On April 23, the public funds ’first quarter report for 2020 has been basically disclosed. From the perspective of the allocation of active partial stock funds, the overall position has declined, large financial institutions have been reduced, and consumption and technology have become additional allocations. required.

Overall, active partial stock public funds in the first quarter of 2020 (common stock type + partial stock hybrid type + flexible allocation type) although the position has fallen, but It is still at a high level since 2015.

Among them, according to CITIC Securities statistics, in the first quarter, the position of ordinary stock funds was 88.4%, a decrease of 1.6% from the previous month, and the highest position since 2015 was 90.0%; mixed Partial stock fund positions were 84.2%, down 3.4% month-on-month, and the highest position since 2015 was 89.3%; flexible allocation fund positions were 61.0%, down 1.1% month-on-month, and the highest position since 2015 was 62.1%.


Figure 1: Changes in positions of active partial stock funds

According to the market, in the first quarter, the active partial stock fund reduced the allocation of the main board and increased the allocation of small and medium-sized sectors.

Among them, the trend of reducing the allocation of motherboards continues, the allocation ratio in the first quarter is 66.3%, which is 2.77% lower than the allocation ratio in the fourth quarter of 2019; From reduction to increase, the allocation ratio in the first quarter was 19.8%, an increase of 1.37% compared with the fourth quarter of 2019; for the ChiNext, the allocation ratio continued to be 12.5%, an increase of 1.40% from the fourth quarter of 2019.


Figure 2: Active partial stock funds ’increase and decrease in holdings by market in the first quarter

From the perspective of the first quarter, the active market share of active partial fund funds increased mainly in medicine, computers, agriculture, forestry, animal husbandry, fisheries, trade and retail, etc., while the decline in industries was mainly in banking, insurance, home appliances and electronics.

Specifically, according to CITIC Securities statistics, medicine and agriculture, forestry, animal husbandry and fishery in the consumer sector have been increased.

In the first quarter, the market value of the position in the consumer industry increased by 3.22%. 4.17%, 1.09%, 0.92%, 0.21%, 0.19%, 0.04%, the proportion of home appliances and social services decreased by 0.93%, 2.47%.

From the perspective of subdivided industries, the proportion of liquor and white appliances decreased by 1.02% and 2.28% respectively, and the proportion of scenic spots and travel agencies that were greatly affected by the epidemic fell by 0.79 %.

In addition, the market share of the active partial fund ’s position in the cyclical sector in the first quarter was basically the same as the fourth quarter of 2019. In the first quarter, the active partial stock fund increased the allocation of building materials and construction. Among them, the market value of construction materials, construction, and machinery sectors increased by 0.68%, 0.27%, and 0.21% respectively; the market value of positions in transportation and basic chemical industries decreased by 0.32% and 0.46, respectively %. In the sub-sectors, the proportion of cement and precious metal positions increased by 0.42% and 0.34% respectively, and the proportion of aviation airports that were heavily affected by the epidemic fell by 0.77%.

It is worth noting that the active partial stock fund increased the allocation ratio of the growth sector in the first quarter and added more computers and media. Specifically, the share of growth industries represented by active partial stock funds holding TMT + Electronics increased by 1.96% from the previous period, and the allocation ratio of computer, media and communication sectors increased by 1.80%, 0.60% and 0.51% respectively from the previous period, but the electronic sector The configuration ratio decreased by 0.95%.


Figure 3: Active partial stock fund ’s shareholding increase in the first quarter and its shareholding ratio (by market value)

In the large financial sector, which was greatly reduced by active partial stock funds, banks and insurance were mainly sold off.

According to CITIC Securities statistics, the market value of positions held by active partial stock funds in banks, securities, insurance, and real estate in the first quarter fell 2.15%, 0.62%, 1.91%, and 0.55% respectively. Overall, positions in large financial sectors The share decreased by 5.22% in the fourth quarter of 2019.


Figure 4: Active partial stock funds’ shareholding reduction in the first quarter and their shareholding reduction ratio (by market value)

In terms of individual stocks, the concentration of heavy-weight stocks held by active partial-share funds declined significantly in the first quarter, with the top 10 heavy-weight stock market value accounting for 24.9%, compared with the fourth quarter of 2019 Decreased by 3.9%; the top 20 heavy positions in the stock market accounted for 36.0%, down 4.5% from the fourth quarter of 2019.

Wind statistics show that the fund ’s top ten heavyweight stocks have also undergone major changes. Guizhou Maotai (600519) is still firmly in the first place; Wuliangye (000858) , Licent Precision (002475), Vanke A (000002), Poly Real Estate (600048) ranked slightly higher in the top ten positions; Hengrui Pharmaceutical (600276), Changchun High-tech (000661), Mindray Medical (300760), Sany Heavy Industries (600031) newly entered the top ten heavy stocks.

China Ping An (601318) ranked from the second place at the end of the fourth quarter of 2019 to the ninth place at the end of the first quarter. Gree Electric (000651), China Merchants Bank (600036), Midea Group (000333), Luzhou Laojiao (000568) are among the top ten fundsHeavy positions.


Figure 5: Accumulated statistics of active partial stock funds’ heavy holdings in the first quarter (top 20 in cumulative stock market value) >

According to the statistics of Zhongtai Securities, the most stocks with active partial stocks in the first quarter were Mindray Medical, ZTE Corporation (000063), Hengrui Pharmaceutical, Beijing and Shanghai High-speed rail (601816), UFIDA network (600588), Haida Group (002311), Kangtai Biology (300601), Inspur Information (000977), Jinshan Office (688111), Changchun High-tech and Zhongke Dawn (603019), partial stock funds The increase in the market value of open positions is more than 3 billion yuan.

The stocks with the largest decrease in market value and position ratio are Ping An, Gree Electric, China Merchants Bank, Vanke A, Midea Group, Industrial Bank (601166), Luzhou Laojiao, Huayou Cobalt (603799), Hikvision (002415), Bank of Ningbo (002142), China Pacific Insurance (601601) and Shanghai Airport (600009), the market value of open positions decreased by more than 3 billion yuan.