Public fund 'rebound pioneer' positions exposed
2024-10-25
Recently, the third quarter reports of public funds for 2024 have been gradually disclosed. Against the backdrop of the recent strengthening of the A-share market, active equity funds that have timely followed up and achieved excess returns (including common stock funds, equity mixed funds, balanced mixed funds, and flexible allocation funds) have once again returned to the public eye. From the holdings of these "rebound pioneers", it can be seen that the Beijing Stock Exchange and individual stocks on the Science and Technology Innovation Board have become the main contributors to performance. Some top performing fund managers stated in their third quarter reports that investors' previous expectations were too pessimistic, and market confidence has recently been restored. With the implementation of various policies, the future stock market situation is worth looking forward to. Over 70% of active equity funds have achieved positive returns. Since September 24th, the Shanghai Composite Index has risen nearly 20% cumulatively. Since the beginning of this year, over 70% of active equity funds have achieved positive returns. In this round of market trend, multiple active equity funds have rebounded strongly in performance. According to Wind data, from September 24th to October 23rd, the return rate of Tongtai Kaitai A was as high as 85.76%, ranking first among active equity funds; The two-year fixed funds under the themes of E Fund, Jingshun Great Wall Fund, Huitianfu Fund, Huaxia Fund, CITIC Securities Fund, and Jiashi Fund under the Beijing Stock Exchange have all seen a significant increase in returns. On October 24th, Tongtai Kaitai A disclosed its third quarter report for 2024. Fund manager Wang Xiu introduced in the third quarter report that the fund's holdings are concentrated in advanced manufacturing, information transmission, software, information technology services, consumption and other directions, especially in high-quality companies that are "specialized, refined, unique and new" on the Beijing Stock Exchange, with an overall position maintained at 90%. As of the end of the third quarter, all of the top ten heavily held stocks in Tongtai Kaitai A were individual stocks of the Beijing Stock Exchange, among which Liancheng CNC, Shuguang Shuchuang, Haitai New Energy and others emerged as "doubling stocks" in this round of market trend. Since the beginning of this year, the fund has shifted its investment direction to the Beijing Stock Exchange market, and its first quarter report shows that all of its top ten heavily held stocks have switched to the targets of the Beijing Stock Exchange. Previously, the Beijing Stock Exchange market continued to decline unilaterally, and the yield of Tongtai Kaitai A has just turned positive from negative this year. Lu Jianwei, the manager of Taikang Fund Equity Research Department and the head of Taikang Fund Equity Research Department, pointed out in the third quarter report that as a concentration of small and micro enterprises, the stocks of Taikang North Exchange are facing dual pressures of valuation and performance. In the last week of September, the stock market of the Beijing Stock Exchange rose rapidly, mainly based on the inflow of incremental funds. The performance of technology themed funds is impressive. Apart from the Beijing Stock Exchange, the technology sector led by semiconductors has shown the most impressive performance in this round of market. Driven by relevant sectors, multiple technology themed funds have once again strengthened their performance following the artificial intelligence market at the beginning of the year. From September 24th to October 23rd, the return rates of Debang Xinxing Value A, Wanjia Independent Innovation A, and Galaxy Innovation Growth A all reached around 60%. Regarding the operational strategy for the third quarter, Zheng Weishan, the manager of Galaxy Innovation Growth A Fund, stated in the third quarter report that the focus of investment in the third quarter will still be on the technology sector with innovative attributes, with a main investment direction in the hard technology sector and a focus on the semiconductor industry chain. Huang Xingliang, manager of Wanjia Independent Innovation Fund A, revealed in the third quarter report that he mainly reduced his holdings in the robotics sector and increased his holdings in individual stocks of chip and software companies that further highlight their cost-effectiveness. The fund's holdings mainly include the semiconductor and software industries. Specifically, as of the end of the third quarter, Cambrian was among the top ten holdings of Debon Xinxing Value A, Wanjia Independent Innovation A, and Galaxy Innovation Growth A. SMIC was also among the top ten holdings of Wanjia Independent Innovation A and Galaxy Innovation Growth A. Since September 24th, SMIC and Cambrian have surged by 117.73% and 99.99% respectively, with their stock prices hitting a new historical high at one point. In addition, the stock prices of Robotech, Taichengguang, and Yuanjie Technology, which were heavily invested by Debon Xinxing Value A at the end of the third quarter, also doubled during this period. In addition, theme funds such as Da Mo Digital Economy A and Dongcai Digital Economy Optimal Selection A also closely follow the technology market. As of October 23rd, these two funds have achieved a return rate of over 70% this year, ranking among the top active equity funds. According to the disclosed third quarter report, in the third quarter, Da Mo Digital Economy A significantly increased its holdings in Zhongji Xuchuang, Xinyisheng, Shanghai Electric Power Co., Ltd., Tianfu Communication, Haiguang Information, Shennan Circuit, and Industrial Fulian, and newly acquired GoerTek, Runze Technology, and Envision. As the "rebound pioneer" in this round of market trends, the fund managers of the aforementioned active equity funds shared their views on the market and industry in the third quarter report. Huang Xingliang stated that a series of incremental policies, including monetary policy, real estate policy, capital market policy, etc., have been intensively introduced in China, which has quickly ignited investors' enthusiasm and led to a rapid rebound in the market. Huang Xingliang believes that if various policies to boost market confidence are implemented one after another in the future, the rise of A-shares will be more sustainable. Some fund managers are optimistic about investment opportunities in the semiconductor industry. At present, the global semiconductor industry is in an upward phase, with various technological innovations emerging constantly, "said Zheng Weishan, expressing full confidence in the development of the industry. (New Society)
Edit：Yao jue Responsible editor：Xie Tunan
Source：China Securities Journal
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