy stocks with long-term value.”
“The market is at the bottom, and what deserves special attention are those industries that are the first to get out of the trough.” Qiu Dongrong, fund manager of Zhonggeng Fund, said in the quarterly report that every bottom in the market is depressing, but “we will evaluate the situation at that time after a long time, even I wonder why I didn’t buy enough.” He said that equity assets are currently in a systematic and strategic allocation position, and they pay more attention to the continuous improvement of the company’s fundamentals, high growth and high elasticity of profitability, and even buy some “stories” and “dreams”.
Liu Yuanhai, fund manager of Soochow Fund, is also relatively optimistic about the A-share market in 2024. He believes that the current A-share market valuation is at a relatively low level in history, and the profit growth rate of A-share listed companies is expected to bottom out and rebound. The U.S. ten-year Treasury bond interest rate may also enter a downward cycle. He judged that the current medium- and long-term investment value of the A-share market is expected to be relatively obvious, and may be worthy of investors’ attention.
In the 2023 quarterly report, many fund managers talked about their thoughts on investment methods. Fu Pengbo and Zhu Lin, fund managers of Ruiyuan Fund, said in the quarterly report that in a turbulent market, the “anchor” of valuation has a more important say. In addition to the “safety” defined by valuation, the dividend rate is also a very important “safety”. Behind the indicators lies whether the company has stable and sustained operating cash flow, the discipline and self-restraint that the company adheres to in its expansion, and its firm commitment to shareholders in an uncertain market.
Talking about the layout ideas for 2024, Qiu Dongrong mentioned three major directions: first, technology stocks such as medicine and smart electric vehicles and Internet stocks with strong business growth attributes and large future space; second, shrinking supply or rigid demand, but there are still The main industries of high-growth value stocks include resource companies and energy transportation companies represented by basic metals, real estate, finance, etc. among large-cap value stocks; finally, there are cost-effective companies with room for demand growth and competitive supply. Major industries include electronics, machinery, pharmaceutical manufacturing, electrical equipment and new energy, agriculture, forestry, animal husbandry and fishery, etc.
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