With the disclosure of the third quarter report, public funds under international asset management giants such as BlackRock and Fidelity have all their holdings exposed.

The product lines of foreign public funds are still being constantly improved. As of now, Blackrock Debt Strategies Fund Inc. has issued 9 products, Robur Fund has issued 8, Fidelity Fund has 5, Schroder Fund has 2, Lombard Odier Fund and Allianz Fund have each issued 1 product.

From a performance perspective, there are many outstanding products among foreign public funds; from an industry distribution perspective, the concentration of foreign public fund holdings is relatively diversified, with industry coverage more balanced. Looking ahead, foreign public funds are still confident in the valuation repair of the Chinese stock market, and are highly concerned about the latest developments in subsequent policies.

Adjusting positions actively to respond to market changes.

With the completion of the third quarter reports, the latest holdings of many foreign public funds have also come to light.

Taking Blackrock China New Horizon Fund Inc. as an example, the fund's top holdings in the third quarter include $China Pacific Insurance (601601.SH)$N/A.$Yongxing Special Materials Technology (002756.SZ)$,$ZIJIN MINING (02899.HK)$,$Wus Printed Circuit (002463.SZ)$,$Ningbo Orient Wires & Cables (603606.SH)$etc. Among them, China Pacific Insurance, Aier Eye Hospital Group, Gree Electric Appliances, Inc.of Zhuhai, etc., had relatively large gains in the range. In terms of performance, Blackrock China New Horizon Fund rose by 7.47% year-to-date, exceeding the average increase of equity hybrid funds.

Fund managers Dan Xiu-li and Shen Yufei reviewed the operations of the quarter in the quarterly report, stating that in the third quarter, the fund took a relatively flexible stock position, focusing on the allocation of sectors such as non-ferrous metals, electronics, banks, chemicals, non-banking financial institutions, and electrical equipment. The main changes were a significant reduction in the allocation of chemicals, non-ferrous metals, communications, automobiles, and building materials, and an increase in the allocation percentage of sectors such as electronics, non-banking financial institutions, pharmaceuticals, steel, home appliances, and transportation.

Fidelity Heritage's top holdings in the third quarter six months include:$MEITUAN-W (03690.HK)$,$Naruida Technology (688522.SH)$,$Inner Mongolia Yili Industrial Group (600887.SH)$,$BABA-W (09988.HK)$,$PING AN (02318.HK)$Wait, Meituan-W, Alibaba-W, and Ping An Insurance showed significant gains within the range. In terms of performance, Fidelity Heritage has increased by 17.31% in the past 6 months, well above the average increase of regular stock funds at 6.03%.

Fund managers Zhou Wenqun and Zhang Xiaomu stated that in terms of portfolio operations, although the market is expected to remain weak in July and August, due to the crowded trading conditions and valuation levels, some defensive sectors that have outperformed in the past two to three years have gradually started to underperform the index from July or August. Therefore, the fund began gradually adjusting its portfolio allocation at the beginning of September. Coupled with the unexpectedly favorable policies announced later in September, the fund managers have adopted a more optimistic attitude towards the equity market, with a noticeable increase in the aggressiveness of the overall portfolio structure. Specifically, there has been a reduction in positions in energy commodities, electrical equipment, and export chains, while increasing allocations in optional consumption, essential consumption, and information technology sectors.

Schroder China Shipbuilding Industry Group's major holdings in the third quarter include $Contemporary Amperex Technology (300750.SZ)$Please use your Futubull account to access the feature.$Wanhua Chemical Group (600309.SH)$Please use your Futubull account to access the feature.$Shengyi Technology (600183.SH)$Please use your Futubull account to access the feature.$CITIC (600030.SH)$Please use your Futubull account to access the feature.$Huatai (601688.SH)$ Such as Citic Sec, Sungrow Power Supply, and HTSC have large gains within the range. In terms of performance, Schroder China Shipbuilding Industry Group Power has an annualized return of 24.45%, exceeding the average annualized return of ordinary stock funds of 21.48%.

基金经理安昀表示，目前倾向于股市见底信号比较明确，估值修复在剧烈的波动中接近于完成，预计后续市场波动会逐步减小，股票会分化。他分析称，市场短期的剧烈波动很大程度上消化了政策变化，市场预期跑得非常快，政策进一步超预期的难度很大。由于基本面的改善短期尚未明朗，他倾向于认为，估值修复接近于完成，后期板块和股票将可能分化。

相信中国股市的估值修复仍有空间

站在当前时点，单秀丽和神玉飞认为，展望2024年四季度，随着财政货币政策后续持续跟进发力，市场有望扭转前期过度悲观的预期，进入更加有为的环境。四季度，他们将重点关注几个方向，其中包括困境反转底部脱敏的方向，国企红利释放的投资机会等。

安昀表示，8月下旬以来，市场看到了一些积极信号，家电和汽车的销量都有所复苏。他认为，这两个方向是结构性机会之一，后续或再迎政策加码。他也看好出口链，他认为，受美国选情和人民币升值情况的影响，出口链公司的阶段性调整将会是不错的买入时机。

红利类特别是金融类的股票也是安昀关注的重点。他认为，非银机构质押股票，向央行贷款的政策，对高质量低波动的长持类型股票较为利好，从而导致对红利类股票需求的增加，而支持Merger、消灭破净等政策也比较利好券商等非银机构。

此外，安昀还关注顺周期股票，包括化工、有色、机械、建材、建筑和物流等。他认为，目前来看，这些行业还比较稳定，存在结构性机会。成长方面，他比较看好受益全球周期的电子股，以及明显结构性成长的运动休闲公司，他将对这部分仓位择优进行动态调整。

Zhou Wenqun and Zhang Xiaomu stated that although China's economic structural adjustment has experienced some temporary pains, the achievements of economic transformation cannot be denied. Some excellent companies have withstood the test, showing steady performance beyond the cycle, and even growth potential. With the United States entering a "rate-cutting cycle" and China's monetary fiscal stimulus, "good companies" with both short-term stability and long-term growth potential will prioritize regaining market recognition. With the combined effect of policy support and corporate efforts, it is believed that there is still room for further valuation recovery in the Chinese stock market.

Editor/new