With the completion of the A-share mid-year report for 2021, the positions of social security funds, insurance funds, and QFII and other institutions have also unveiled their positions.

  In general, the trend of institutionalization of A shares in the first half of the year was more obvious. The number of securities held by institutions was 4,382, an increase of 268 from 4,114 in the first quarter; the total market value of shares held was 41.34 trillion yuan, compared with 36.83 in the first quarter. Trillion yuan increased by 12.25%.

In addition, the overall proportion of institutional positions in A shares in circulation is also on the rise.

  The Beijing News Shell Finance reporter combed and noticed that banks, insurance, and liquor are still key stocks held by institutions.

According to wind statistics, among the top ten stocks by stock market value, in addition to Kweichow Moutai and Wuliangye liquor consumption stocks, they also include 5 financial stocks such as Industrial and Commercial Bank of China, Agricultural Bank of China, China Merchants Bank, China Life, and Bank of China.

CATL and CDF are among the new energy stocks and travel stocks for the first time.

  As an important indicator of the A-share market, the four major institutions of social security funds, insurance funds, QFII, and securities firms have different characteristics of holding positions.

According to their new positions, the reporter found that social security funds prefer new energy, chemicals, and pharmaceuticals; insurance capital and securities companies focus on finance; QFII focuses on advanced manufacturing and new energy.

Five industries favored

The market value of medical and biological soaring, bank stocks have shrunk by more than 200 billion

  Because the industry is in a pro-cyclical market, in the first half of the year, machinery and equipment, chemicals, pharmaceuticals and biology, electronics, and computers became the top five industries with the largest number of institutional shares.

  But from the perspective of market value, the five major industries of banking, food and beverage, medical and biological, non-banking finance and electronics are the real preferences of institutions.

In the first half of the year, institutions held 5.49 trillion yuan, 4.77 trillion yuan, 3.51 trillion yuan, 2.9 trillion yuan, and 2.81 trillion yuan in the stock market value of these industries.

  In the first half of 2021, the market value of the medical and biological and electronics industries in institutional holdings increased the most, with an increase of 795.8 billion yuan and 748.9 billion yuan respectively from the end of the period, followed by food and beverage, non-bank financial and banking industries.

  The reporter noticed that among the five major industries, only the banking industry, the market value of institutional shares in the first half of the year has shrunk by 235.4 billion yuan, which is mainly dragged down by the four major banks.

Specifically, in the first half of the year, the stock market value of Agricultural Bank of China shrank by 101.3 billion yuan, the market value of Industrial and Commercial Bank of China shrank 91.9 billion yuan, and the market value of Bank of China shrank 52.8 billion yuan.

  From the perspective of the top 20 stocks in the market value of institutional holdings, the heavyweights are dominated by traditional white horse stocks. In addition to the banking industry, institutions still prefer food consumption and advanced manufacturing industries.

  Food consumer companies include Kweichow Moutai, Wuliangye, Shanxi Fenjiu three first-line wine companies, and condiment leader Haitian Flavour Industry.

The stock market value of these four companies has generally increased. Among them, Shanxi Fenjiu's stock market value increased the most, 340.57 billion yuan, an increase of 94.7 billion yuan from the end of last year.

  As for the changes in the value of the top 20 heavy warehouse stocks, the most outstanding performance is undoubtedly the Ningde era.

As one of the leading stocks in the new energy automobile industry, in the first half of the year, the number of institutions holding shares of CATL was second only to Kweichow Moutai, reaching as high as 2025.

The market value of Ningde Times shares held by institutions is as high as 737.89 billion yuan, an increase of 473.3 billion yuan from the first half of the year, making it the company with the largest market value growth among institutional stocks.

Social Security Fund Trends

Increased holdings of 144 new stocks, Zijin Mining became the top ten largest stocks

  A reporter from Shell Finance and Economics combed through the data in the interim report and saw that the social security fund appeared in 442 listed companies' top ten tradable shareholders. Compared with the same period last year, the social security fund added 144 new shares in the first half of the year, reduced its holdings of 122 shares, and held 97 shares unchanged.

  The three major industries in which the social security fund holds the market value of the circulating stock market have increased the most, including electronics, medical biology and electrical equipment, with the market value of 22.32 billion yuan, 28.38 billion yuan and 15.29 billion yuan respectively.

In addition, the computer, building materials, automobile industries, and social security funds have a market value of more than 10 billion in circulation.

  In contrast, banking, leisure services, machinery and equipment are the three industries that have seen the largest decline in the value of the social security fund’s circulating stock market, with a decrease of 13.62 billion yuan, 2.85 billion yuan and 2.34 billion yuan respectively.

  The Shell Finance reporter saw that among the 442 companies holding positions in the Social Security Fund, Agricultural Bank of China, Industrial and Commercial Bank of China, PICC, Beijing-Shanghai High-speed Railway and Bank of Communications occupy the top five positions, but their performance is not satisfactory.

In the first half of the year, the total number of positions held by Social Security in the five companies remained unchanged, and the value of the stock market declined significantly.

Among them, the Agricultural Bank's market value has shrunk by 8.7 billion yuan, and the Industrial and Commercial Bank's market value has shrunk by 4.6 billion yuan.

  In the first half of the year, the social security fund also added 144 new stocks, mainly distributed in new energy, medicine, consumption and other fields, such as Yunnan Baiyao, Zhonghuan shares, etc., but also including cyclical stocks in the chemical and mining fields, such as Hualu Hengsheng, Zijin Mining, Sanyou Chemical, Valin Steel, etc.

  Among the 144 stocks, Zijin Mining, San'an Optoelectronics, ZTE, Goertek, and Yunnan Baiyao are the five companies with the highest stock market capitalization among the new stocks of the Social Security Fund.

  Since the beginning of this year, the Social Security Fund has newly added 178 million shares of Zijin Mining, with a total market value of 1.72 billion yuan, ranking it tenth among the top ten heavyweight stocks.

  Zijin Mining is the largest producer of copper and gold mines in China. In addition, there are lead-zinc, silver, and iron ore, and there is no lithium ore resource.

Benefiting from the surge in commodity prices, the company's net profit in the first half of this year increased substantially, and the total amount has exceeded that of the entire year of last year.

According to the financial report, Zijin Mining achieved operating income of 109.86 billion yuan in the first half of this year, a year-on-year increase of 32.14%, and net profit attributable to the parent company was 6.649 billion yuan, a year-on-year increase of 174.6%.

Awkward Finance

The banking industry accounts for the majority of holdings, stable investment in traditional white horse stocks

  Insurance capital is often known for long-term value investment, and the trend of holding positions has always been a concern.

  As of the end of the second quarter, insurance capital had settled in the top ten shareholders of tradable shares of 388 listed companies.

Among them, among the 163 stocks that are newly entered or increased, they are mainly concentrated in the chemical, electronic and mechanical equipment industries.

  On the whole, insurance capital prefers to deploy in the financial industry.

Among the top ten stocks by market capitalization, seven are in the banking industry and one is in the insurance industry.

Among the top 20 stocks, the financial industry-related stocks accounted for 14 stocks.

Among them, China Life has the highest market value of holding positions, reaching 654.9 billion yuan.

  In addition to the financial industry, the industries that insurance capital prefers to deploy include real estate leaders, public utilities, and the food and beverage industry (mainly liquor), and most of them are traditional white horse stocks in their respective fields. The overall configuration is relatively safe and the style is relatively stable.

  Among the top 20 stocks, non-financial companies include Yangtze Power, Gemdale Group, China Unicom, Wuliangye, Poly Real Estate, Kweichow Moutai, Goldwind Technology, and CSG A.

Among them, CSG A and Goldwind Technology belong to advanced manufacturing industries, and China Unicom is a leading enterprise in the communications industry.

  In the second quarter, insurance capital also increased its holdings of some chemical and electronic stocks. Among the 26 tier-1 industries, the chemical industry had the largest number of new/increased stocks, reaching 18; the electronic industry had 16 stocks, ranking second .

Zhongke Suguang and Sanyou Chemical have increased their holdings by more than 12 million shares.

  The Shell Finance reporter noted that under the stimulus of cyclical trends in chemicals, electronics, and machinery, companies with new insurance capital holdings performed better in the first half of the year.

  According to wind statistics, among the 163 new insurance companies that have increased their holdings, more than 120 have achieved year-on-year growth in net profit. Longzi shares (3343.58%), Xinxiang Chemical Fiber (2491.34%), Chengfa Environment (1353.38%), and Nordisk In the first half of the year, the net profit of 4 companies including the stock (1238.75%) all increased by more than 1,000% year-on-year.

  However, from the perspective of yield, the total yield of insurance capital holdings in the first half of the year was not high.

According to wind statistics, the total market value of the 388 tradable stocks held by insurance capital is 1.55 trillion yuan, an increase of 6.745 billion yuan from the beginning of 2020, a slight increase of 0.4%, only slightly higher than the 0.24% of the "Shanghai and Shenzhen 300" Increase.

  Long Hao, chairman of Jinding Assets, believes that from the perspective of investment style, insurance capital is basically dominated by medium and long-term holdings. In addition to the allocation of traditional white horse stocks, it also allocates defensive and safe low-valued stocks.

From the perspective of new entry and increase in holdings, the investment scope of insurance capital has gradually expanded to the machinery and equipment, chemical and electronic industries with outstanding performance and stock price performance.

Brokers prefer pro-cycle

"Collectively" bought some companies and made a lot of money on the outlet

  Wind data shows that in the second quarter, brokerages appeared in 352 listed company shareholders of tradable shares, holding a total of 4.934 billion shares, compared with the reduction of 239 million shares held in the first quarter, with a total market value of 53.841 billion yuan.

  Similar to insurance capital, brokerage firms also like to deploy insurance, banking and real estate industries.

In the first half of the year, the three market capitalizations were also the highest, at 654.9 billion yuan, 616.5 billion yuan, and 58.6 billion yuan respectively.

  In addition, the layout of securities firms in the first half of the year is mainly concentrated in industries that are in the business cycle and entering the turning point of the business.

  Wind data shows that in the first half of the year, in the second-tier industries of Shenwan, securities firms generally favor special equipment, chemicals, computer applications, general machinery and chemical pharmaceuticals.

In terms of changes in the number of securities held, general machinery, chemical pharmaceuticals, steel, clothing and home textiles, and cultural media ranked among the top five securities firms in terms of increased holdings.

The chemical products, special equipment, environmental protection engineering, and auto parts industries have suffered reductions in holdings by securities companies.

  In the first half of the year, the top three major stocks of brokerages were Bank of Jiangsu, China Securities Investment and Yongtai Energy. Among them, Bank of Jiangsu held 832 million shares far more than other stocks.

In addition, brokerages also increased their holdings in individual stocks such as Yongtai Energy, Qiangli New Materials, Energy-saving Tiehan, and China Baoan.

On the whole, the stocks favored by brokerages are more consistent with the market performance in the second quarter, that is, stocks that are in the pro-cyclical industry or are entering the turning point of the economy.

  Stepping on to buy these pro-cyclical stocks, some brokerages make a lot of money.

  As of the end of the second quarter, Huatai Securities held 25,022,600 shares and 24,956,500 shares of Hegang, Xingang, and the new eighth and seventh largest tradable shareholders of the two companies.

Thanks to the increase in steel prices and other factors, the net profit of Hegang and Xingang in the first half of the year increased by more than 100% over the same period of the previous year.

  The Shell Finance reporter noticed that some listed companies received "hand in hand" purchases from multiple brokerages in the second quarter.

As of the end of the second quarter, among the top ten tradable shareholders of Bomin Electronics, three new brokerages were added in one breath, namely CITIC Construction Investment, CITIC Securities, and China Galaxy.

These three securities companies all hold more than 6 million shares, and they are separated into the eighth, ninth and tenth largest tradable shareholders of Bomin Electronics.

QFII attack

The net profit of many heavy stocks increased sharply

  Different from the prudent label of insurance, QFII has always been regarded as "smart funds" in the domestic market, and its investment style is mainly "proactive". The same is true for its performance in the first half of this year.

Wind data shows that among the 61 domestic QFII institutions with investment, 20 have increased their A-share holdings in the first half of this year.

Specific to the industry, in the first half of the year, the second-tier industries of Shenwan with the highest QFII holdings were chemical products, permitted equipment, medical equipment, computer applications and general machinery.

Among them, the number of shares held by Chemicals in the current period is 36, ranking first in the industry.

  In the first half of the year, the top 50 companies with market capitalization of QFII holdings were mainly concentrated in the three major industries of banking, electrical equipment and medical biology, contributing 74.1 billion yuan, 54.2 billion yuan and 21.3 billion yuan respectively, accounting for 62.22% of the total market value of the top 50 holdings.

Compared with the previous period, there is no change in bank stock holdings, and the remaining two industries have increased their holdings by different degrees.

Among them, Longji shares and Liangxin shares of electrical equipment, Aier Ophthalmology and Antu Biology of Pharmaceutical Biotech have all obtained large-scale increase in QFII tens of millions of shares.

The market value of non-ferrous metals, real estate, building decoration and light industry manufacturing positions is only around 1 billion yuan.

  From the statistical results, the performance of QFII stocks with heavy positions is mostly relatively good.

Among the top 20 companies with market capitalization calculated by Shell Finance and Economics reporters, only 4 companies reported a decline in net profit attributable to their mothers in the first half of the year, while the remaining 16 companies all experienced positive growth.

  Many individual stocks performed relatively well.

In the first half of the year, Shuanghuan Transmission’s net profit attributable to its parent increased by more than 100 times. Chutian Technology’s interim report’s net profit attributable to its parent increased by more than 10 times. 100%.

Shuanghuan Transmission is a new QFII purchase this year, and it has received more than 50 million shares of QFII Masukura in the first half of this year.

  The reporter noted that Longji shares are not only QFII new shares, but also the total market value of current holdings amounts to 28.147 billion yuan, ranking first among individual stocks.

  Hillhouse Capital is the QFII holding organization behind LONGi's shares.

In December 2020, Hillhouse Capital signed an agreement with Li Chunan, the then second shareholder of Longji, stipulating that Hillhouse will invest 15.841 billion yuan to acquire nearly 6% of the shares in Li Chunan of Longji. The number of positions held by Ling Capital has not changed.

  Both LONGi and CATL were new to Hillhouse Capital in the first quarter and only held by Hillhouse's QFII, but Hillhouse sold 7,989,400 shares of CATL in the second quarter and increased its holdings of LONGi's shares by 90,522,500 shares.

  Peng Shuo, Shell Finance and Economics reporter of the Beijing News