Investors Are Not Interested In &Nbsp; The Fund Is Powerless And Alienated.

Performance exceeds expected growth "has timber"?

Valuation history is low, "wood has"?

Bank shares have all the answers to the above questions.

However, when asked about the quotations and valuations in the legendary Chinese newspapers, all bank stocks were down.

"Bank stocks are actually very helpless, there is a little" grandma does not hurt uncle's love "feeling, a bank insider told the Securities Daily reporters:" as a super large cap, ordinary investors are generally not interested in it, and institutional investors are not willing to have some strength, some are strong and unintentional, coupled with internal and external factors, the bank's performance and valuation deviated from it is not surprising. "

At the end of the two quarter, the fund's first ten major positions are Guizhou Moutai [204.31 -2.66% share research report, China Merchants Bank [11.56 0.52% shares bar Research Report, conch cement [21.75 -5.02% share research report], China Ping An [40.42 0.27% shares bar Research Report], GREE electric [20.12 -2.33% share bar Research Report, Suning appliance [11.70 -2.90% share bar Research Report, the United States electrical [15.69 [15.69 share bar Research Report], Wuliangye Stock Market Research Report, Shanghai Pudong Development Bank Stock Market Research Report] and Luzhou Laojiao group.

Although on the face of it, banks still account for 2 seats in 10 seats, but this is not the same as before.

In addition, the fund's departure from the five leading banks in the banking sector is more obvious.

In fact, the fund is

Last year, two or three, fourth quarter, the fund's reduction of the top four ten major heavy positions, 11, 11, 8 bank shares respectively.

The market value of funds held by the financial and insurance industry accounted for the net asset value of the fund. It also dropped from 16.68% at the end of the first quarter of last year to 11.76% at the end of the two quarter, 8.1% at the end of the three quarter and the end of the year.

In the two quarter of this year, Wang Yawei, the star fund manager, abandoned the bank shares and made investors see the attitude of the fund.

The data show that in the 2010 annual report, there are 4 banks in the ten heavyweight shares of the Chinese market, namely, the Construction Bank [4.45 -0.89% share, the research report], the industrial and Commercial Bank [4.08 -1.21% share research report, the Bank of communications [4.60 -0.86% share research report and the Everbright Bank [3.03 -0.33% share research report]; the Huaxia strategy holds 3 banks, which are the Construction Bank, the Bank of communications and the Everbright Bank.

In 2011, a quarterly report showed that Wang Yawei had lighten bank shares.

Among them, the ten largest Chinese market and China strategy.

In the light of bank stocks, many domestic fund managers have made the same choice with Wang Yawei.

For example, the [0.69 -0.82%] fund of Yi Fang Da 50 index has reduced 26 million shares of Everbright Bank in the first quarter, but it was still the largest circulation shareholder of Everbright Bank.

However, in the two quarter, the fund disappeared in the past ten major tradable shareholders.

In fact, this alienation is not the original intention of the fund, because after all, the fund has the need to configure the heavyweight stocks.

In the era of Daniu, the fund is more willing to configure banks and other heavyweights to fight the bubble risk behind the stock market overheating, and in the context of bull market, the fund's financial strength is stronger, which can have a more obvious impact on the trend of the heavyweight stocks. However, in today's market conditions, Ji Jin is also somewhat unable to protect himself.

On the one hand, the fund is facing enormous redemption pressure, its own financial strength is reduced, the heavyweight stock's leveraging ability has naturally shrunk; at the same time, the fund is also facing the pressure of ranking in the industry. Naturally, it does not want to put too much money on bank shares. In the two quarter of this year, bank shares have been falling rapidly and slowly.

Social security is strong enough to save banks rather than buy banks.

Unlike the fund's self preservation, the heavily funded social security fund chose "Ningcun bank not to buy banks".

According to reports, the Ministry of human resources and social security released the statistics of social insurance in August 10th. In 2010, the total amount of social insurance funds in the whole country amounted to 23886 billion yuan, but nearly 9 of them were kept in financial accounts, and only 140 billion yuan was sold in bonds and entrustment.

According to the introduction, at present, the investment scope of the social security fund includes bank deposits, bonds, trust investment, asset securitization products, stocks, securities investment funds, equity investment and equity investment funds, etc. the scope of overseas investment includes money market products such as bank deposits, bank bills, large negotiable certificates of deposit, bonds, stocks, securities investment funds, and derivative financial instruments such as swap and forward for risk management.

In addition, in the two quarter, the social security fund also made a reduction in the H shares of the Chinese funded banks, and the related operations once triggered the market bearish sentiment on bank shares.

According to HKEx information, the second largest shareholder of the Bank of China [2.93 -0.34% shares, the national social security fund, reduced the amount of 14 million 598 thousand H-shares held by the bank in June 14th at an average price of HK $3.95 per share, with a reduction of 57 million 660 thousand yuan.

This is the two time that the social security fund reduced its position after January 4th.

Previously, the Social Security Fund Council also sold 40 million 100 thousand shares of ICBC H-shares through the two tier market, with a total cash dividend of about 243 million 600 thousand yuan.

Analysts believe that after the social security fund has already held many shares of banks, both the proportion of investment in the industry or shareholding ratio of stocks has reached or exceeded the critical point of its asset allocation.

In addition, the cash flow on their hands is not ample, while other industries have more investment opportunities. Therefore, in the early stage of a lot of profits, it is not surprising that we should appropriately reduce the assets and adjust the asset allocation.

However, analysts stressed that even if the social security fund is not empty banking stocks, its current position and structure, the possibility of substantially increasing bank shares is also very low.

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Private placement has no intention of avoiding big business companies.

In the current A share market, there is an institutional strength that can not be ignored, that is, private equity funds.

Private equity funds are more active in the depressed market of public offering funds.

However, private placement has always been a way of avoiding the big market capitalization of banks.

A private person in the chat with reporters said that for bank stocks, private placement is often not want to buy, but dare not buy.

He said that the valuation advantage of bank stocks is indeed obvious, but the scale of private equity funds is generally difficult to drive the big market, and if it fails to attract other institutional investors to accept the offer, it may face difficulties that can not be overcome.

Moreover, the concept of value investing in 3-5 years is often not suitable for Real Investors behind private equity funds.

In addition, it is worth mentioning that private equity funds are not simply valuing the price earnings ratio, but rather like "story" stocks.

Whether insurance funds are willing to rush to help alone remains questionable.

In August 11th, some media quoted sources from funds and insurance companies that insurance funds had roughly billion yuan in the market since the beginning of this week.

The report said, "insurance companies have said that recognition of the bottom of the valuation is the main driving force for the bottom.

In addition to the purchase fund, insurance funds have increased the banking stocks with higher safety margins.

In fact, this year, insurance funds have even been able to support bank shares since the fourth quarter of last year.

Although the China Daily has not yet disclosed, the [4.08 -1.21% share research report of the industrial and Commercial Bank of China and the Bank of China [2.93 -0.34% share report on]7 5 may reveal that the Switching Company debt [128.91 -0.02%] voucher can be converted into shares, and the most important changes in the shareholding of the two companies are also made public in advance.

The reporter compared the latest shareholding structure of the two banks with a quarterly report this year. The two quarter of the insurance fund made a significant addition to the two major banks.

ICBC announcements show that as of June 30, 2011, China's Ping An [40.42 0.27% shares research report] two products carried out a "turnover + increase" in the equity of ICBC: China Ping An Life Insurance Limited by Share Ltd - traditional - ordinary insurance products shareholding ratio decreased from 0.46% at the end of the three quarter to 0.4%, and the number of shares dropped to 1 billion 380 million shares; while Ping An Life Insurance Limited by Share Ltd - traditional high interest rate insurance products were newly developed and become the eighth largest A shareholders, holding a 415 million share share and a 0.12% shareholding ratio.

In addition, the Ampang property insurance Limited by Share Ltd, the traditional insurance products, increased their holdings from 239 million shares to 502 million shares, and the shareholding ratio jumped from 0.06% to 0.14%.

According to the industrial and Commercial Bank of China's two quarter 4.5 yuan / share price projections, China Ping An and Ampang insurance increased holdings of industrial and commercial bank shares cost at least 2 billion yuan.

The announcement of the Bank of China also shows that the Peoples Insurance Company of China - the traditional - General insurance product -008C-CT001 has entered the list of the top ten A shareholders of the Bank of China, with a stock of 197 million shares and a 0.07% share ratio.

In a quarterly report issued by the Bank of China, the insurance product did not show up.

If all of its holdings are new in the two quarter, it will cost 650 million yuan in accordance with the price of 3.3 yuan / share in the two quarter of the Bank of China.

In addition, Construction Bank [4.45 -0.89% share research report recently revealed that China Ping An has carried out "reverse + increase" in the end of the first quarter: China Ping An Life Insurance Limited by Share Ltd - traditional - General insurance products hold 1 billion 325 million shares of the Construction Bank, accounting for 0.53% of the total stock market; at the end of the two quarter of this year, China Ping An Life Insurance Limited by Share Ltd - traditional - General insurance products holding construction bank reduced to 895 million shares, accounting for 0.36% of the total share capital, but at the same time, China Ping An Life Insurance Limited by Share Ltd - traditional high interest rate insurance products were newly developed and become fourth large A shareholders, holding 732 million shares, accounting for 0.29% of the total share capital, two shares of the total shares accounted for 0.65%, higher than that of the end of the first quarter.

In fact, since the fourth quarter of last year, insurance funds have been relatively optimistic about bank shares.

According to Wind statistics, the insurance institutions entered the first ten quarter of the 553 largest companies in the first ten quarters of this year, with a circulation market value of 558 billion 200 million, including 53 new stocks and 12 billion 300 million new market capitalization.

In accordance with the market capitalization of shares, the top five heavily held stocks held by venture capital groups are ICBC, CITIC Securities [11.87 -1.17% share, research report, Agricultural Bank [2.57 0% shares research report], Minsheng Bank [5.59 -1.06% share research report, and Construction Bank.

Among them, the ICBC, the Agricultural Bank and the Construction Bank were respectively increased by 1 billion 510 million shares, 990 million shares and 950 million shares.

Moreover, in the two quarter, 8 stocks of the financial sector, which were heavily invested in venture capital, frequently appeared in the bulk trading platform, reaching as many as 26.

According to the CIRC statistics, the proportion of insurance funds invested in stocks and fund positions was 13.8% in the first quarter of this year.

More people in the industry expect that the insurance companies' positions are generally less than 15%, and there are hundreds of billions of funds available to enter the market at any time.

Although the insurance fund's behavior in the two quarter is quite clear, but from the current market performance of bank shares, insurance funds have a feeling of being alone.

According to relevant data, the index of banking stocks was 4912.2 at the end of the first quarter of this year. However, as of June 30th, the index had dropped to 4812.74 points, and as of yesterday, the index had dropped to 4447.97 points, [14.96 5.95% shares.