Both public and private funds are increasing their positions to target TMT, manufacturing and consumption

 Both public and private funds are increasing their positions to target TMT, manufacturing and consumption

Proportion of public funds plus positions reduced last week

Public and private equity joint positions

Last week, the positions of equity funds and hybrid funds rose 0.5% and 0.59% month on month, and nearly 70% of fund companies chose to increase their positions.

Among them, last year, Liu Gesong, the top three active partial equity fund management products, all increased positions at the beginning of this year.

According to the calculation of Guojin securities, the stock positions of GF double engine upgrading hybrid, GF Innovation Upgrading hybrid and GF diversified emerging stocks rose by 2.78%, 1.2% and 1.68% respectively over the weekend. From the perspective of fund companies, last week, Guangfa increased its positions in 47 products, with the largest number of positions among all fund companies.

In addition, some products with top performance last year, such as bocom data industry flexible configuration mix, e-fonterrech flexible configuration mix, and Huian Fengze mix, are also adding positions.

Private equity funds are also increasing their positions. According to data from private placement network, the average position of strategic private equity funds at the end of last week was 80.65%, up 13.61 percentage points from 67.04% in the same period last month. This is the third month in a row since the sharp decline in positions in October last year.

Since the beginning of the year, market investment sentiment has continued to heat up in spring. At present, the confidence index of Rongzhi Chinas hedge fund managers A shares is 123.86. After the bottom rebound in December last year, the confidence index rose 13.19 percentage points month on month in January. The confidence of fund managers in a shares has increased significantly.

Rongzhi China hedge fund manager A-share confidence index

Actively layout opportunities before the festival

Yang Delong, chief economist of Qianhai open source fund, believes that at the beginning of the 2020 new year, the capital market is convenient and frequent. First, the central bank will issue the first shot to reduce the standard, and then the CBRC will make clear the long-term funds to enter the market at the weekend. The continuation of the spring offensive is worth looking forward to.

Guoshou Security Fund believes that in the short term, the spring agitation market in 2020 has been started, but considering that the early market has not been significantly adjusted, this round of spring agitation will be relatively moderate, in general, it will be upward shocks. In the medium term, due to more uncertainty in the market, structural market may return after the second quarter.

CITIC Prudential Fund believes that in 2020, the overall judgment of a shares rose in shock. From the perspective of industrial upgrading, electronic, computer and other science and technology industries are the core layout direction in 2020. However, in the short and medium term, we should pay attention to the spring agitation market dominated by undervalued building materials, real estate and chemical industry; in the medium and long term, we need to pay attention to the cycle leaders with global competitiveness, which rely on fine management and large-scale production to build a broader moat advantage.

According to the statistics of CITIC Prudential fund, the absolute up and down range and relative ranking of the main cycle industries (classified as Shenwan) in the first quarter of the past decade (2010-2019) show that: from the perspective of absolute up and down range, the three industries with the largest rise probability in the first quarter are: mechanical equipment, home appliances and electronics. In terms of the relative ranking of the growth rate, the industries with high ranking probability are home appliances, chemical industry, electronics, real estate and building materials.

In addition, there are also funds that suggest relevant risks. For example, Guojin Fund believes that although the central banks reduction of the reserve this time provides liquidity guarantee for the market, but the Spring Festival brings cash demand ahead of schedule, the issuance of special bonds ahead of schedule, and the scale of refinancing, IPO and lifting ban is large, investors still need to be alert to the liquidity pressure brought by this.

Source: editor in charge of Shanghai Securities News: Liu songju nbj9949