In the first quarter, funds dumped small and medium-cap stocks and mechanical stocks were favored

The number of fund holdings fell sharply from the previous month. As of April 25, 993 A-share companies disclosed a quarterly report, of which 460 were small and medium-sized and GEM companies. For data comparability, excluding the stocks listed in 2011, the total number of fund holdings of the remaining 406 companies is 2.781 billion shares. With reference to the closing price on March 31, the total stock market value of the fund holdings is 84.787 billion. According to the annual report data, the number of fund holdings of comparable companies is 4.881 billion shares. Based on the closing price at the end of last year, the total value of the fund holdings is 172.965 billion yuan. By comparison, in the first quarter of this year, the number and market value of stocks held by funds on the small and medium-sized board and the ChiNext board have shrunk significantly. Among them, the number of shares held fell by 43.03% month-on-month, and the value of the stock market fell by 50.98%. Although the decline in the value of the stock market is due to the correction of the stock price in the secondary market, the sharp drop in the number of shares actually shows that the fund has reduced its holdings of small and medium-cap stocks in the first quarter. In addition, the number of small and medium-cap stocks held by the fund also dropped from 342 at the end of last year to 286 at the end of the first quarter. The high valuation level is an important reason for the fund's reduction of small and medium-cap stocks. Based on the stock price on March 31, the weighted average P/E ratios of the ChiNext and SME boards were 56.73 times and 43.34 times, respectively, while the average P/E ratio of the Shenzhen Main Board was 29.74 times, and the valuation of the CSI 300 constituent stocks was only 14.75 times. . From the perspective of operational strategies, most of the funds with outstanding net worth last year allocated a large proportion of small and medium-cap stocks. However, at this moment and moment, in the face of the continuous tightening of monetary policies, the attitude of the fund has gradually become more cautious this year. The need to avoid market risks has prompted the fund to reduce its positions in small and medium-cap stocks. Take the soft holdings with a large number of fund holdings as an example at the end of last year. At that time, 6 funds were among the top ten shareholders of tradable shares. GF u200bu200bStrategic Choice Fund and GF Large Cap Growth Fund held 23,034,600 shares and 15 million shares, respectively. At the end of the first quarter, only 5 funds remained among the top ten shareholders of tradable shares. The holdings of the GF Strategic Optimal Fund fell to 18.5871 million shares, and the GF Large Cap Growth Fund withdrew from the top ten. Although machinery stocks are favored as a whole to lighten their positions, some stocks have unexpectedly gained the fund's holdings. Statistics show that among the stocks on the SME board and the ChiNext, the fund holdings of 39 stocks have increased by more than 1 million shares from the previous month. Judging from the characteristics of these Masukura stocks, the machinery industry has become the most popular sector of the fund. A total of 11 stocks have been overweighted, accounting for 28% of the total number of Masukura stocks. During the value return process in the first quarter of this year, many small and medium-cap stocks with a 'high-growth' and 'high-tech' aura gradually stepped off the altar, and some stocks in traditional industries were sought after by institutions. This year is the first year of the 'Twelfth Five-Year Plan'. From the perspective of the international environment, the appreciation of the renminbi and rising product prices have restricted the growth of export levels. Rising domestic labor costs and raw material prices have also put enterprises under tremendous pressure. Overall, the machinery industry is a relatively definite sector for industrial expansion and market demand. With the expansion of investment in projects under construction, the performance of listed machinery companies is expected to achieve sustained growth. Risen Energy is a stock that has increased the fund's holdings. At the end of last year, the fund held only 4,714,700 shares, but at the end of the first quarter, the fund's shareholding rose to 10.4541 million shares. The five fund collectives under Harvest Fund reached the top ten. The ranks of major shareholders of tradable shares. Fund attitude affects the trend of small and medium-cap stocks As the most important institutional investor in the stock market, funds are often the vane of the market, and small and medium-cap stocks are no exception. Statistics show that 39 fund holdings of stocks have increased by an average of 4.52% this year, clearly outperforming the SME and GEM index in the same period, while 201 stocks with fund holdings of more than 1 million shares have fallen by an average of 10.59% this year. . There are many 'bull stocks' in the fund's stock holdings. Anadar, which was listed as early as 2007, had few institutional interest. At the end of last year, there was no institutional investor among the top ten shareholders of tradable shares. However, there was a change at the end of the first quarter. Four funds quietly appeared. It soared 65.57%. The situation of Qixiang Tengda is similar. At the end of last year, there were only 2 private equity and 1 fund among the top ten shareholders of tradable shares. At the end of the first quarter, it became a paradise for institutional investors, with 4 brokerage wealth management products, 3 funds and 1 brokerage firm. Among them. Qixiang Tengda's share price performance in the first quarter was also good, with a cumulative increase of 61.13% since the beginning of this year. Of course, where there is weakness, there is strength. Among fund lightening stocks, as many as 59 stocks have fallen by more than 20% this year, and Rankong Technology’s decline during the period has reached an astonishing 37.48%.