The 2023 fund's semi-annual report was revealed, and all of the fund's holdings have surfaced.

1

Fund holdings revealed, Zhu Shaoxing's latest views revealed

The market value of Kweichow Moutai held by public funds still ranked first, reaching 137.737 billion yuan. However, the Ningde era is favored by more funds. A total of 2,301 funds are held, with the highest number of fund holdings.

(The content of this article is a list of objective data and information and does not constitute any investment advice)

With the further expansion of Hong Kong Stock Connect, Hong Kong stocks are increasingly favored by mainland stocks. Tencent Holdings is held by as many as 1,050 non-QDII funds, with a total market value of 58.145 billion yuan. The market value of the public fund's holdings in the five Hong Kong stocks of Meituan, CNOOC, China Mobile, Kuaishou, and Pharmaceutical Biotech all exceeded 10 billion dollars.

Ping An Securities said that after experiencing a decline in the domestic equity market in August, whether from equity risk premiums or market sentiment, it reached a relatively extreme position. The bottom signal was obvious; a series of major benefits, such as lower stamp duty, further regulation of holdings reduction by the Securities Regulatory Commission, and phased tightening of the pace of IPOs, helped boost investor confidence; at the macro level, we also saw that the decline in profit growth of industrial enterprises narrowed, and the economic growth factors we constructed also showed signs of bottoming out. Although the improvement in market sentiment will not be obvious overnight, the strategic allocation value can be highlighted. Interest fund configuration.

Investment veteran Zhu Shaoxing recently spoke out in his semi-annual report, saying:

1. In the first half of this year, the real economy entered a recovery stage, and the recovery was relatively weak. Monetary policy remained relaxed in the first half of the year, the effects of fiscal policy were not significant, and corporate investment confidence recovered slowly. The recovery in investors' risk appetite has also been weak. The impact of the pandemic on the real economy has been profound, and the recovery process is full of challenges. The technology industry continues to be suppressed, and geopolitical spillover is a negative disruptor.

2. Cyclic fluctuations in the macro environment alternating between warm and cold are unavoidable. During the headwind period of business operations, it is even more likely to test the company's barriers and the strength and weakness of management coping capabilities. We pay more attention to the ability of holding companies to obtain shares in a context of low macro temperatures, as well as their financial resilience to risk. In a complex investment environment, investors may need to use a longer-term perspective to evaluate excellent companies in order to filter out too many short-term fluctuations.

3. Looking ahead to the second half of the year, there are signs of weakening exports, and domestic real estate investment and consumption are still weak. The international policy game is still unlikely to ease. Optimistic factors are that monetary policy expectations remain relaxed, and that fiscal policy's marginal contribution forecast for the second half of the year is more positive. Although the recovery currently shown in the data is not very strong, we should see that the positive factors are still slowly taking effect.Currently, the overall valuation of the market is in a very attractive position over a long period of time, and the equity market is in a good risk-return range.In a longer time dimension, we believe that the many difficulties we face today will eventually find a solution. It is quite appropriate that investors currently choose to withstand the level of expected return corresponding to market fluctuations.

4. In the future, we will continue to strive to find value in high-quality stocks and remove more “stones”. We don't have the reliable ability to accurately predict short-term market trends, butFocus your energy on patiently collecting excellent companies with promising prospects, and wait for the company's own value creation to be realized and market sentiment to return cyclically at some point in the futureHomecoming.

5. At the level of individual stock selection, I prefer to invest in enterprises with good “corporate genes”, a perfect corporate governance structure, and excellent management. We believe that such enterprises have a greater chance of creating value for investors in the future, and sharing the capital market benefits brought about by the company's own growth is the best way for growth funds to obtain returns.

2

Massive inflows of capital into ETFs! Huaxia Fund starts a blitzkrieg

Major global indices did not perform well in August.

Judging from the monthly performance of ETFs, ETFs related to commodities, gold, and securities were relatively good in August. Among them, soybean meal ETFs rose by more than 10%, while NASDAQ ETFs rose ahead; non-ferrous metals, new energy, pharmaceuticals, tourism, and infrastructure sectors declined significantly.

Since 2023, gaming and gaming-related ETFs have all risen by more than 50%, US stocks have risen steadily, and Nasdaq ETFs have risen close to 50%; travel ETFs have fallen by more than 25%, and pharmaceuticals and non-ferrous metals-related ETFs have fallen by more than 20%.

The ETF with the highest performance in the first 8 months of this year tracks products such as gaming, artificial intelligence, cloud computing, big data, communications, and media. For ETFs that are underperforming, the tracking sectors focus on tourism, pharmaceuticals, and new energy.

The A-share market structure was remarkable this year, and the profit effect weakened. The scale of active equity products decreased by more than 200 billion yuan in the first half of the year; in contrast, ETF products attracted more than 180 billion yuan in capital in the first half of the year.

The ETF market has shown a rapid development trend this year. Fund companies have continued to develop ETF products. In terms of the pace of approval and distribution, everyone is working hard at speed.

On August 10, four fund companies, including Yinhua Fund, Bosch Fund, Penghua Fund, and Cathay Pacific Fund, also declared the first batch of Science and Technology Innovation 100 ETF products.

On August 11, the China Securities 2000 Index was officially released. On the same day, ten fund companies, including Yifangda Fund, Huaxia Fund, Guangfa Fund, and China Southern Fund, reported ETF products tracking the China Securities 2000 Index.

On August 14, the first batch of ETF products tracking the Science and Technology Innovation Growth Index, such as the E-Fangda SSE Science and Technology Innovation Board Growth ETF and the Guangfa SSE Science and Technology Innovation Board Growth ETF, was officially launched.

Since it was issued on August 28, the first batch of 4 Science Innovation 100 ETFs under the four fund companies Bosch, Yinhua, Penghua, and Cathay Pacific has raised more than 4 billion dollars. The 4 Science and Technology Innovation 100 ETFs will be closed on September 1.

Seven products tracking the China Securities 2000 Index, including Huaxia, Yifangda, Huatai Berry, Nanfang, Guangfa, Huitianfu, and Harvest, were officially launched on September 1.

The first batch of CSIC 2000 ETFs all controlled the initial launch scale. Judging from the announcement, with the exception of the Guangfa CSIC 2000 ETF limit of 8 billion yuan, all other CSIC 2000 ETFs raised a maximum of 2 billion yuan.

Huaxia Fund launched a “blitzkrieg” to issue the China Securities 2000 ETF. The fundraising period is only one working day, and it is expected that the issuance will end on September 1.

The issuance date of the China Securities 2000 ETF under Huatai Berry and Guangfa Fund is set from September 1 to September 5, and the fundraising period is only 3 working days; the China Securities 2000 ETF, which is owned by the four fund companies Yi Fangda, Nanfang, Huitianfu, and Harvest, is scheduled to be issued from September 1 to September 8, with a fundraising period of 6 working days.

Industry insiders said that ETFs are competing for long-lasting vitality. Currently, all Chinese Securities 2000 ETFs have not been issued for a long time, so they hope they can be marketed as soon as possible.

3

The increase surpassed the NASDAQ, was the boss Buffett right again?

Under the AI frenzy in US stocks, some traditional US industry indices have risen more than technology stocks driven by artificial intelligence this year, and Buffett once again made predictions.

The S&P homebuilder ETF has risen more than 38% this year, outperforming the NASDAQ's annual increase of about 34%.

Interest rates on mortgages have soared since last year. High interest rates have made homeowners hesitate to sell, and many buyers have switched to buying newly built homes, boosting the US home builder business.

Thanks to the increasingly tight real estate market, since this year, the US stock Dream Finders Homes has soared by more than 226% during the year, MI Home has risen nearly 110%, and Green Brick Partners has risen more than 106%.

Wall Street's concerns about the recession are waning, and analysts are becoming extremely optimistic about the prospects for real estate builders.Wall Street agencies make high-profile predictions, the future of US housing construction stocks12The expected return for the month is likely to be16%, higher than the general market and the NASDAQ, which is dominated by technology stocks100indices13%The expected rate of return.

It is worth noting that in early August, global investor and stock god Buffett made another precise attack. The 13F report shows that Berkshire Hathaway, a subsidiary of Buffett, bought 5.97 million new shares of DR Horton Inc. in the second quarter, with a market value of 726 million US dollars at the end of the period.

Michael Rehaut, an analyst at J.P. Morgan Chase, said that residential construction stocks will continue to benefit from sound fundamentals. With interest rates continuing to stabilize, if there is no recession in the medium to large economy, it is expected that within the next two years, while the balance sheet is very strong, book value will also grow steadily.

As early as June, Buffett had purchased two more homebuilders — Lennar International, and NVR, four of America's top housing developers.

Under the global new energy boom, Buffett has gone the other way over the past few years, not following the mainstream, exploring opportunities in traditional industries, and betting heavily on traditional industries such as petroleum.

Having struggled in the midst of turbulent capital markets for more than a century, Buffett's rich life experience and investment experience also fostered a reverse investment mentality, not chasing the mainstream, and seeking definitive opportunities in corners overlooked by the market.

The appeal of the capital market is also that it is extremely tolerant of everyone; as long as you don't follow the crowd, you can find your own world.