Source: Guotai Junan Securities

By the end of October, among the 4068 A-share listed companies, except for 300431.SZ and Semiconductor Manufacturing International Corporation-U (688981.SH), the remaining 4066 listed companies had all completed the disclosure of the 2020 quarterly report.

Looking at the results of the three quarterly reports of all AThe "recovery" trend is obviousThe overall net profit growth rate of all listed companies in the third quarter was 17.29%, significantly better than-12.76% in the second quarter.

At the same time, the disclosure of the third quarterly report of public offering funds has also come to an end.Position change and industry adjustment also seem to coincide with the performance growth path of listed companies.. Let's take a look.

Panoramic view of A-share quarterly report-- "recovery" becomes the key word

On the whole, the overall profits of listed companies rebounded significantly.Revenue growth rateIn terms of revenue of all A-shares (non-financial petrochemical, the same below) in the third quarter of 2020 (holistic approach)An increase of 11% year on yearRevenue in the first three quarters increased 2.9% compared with the same period last yearProfit growth rateIn terms of non-net profit deducted from all A sharesA year-on-year increase of 19%It fell 4.8% in the first three quarters compared with the same period last year.

From the perspective of the third quarter, revenue and net profit have achieved double-digit growth.Basically digest the impact of the epidemic, and there are obvious signs of recovery.。

　　In terms of sub-structure, the growth rate of motherboard is the lowest, while that of small and medium-sized boards is the highest.. The profit of the motherboard (non-financial petroleum and petrochemical) grew by 15% in the third quarter, and the highest small and medium-sized board grew by nearly 40%.

Revenue and profit of each sector

Data sources: Wind, Guotai Junan Securities Research

But judging from the strength of profit repair,The profit of main board and small and medium-sized board has been greatly improved, and gem has been repaired.The rhythm slows down。

There is a differentiation in profit repair in different sectors.

Data sources: Wind, Guotai Junan Securities Research

　　From the perspective of the industry sector, consumption and technology still maintain a high level of prosperity.. In the third quarter, the net profit of the consumer sector increased by 31%, that of the technology sector by 22%, that of the cyclical sector by 17%, and that of the defense sector by 2%.

In the consumer sector, the profit growth rate of agriculture, forestry, animal husbandry and fishing (83%), automobile (66%) and medicine (49%) was relatively high, while that of light industrial manufacturing (17%) and food and beverage (17%) was steady. The profits of textile and clothing (- 49%) and social services (- 5%) industries declined a lot. Technology growth in each segment of the track differentiation is obvious, new energy (37%), military industry (65%), consumer electronics (42%) high demeanor, communications (- 8%), media (- 28%) performance is relatively poor.

The path of adjusting the position of public offering funds-- following the main line of performance

After the disclosure of the third quarterly report of public offering funds, the path of adjusting positions has also surfaced.

Overall, by the end of the third quarter, the total size of public offering funds was 18 trillion yuan, an increase of 5.6% over the end of the second quarter and 21.5% over the end of 2019. Among them, the fixed income category is still the largest, accounting for 69%, the equity category accounts for 29.7%, and alternative investment accounts for 0.65% and 0.64% of the total.

The size of all kinds of funds compared with the changes at the end of the second quarter

Source: Wind

Throughout the third quarterAStocks rose as a whole, with quarterly gains in the Shanghai Composite Index7.82％The profit effect of equity funds is significant, the scale is also rising, and the scale is increasing.27.7％，It is the best of all kinds of funds.However, with the rise of the stock market, equity funds have "reduced their positions"According to statistics, the whole market takes the initiative.The average stock position of the equity fund is82.80％Down from the previous quarter1.60％。

In terms of plate distribution,Equity funds as a whole add positions on the main board, small and medium-sized board, reducing positions on the gem, and the third quarter "the main board and small and medium-sized board profit improvement efforts, gem repair pace slowed down," the rhythm is basically consistent.

Changes in positions in equity funds

　　Data sources:Wind(due to the existence of positions in Hong Kong stocks, positions in various sectors are insufficient.)100％）

In the past, the top ten heavy stocks were based on statistics, and the five industries with the highest proportion of equity funds wereFood and beverage, medicine, electronic components, electrical equipment and computers. On the path of increasing or decreasing positionsSubstantial increase in food and beverage, electrical equipment and national defense industryGreatly reduce the distribution of medicine and computers, and slightly reduce the distribution of household appliances, media and real estate. On the allocation quantile, the allocation proportion of electronics, power equipment and consumer services is the highest in history, while finance (banks, non-banks) and real estate are still in low allocation areas.

Increase and decrease allocation paths in some industries with higher allocation proportion

　　Data sources:Wind

On the wholeThe path of increasing and decreasing distribution of the industry plate is basically in line with the prosperity of the industry.However, the pharmaceutical sector with sustained high performance growth has been greatly reduced by public offering funds, and the persistence of the performance of the epidemic, high valuations and the impact of domestic procurement may be the key to the selection of public offering funds.

From the ten stocks with the largest market capitalization held by equity funds, it is not difficult to find that it basically continues the usual aesthetic of public funds.Preference for industry leadersAt the same time, it also fully reflects the industry preference of "significantly reducing holdings in pharmaceuticals and computers" this quarter. Changchun Hi-Tech and Hengrui Pharmaceuticals, as well as Hang Seng Electronics, the computer sector's Hang Seng Electronics, fell out of the top ten stocks, replaced by Tencent (Hong Kong stocks), Midea and Shunfeng Holdings.

Changes in the Top Ten heavy stocks of Equity funds

　　Data sources:Wind

Generally speaking, compared with individual investors, the turnover rate of institutions represented by public funds is much lower, the style is also more stable, and they follow the performance prosperity of the industry and listed companies more closely.Value valuation。

Guotai Junan also pointed out that in the context of the confirmation of the shift in monetary easing expectations, the market's tolerance for high valuations has declined, emphasizing the profitability and sustainability of earnings, as well as the degree of matching with valuations.