Taking profits? Partial stock funds sharply reduced their positions last week, with construction, communications, and electricity among the largest decliners

After a slight reduction of 0.05% in the previous week , Partial stock funds sharply reduced their positions by 3.18% last week.

According to the latest data from the Haobuy Fund Research Center, during the week from November 21 to 25, partial stock funds reduced their positions by 3.18% as a whole, and the latest position was 59.01%. Among them, the positions of stock funds decreased by 1.85%, and the positions of standard hybrid funds decreased by 3.36%. The latest positions were 81.58% and 56.00% respectively.

It is worth noting that during the week from November 14th to 18th, partial stock funds suddenly ended their three consecutive weeks of increasing positions and slightly reduced their positions by 0.05%, while the corresponding performance of the Shanghai Composite Index this week In order to rise by 0.32%, the index has recovered two consecutive integer marks since rebounding from the recent low of 2885.09 points; in the week from November 21 to 25, the Shanghai Composite Index closed up for the fourth consecutive week, with a weekly increase of 0.14%.

Good Buy Fund pointed out that the public equity partial stock funds reduced their positions significantly last week, and the nominal adjustment was in the same direction as the active adjustment, and the active adjustment was greater than the nominal adjustment. At present, the positions of public equity partial stock funds are generally at the historical median level.

Industry, food and beverage The three sectors, pharmaceuticals and basic chemicals, were actively increased by public offering funds by 1.03%, 0.58% and 0.49% respectively; while construction, communications, electric power and public utilities gradually took the initiative to reduce their positions by 1.32%, 1.32% and 0.49% respectively. 1.10% and 0.84%.

Overall, as of On November 25, the top three industries with the highest fund allocation ratio were machinery, national defense and military industry, and medicine, with allocation positions of 5.28%, 3.97% and 3.87% respectively; the three industries with the lowest fund allocation ratio were media, agriculture, forestry, animal husbandry and fishery And commerce and retail, the configuration positions are 0.38%, 0.41% and 0.55% respectively.

” partial stock fund The current operating cycle has become increasingly frequent, and the rebound for three consecutive weeks has actually reached the stage of profit-taking.” A brokerage source pointed out that on November 28, the Shanghai Composite Index closed down on the first trading day after the central bank announced the RRR cut 0.75%, which also shows the preference of funds after the good boots land.

This week, the A-share market is about to enter December, the last trading month of 2022. How will the market perform before the end of the year?

Wei Fengchun, chief economist of Chuangjin Hexin Fund, believes that in the last month of 2022, the logical divergence of asset allocation is a bit big. From a fundamental point of view, China’s policies have been introduced one after another, and the momentum of economic recovery has increased, but real estate, which is stimulated by policies, is not the focus of future industrial transformation. The Fed’s interest rate hike momentum has weakened, and global liquidity has eased, but the shadow of economic recession behind it is still lingering. Bonds fluctuated after adjustment, and the underestimation of equity was repaired and re-entered more frequent industry rotation. Therefore, it is difficult to form a clear trend in investment across the year, and it is a realistic strategy to wait for opportunities and strengthen timing.

“The market’s overall oversold rebound momentum has decayed. From the end of the year to the first quarter of 2023, there is a high probability that we will see the macroeconomic downturn, which will bring a greater opportunity for market valuation restoration.” Wei Fengchun pointed out that policy factors It is still the leading industry configuration, the long-term main line is safety, self-control, and TMT and medicine can be deployed at a bargain. There are staged opportunities in consumption, media, and real estate, and we can pay attention to the staged rise brought about by the low trading factor and the expectation of policy improvement. In the short term, we can also pay attention to state-owned enterprises that are undervalued and supported by fundamentals.

Morgan Stanley Huaxin Fund’s view is that finance fully supports the stable development of real estate. Although it will take time for real estate sales to improve significantly, the risk of further deterioration has been largely eliminated. The valuation of real estate-related sectors There is room for further restoration. At the same time, whether it is in the field of technology, consumption or high-end manufacturing, there are a large number of companies with excellent quality and huge room for growth, and their valuations have returned to an extremely attractive level, with high allocation value. “Looking forward to the future market, we are not pessimistic, and structural opportunities are still expected to be very significant.”

Western Gain Fund also believes that the current market allocation value is prominent. Considering the sharp correction of the market in the early stage and the force of the policy of stabilizing growth, the market has changed from cautious to optimistic in the early stage. It is recommended to pay attention to the real estate and related industrial chains that have benefited from the gradual relaxation of real estate policies. Considering the rapid market rotation, the booming new energy sector still deserves special attention.

(The Paper)