Our reporter Wang Siwen

　　With the sharp drop in the A-share market, the fund's net value has experienced a sharp retracement, and the market's risk aversion has become increasingly strong.

　　On March 7, China National Financial Securities released the latest public fund stock position calculation report, showing that compared with the calculation results after the Spring Festival, among the 129 fund companies that own equity fund products, 58 fund companies during this period. The overall position of the fund has increased, accounting for 45%, while the overall position of the other 71 fund companies has decreased.

In this regard, many fund companies are optimistic about the future trend of A-shares as a whole, and have suggested that investors do not need to panic too much.

　　129 fund companies

　　Over 40% of those who choose to increase their positions after the Spring Festival

　　With the significant improvement of corporate governance, compliance management, and risk control in the public fund industry, public funds have improved in terms of funding sources, term structure and short-term investment behavior, even in the context of short-term volatility in the A-share market. The overall shareholding of public funds has remained basically stable.

　　From the opening of the market after the Spring Festival holiday to the present, as of March 7, the Shanghai Composite Index has risen by 0.34%, with an amplitude of 4.15%.

The "Securities Daily" reporter noticed that the equity funds in the public fund market held relatively stable overall positions during this period.

Several public fund stock position calculation reports released by Sinolink Securities show that during this period, the stock fund position dropped from 89.19% to 88.79%, a decrease of 0.4 percentage points; the hybrid fund position decreased from 70.49% to 69.68%, a decrease 0.81 percentage points.

　　It should be noted that the stock positions of many fund companies have reached the "top" level, and there is very limited room to continue to increase positions. Among them, the stock positions of 11 fund companies such as Ruiyuan Fund, Beixin Ruifeng Fund, and Suzaku Fund are all. has exceeded 90%.

　　Since the Spring Festival holiday, the fund company that has increased its positions the most is Huachen Future Fund. Its overall shareholding has increased from 60% to 94.29%, and the increase has exceeded 34 percentage points.

The increase in positions of Hexu Zhiyuan Fund, Mingya Fund and Debon Fund is also very obvious. The increase in positions exceeded 10 percentage points, reaching 94.15%, 60.45% and 71.97% respectively.

The three fund companies that made the biggest lightening actions were Yimin Fund, Changan Fund and Zhongke Wotu Fund. The overall shareholding positions decreased from 88.83%, 92.6% and 50.3% to 70.89%, 77.04% and 34.8% respectively. more than 15 percentage points.

　　27 equity funds

　　close to full

　　Compared with the stock positions of public funds in the past five years, the current stock positions of 88.79% of stock funds and 69.68% of the stock positions of hybrid funds have been at a relatively high level.

　　The reporter noticed that according to the latest calculation results of public fund stock positions released by Sinolink Securities, the average stock position of 3,488 equity funds with statistical data is 71.78%.

Among them, there are 1207 funds with more than 90% stock positions, accounting for as high as 34.6%.

There are also 27 equity fund products whose shareholding positions are close to full, with positions reaching more than 95%, and there is almost no room for the positions to continue to rise.

　　In the public fund market, there are not a few equity funds that choose to operate with long-term high positions, and there are also many equity products of established public fund companies.

For example, the Ruiyuan Growth Value Hybrid Fund co-managed by Fu Pengbo and Zhu Lin, E Fund Premium Select Hybrid funded by Zhang Kun, Yinhua Small and Medium Cap Hybrid Co-managed by Li Xiaoxing and others, Zhonggeng Small Cap Value Stocks managed by Qiu Dongrong, and Li Yunxin managed Products such as Huitian Fuyingtai Mixture have earned very considerable returns for their holders since their establishment.

　　Most fund managers

　　Not pessimistic about A shares

　　In the view of many fund companies, the recent sharp correction of A-shares and the fall of the Shanghai Composite Index to 3,400 points is caused by multiple factors such as uncertainties in the external situation and investor sentiment.

Fund managers are not pessimistic about A-shares this year, believing that the sell-off of risk aversion has released pressure in other areas to a certain extent, so it may provide better re-entry opportunities in the future.

　　In an interview with reporters, SPDB-AXA Fund said: "The fluctuation of the international situation has caused a lot of pressure on A-shares in the short term and returned to a weak market. The current market is still in a state of unclear main line, and the main line will be re-established after the results of the first quarterly report are confirmed. Investors need to look for certainty amid uncertainty and focus on structural opportunities in sectors such as photovoltaics, stable growth, electricity, medicine, and consumption.”

　　Xie Jun, investment manager of Hang Seng Qianhai Fund, also told reporters: "Overall, we believe that although A shares and Hong Kong stocks are currently affected by uncertain factors such as overseas news, liquidity and investor confidence, they still have domestic policies. We are not pessimistic about this year’s A shares, which may show a 'V'-shaped trend this year, which will be a long-term trend. Slow bull trend."

　　Looking forward to the market outlook, Xie Jun told reporters that the theme of "steady growth" may run throughout the year, and that growth industries that have been greatly affected by macroeconomics in the early stage, such as new energy vehicles, semiconductors, etc., are expected to rise in commodity prices caused by external factors. After the relaxation, there may be greater flexibility for repair, and you can focus on the opportunities for bargain-hunting layouts in the growth track represented by new energy vehicles, photovoltaics, and electronics.

　　"In the government work report, the specific direction and intensity of policies related to stabilizing growth have been further clarified, including a new round of tax and fee reductions, expanding effective investment, implementing corporate bailouts, stabilizing employment, ensuring people's livelihood and promoting consumption, etc. Therefore, relatively In terms of stable growth, the sector has a relative advantage." SPDB-AXA Fund told reporters.

(Securities Daily)