The main reason for the value of the stock market holding a record high was the substantial increase in the value of the stock market held by Huijin. The stock price factor was the fundamental reason for the increase in the value of the stock market held by Huijin. In 2017Q3, Huijin's stock market value increased significantly, increasing by 351.27 billion yuan, mainly due to stock price factors, while the stock market value of Securities Finance Corporation and the "National Team" fund dropped by 25.75 billion yuan and 23.22 billion yuan, respectively.
3. "National Team" holding characteristics: industry, market value, estimate Value distribution
1. The industry configuration is concentrated in the big finance, accounting for 83.4%
Industry configuration ratio From a point of view, the holdings of the "national team" are mainly concentrated in the large financial industry, with banks holding the largest share of stock market value, followed by insurance and brokerage firms, accounting for 76.36%, 3.69%, and 3.30%, respectively.
2. Prefer individual stocks with a market value of 5-10 billion and 10-20 billion.
The distribution of the market value of the holding companies of the "National Team" is mainly concentrated in "5-10 billion, 10-20 billion."
3. Favor low-valued stocks
The national team favors companies with low valuations whose PE is less than 30 times.
Fourth, the third quarter investment situation of the four major entities of "state to"
1. Securities Finance Company
At the end of the third quarter, the Securities Finance Company held 440 individual stocks with a stock market value of 816.74 billion yuan (holding The size of the shares decreased by 25.8 billion yuan from the previous quarter), accounting for 1.33% of the total market value of A shares (down 0.13% from the previous quarter).
The industry configuration is mainly large financial (banking, insurance, brokerage)
Among them, the cycle, TMT and food and beverage are reduced. The specific reductions (including the withdrawal of the top ten shareholders) of the stocks are as follows:
At the same time, moderate increase in holdings Building materials, machinery, automobiles. The specific increase in holdings (the top ten new shareholders) are as follows:
See all increases and decreases in detail Holding situation, In the third quarter, the securities companies continued to increase their holdings in 73 companies. The top 20 companies are ranked according to the percentage of increase in holdings:
112 companies have reduced their holdings, sorted by the reduction ratio, the top 20 companies are:
Those who have withdrawn from 65 companies are among the major shareholders, ranked in the top 20 according to the shareholding ratio of the previous period The company is:
There are 246 companies whose shareholding remains unchanged, according to the proportion of shareholding In order, the top 20 companies are:
After "increasing and reducing holdings", the companies with a large shareholding ratio in 2017Q3 are:
2. Huijin Company
As of the end of the third quarter, Huijin Company held 994 companies, holding stock market value Reached 3.49 trillion, accounting for 5.69% of the total market capitalization of A shares (5.44% and 5.19% in the first two quarters), a slight increase for three consecutive quarters.
It is worth noting that the main reason for the increase in the value of Huijin’s stock market is the increase in stock price . In fact, Huijin's shareholding is relatively stable, and the increase or decrease is less obvious. In 2017Q3, the stock market value of the securities and financial company's shareholding ratio remained unchanged reached 3.48 trillion yuan (up 352.44 billion yuan from the previous quarter), which is close to the total market value of all its holdings of 3.49 trillion yuan. It can be seen that the stock price factor is the main reason for the increase in the value of the stock market held by Huijin.
From the perspective of industry allocation structure, Huijin holds 88.6% of the market value of banks, and holds 2.6% and 1.4% of the market value of insurance and securities respectively. Huijin holds such a large share of the financial industry, which is related to the company's positioning. As a wholly state-owned company that represents the country to exercise investor rights and perform investor obligations to key financial enterprises, Huijin is a financial institution such as the four major state-owned banks. Original shareholders.
Specifically, Huijin’s newly entered 34 companies’ ten largest shareholders, press In order of shareholding ratio, the top 20 companies are:
2017Q3 Huijin continued to increase Only Luxshare Precision is the holding company.
Changchun High-tech and Guangdong Hongtu will be the companies that will reduce their holdings.
Those who have withdrawn from 44 companies are among the major shareholders, according to the previous period’s shareholding In order of proportion, the top 20 companies are:
Companies holding the same shares There are 957 companies, sorted by shareholding ratio, and the top 20 companies are:
Therefore, after “increasing and reducing holdings”, the companies with a large shareholding ratio of Huijin in 2017Q3 are:
3. "National Team" Fund:
At the end of the third quarter, the position of the 5 "National Team" funds reached a record low: 72.42 billion yuan in stocks The market value (previous value is 95.64 billion yuan), and the overall position is 29.35% (the average position since 2016 is 41.7%).
Specifically, among the 5 funds, in descending order of holding stock market value:
China New Economy (24.92 billion yuan), Harvest New Opportunities (16.74 billion yuan), Southern Consumption Vigor (16.14 billion yuan), E Funda Ruihui (7.63 billion yuan), China Merchants Fengqing (6.99 billion yuan).
Among the 5 funds, China New Economy has the highest position (56.83%), Harvest The positions of New Opportunities and Southern Consumer Vitality came in second (36.8% and 32.3% respectively), and E Fund Ruihui and China Merchants Fengqing had the lowest positions (13.9% and 13.3% respectively). Compared with the previous quarter, the positions of China New Economy, Harvest New Opportunities, Southern Consumer Vitality, E Fund Ruihui and China Merchants Fengqing decreased by 15.7%, 16.8%, 12.0%, 7.4%, and 4.8%, respectively.
From the perspective of industry configuration, the "national team" funds prefer large financial institutions (banks, insurance ), consumption (food and beverage, home appliances)
Looking at individual stocks, the 39 heavily held stocks of the "National Team" Fund are shown in the following table. From the perspective of position changes, the "national team" fund lightening is more obvious.
4. Investment platform under SAFE
SAFE's investment platform first appeared in the list of major shareholders of listed companies in the fourth quarter of 2015, but its holdings were relatively small. As of the end of the third quarter of 2017, the three accounts of the investment platform of SAFE held a total of 18 companies, with a stock market value of 51.98 billion yuan.
The industry configuration is concentrated in banks, accounting for 87.9%
At the end of the third quarter, the top ten shareholders of the three new companies, sorted by shareholding ratio, are: Tianjin Hong Kong, China State Construction and Shanghai Petrochemical.
The only company that continues to increase its holdings is Jiangxi Copper.
Among the top ten shareholders who have withdrawn from three companies: p>
There are 14 remaining unchanged:
Therefore, after "increasing and reducing holdings", the 18 companies with a large shareholding ratio in the investment platforms of SAFE in 2017Q3 are: span>
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