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41 boards in 46 days, 14 boards in 15 days, 5 boards in 5 days... recently, when the overall market was fluctuating and falling, some individual stocks have been rising for consecutive days. the polarization of the market has attracted high attention from the market.

how many institutional investors are involved in the stocks that have been rising for consecutive days? who benefits from it?

publicly offered funds are not absent from the big bull stocks

wind data shows that as of the close of september 4, a total of 12 stocks in the a-share market have doubled their share prices since the third quarter. *st jingfeng ranked first with a 473.75% increase, dazhong transportation and shenzhen huaqiang rose by more than 240%, and six st stocks including dongfang group, xiangxue pharmaceutical, dr. eyewear, and st lingda rose by more than 100%.

are there public fund institutions involved behind the big bull stocks?

according to the detailed holdings of public funds in the 2024 interim report compiled by tianxiang investment consulting, many big bull stocks such as volkswagen transportation, shenzhen huaqiang, doctor eyeglasses, xiangxue pharmaceutical, and oriental group had funds already deployed in advance at the end of the second quarter.

among them, the number of funds invested in shenzhen huaqiang and dr. eyeglasses is particularly large, with more than 30 funds participating in shareholding.

as of the end of the second quarter, 37 public funds held a total of 6.484 million shares of shenzhen huaqiang, accounting for about 0.61% of the circulating shares. calculated based on the closing price at the end of the second quarter, the total market value held was about 57.7076 million yuan. central huijin asset management co., ltd. also held more than 13 million shares. on september 4, shenzhen huaqiang closed at the daily limit again, achieving 14 consecutive daily limits in 15 days.

dr. eyewear is a typical example of fund institutional investors. 43 public funds hold a total of 4.8135 million shares, accounting for 4.17% of the outstanding shares, second only to the largest institutional investor, private equity institution feixiang (hangzhou) asset management co., ltd. the public and private equity institutions hold a total of more than 11% of the outstanding shares. according to the closing price at the end of the second quarter, the total market value of the shares held is over 160 million yuan.

in addition, the total number of shares held by public funds in volkswagen transportation and xiangxue pharmaceutical also exceeded one million shares. only three funds in oriental group held the stock, with a total of 122,700 shares.

foreign investors bet on a bull stock that has risen 41 times in 46 days

it is worth noting thatamong the stocks that have doubled in price since the third quarter, no public fund participated in st stocks at the end of the second quarter.in addition, *st jingfeng, st lingda, *st jiayu and other stocks were also sold out by funds. the total number of shares sold by st lingda and *st jiayu exceeded one million.

all three stocks experienced significant declines in the first half of this year. although the stock prices have rebounded sharply since the third quarter, the stock prices of st lingda and *st jiayu have not returned to the level at the beginning of the year. wind data statistics on institutional investors show that in addition to public funds, securities companies, private equity, foreign capital and other institutions also cleared their positions in the first half of the year. as of the end of the second quarter of this year, there was only one institutional investor left in both stocks.

*st jingfeng is a little special. as of the close of september 4, the stock has hit 41 daily limit ups in 46 days. however, in the first half of this year, four public funds have already cleared their positions in the stock, selling a total of 99,100 shares. another four brokerages, including citic securities, everbright securities, cicc, and shenwan hongyuan securities, have cleared their positions in the two stocks, selling a total of more than 20 million shares. during the first half of the year, *st jingfeng hit the daily limit down several times in a row.

however, while domestic securities firms and public funds were selling *st jingfeng, the foreign institution goldman sachs group bought heavily in the first half of the year and became the third largest institutional investor of *st jingfeng at the end of the second quarter, holding a total of 8.1805 million shares. *st jingfeng happened to start its stock price reversal just after entering the third quarter, and it has been rising continuously since july 3, and the increase since the third quarter has exceeded 470%. in the investment competition of *st jingfeng, goldman sachs group may have made a lot of profit from this operation.

passive products play a big role

among the many public funds that have made early arrangements for big bull stocks, which type of products is better?

according to statistics, a total of 105 funds had made early arrangements for the bull stocks that had doubled since the third quarter at the end of the second quarter. surprisingly, the active equity funds that were originally considered by the market to be competitive in discovering bull stocks did not seem to show a clear advantage.the early layout of big bull stocks is even mainly based on passive products, with the number of products accounting for more than 60%, most of which are funds tracking the csi 1000 and csi 2000 indices.

it is reported that both csi 1000 and csi 2000 are scale series indices, and their constituent stocks are mainly small and micro-cap stocks. the five non-st stocks are all index constituent stocks: shenzhen huaqiang and dongfang group are csi 1000 index constituent stocks, and dazhong transportation, xiangxue pharmaceutical, and dr. eyeglasses are csi 2000 index constituent stocks.

among the active investment funds that bet on the big bull stocks, quantitative funds account for a large proportion, with nearly half of the products containing the word "quantitative" in their names, and some are debt-biased funds. there are less than 20 truly pure active equity products, and all of them are investment doctoral glasses.

however, it is worth noting that, although both active and passive products have hit the bullish stocks, their contribution to the fund does not seem to be obvious, and the net value of most products has not risen significantly. in this regard, industry insiders analyzed that this is more affected by the proportion of holdings. if the bullish stocks hit are not included in the list of heavily held stocks of the fund, their contribution to the net value is actually relatively limited.