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【600170资金流向】随公募基金掘金结构牛市(2015-07-25)

600170资金流向

600170资金流向——今日黄金价格多少钱一克

  编者按:今年二季度,股市整体向好,股票型基金也实现了盈利。但由于一季度末公募基金的收益与一季度末相比出现了极端下降的情况。本周基金二季报发布后,公募基金仓位调整和换股的变化以及未来的投资趋势或将为投资者的决策提供有益的参考。在经历了大涨大跌之后,绝大多数基金经理认为,a股牛市格局没有改变,中长期走势依然乐观。下半年,个股将出现分化,但投资机会仍层出不穷。
市场

果断减仓换仓,基金业绩抢眼
本报记者郝宁

600170资金流向——男款项链

  面对A股市场的突然调整,基金经理的适应性得到了很好的验证。在贡献90%利润的偏股型基金中,股票型基金因被动的高仓位而在股市中受到伤害。不过,混合型基金的仓位是灵活的。通过及时减仓,基金经理受到的伤害远小于股票型基金。此外,部分基金仓位全部清仓,利润锁定良好。

  部分股权基金贡献90%的利润
  二季度,公募基金利润总体良好,总收入3644亿元。However, compared with the first quarter of this year, the profit of public funds was still 130.2 billion yuan, a decrease of 26%.Partial stock funds contributed nearly 90% of the profits, of which the profit of stock funds was 208.3 billion yuan, accounting for 57.1% of the total fund profit in the second quarter; hybrid funds followed closely, making 112.2 billion yuan, accounting for 30.79% of the fund profit.The total profit of the fund was 32095.5 billion yuan, accounting for 32.0595% of the total profit.

600170资金流向——卢布兑人民币汇率

  In the extreme market since June 15, a large area of individual stocks fell continuously, and the performance of related funds generally experienced a certain extent of withdrawal.Among them, due to maintaining high positions, the profit of equity funds decreased most significantly, from 313.5 billion yuan in the first quarter to 208.3 billion yuan in the second quarter, a decrease of 33.55%.The hybrid fund was also affected by the market, but due to its flexible position, the damage was slightly better, and the income decreased from 141.2 billion yuan in the first quarter to 112.2 billion yuan in the second quarter, a decrease of 20.53%.
  Although the fund in the second quarter of the overall reduction, but partial stock fund’s high position than usual to appear extreme.In principle, the maximum proportion of the market value of the stock position of a single fund in the net asset value is 100%, while the maximum proportion of the normal agreed stock position of the stock fund is 95%.However, the fund’s second quarterly report shows that the stock position of several partial stock funds is more than 100%.

  As of June 30, Baoying new value’s position proportion of hybrid fund was the highest, with its stock position accounting for 114% of the fund’s net asset value, and the share position of Golden Eagle core resources accounting for more than 100% of the fund’s net asset value.Lei Xin, an analyst at Haomai fund research center, pointed out, “historically, it is rare for equity funds to hold more than 100% of their positions.The reason may be that the market plummeted at the end of June, and the funds suffered concentrated large redemption.In addition, there were a large proportion of suspended stocks in the heavy stocks, and some funds failed to sell in time, which may cause the proportion of stock positions to rise passively and exceed the limit 。”

600170资金流向——黄金价钱

  Growth enterprise market shares rise again
  With the acceleration of the rise of small cap stocks in the first half of the year, the pursuit of partial equity funds for gem and SME board has reached the extreme.In the second quarter, the total allocation proportion of funds in the Zhongchuang sector exceeded 50% for the first time.相对于中创板块总市值占a股总市值不足25%的情况,基金业整体在中创板块的配置明显偏多。重仓配置中小盘股,因其早盘上涨强化了基金的群体行为。今年4月至5月,创业板指数上涨50.9%,中小企业板指数上涨36.7%。

  在股票型基金中,创业板股票二季度占比为30.40%,创历史新高;在混合型基金中,创业板股票占比为29.35%,较一季度再次上升。该基金并没有因为市场崩盘而减仓创业板。相反,创业板个股的持仓比例再次上升。这是由于股灾中的流动性问题,导致基金手中大量的小票据卖不出去。除了接踵而至的停牌和大额赎回潮,主板股票成为基金抛售的首选,这进一步提高了创业板股票在基金重仓股中的比重。此外,基金“团购”创业板的趋势还在继续。威宁软件、万达信息、旺苏科技等个股受到青睐。在此期间,他们增加了许多基金。

  主动减仓及持仓外汇基金排名第一
  即使经历了黑暗的股市灾难,一些基金上半年的收益依然惊人。一些混合型基金在市场崩盘前果断减仓,换来二季度的靓丽业绩。

  如新华实业的轮动股仓位由一季度末的96.78%降至二季度末的0.78%,几乎被清仓;海富通的内需新股仓位一季度末为97.32%,但二季度末仅为0.79%,几乎处于空头位置。今年5月下旬以来,基金开始关注新品,主动减持股票仓位;浦银安盛在新兴产业的股票仓位由一季度末的95.48%降至二季度末的1.73%。鉴于二季度中后期市场整体估值较高,基金经理透露开始参与新股申购。
  此外,也有部分基金仓位较高但业绩依然强劲。这些基金积极改变仓位。随着股票的强劲反弹,它们的排名已经大大提高或继续保持领先。其仓位变化的风向多为医药、消费、航空等高成长性、高前景股。

 富国环保凭借其2015年上半年160.3%的领先业绩,成功持有富国环保的部分股权。从一季度对TMT行业的整体进攻,到二季度末调整到防御状态,可以说,调仓换股是“大胆的”,重仓股已经彻底改变,减仓明显。二季报显示,前十大重仓股中有9只出现异动,TMT股难觅踪影,航空股集体处于上风。除百润股份外,其一季度末前十大重仓股已被淘汰,取而代之的是海兰置业、中国南方航空、春秋航空、江苏三友、东航、国航、朗讯精密、华胜天成和峰峰科技。
  另一方面,收益不佳的基金中,半数以上是新基金,其余几只股票型基金,包括海富通等明星基金国家政策性基金。2014年,海富通国家政策性年收益率高达71.70%,位居第二。不过,在今年上半年的业绩排名中,该基金几乎垫底。同时,新接班人海富通的风格优势也明显低于同类基金的平均值,在股基业绩榜中排名垫底。这是因为其基金经理一直偏爱金融、房地产等大盘蓝筹股,并从今年起一直保持这一特征。由于风格的转变,去年与大盘蓝筹股表现良好的股票型基金上半年排名不佳。

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