原始标题：赎回引发一波基金抛售浪潮？ 南下的首都撤退了，三只明星股票被卖掉了！ 基金老板：港股不好玩！ 牛市还在吗？
概括
[Redemptiontriggeredawaveoffundselling?Southboundcapitalwithdrewandthreestarstocksweresold!】Thefundisonhotsearchagainthistimeithidesthenewactionofthefundmanager!MainlandfundmanagersmaysignificantlyreducetheirholdingsofstockassetsincludingHongKongstocksDatashowsthatSouthboundCapitalsoldanetHongKongstockof13181billionHongKongdollarsonMarch8thesecondhighestnetsalesamountinhistory(BrokerChina)
fundIt’s a hot search again, this time it hides the new action of the fund manager!
Mainland fund managers may significantly reduce their holdings of stock assets, including Hong Kong stocks. Data shows that Southbound Capital sold a net Hong Kong stock of 13.181 billion Hong Kong dollars on March 8, the second highest net sales amount in history.
It is worth mentioning that when the southbound funds were withdrawn, the top three stocks with net sales amount wereTencent Holdings、Meituan-W、Hong Kong Stock Exchange, Which happens to be the three core stocks of a certain star fund manager in the Mainland. As of the end of last year, the position data shows that this star fund manager alone holds more than 22 billion yuan in these three major stocks.
Related to the market, Dong Chengfei, deputy general manager of Xingquan Fund and manager of Xingquan Trend Investment Fund, stated in a recent internal communication summary that many researchers’ views on the market are completely based onborrowAccording to my own imagination, I am rather pessimistic about the market in 2021, and I am already doing some preventive actions.PositionIt is still in the process of falling below 80%. At the same time, we are more cautious about the core assets of Hong Kong stocks. The yield of Hong Kong stocks may not be better than that of A-shares. Hong Kong stocks are rising crazy, and falling down will be incredible.
Fund managers may be forced to redeem or cause fund managers to be forced to sell
According to data, as of the closing of Hong Kong stocks on March 8, the total net outflow of southbound funds exceeded 13.1 billion Hong Kong dollars, and the net sales amount reached the second highest in history. Among them, the Shanghai stock marketHong Kong Stock ConnectThe net outflow was HK$6.406 billion, and the Shenzhen-Hong Kong Stock Connect net outflow was HK$6.775 billion.
Guo Heng, a global investment strategy planner at Maxim Digital, said that if macro factors are not considered,Public offeringThe reduction of new funds in the fund or even a wave of redemptions, and the superimposed shareholding style conversion, are likely to be important reasons for the market collapse.The market has gone viral in the previous monthscurrencyPolicy changes, and as the global epidemic situation peaks and falls, relief measures will gradually withdraw. The market remains strong for a period of time. It can be seen that a large number of new foundations have entered the market, which has led to the accumulation of funds.PerformanceWith the decline, the fund stacking effect has weakened, and subsequent development is likely to continue this trend. From a technical point of view, A shares have never been bullish for three consecutive years in the past 20 years. 2021 is exactly the third year.
Haitong SecuritiesHolding a similar view, the agency issued a document on March 8 stating that at present, weights and indexes have been significantly oversold, but core assets continue to plummet, leading toFund net worthThe sharp retracement caused short-term redemptions by some citizens, and fund managers were forced to lighten their positions in response to redemptions, which led to further declines in heavyweight stocks, thus forming a negative cycle.
According to statistics, at the time of the large outflow of southbound funds, among them,China Mobile、Smol International、SMICNet purchases ranked among the top three, with net purchases of HK$229 million, HK$07 million, and HK$04 million.The first three stocks net sold areTencent Holdings、Meituan-W、Hong Kong Stock Exchange, Were net sold 2.985 billion Hong Kong dollars, 2.563 billion Hong Kong dollars, 1.559 billion Hong Kong dollars.
Three major portsStock baseGold core assets are not fragrant anymore?
According to the information disclosed at the end of the previous quarter, the above three stocks with the largest net sales amount happened to be the core stocks of a fund managed by a star fund manager in South China. They are distributed according to the top ten stocks of this fund close to 70 billion. Look,Tencent Holdings、Meituan-W、Hong Kong Stock ExchangeThey are the fourth, second, and sixth largest stocks of the star fund. In terms of specific positions, the star fund manager holds about 6.5 billion yuan in Meituan, about 6.4 billion yuan in Tencent Holdings, and about 6.36 billion yuan in the Hong Kong Stock Exchange.
The celebrity fund manager manages another fund with a scale of up to 10 billionRaised fundsproductIn China, Tencent Holdings, Meituan-W, and the Hong Kong Stock Exchange are also listed in the top ten major stocks, holding amounts of 1.02 billion, 1.03 billion, and 1.04 billion, respectively. The fund holds about 31 of these three major stocks in total. Billion.In addition, it manages the third smaller scaleQDIIThe fund also holds a total of about 300 million yuan in Tencent, Meituan, and the Hong Kong Stock Exchange.
In summary, Tencent Holdings, Meituan-W, and Hong Kong Stock Exchange held by this star fund manager alone amounted to 22.6 billion yuan.
Therefore, when the net sales data of Southbound funds from Hong Kong stocks hit the second highest in history, and the top three stocks in net sales amount happened to be “Tencent”, “Meituan”, and “Hong Kong Stock Exchange”, it was exactly this. There are three stocks in the top ten stocks of star fund managers, and market participants speculate that there may be fund managers’ reduction operations.
However, the target of such Hong Kong stocks is also the group stocks of mainland funds, and it is not small that other fund managers will reduce their holdings of relevant Hong Kong stocks.Because the mainland issued in recent yearsPublic fund productsMost of them include positions in Hong Kong stocks, and these Hong Kong stocks are usually core targets held by other star fund managers in the Mainland. For example, among the large fund products managed by a star fund manager in Shenzhen, Meituan and Tencent are the top ten core stocks of the fund. As of the end of 2020, the star fund manager holds about 1.2 billion of these two stocks in total. yuan.
Fund leaders bluntly said that Hong Kong stocks are not very profitable
It is worth noting that when the three core assets of Hong Kong stocks held by fund managers were sold off, a minutes of internal exchanges with Dong Chengfei, deputy general manager and research director of China Industrial Securities Global Fund, and star fund manager, circulated.
In this internal communication minutes, Dong Chengfei, the star fund manager who manages the Xingquan Trend Investment Fund, clearly pointed out that he is relatively pessimistic about the whole year of 2021, and he is more cautious about the core assets of Hong Kong stocks, and is already doing some preventive actions, such as Reduce equity positions, adjust position structure, reduce holdings of high-level assets, etc.He said that this round of market is very similar to 2007, and the macro environment is very good, but it will not be able to push it until October 2020 because the entire asset andGDPIs not a match.
“Although I have basically entered defensive play and closed myself up, the seller and the internal researchers are not listening.” He emphasized in internal communication that many people have entered an extremely closed state, relying solely on their own ideas and It is said that the equity position of Xingquan Trend Fund has been reduced to less than 80%, and the position is still in the process of declining.
Related to this, Dong Chengfei’s Xingquan Trend Investment Fund’s net return in the most recent month was close to 3%, while many star fund managers generallyLossMore than 10%. This fits the idea of lightening up what Dong Chengfei said.
Dong Chengfei also pointed out in the exchange that the yield of Hong Kong stocks may not necessarily be better than that of A shares. Many people in Hong Kong stocks are more optimistic, but the results may not be good. The logic of those who are optimistic about Hong Kong stocks is that A-shares liquidity spillovers, but if the A-share market has two shortcomings, Hong Kong stocks as an offshore market may not have good results.Hong Kong stocks are historically highinteractiveYes, it has risen wildly, and it has fallen unthinkable. If a crisis comes, Hong Kong stocks can fall by 99%. Therefore, pricing power does not necessarily mean that it manifests itself in the form of an increase.
The above-mentioned cautious attitude towards stock investment and even the Hong Kong stock market this year highlights the large differences among current fund managers.
Great Wall FundHe Yiguang, assistant to the general manager and general manager of the research departmentBrokerageA Chinese reporter said that from an investment perspective, short-term shocks have no impact on the long-term fundamentals of Hong Kong stocks, but instead provide a good buying point.Hong Kong stocks have many high-quality products that can cross the bulls and bearsthe company, This is the most fundamental factor in attracting funds.Personally, I am optimistic about Hong Kong stocks for a long timethe Internetthe company. The Internet industry has several characteristics:
First, it has technological attributes and high research and development costs.
The second is that Internet companies have consumer attributes, and products are essentially to C end, which every consumer will use.
Third, there are still more funds flowing into Hong Kong stocks. At present, many new funds can allocate Hong Kong stocks with no more than 50% of the stock positions. For A-share fund managers, it is equivalent to creating a new market. Therefore, the current allocation of funds for Hong Kong stocks through the new fund is only the beginning, and there is still much room for the future.
Guosheng Securities’ strategy team once shouted in a high-profile “Hong Kong stock market will usher in a clear bull market in 2021.”Guosheng SecuritiesResearch reportIt is pointed out that in 2020, under the influence of the impact of the new crown epidemic and the decline of global risk appetite, although the Hong Kong stock market has structural bright spots represented by the Hang Seng Technology Index, the overall performance is still at a low level in major global markets. However, in 2021, with the resonant recovery of the global economy, increased risk appetite, and the co-inflow of overseas capital and other factors, the Hong Kong stock market will usher in a “clearly” bull market.
(Source: Brokerage China)
(Editor in charge: DF512)
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