Fund Market Goes Out Of Xiaoyangchun Market And All Kinds Of Funds Also Enter The Market

February is the first trading month after the Spring Festival. The market has stepped out of the little spring market, and all kinds of funds have also entered the market. Among them, the performance of private equity funds was more positive, with the position significantly increased by 9.28 percentage points to 71.73%. In terms of industry preference, private equity increased its holdings in the food and beverage sector the most in February, while public utilities were underweight by many private equity. However, for the future market, many private equity firms said that the momentum for the market to continue to rise in the short term may be insufficient, and the spring market is coming to an end, which requires careful participation.

Data shows that China Resources Trust China hedge fund The 176 open-end securities investment private equity products of the index continued to increase their positions by 9.28 percentage points in February after 2.46 percentage points in January, with an average stock position of 71.73%. Among them, 61.7% of private equity products held more than 80% positions, and 88.65% of private equity kept their stock positions above 40%.

According to the capital flow, the preference of private funds for the industry has been slightly adjusted. In February, private equity mainly reduced its holdings of utilities, chemicals, information equipment, textiles and clothing, information services, etc. The reporter noticed that since March, the household appliance sector has performed well on the whole, rising 2.3% against the background of overall stable market, which indicates that the increase of private equity in February is forward-looking.

At the same time, it increased its holdings in food and beverage, financial services, building materials, household appliances, medicine and biology, etc. On the whole, Pharmaceutical Biology is still the industry with the highest proportion of private equity positions, accounting for 19.93%. The proportion of positions in financial services and food and beverage sectors also exceeded 11%, followed by mechanical equipment and household appliances.

The spring market may have ended for three reasons:

　　1、 Federal Reserve Interest rate hikes exceeded expectations. From the previous low probability to the present one, all kinds of economic data in the United States are better than expected. This not only brings exchange rate pressure and monetary tightening pressure to emerging markets, for example, China's monetary policy may follow the trend of tightening, and market interest rates will rise; It also puts pressure on global bulk commodities, so all kinds of bulk commodities have fallen sharply recently. In the last round of rise, the cycle has made a relatively large contribution. Now the cycle prices have come down, which directly causes the plate to fall back, at least it is difficult to break through upward.

　　2。、 The PPI data rose more than expected, and the market was quite different about its sustainability. Is PPI a periodic high point? Will PPI fall back in the second quarter? Wang Yichong believes that although at this stage, the global economic recovery has not yet started on a large scale, Trump's New Deal has not yet started on a large scale, and demand has not erupted on a large scale, because of the supply side reform, the previous expectations have also gone far, so he tends to think that PPI is also a stage high.

3. From the perspective of market style, recently Market Style Start to grow. However, this is a style switch under the background that the adjustment of growth stocks is not very sufficient, so its sustainability has some problems. The rebound of small and medium-sized enterprises is also likely to encounter resistance. In addition, the stricter supervision will bring some pressure on the continued upward expansion of small and medium-sized enterprises at the current stage, so it is likely to continue to callback.

Based on the above analysis, Wang Yichong expressed a cautious attitude towards the market, "Our position has been very low, waiting for the opportunity of the market to fall." With the increasing divergence and volatility of the index up market, the hot spots are scattered and lack of main lines, and the momentum of the short-term market upward may be slightly insufficient, combined with the recent sharp rise of the Federal Reserve's interest rate increase expectations in March, At present, it is a high probability event, which may suppress the further rise of market risk appetite. For the future market, Suzaku Investment judges that the market may present a stage of shock, and individual stocks will further differentiate.

Yu Dingheng believes that the stability maintenance window period of the NPC and CPPCC is about to pass. From the game perspective, there is a greater chance for institutions to adjust their positions after the end of the NPC and CPPCC. In addition, from the macro data in February, he said that the CPI and PPI peaked, and the best time for profits in the cyclical industry may have passed. In this case, the pressure on cyclical stocks is relatively large, and the impact on the index is relatively large. However, although the market may face the double squeeze of fundamentals and liquidity after the two sessions, Yu Dingheng believes that the overflow funds in the housing market, bond market and social security pension funds are all ready to move off the market, and once the market has a decent decline, it is a big opportunity.

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