The market value of the "Top 50 Core Assets" has a combined market value of 11.55 trillion. Since 2019, the stock price trend has been extremely strong, with an average increase of over 60%. The total market value of core asset stocks held by Beijing Capital Fund totaled 723.2 billion yuan, accounting for more than 50% of the market value of all A-share holdings.
After a year of turbulence, a number of core assets in A-shares, led by Kweichow Moutai, Ping An of China, and China Merchants Bank, have performed extremely well, with a market value of over 100 billion shares reaching 60%, and Beijing capital holds the core The market value of assets occupies half of the country, and the contribution of performance is also increasing year by year. Under the influence of many positive factors, such as the economy's high-quality development stage and the gradual increase of foreign voices in A-shares, the value of investment has become more prominent.
The contribution of the market value growth of core assets hits a new high in the past five years
In 2019, Databao selected the investment through indicators such as the market value performance scale of listed companies, industry status, and corporate governance level. As the core asset portfolio of 50 shares with strong value, after a year of volatile market, the core asset shares have withstood many tests and performed smoothly in terms of performance, market value, and foreign holdings.
On the first day of 2020, DataBall and Fong Shun jointly released the 2020 "Top 50 A-Share Core Assets". This list excludes constituent stocks from the perspectives of comprehensive market value, annual performance and performance. 5 companies, and included 5 high-quality stocks based on these conditions.
The "Top 50 Core Assets" newly entered 5 stocks are Kangtai Bio, [Shennan Circuit (002916), Stock Bar], Kouzijiao, Lianmei Holdings and Zhejiang Dingli. The adjustment will be January 2020 It came into effect on the 2nd. The performance of the "Top 50 Core Assets" in 2019 was very strong, with steady growth in performance and a very stable return on net assets.
As of December 31, 2019, the market value of the "Top 50 Core Assets" had a total market value of 11.55 trillion, an increase of 57.14% from the end of 2018. The contribution rate of market value growth was close to 20%, and the contribution rate was the highest level in the past five years. . 100 billion elephant stocks accounted for 60%. The top three market capitalizations are Ping An of China, Kweichow Moutai and China Merchants Bank. Among them, the latest market value of China Ping An exceeds 1.5 trillion, and the latest market value of Kweichow Moutai has exceeded 1 trillion, with the latest as high as 1.49 trillion. Compared with the end of 2018, the latest market value of 8 shares exceeded 100 billion. [Luxshare Precision (002475), Stock Bar], the market capitalization of Animal Husbandry at the end of 2018 was less than 60 billion, but the latest market value was close to 200 billion.
Core assets in 2019 The cumulative increase exceeds 60%
From the market performance, the "Core Asset 50 Index" has increased by 62.07% in 2019, outperforming the Shanghai Composite Index by 38.35 percentage points over the same period. Not only is it outperforming the Shanghai Stock Exchange Index, the latter is still slightly inferior compared with the world-leading SZSE Component Index. The "Core Asset 50 Index" outperformed the Shenzhen Component Index by 18% over the same period.
From the constituent stocks, only [Yonghui Supermarket (601933), Stock Bar], China Railway Construction and Baosteel fell slightly. Luxshare Precision, Animal Husbandry and Wuliangye dominated the top three gains in 2019, both More than 150%. The newly included constituent stocks Kangtai Biotechnology and Shennan Circuit all increased by more than 100% in 2019, while Lianmei Holdings, Zhejiang Dingli and Kouzijiao all increased by more than 60% in 2019.
The market value of core assets held by Beishang Funds has steadily increased
Since Beishang Funds entered the A-share market, their investment preferences have been very stable, and they insist on investing Value, and the core assets are more in line with the interest of the northward capital. Data treasure statistics show that since 2019, the total market value of the "Top 50 Core Assets" held by Beijing Capital has steadily increased from 450 billion to more than 740 billion.
Judging from the proportion of the market value of the core asset stocks held by Beijing Capital Funds and the total A stock market value, it has stabilized at more than 50% in 2019, which means that the market value of the core assets of Beijing Capital Capital Allocation occupies half of the country, and the latest holding market value accounts for The ratio is 52.4%. Kweichow Moutai, Ping An of China, [Midea Group (000333), Stock Bar] have higher market value, among which Kweichow Moutai has a market value of over 120 billion.
From the latest shareholding ratio, Beijing Capital holds Shanghai Airport, MideaGroup, [Gree Electric (000651), Stock Bar] and other 9 shares accounted for over 10%. Compared with the end of last year, 80% of core asset stocks have received capital from the north, and the shareholding ratios of 5 stocks such as Oupai Home Furnishing, Gree Electric, and AVIC have increased by more than 5 percent.
New advances are included in the 5 stocks. Kouzijiao, Zhejiang Dingli and Shennan Circuit have a market value of more than 1 billion yuan held by Beishang Funds, and Kouzijiao and Zhejiang Dingli, which hold large shares, all exceed 4.5%.The contribution of core assets to net profit is increasing year by year
The influence of core assets in A shares is not only reflected in the market value, but its performance influence is also gradually increasing. As of the first three quarters of 2019, the total operating income of the “Top 50 Core Assets” reached 5.11 trillion yuan, accounting for 14.18% of all A-share revenue. The first three Chinese shares of China Construction, China Ping An and China Railway Construction all exceeded 500 billion.
In terms of net profit level, the net profit attributable to the parent of the “Top 50 Core Assets” in the first three quarters of 2019 was 563.648 billion yuan, exceeding the net profit level for the entire year of 2017. In terms of individual stocks, Ping An’s net profit in the first three quarters was close to 130 billion, China Merchants Bank exceeded 75 billion, and six stocks including China Shenhua and Kweichow Moutai each exceeded 20 billion in the first three quarters.
It is worth mentioning that Ping An’s net profit in 2018 was 107.4 billion yuan, which means that the net profit in the first three quarters of 2019 significantly exceeded that of last year. In addition to Ping An, the net profit of 14 shares of Sany Heavy Industry, Wen's Co., Ltd. and China International Travel Service in the first three quarters also exceeded the level of last year.
The net profit of core assets has steadily increased in recent years. In terms of contribution, the ratio of core asset net profit to all A shares has gradually increased, from 11.84% in 2014 to the current 17.28%. Excluding the impact of new shares listed in the past three years, the net profit level of core assets will increase even more in A shares.Looking forward to the strong, Hengqiang, core assets are still attractive
In the past 2019, the A-share market has attracted many foreign investors with extremely low valuations." "Entering Motorola", "Reaching the Rich", and "S&P Dow Jones" followed one after another, and the market of technology stocks continued throughout the year. Looking forward to 2020, although the A-share market is free of gunpowder and there are many investment opportunities, it is also full of many unknowns.
With the advancement of the deep reform of the capital market, the delisting system has become more complete and the supervision has become more stringent. The strong are always strong, and the competitive landscape is already obvious. The “Top 50 Core Assets” have performed extremely well regardless of whether they are in a slump or a volatile market.
In the environment of science and technology, innovation and reform will become the key to the progress of the capital market and even the country. Internally, core assets lead the A-share market in terms of profitability, innovation, and return on investment. Nearly half of the core asset stocks are valued at less than 20 times; externally, market share and foreign investment allocation have continued to increase.
In the future, as A-shares further enter the stage of high-quality development, the importance of corporate endogenous growth capabilities to the company’s growth will increase day by day. The core assets are mostly industry leaders and have a moat effect. The potential to grow and lead the development of the industry under the background of high-quality development is greater. (Database Zhang Juanjuan)
Source: Securities Times