Stock fund returns to high position! Capital flows into financial and cyclical sectors

category:Finance
 Stock fund returns to high position! Capital flows into financial and cyclical sectors


Since the beginning of this month, a shares have been surging upward. As of last Friday, the Shanghai Composite Index has risen more than 5.7%, and the market at the end of the year still seems to be worth looking forward to. Everbright metalworking data show that the composite index of market sentiment continued to rise last week, which is neutral and optimistic, and institutional funds also showed a more positive mood.

According to the calculation of Everbright metalworking, the average positions of stock funds and partial mixed funds increased by 1.82% and 1.40% respectively last week. Among them, the average position of stock funds has even reached more than 90%, returning to the high level, which is the third consecutive week of average position increase of such products.

Golden Eagle Fund believes that the stock market will remain in a relatively friendly environment for some time to come, that is, the economy will stabilize, corporate profits will gradually improve, at the same time, policies will be stable, and entity financing will remain relatively abundant. They will maintain their positive views on the stock market in the past six months.

Capital inflows into two areas

So, what did partial stock fund buy?

From the calculation data, the recent financial sector such as banks, as well as steel and other downstream cyclical plates are the most favored by partial equity funds, and the allocation proportion of cycle plate has been continuously increased for four weeks.

Stock funds last week plate allocation proportion changes

Partial stock mixed funds last week plate allocation proportion changes

Choice data show that as of last Friday, November, Shen Wan nonferrous metals, mining, iron and steel, bank index rose more than 10%, out of a wave of Pro cyclical market, so that many early adjustment of stock trading fund tasted sweet.

It is not only the change in the allocation proportion of public funds, but also the preference of northward funds to the pro cyclical plate. According to the stock holding records of Shanghai Shenzhen Hongkong stock connect Central Clearing Co., Ltd., banks and traditional cycle stocks were intensively injected last week (November 23 to November 27). Luoyang molybdenum industry, Agricultural Bank of China, industrial and Commercial Bank of China, and Angang iron and Steel Co., Ltd. were favored by northbound funds. Among Hong Kong stocks, China Construction Bank, industrial and commercial bank and Agricultural Bank of China were also highly concerned.

CITIC Securities even expects that the end of the year institutional positions will promote the pro cyclical plate market to continue to the first quarter of next year. In the pro cyclical industry sector, we continue to focus on basic metals, energy metals and chemical industry, while the undervalued board suggests that banks should focus on the co catalysis of economy, policy and profit. Golden Eagle Fund also believes that in the next stage, it is suggested to pay attention to whether there is a substantial change in policy attitude. Before the change, it can continue to be more positive. Considering the limited downside space of risk-free interest rate, they tend to avoid the group of obviously overvalued stocks as far as possible in stock selection, and maintain a positive outlook on undervalued industries such as insurance and banking at the end of the year. In the vacuum period of short-term financial report, Golden Eagle Fund proposes to avoid the target with higher valuation, and the risk of adjustment of such varieties is still relatively large; at the same time, benefiting from the recovery of global epidemic situation, the areas with relatively obvious profit improvement in the next two quarters with strong Pro cyclical logic are still the main areas to obtain excess income. Source of this article: Yang Bin, editor in charge of Shanghai Securities News_ NF4368

CITIC Securities even expects that the end of the year institutional positions will promote the pro cyclical plate market to continue to the first quarter of next year. In the pro cyclical industry sector, we continue to focus on basic metals, energy metals and chemical industry, while the undervalued board suggests that banks should focus on the co catalysis of economy, policy and profit.

Golden Eagle Fund also believes that in the next stage, it is suggested to pay attention to whether there is a substantial change in policy attitude. Before the change, it can continue to be more positive. Considering the limited downside space of risk-free interest rate, they tend to avoid the group of obviously overvalued stocks as far as possible in stock selection, and maintain a positive outlook on undervalued industries such as insurance and banking at the end of the year.

In the vacuum period of short-term financial report, Golden Eagle Fund proposes to avoid the target with higher valuation, and the risk of adjustment of such varieties is still relatively large; at the same time, benefiting from the recovery of global epidemic situation, the areas with relatively obvious profit improvement in the next two quarters with strong Pro cyclical logic are still the main areas to obtain excess income.