With the completion of the disclosure of the first quarterly report of public offering funds, the changes of heavy stock positions and positions in the large collection of securities firms' asset management and public offering products have surfaced.

According to Wind data, Guizhou Moutai, Ningde Times and Ping an Bank ranked among the top three in the market capitalization of public offering products in the first quarter of 2022; in terms of changes in the number of holdings, stocks such as Man Wah, Postal Savings Bank of China and Zijin Mining Group were greatly increased by brokerage management.

From the perspective of future research, a number of fund managers believe that the market is still at the bottom of the stage, many targets are at a lower level of historical valuation. In view of the current market, the focus in the investment operation is to find the main line of certainty.

Guizhou Moutai is still the number one heavy stock.

According to Wind statistics, the top 10 securities firms in the first quarter of 2022 are Guizhou Moutai, Ningde era, Ping an Bank, Oriental Fortune, Longji shares, Central shares, Shengtun Mining, XIAOMI Group-w, China Merchants Bank and Wuxi Apptec. Among them, Guizhou Moutai has a total market value of more than 2 billion yuan and is jointly held by 37 products managed by 11 brokerages.

Specifically, the position industry involves daily consumption, industry, finance, information technology, health care and other sectors.

Among the top 10 stocks by market capitalization, Shengtun Mining and Ping an Bank ranked first in the number of brokerage management holdings in the first quarter, with an increase of 17.8837 million shares and 10.8649 million shares respectively.

Judging from the market trend, the top ten stocks showed a trend of differentiation in the first quarter. Among them, Central shares rose 2.28% in the first quarter, while Oriental Wealth, XIAOMI Group-W and Shengtun Mining underperformed, falling 31.72%, 26.24% and 20.22% respectively in the first quarter.

Zijin Mining Group gets 6 products to increase his holdings.

In the first quarter, which stocks received a substantial increase in the holdings of public offering products? Wind data show that in the first quarter of brokerage large collection of public offering transformation products, Man Wah in the number of new holdings in the forefront, of which "CITIC excellent growth held A for two years," a total of 50.5616 million shares, holding a market value of 353 million yuan.

At the same time, the product also increased the holdings of Pharmaron Beijing Co., Ltd.* (HK), Shengtun Mining, Renfu Medicine, Racing Wheel Tire and Ping an Bank. The cumulative holdings in the first quarter were 5.1768 million shares, 74.6723 million shares, 15.1424 million shares, 37.478 million shares and 61.892 million shares respectively, with a market capitalization of 401 million yuan, 639 million yuan, 261 million yuan, 370 million yuan and 952 million yuan respectively. In the first quarter, Ping an Bank's shares fell 6.67 per cent, with four stocks, including Pharmaron Beijing Co., Ltd.* (HK), all down more than 20 per cent.

"CICC Rookie A" and "CITIC Construction Investment value growth A" increased their holdings in Postal Savings Bank of China by 20.4495 million shares and 17.3369 million shares respectively in the first quarter, with a market value of 110 million yuan and 93 million yuan respectively. And the last period of the heavy position of the "Investment Management Zhiyuan growth A" has reduced its holdings of this stock by 2.8955 million shares. Postal Savings Bank of China's share price rose 5.68 per cent in the first quarter of this year.

In the increase in the number of the top 10 stocks, Zijin Mining Group got the most increase in the holdings of asset management products. Among them, six products, including "CITIC holding A for one year" and "Guangfa Capital Management holding A for one year", have increased their holdings in Zijin Mining Group by a total of 34.3076 million shares, with a market value of 389 million yuan. Against the backdrop of continuous market adjustment this year, Zijin Mining Group's share price rose as much as 16.91 per cent in the first quarter.

In addition, "CITIC holding dividend value A for one year" increased its holding of 14.3955 million shares of R & D new materials in the first quarter, with a market value of 227 million yuan; "CITIC Construction Investment value growth A" invested in 10.9091 million shares of China nuclear power in the first quarter, with a market value of 88 million yuan. The share prices of Youyan Xincai and China Nuclear Power fell 3.91% and 2.29% respectively in the first quarter.

It is very important to find the deterministic main line.

Since 2022, the market has entered a period of adjustment again, and the prosperity and valuation levels of different industries have changed obviously. For the future market performance and investment direction, the fund managers of various products also gave investment research and judgment in the latest quarterly report.

"CITIC Construction value growth A" reported in the first quarter that in view of the current market, the focus in investment operation is to find the main line of certainty: first, to reduce the duration of asset allocation and reduce the holdings of long-term assets that only have long-term logic, but lack of short-term prosperity; second, under the background that US bonds continue to upward squeeze the level of growth valuations, the screening of growth stocks is more stringent, focusing on the line of "performance verification". Third, under the premise that the boom continues or exceeds expectations and is squeezed by valuation, increase the holdings of industries with reversal signals in their own business cycle.

"in the future, we will continue to grasp the allocation of the industry from the top down, the asset structure and adjustment direction within the portfolio, select stocks from the bottom up to build a portfolio, and focus our investment on the growth of the enterprise's own value and the return of the value of excellent enterprises. enjoy the return on investment brought about by the growth of enterprise value. The fund manager of the product said.

Guotai Junan Jun Deming mixture said in its quarterly report that in the context of the global epidemic and geographical conflicts, the market fluctuated downward, and showed obvious characteristics of style switching, such as medicine, new energy, technology, and other prosperous tracks in the past two years, while industries represented by coal, real estate, and aquaculture performed strongly. "in the long run, we still have confidence in China's economic transformation, which comes from the vigorous development of global low-carbon industries, industrial upgrading driven by scientific and technological progress, and domestic demand growth driven by rising incomes. "

Looking forward to the second quarter, the fund manager of the product believes that the impact of the epidemic will gradually fade, and the policy side is also very friendly. After previous adjustments, many targets are at the level of low historical valuations, but negative factors still exist. There may still be large fluctuations in the second quarter. We are still optimistic about big consumption, pharmaceuticals, TMT and advanced manufacturing for a long time, and will continue to track changes in industries and individual stocks and maintain a sound investment portfolio.

Luo Xiang, fund manager of "CITIC quality Life A", said that in terms of market style, it is still at the bottom of the market. Specific to the plate, we should pay attention to the following aspects: first, the upstream sector with high demand, good valuation and price and obvious risk premium caused by geopolitical conflicts, such as coal, petrochemical, non-ferrous metals, chemical industry and so on. The second is the electronic plate with continuous prosperity and application to promote the positive cycle of the industry; the third is the defensive plate with undervalued performance-to-price ratio, profit pressure release and certain repair ability, such as power utilities, transportation, and so on; fourth, the financial and real estate sectors whose fundamentals are gradually bottomed out and policies continue to drive investors' risk appetite to repair.