1.The latest news from well-known fund managers

Fu Pengbo: Increased holdings at Lixun Precision, Tencent Holdings enters the top ten new stocks

Ruiyuan Growth Value, managed by Fu Pengbo and others, mainly reduced their holdings of some of the top 20 companies with net worth, and increased their positions during the energy stock pullback. Ruiyuan Growth Value has increased its combined holdings of Lixent Precision, Tencent Holdings, Guanghui Energy, Maiwei, and Sannuo Biotech. Among them, Tencent Holdings has newly entered the top ten major stocks; at the same time, it has reduced its holdings of China Mobile, Ningde Times, Tongwei shares, Wanhua Chemical, and Dongfang Yuhong.

Fu Pengbo said in the quarterly report that increasing positions in some companies benefiting from export chain growth and benefiting from equipment replacement upgrades has also increased the allocation of Hong Kong stocks. Fu Pengbo and Zhu Wei expect that in the second quarter, improvements in fundamentals and changes in the economy may have a stronger and more clear guiding effect on investment throughout the year.

Zhao Feng: Meituan and China Financial Insurance join the top ten new heavy stocks

Zhao Feng's three-year equilibrium value holding hybrid increased its holdings of Ningde Times, Wanhua Chemical, Weiming Environmental Protection, Meituan-W, and China Financial Insurance in the first quarter. Among them, Meituan-W and China Financial Insurance entered the top ten major stocks; at the same time, they reduced their holdings of China Mobile, Tencent Holdings, Siyuan Electric, Sannuo Biotech, and China Resources Beer.

Regarding the reason for reducing holdings, Zhao Feng said that companies with unattractive static valuations and difficult to determine future growth will be reduced. He believes that as demand growth slows down, listed companies will be more rational about expansion and will pay more attention to profitability and shareholder returns, which will improve the profit quality and level of return of listed companies.

II. Today's Fund News Fast Facts

The scale exceeds 8 billion The debt base exploded again

On April 16, Xingzheng Global Fund announced that its Xingzheng Global China Bond 0-3 Policy Financial Bond Index Fund was established with a scale of nearly 8 billion yuan, making it the fourth bond fund with an issuance scale of 8 billion yuan since April. Since this year, bond issuance has continued to be popular. Data shows that as of April 16, the total share of bond funds issued during the year reached 224.15 billion, accounting for 77.25%, and the top 20 funds issued during the year were all bond funds.

Short- and medium-term bond funds attracted strong gold in the first quarter

A number of fund companies released the 2024 quarterly reports of their bond funds. Judging from the disclosed data, many short- and medium-term debt funds strongly “attracted money” in the first quarter, increasing in size by more than 70%. The fund sizes of the China-Europe Short Term and Medium Term Bonds, Nanhua Ruiheng Short Term Debt Bonds and Dongwu Monthly Short Term Holding Period 30-day Short Term Bonds at the end of March were 3.54 billion yuan, 709 million yuan, and 499 million yuan respectively, up 69.72%, 85.49% and 90.01%, respectively, from the beginning of the year. In order to maintain the smooth operation of funds, many fund companies have introduced purchase restrictions on short- and medium-term debt funds. According to the data, as of April 16, a total of more than 30 short- and medium-term debt funds have started a purchase restriction model since April.

The fund continues to reduce its holdings in the banking sector

As of April 16, public funds appeared among the top ten shareholders of 5112 listed companies. Compared with before, funds increased their holdings in pharmaceutical and liquor stocks at the end of last year, while bank stocks were drastically reduced. In the ranking of fund holdings, there were no bank stocks in the top ten heavy-held stocks, and China Merchants Bank withdrew from the top fund position. Ping An Securities research report estimates that by the end of last year, the proportion of actively managed funds allocated to the banking sector, including partial shares and equities, had dropped by 5BP to 1.60% month-on-month, and position levels were at a historically low level.

Optimistic private equity in the second quarterHigh dividends, new quality productivity

According to the latest questionnaire survey of domestic private equity institutions conducted by the third-party agency Private Equity Ranking Network, the survey results showed that 57.14% of private equity agreed with the question of whether A-shares could break out of the continuous upward trend in the second quarter, while 35.71% of private equity expressed uncertainty, and 7.14% of private equity firms were cautious. Regarding optimistic investment directions, 36% of private equity are optimistic about high-dividend sectors, and 24% of private equity are optimistic about new productivity sectors such as AI, low-altitude economy, and new energy sources. The share of private equity that is optimistic about the big consumption and resource sectors is 12%, while the share of private equity that is optimistic about the “equipment renewal sector” and “other sectors” is 8%.

CICC Environmental and others set up private equity fund management companies

Recently, Wuxi Yishi Private Equity Fund Management Co., Ltd. was established. The legal representative is Xia Caipeng, with a registered capital of 10 million yuan. The business scope includes private equity investment fund management and venture capital fund management services. Equity penetration shows that the company is jointly owned by CICC Environmental and others.

Hainan Finance Galaxyinaugurated

Hainan Caijin Galaxy Private Equity Fund Management Co., Ltd. was recently inaugurated. The company was co-founded by Galaxy Innovation Capital Management Co., Ltd., a private equity subsidiary of China Galaxy Securities, and Hainan Finance Group Co., Ltd. to locally manage the Hainan Free Trade Port construction investment fund through market-based operations and the establishment of a localized professional team.

III. Recent developments in fund products