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Recently, the second quarter report of 2024 of public funds has been disclosed, and the latest holdings trends have also surfaced.

The concentration of holdings of public funds in the second quarter did not decrease but increased, tending to be concentrated. From the perspective of sub-sectors, the market value of funds holding electronics, food and beverage, pharmaceutical and biological, and power equipment industries ranked at the top in the second quarter.

In terms of total market value of holdings, Kweichow Moutai and CATL were highly sought after by funds in the second quarter. Both were held by more than 1,200 funds, with a total market value of holdings exceeding 100 billion yuan.

Shareholding concentration rises

According to the data from Oriental Wealth Choice,As of the end of the second quarter of this year, the net asset value of public funds exceeded 30 trillion yuan, an increase of 1.76 trillion yuan from the end of the first quarter.

in,In the second quarter, the market value of bonds held by public funds was the highest, accounting for 17.87 trillion yuan, accounting for 53.51% of the total value; the stock assets held were 5.72 trillion yuan, accounting for 17.12% of the total value, and the market value growth rate was -2.41%.

Data source: Choice Table maker: Wei Lai

From the perspective of the average position of active equity-oriented public offering funds in the second quarter, there was a decrease from the previous quarter. Huaan Securities research report shows that in the second quarter of 2024, the positions of ordinary stock funds, equity-oriented mixed funds, and flexible allocation funds were 88.70%, 86.69%, and 77.03%, respectively, down 1.27%, 1.31%, and 1.23% from the first quarter.

In the second quarter, the concentration of public funds' holdings increased instead of decreased, tending towards concentrated holdings.Huaan Securities Research Report pointed out that the current concentration of ordinary stock funds is about 56.78%, up 1.64% from the previous period; the concentration of equity-oriented mixed funds is about 57.36%, up 1.2% from the previous period. In addition, the style of active equity funds continued to switch to large market capitalization in the second quarter.

According to Choice data,According to Shenwan's first-level industry classification, electronics is the industry with the highest market value of fund holdings in the second quarter., reaching 370.637 billion yuan, accounting for 6.48% of the stock investment market value. In addition,In the second quarter, the market value of the fund's holdings in food and beverages, pharmaceuticals and biology, and power equipment were 295.968 billion yuan, 271.796 billion yuan, and 241.965 billion yuan, respectively, ranking at the top.

From the perspective of shareholding ratio changes, Huafu Securities' research report shows that the shareholding ratio of electronics, communications, military industry, utilities and household appliances sectors increased the most in the second quarter, up 2.9%, 0.9%, 0.6%, 0.5% and 0.4% respectively. However, the shareholding ratio of food and beverage, computer, pharmaceutical and biological, electrical equipment and light manufacturing industries decreased, down 3.7%, 1%, 0.8%, 0.8% and 0.4% respectively from the previous month.

In terms of the proportion of fund holdings in the industry relative to the standard, Huafu Securities pointed out that in the second quarter of 2024, electronics (3.9%), food and beverage (+3.6%), pharmaceuticals and biology (+2.7%), communications (+2.3%) and household appliances (+2.0%) are still overweight, while non-bank financial (-5.2%), banks (-4.1%), computers (-3.3%), building decoration (-1.4%) and mining (-1.1%) are all underweight.

Kweichow Moutai and CATL are popular

In terms of the number of funds held, CATL and Kweichow Moutai ranked at the top in the second quarter, held by more than 1,100 funds.

Choice data showed that in the second quarter, 1,469, 1,268 and 1,166 funds held shares in CATL, Kweichow Moutai and Zijin Mining respectively. In addition, more than 1,000 funds held shares in Luxshare Precision and Midea Group in the second quarter.

Data source: Choice Table maker: Wei Lai

In terms of total market value of holdings, Kweichow Moutai was the most sought-after stock by funds in the second quarter, with a total of 81.5583 million shares held by funds and a total market value of 119.678 billion yuan.

Among them, Hua Xia SSE 50 ETF reduced its holdings of Kweichow Moutai by 439,100 shares in the second quarter, but still held 10.0814 million shares of Kweichow Moutai, ranking among the top ten circulating shareholders of Kweichow Moutai and also the public fund holding the most shares of Kweichow Moutai.

From the perspective of active equity funds, the E Fund Blue Chip Select Mixed Fund, led by Zhang Kun, held 2.2505 million shares of Kweichow Moutai at the end of the second quarter, ranking among the top in terms of the number of shares held.

Although public funds reduced their holdings of CATL by 16.393 million shares in the second quarter, the total number of shares held still reached 567 million shares, with a holding value of 101.997 billion yuan, ranking second after Kweichow Moutai.

In addition, the market value of funds' holdings in Tencent Holdings, Zijin Mining, Wuliangye, Midea Group, China Merchants Bank, and Mindray Medical all exceeded 40 billion yuan in the second quarter.

From the perspective of the changes in the total market value of stocks held, Huafu Securities Research Report shows thatCompared with the first quarter, the top ten stocks with the largest increase in market value of holdings all saw increases of more than 4 billion yuan, among which Luxshare Precision's fund holdings had the largest increase in market value, with the fund holdings increasing by 12.3 billion yuan in the second quarter.The market value of Kweichow Moutai's holdings saw the largest decline among all the fund's heavily-weighted stocks, decreasing by 20.3 billion yuan in the second quarter.

A-share valuations are low

The disclosure of the second quarter report of the fund not only reveals to investors key information such as the size dynamics, asset allocation and position changes of the fund market, but also triggers widespread thinking about future market trends.

Looking ahead to the third quarter of 2024, Ge Lan of China Europe Fund pointed out in the second quarter report that in the serious medical field, medical compliance is still being promoted at all levels. It is expected that the hospital and enterprise sides have gradually adapted to the new environment of more standardized and orderly, and hospital diagnosis and treatment and enterprise business activities are continuing to improve. 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. Ge Lan said,We remain optimistic about investment opportunities in innovative pharmaceuticals, medical devices and related industry chains.

“The overall valuation of the A-share market is currently at an extremely attractive position in the long term, and equity assets are currently in a very good risk-return range. The expected return level that investors currently choose to withstand market fluctuations is quite appropriate.In the future, we will continue to be committed to finding value in high-quality stocks. We do not have the reliable ability to accurately predict the short-term market trends, but we focus on patiently collecting excellent companies with great prospects, waiting for the realization of the company's own value creation and the cyclical return of market sentiment at some point in the future. "Full Goal Fund Zhu Shaoxing said in the second quarter report.

Looking ahead to the third quarter, Wu Yijing of CITIC Prudential Fund pointed out in the second quarter report that the domestic economy is in the process of structural transformation and is expected to show a bottoming state throughout the year. The market's attention to the quality of corporate profits continues to increase, and listed companies with stable profits, abundant cash flow, and good dividend levels may still be favored by the market. From an operational perspective, one is to do a good job of pricing individual stocks within dividend assets, focusing on some varieties with higher absolute returns; the second is to find some industries where supply and demand are gradually approaching inflection points in the subdivided industries, to provide support for the stability of future profitability.