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As of October 17, more than 50 listed companies in the Shanghai and Shenzhen stock exchanges have announced three quarterly reports. The third quarter report revealed the holdings of public and private placements, QFII, social security funds, insurance funds and other institutions. According to the data, as of the end of the third quarter, a number of companies have become the target of the above-mentioned institutions, and even all of the company's top ten tradable shareholders are institutions. The China Securities Journal reporter found that the performance of the institutions that invested in the investment usually performed well, and some institutions increased their holdings in the third quarter.
With the disclosure of the third quarterly report of listed companies, the track of shareholding of institutional shareholders is emerging. According to the three quarterly reports that have been disclosed, at the end of the third quarter, a number of companies became the target of institutional shareholders.
Take the three trees as an example. The third quarterly report shows that the list of the top ten tradable shareholders of the company was all occupied by the organization. Among its top ten tradable shareholders, there are Tianhong Yongding Value Growth Fund, Guotai Golden Eagle Growth Flexible Allocation Fund, Cathay Pacific Value Classic Flexible Allocation Fund, National Social Security Fund 1-2 Combination, Rongtong New Energy Flexible Allocation Fund, Foreign Trade Trust·Rui Into the 16th China-EU Ruibo Securities Investment Collection, Huaxin Trust·Jiajiewu Collection Capital Trust Plan, Huaan Zhizeng Select Flexible Configuration Fund, Huaan Baoli Configuration Securities Investment Fund, Huihong Value Growth Private Equity Securities Investment Fund The number of shares held ranged from 1,329,200 shares to 438,300 shares.
In the list of the top ten tradable shareholders of Kairun, the same is the organization. Social Security Fund 404 Portfolio, Social Security Fund 102 Combination, China Life Trust Penghua Fund Company Mixed Portfolio, Penghua Emerging Industry Mixed Fund, Zhongjiang International Trust Fund Trust Contract (Golden Lion 153), Penghua Pharmaceutical Technology Stock Type funds, China Securities Securities Jinxing No. 3 private equity fund, South actively deployed securities investment fund layout, the number of shares from 4,068,800 shares to 335,100 shares.
According to the data of the big data terminal, the operating income of the three trees in the first three quarters increased by 40.68%, the net profit attributable to the shareholders of the listed company increased by 141.83%; the revenue of Kairun shares increased by 42.86%, which was attributed to the shareholders of the listed company. After deducting non-net profit increased by 43.95%. In fact, according to the statistics of the three quarterly reports, the above-mentioned companies with a lot of performances have a good performance, especially compared with the semi-annual report data. In the blue-chip stocks, many institutions have increased their shareholdings or newly appeared in the top ten circulation of listed companies. The list of shareholders.
What is the "mystery"?
In addition to listed companies with institutional shareholders, the shareholdings of some "star" institutional shareholders have attracted market attention. Take the social security fund as an example. As of the company that released the third quarterly report on October 17, the social security fund appeared in China's Jushi, Sanshu, Beixin Building Materials, Wanhua Chemical, Kairun, Juhua Technology, Fuling Power, etc. Listed among the top ten tradable shareholders of listed companies. In addition, Central Huijin and Securities are among the top ten shareholders in the third quarter of Qilianshan, Commodity City, Jiangshan, Zhongyuan Special Steel, Qianshan Pharmaceutical, and Anxin Trust.
In addition, the shareholding trajectories of well-known private equity, star trust, QFII, and Beishang Capital also have reference value. According to the data, at the end of the third quarter, Pujiang Star 177 Collective Fund Trust held 8,884,200 shares of Linggang, and Pujiang Star 50 Collective Fund Trust held 5,613,600 shares of Yi Shida; Sinoma Science and Technology III According to the quarterly report, China Foreign Economic and Trade Trust Co., Ltd. - Danshuiquan Select Phase 1 holds 3,670,400 shares outstanding. In terms of QFII, among the top ten tradable shareholders of Fuling Power, the Norwegian Central Bank - own funds of 1,547,900 shares, British Columbia Investment Management Company - own funds of 1,231,600 shares; Tianshan shares three quarterly reports show that Abu Dhabi Investment Authority holds 12.46 million shares of the company's outstanding shares.
Under the interoperability mechanism between the two places, the capital on the north has become an important fresh blood in the A-share market. According to the third quarterly report, Hong Kong Securities Clearing Co., Ltd. appeared in the list of the top ten tradable shareholders of many listed companies such as Qibin Group, China Jushi, Wanhua Chemical and Fusenmei. Among them, Hong Kong Central Clearing holds 22,216,600 shares of Qibin Group, 55,945,500 shares of China's boulder, 2,056,800 shares of Wanhua Chemical, and 158,800 shares of Fusenmei. Observing the holdings of the funds in the north, the performance of the three quarterly reports mostly performed well, showing a keen sense of smell in the north.
Although the Shanghai and Shenzhen stock indexes both fell sharply yesterday, but the North Bank funds have not stopped the pace of the layout of A shares, yesterday, Shanghai Stock Connect, Shenzhen Stock Connect both achieved a net inflow, Shanghai stocks net inflow of 364 million yuan, deep The net inflow of shares was 1.209 billion yuan, with a total amount of 1.573 billion yuan. It is worth noting that the cumulative net inflow of funds from the north after the holiday was 16.117 billion yuan.
In this regard, analysts pointed out that although the market is currently in the window period, the two markets can shrink again, the market sentiment is more cautious, but in the situation that the internationalization of A-shares continues to increase and foreign capital continues to flow in, the core assets in the market will be obtained. The continued support of external funds, and the steady advancement of funds in the north after the holiday, showing that the A-share market is optimistic for the fourth quarter or even longer period, the focus of its key layout is worthy of close attention.
From the perspective of active stocks, the Securities Research Market Research Center found that 42 stocks in the Shanghai and Shenzhen stock exchanges appeared in the top ten active stocks of the Shanghai Stock Connect or Shenzhen Stock Exchange daily after the holiday, 33 of which Only one stock realized a net inflow of funds from the north, with a total net inflow of about 9.312 billion yuan. Among them, in the Shanghai Stock Connect, a total of 17 stocks realized a net inflow of Shanghai Stock Connect after the holiday, Qingdao Haier (88016.63 million yuan), China Merchants Bank (592.825 million yuan), Industrial Bank (48183.15 million yuan), China Ping An (41834.98 million) Yuan and the Industrial and Commercial Bank of China (34,962,400 yuan) and other five stocks during the period, the cumulative net inflow of Shanghai Stock Connect exceeded 300 million yuan; in the case of Shenzhen Stock Connect, there were 16 stocks with net inflows of Shenzhen Stock Connect after the holiday, net inflow The stocks with an amount of more than 300 million yuan include Midea Group (107.609 million yuan), Hikvision (98731.15 million yuan), Boss Electric Appliances (833.292 million yuan), Ping An Bank (591.448 million yuan), BYD (45183.17 million yuan) and foreign companies. River shares (30,871.17 million yuan).
In fact, the above 33 target stocks favored by the north have generally achieved good market performance in the near future. Among them, BOE A (16.14%), Hikvision (13.88%), Boss Electric (12.09%), Kweichow Moutai (8.32%), Sofia (8.12%), Shentianma A (7.73%), SAIC Group (6.03%), Midea Group (6.00%), China Ping An (5.56%), Qingdao Haier (5.50%), Shanghai Airport ( 5.42%), China Merchants Bank (5.17%) and Hengrui Medicine (5.12%) and other stocks have accumulated more than 5%.
It is worth noting that among the 33 stocks favored by the above-mentioned funds, Hikvision, Boss Electric, Kweichow Moutai, Midea Group, Qingdao Haier, Hengrui Medicine, Wuliangye, ICBC, Yanghe, Yutong Bus, etc. In the six trading days after the White Horse Festival, the stock price hit a record high.
Among them, as the first high-priced stock in Shanghai and Shenzhen, Moutai, Moutai, the stock hit a record high yesterday, the highest price reached 566.66 yuan, the total market value of over 700 billion yuan, rose 0.82% yesterday, after the holiday rose 7.79%, The latest closing price is 560.69 yuan. For the stock, although the stock has continued to hit new highs this year, the institution is still optimistic about the opportunity of the Moutai market in Guizhou, and the agency predicts that the target price is also raised. Among them, Guotai Junan said that the micro-structure of Guizhou Maotai continued to improve, and the stock price continued to rise. Look at the stock price of Kweichow Moutai in trading thinking, raise the target price to 670 yuan (previously 560 yuan), and give a "key recommendation" rating. China Merchants Securities believes that regardless of the growth rate of short-term statements or the healthy development of the future, Guizhou Moutai will exceed market expectations. Looking forward to the coming year, there is still room for growth in shipments. Considering the short-term experience of base wine and the successful management of price control, the probability of price increase after the Spring Festival is relatively large. It can be seen that the company's volume and price are rising, and the target price is raised to 640 yuan, corresponding to 27 times in 2018. Optimistic about the valuation switch market brought by the three quarterly reports, reiterated the "strongly recommended -A" rating. (Source: Securities Daily)
For the fourth quarter, what are the expectations of fund managers with heavy holdings? What changes will happen to his investment strategy? Where are the future investment opportunities?
In the view of many public and private fund managers, the stock market is still the most attractive in terms of asset allocation. The rise in bulk commodities is already very impressive, while the real estate prices are high and the current proportion of residents is already high. . From the perspective of configuration, fund managers clearly bear down on cyclical stocks. Big consumption and big finance are still two important investment lines. Emerging technology industries have gradually become a new impetus for economic development, and they also have huge investment opportunities.
Regardless of whether it is domestic or global, new products, new technologies and new models will emerge in the future. The fund will focus on investment opportunities related to industrial upgrading and technology sectors.
There are indications that the drivers of China's economic growth are undergoing structural changes and are beginning to shift from investment-driven to consumption-driven. Under this big logic, consumption upgrading has become the direction of institutional investors' long-term strategic layout. For example, white wines, home appliances, dairy giants, condiments, etc., which are eye-catching in the secondary market this year, have become institutional investors. It is worth noting that in the current economic growth shift period, housing prices have a significant “crowding out effect” on household consumption. The purchase restriction policy has caused the growth of real estate sales and investment to fall from a high point, but it will help the wealth of short- and medium-term residents to flow to the consumer sector in the future.
However, in the first half of the consumer goods industry, only household appliances and liquors performed well, and the rest of the sub-sectors performed poorly. In the eyes of Zhu Guoqing, director of China equity investment in Fudun Investment, in the field of large consumption, many high-quality growth stocks have a good long-term investment value. Zhu Guoqing said that he is optimistic about the long-term investment opportunities in the tourism industry brought about by the aging of the population, and is also optimistic about the development prospects of some domestic consumer brands brought about by the upgrade of mass consumption.
Liu Tianjun, general manager of Taihao Assets, believes: "The demand for personalized products by the new generation of consumer groups and the passive clearing of channels will drive continuous consumption upgrades, optimistic about high-end liquor, duty-free shops, luxury cars, commercial real estate, etc. to benefit from consumption. Upgrade opportunities and investment opportunities in emerging areas such as the technology Internet."
“Whether it is consumer goods or services, with the steady increase in the income level of residents and continuous technological innovation, the trend of consumption upgrading is sustainable, and will be concentrated in leading companies, in the fields of food and beverage, medical health, consumer electronics, etc. Continue to tap investment opportunities.” Wu Cheng, a blue-chip fund manager of Xincheng Shengshi, said that the value stocks of the consumption upgrade concept will pay more attention to the corporate governance, competitive advantage and the convergence of the main line of consumption upgrade.
The investment director of a fund company in Shanghai said frankly that the main logic of optimistic consumer stocks is branding and channel strength, jointly promoting the company's market share, with economies of scale, and strong ability to raise prices downstream, even in the case of rising costs. It is still able to maintain a steady increase in gross profit margin and net profit margin.
The Invesco Great Wall Investment Research Team also made it clear that the fourth quarter continued to be optimistic about consumption upgrades and large consumer sectors. The logic is that in the long run, benefiting from the transformation and upgrading of the domestic economy, the increase in disposable income of residents, and the changes in the demographic structure, China is accelerating its transition to a consumption-driven economy, while residents are willing to pay premiums for brands. Improve, provide support for the performance improvement of the consumption upgrade sector, and promote the rise of domestic independent brands. Urbanization has also played a role in driving consumption upgrades to some extent, providing support for the consumer industry.
Beijing Heju Investment believes that the new demand driven by consumption upgrades, including 5G, new energy vehicles, and high-speed rail sectors, will see explosive growth in demand in the future related sub-sectors such as ceramics, carbon fiber composites, and signal systems. Wait. (Source: Investment Express)
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