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Securities Times reporter Guo Jie and Zhang Zhibo

The second quarter report of public funds has been disclosed. According to statistics from Securities Times Databao, as of the end of the second quarter, the net asset value of public funds was 30.71 trillion yuan, exceeding 30 trillion yuan for the first time, an increase of 12.6% from 27.27 trillion yuan at the end of 2023, and an increase of 53.17% from 20.05 trillion yuan at the end of 2020.

In terms of quantity, there were 12,028 public funds, an increase of 514 from the beginning of the year, setting a new historical high, and the fund shares increased to 29.67 trillion shares.

Since 2024, the net asset value of stock funds has increased by 10.11%, the net asset value of bond funds has increased by 17.48%, the net asset value of QDII has increased by 18.5%, and the net asset value of REITs has increased by 28.48%; in comparison, the net asset value of hybrid funds has decreased by 10.4%, and the net asset value of FOF funds has decreased by 10.33%.

Foresight of mutual funds

Layout of the electronics industry

According to Databao statistics, as of the end of the second quarter, a total of 2,514 individual stocks appeared on the list of the top ten heavily held stocks by public funds.

In terms of industries, the market value of holdings of funds in 9 industries is over 100 billion yuan. Among them, the market value of holdings of funds in the electronics industry is the highest, at 353.137 billion yuan; followed closely by the market value of holdings in the food and beverage, pharmaceutical and biological, and power equipment industries, all of which are over 200 billion yuan; the market value of holdings in non-ferrous metals, banks, non-bank financial institutions, household appliances, and automobiles is between 100 billion yuan and 200 billion yuan.

Compared with the end of the first quarter, the market value of fund holdings in a total of 12 industries increased month-on-month. Among them, the market value of holdings of public funds in electronics, communications, utilities, and banks ranked first, all exceeding 10 billion yuan.

The market value of electronic industry fund holdings increased by 48.482 billion yuan month-on-month, ranking first in terms of growth. In the first half of the year, the electronic industry index fell by 9.07% in total, and its overall performance was not outstanding, only ranking in the upper and middle reaches of Shenwan's first-level industries. Publicly offered funds made forward-looking layouts in the electronic industry in the second quarter. Since July, the electronic industry index has risen by 3.46% in total, ranking first among the industry indexes in the same period.

Well-known fund manager Liu Yuanhai said that in the second quarter, he observed that overseas technology giants indicated at the developer conference that AI big models are expected to be implemented on mobile phones, PCs, and IoT devices (AIOT). He judged that the AI ​​hardware era is expected to begin, which may drive the global electronic semiconductor industry to recover more strongly than market expectations. A-share electronic semiconductors may be at a triple bottom: bottom of earnings, bottom of valuation, and bottom of position, and medium- and long-term investment opportunities in electronic semiconductors may be coming. Therefore, in the second quarter, funds increased their allocation to electronic semiconductors related to AI.

From the perspective of industry holdings, public funds hold the most stocks in the electronics industry, up to 285 stocks; more than 200 stocks in the pharmaceutical and biological, mechanical equipment, and power equipment industries appear in the list of the top ten holdings of funds. Compared with the end of the first quarter, the number of stocks in the mechanical equipment, basic chemical, and pharmaceutical and biological industries among the top ten holdings of funds decreased significantly, by 58, 50, and 44, respectively.

Five new leaders

Top 20 holdings of mutual funds

According to statistics on the top ten holdings of public funds, 45 individual stocks have a market value of more than 10 billion yuan. Kweichow Moutai continues to be the top holding of public funds, with 1,264 funds holding it, with a market value of 118.505 billion yuan; CATL is closely behind with a market value of 101.985 billion yuan, and 1,467 funds holding it in the second quarter.

Compared with the end of the first quarter, there are 5 new stocks in the list of the top 20 holdings of public funds, namely Ping An of China, BYD, SMIC, AMEC and Eoptolink. China Mobile, Gree Electric Appliances, Yili Group, Shanghai Electric and CNOOC have left the top 20.

In the second quarter, CATL, Kweichow Moutai, Zijin Mining, Luxshare Precision, and Midea Group all received heavy holdings from over 1,000 funds. Luxshare Precision received heavy holdings from 1,146 funds in the second quarter, an increase of 460 funds and 137 million shares from the end of the first quarter. Among them, Xingquan Herun and China Universal Value Select A newly acquired 24.8624 million and 10.6394 million shares of Luxshare Precision respectively in the second quarter.

From the perspective of shareholding changes, public funds increased their holdings of 26 stocks by more than 100 million shares. The number of fund holdings of Bank of Communications, JinkoSolar, and Chongqing Rural Commercial Bank increased by 608 million shares, 517 million shares, and 310 million shares, respectively. In contrast, the number of fund holdings of Industrial Securities, Sinopec, Minsheng Bank, Hengrui Medicine, Bank of Jiangsu, BOE A, and Changan Automobile decreased significantly, all by more than 200 million shares.

Net value of 259 equity funds

The second quarter saw a growth of over 100 million yuan against the trend

Since the beginning of this year, affected by the volatile market, the management scale of active equity funds (flexible allocation, equity-oriented mixed, balanced mixed, and ordinary stock) has declined. As of the end of the second quarter, the net asset value of the funds totaled 3.53 trillion yuan, a year-on-year decrease of 24% from 4.64 trillion yuan at the end of the second quarter of 2023.

However, the net asset value of many funds still showed a substantial growth. According to Databao statistics, in the second quarter, the net asset value of 259 funds increased by more than 100 million yuan month-on-month. Among them, Invesco Great Wall Value Margin C, Huatai-PineBridge Dingli C, and Invesco Great Wall Value Margin A ranked the top three, with net asset value scales increasing by 2.622 billion yuan, 2.484 billion yuan, and 2.277 billion yuan month-on-month respectively; Penghua Hongkang C, Anxin Stable Value-added C, Dacheng Advantage Enterprise A and other 7 funds followed closely behind, with net asset value scales increasing by more than 1 billion yuan month-on-month.

Generally speaking, the increase in fund net asset value is the result of both the increase in fund shares and the increase in unit net asset value. Among the funds whose net asset value increased by more than 1 billion yuan month-on-month, both fund shares and unit net asset value achieved month-on-month growth in the second quarter.

The fund shares of Invesco Great Wall Value Margin C, Huatai-Prudential Dingli C, Invesco Great Wall Value Margin A and Penghua Hongkang C all increased by more than 1 billion shares compared with the end of the first quarter; the net value of Soochow Mobile Internet C, Yongying Dividend Selection C and Harvest Hong Kong Stock Advantage C increased by more than 10% compared with the end of the first quarter.

In the first quarter, equity investments accounted for 84.67% of total assets of Invesco Great Wall Value Margin A, and the proportion dropped rapidly to 36.25% in the second quarter.

88 active equity funds

Net profit exceeded 100 million yuan

From the perspective of net profit, in the second quarter, a total of 88 funds had net profits exceeding 100 million yuan. Qianhai Kaiyuan Public Utilities ranked first with 811 million yuan; Dongfanghong Qiheng Three-Year Holding B ranked second with a net profit of 559 million yuan; followed by Xingquan Business Model Selection, Zhonggeng Value Pilot, Ruiyuan Balanced Value Three-Year A and other five funds with net profits of more than 400 million yuan.

In the second quarter, Qianhai Kaiyuan Utilities maintained its heavy holdings in China Power, Huaneng International Power Co., Ltd., and China Resources Power. The three stocks rose by 31.7%, 25.6%, and 34.5%, respectively, in the second quarter, bringing huge profits to the fund. The latest holdings had a market value of 1.171 billion yuan, 1.158 billion yuan, and 1.149 billion yuan, respectively.

Cui Chenlong, fund manager of Qianhai Kaiyuan Utilities, is the champion fund manager of 2021. In his second quarter report, he said that the energy revolution, as a huge development direction of this era, has many long-term investment opportunities in its entire industrial chain; new energy operators have begun to improve their business models, and the certainty of medium- and long-term growth is relatively high; low-altitude economy, as an important development direction of new quality productivity, is expected to have huge growth space in the future.

Among the 22 active equity funds with the latest fund size of more than 10 billion yuan, most of the funds were in a loss-making state in the second quarter. Qianhai Kaiyuan Utilities managed by Cui Chenlong was one of the few "outliers" that achieved high net profits.

According to Databao, in the second quarter, as many as 13 funds with a scale of 10 billion yuan had negative net profits, and former star fund products were on the list. Invesco Great Wall Emerging Growth A and Invesco Great Wall Dingyi A managed by Liu Yanchun lost 2.581 billion yuan and 1.233 billion yuan respectively; China Europe Healthcare A/C under "Medical Goddess" Ge Lan continued to lose 1.367 billion yuan and 1.465 billion yuan respectively, and the total loss of the two funds in the first half of the year was as high as 9.696 billion yuan; E Fund Consumer Industry managed by Xiao Nan and Wang Yuanchun of E Fund and E Fund Blue Chip Select managed by Zhang Kun lost 1.398 billion yuan and 1.158 billion yuan respectively.

E Fund Blue Chip Select sold China Merchants Bank in the second quarter and replaced it with Samsonite, an American travel luggage brand. This Hong Kong stock did perform well in the first quarter, rising nearly 15%. But it turned sharply downward in the second quarter, with a cumulative decline of more than 20%. Zhang Kun said that the stock position was basically stable in the second quarter, and the structure was adjusted, adjusting the structure of industries such as consumption and medicine. The fund still holds high-quality companies with excellent business models, clear industry structures and strong competitiveness.

Ge Lan said in the second quarter report that due to the high industry base in the same period last year, the growth rate of some sub-industries in the second quarter of this year was also affected to a certain extent. Combined with changes in policy and demand, the performance of the pharmaceutical sector has diverged. Among them, retail pharmacies and traditional Chinese medicine have undergone significant adjustments due to the launch of the price comparison system for pharmacies in some regions.

Well-known fund managers are optimistic about the A-share market

Looking ahead to the third quarter, many well-known funds are optimistic about the market outlook. Liu Yanchun believes that in the short term, local government bonds are expected to be issued faster in the third quarter, and the marginal expansion of fiscal strength is expected to drive marginal economic recovery. The valuation level of A-shares is at a low level, and the market is too pessimistic about future earnings growth. Believe in the wisdom of policymakers, believe that the economy will always prosper again, and the capital market will once again be full of vitality.

Ge Lan believes that in the serious medical field, medical compliance is still being promoted at all levels. It is expected that hospitals and enterprises have gradually adapted to the new environment of more standardized and orderly, and hospital diagnosis and treatment and enterprise business activities are continuing to recover. Considering that the second half of 2023 is still in the adaptation and adjustment period of industry compliance, the base of enterprise operation is relatively low, and a certain degree of recovery is expected in the second half of 2024.

Zhang Kun said that considering the proportion of household consumption in the economy, the investment opportunities brought about by economic development, which has brought about the improvement of people's living standards, are still one of the most promising gold mines in the stock market in the long run. Due to pessimistic expectations in the current market, some high-quality companies are traded at valuation levels that can be settled even if they are privatized. The most important thing at this moment is patience, and the long-term return expectations of high-quality companies are very considerable.

(This edition’s special data is provided by the Securities Times Center Database. Zhou Jingyu/Chart)