Since the end of last year, the A-share market to do a strong mood, Shanghai and Shenzhen trading also gradually higher. Most of the head brokers and well-known fund managers are optimistic about the A-share market in the first quarter of this year, and the words \"spring restlessness\" and \"bull market night\" have given investors more confidence, and the main index of the A-share market has climbed all the way (Shanghai index has risen from 2912 points to 3094 points).
Guojin Securities recently released its latest public offering fund stock position measurement report, the Securities Daily reporter noted that compared with the results of a month ago, the stock fund position rose from% to%, mixed fund position from% to%. Behind this, there is indeed a large number of public funds plus warehouse track:113 of the 132 fund companies with equity products have chosen to add positions in nearly a month, up to%.
\"The valuations in the cyclical manufacturing industry are still at all-time lows and haven't experienced an increase in valuations for the whole of 2019,\" Ki-bing Gu, a fund manager at the Tianhong Cycle Strategy Fund, told the Securities Daily. In the future, as the economy bottoms up, the manufacturing sector in the 2020 cycle is expected to see double growth in valuation and performance, especially in the real estate-completed industrial chain and the auto sector in the segment, with better allocation value this year.
According to the latest disclosure of the fund's quarterly report and its position, the market value of public funds'investments in the A-share market is about trillion yuan. Based on the stock market value, each one percentage point change in position means a net inflow or outflow of nearly $24.4 billion.
In addition, a 1-percentage-point change in positions would need to be carefully considered for equity funds. In the case of equity funds, for example, its fund contract stipulates that the proportion of such funds invested in equity assets should be between 80% and 95%(positions up to 95% are full), in other words, no matter how pessimistic or optimistic the current investment environment is, there is only 15 percentage points for such funds to change their positions.
In an environment in which institutional investors are generally bullish on the current market, the Securities Daily reporter noted that the overall shareholding position of equity funds in the public offering industry has increased significantly in nearly a month: according to a number of public offering fund stock position measurement reports issued successively by Guojin Securities, the position of equity fund has increased from% to% in nearly a month, an increase of one percentage point; the position of hybrid fund has increased from% to%.
Guojin Securities also proposed to calculate the overall position of all fund companies in the market, the Securities Daily reporter compared a number of estimates found that 113 of the 132 fund companies included in the results of the calculation in the last month, the proportion of all fund companies as high as%,19 fund companies opted to reduce their positions during this period, only%.
The biggest move was the Yong Win Fund, which's equity product increased its average position from% to%, a sharp increase of more than 60 percentage points in nearly a month. In addition, many old public funds also chose to add positions, such as boshi fund, changsheng fund, ten thousand funds, yifangda fund and so on, but these fund companies originally held a higher position, not as big as win-win fund to add space.
In a single equity fund's holding position,435 funds have held up to 95% of their positions, reaching \"full positions \". In addition, the securities daily reporter combed found that the market has statistics of the 2248 equity funds, the latest holdings in 90% of the fund as many as 709, accounting for nearly 30%; the latest holdings in 80% of the fund total 1242, accounting for more than half.
Select positions \"full\" of the equity funds are not a few, which also appeared a number of old public funds under the equity products. Such as China Merchants industry leading A, Tianhong cycle strategy, value advantage, Huaxia rejuvenation, Shanghai investment Morgan China advantage, southern emerging consumption growth, these products were established earlier, after the test of the bear market, have been behind the holders of considerable returns.
Looking forward to the investment opportunities in the A-share market in 2020 at the current point of time, we should not only take into account the optimistic factors of the allocation value, but also see that the structure of the market has been more fully deduced, the 2019 A-share market structure has been divided, so we need to select more industries and individual stocks in 2020. Reporter Wang Mingshan