The Disintegration Of Institutions: A-Share Style Adjustment In Progress

The market continuously adjusted, and some "Baotuan stocks" preferred by institutions fell successively.

According to the data, Haitian flavor industry (603288. SH), known as "Maotai soy sauce", has fallen sharply for three consecutive trading days since September 3, with a cumulative decline of more than 18%; Ningde era (300750. SZ), the leader of gem, also fell by 8.74% on September 7.

Behind the correction of individual stocks, the investment logic of funds is also facing a test.

"On the one hand, the launch of this round of market is due to the relatively loose currency and good market liquidity. On the other hand, it is because of the good growth of the industry, the high certainty of cash flow of enterprises and the strong support of national policies, so we will hold stocks together." A securities company is a public fund investment director told the 21st century economic report reporter.

However, the source also pointed out that "since May, the liquidity has not been as expected. In addition, after a round of big rises, the valuations of plates and individual stocks have not been low. Therefore, people's buying operations have tended to be cautious and capital inflow has slowed down."

Adjustment of "group stocks"

After September, the a stock index fell sharply in September. According to the closing data, the Shanghai Composite Index closed up 0.72% and returned to 3300 points, the Shenzhen composite index closed up 0.07% and the gem rose 0.36%.

On September 8, the net inflow of funds from northward direction ended 6.351 billion yuan, including 2.363 billion yuan from Shanghai Stock connect and 3.987 billion yuan from Shenzhen Stock connect.

Although the overall net inflow of northward funds, Ningde times and Haitian flavor industry, which suffered a sharp drop in the past few days, showed net sales, with net sales of 340 million yuan and 240 million yuan respectively, ranking the top two.

In fact, Haitian's share price has been rising since late March and doubled to its peak in early September. As stock prices have been rising, market funds have also given more imagination.

From the fund's position in the second quarter, wind data shows that in the second quarter, a total of 94 funds held heavy positions in Haitian flavor industry, with a total of 31107700 shares, accounting for 0.96% of the circulating shares. The funds holding the largest number of shares in Haitian flavor industry are Yinhua fufu theme, Hongde Fengrun's three-year holding and Hongde foresight return.

However, in comparison, the positions of several funds in the second quarter for Haitian flavor industry were not the same. Yinhua Fuyu theme increased the holdings of Haitian flavor industry, while Hongde's two funds showed a reduction.

In the first quarter, it was pointed out that the high value of the fund was mainly concentrated in the second quarter.

"With the economic transformation, the concentration of industry leaders is more prominent, and it is normal for leading companies to increase the concentration of shareholding." A public fund manager in South China was interviewed.

"But if there is a group, it will collapse. In fact, we have been changing since the third quarter. Our previous view also said that the stocks that rose in the second half of the year must be different from those in the second half of the year, and there will be a switch in the market. " According to the person.

It is not only the leading consumer stocks, in the case of Ningde era, a news triggered the share price of this new energy car giant to plummet. According to the data of the second quarter, a total of 598 funds held heavy positions in Ningde times, with a total of 143 million shares, accounting for 11.63% of the circulating shares. Compared with the first quarter, the number of additional shares held by institutions exceeded 30 million.

Position adjustment

The big adjustment of "group stocks" also changes the allocation of holding institutions.

"The position does not rule out that it will be adjusted, but if there is no better target, it will only reduce the position." The investment director of the above-mentioned mutual fund told the reporter of the 21st century economic report.

"In fact, there will be changes in the overall stock market style, because there will be changes in the stock market. Of course, some stocks that are popular now are still relatively optimistic in the long-term logic, but in the short term, there may not be much advantage in one or two quarters. " A mutual fund manager in Beijing said in an interview.

In its view, "in fact, institutional configuration has been adjusting. For example, in the first half of the year, it is concentrated in medicine, semiconductors, etc., and in the second half of the year, it may focus on the direction of the cycle. This process has not ended in the short term, but is strengthening. For short-term changes in the market, changes in individual stock profits, and so on, there will be trading behavior. "

However, some fund managers said in an interview that whether to adjust the position depends on the situation.

"The current adjustment may be that the valuation is relatively high. Some fund managers think that the medical, technological and consumption are too expensive. However, from the perspective of the industry, it is not certain whether it will change. Some may not hold it if they think it is expensive, but some believe in long-term value. " A mutual fund manager in South China said.

As a matter of fact, 21st century economic reporter has noticed that some organizations have begun to recommend adjusting the style from extreme consumption and technology to a more balanced direction, including low value sectors such as cycle.

"The core reason is that the overall valuation of consumption and technology is high, and the expected return on investment in the future is compressed. In addition, there will be good investment opportunities in Pro cyclical industries in the context of economic recovery. The four sectors with good performance in the supply and demand sectors are often worthy of attention Guangfa macro strategy Department said.

Wei Fengchun, chief macro strategy analyst of Boshi fund, also said, "in terms of a shares, external disturbance is intensified, macro liquidity is neutral and tight, the pace of domestic economic recovery remains unchanged, and the superimposed valuation is still at a high position, maintaining the judgment of shock. Structurally, it still maintains the attention of cyclical and undervalued sectors. "

"In recent years, the market volatility has increased, and investor sentiment is not high, mainly worried about two points. One is liquidity expectations, and the other is Sino US relations. " According to the macro strategy Department of GDF, "due to the impact of the central bank's open market operation, economic data and bond market supply and demand, the recent tightening of inter-bank liquidity has also led to a certain suppression of equity market investors' expectation of future liquidity; in terms of Sino US relations, it is expected that Sino US relations will still disturb market sentiment before the US election."