Today, smart investment will analyze the positions of all fund managers together. Take a look at these.Known as the "most profitable" fund manager, in the first quarter of the adjustment path?

These best fund managers have more reference and reference significance, rather than paying attention to the adjustment of all funds in the whole market, which may be a reverse indicator.

Specifically:

1，First quarterThe new hot stocks are Ningde Times, Meituan and Mindray Medical.Luzhou laojiao, Sany heavy Industry and Vanke dropped out of the top ten hot stocks.

2Judging from the newly entered heavy stocksOf the 35 new stocks with heavy positions received by more fund managers, 23 companies have a market capitalization of more than 100 billion yuanThe largest number of new heavy stocks held by fund managers is Haikangwei.There are 44 funds in total and 12 new entrantsSanli Spectrum has been joined by a total of 8 funds owned by Cheng Zhou and Feng Mingyuan at the same time, and Sanli Spectrum rose by more than 60% in the first quarter.Koda manufacturing was newly entered by Cheng Zhou, which rose sharply in the first quarter.54.78%；Race wheel tires were newly added by Li Yongxing and Yang Ming, with an increase of nearly 50% in the first quarter.

3. The allocation of Hong Kong stocks continued to increase, with TOP30 fund managers holding a total of 36 Hong Kong stocks at the end of the first quarter.

Comments on Tencent and MeituanIt is still the most held, and Zhang Kun's total positions in the two stocks reached respectively.98.06100 million and 9.6.04亿In addition, Zhang Kun holds a market capitalization of more than 10 billion in HKEx.China MobileBe simultaneouslyFu Pengbo, Wang Chong, Li Yongxing, Zhou Yingbo, Yuan Fang, Qiu DongrongJoin the ranks of heavy stocksChina Resources BeerFavored by Xie Zhiyu, Wang Chong, Zhou Weiwen and Yuan Fang.Galaxy Entertainment, Xinxin Company, Zhou's Black Duck, Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor, KingsoftEnter the view of the top 30 positions.

Before we look at the operation of TOP30 in the first quarter, let's briefly review the next quarter.The whole marketActive equity funds:

First quarterThe number of active equity funds reached 3906.The scale is over 6.6 trillionOverall reduction of positions in active equity products

In the first quarter of 2021, the Shanghai Composite Index and the CSI 300 fell 0.9% and 3.13%, respectively. The market as a whole is falling, but the number and size of active equity funds continue to increase. In the first quarter of 2021, the total number of active equity funds reached3906只The scale has increased by nearly 600 billion, and the current equity fundsTotal scale达6.24 trillion.

Throughout the first quarter, the positions of common equity and partial stock funds have declined compared with the fourth quarter. Among them, the average positions of ordinary stock funds and partial stock funds are respectively85.03%和81.86%。Next, let's take a look at the latest operations of smart investment TOP30 fund managers in the first quarter:

The total management scale of "Smart Top 30" fund managers exceeds one trillion yuan.Zhang Kun and Liu Yanchun joined hands in hundreds of billions of clubs5x6 fund managers manage more than 10 billion yuan

1. On the whole"Smart vote TOP30"the total scale of all management has exceeded one trillion, with an average management scale of 3.64About 100 millionAmong them are18The management scale of more than 3 fund managers00亿There are 25 fund managers, that is, fund managers with a management scale of more than 10 billion.

2. The total scale of management of Zhang Kun and Liu Yanchun both exceeded 100 billion.Compared with the fourth quarter, Zhang Kun's size increased by 10 billion in the first quarter. Among them, the size of Yifangda blue chip alone is more than 88 billion, which is likely to become the first product in the history of the fund with a single fund size of more than 100 billion; in addition, the size of Yifangda small and medium-sized companies has shrunk by 8.6 billion to 31.464 billion at present. Liu Yanchun's total management scale also increased to 100 billion in the first quarter, stepping into a 100 billion club for the first time. Compared with the fourth quarter, Liu Yanchun's management scale increased by 23.2 billion in the first quarter. Among them, the largest increase in scale is emerging growth, the size of a single fund has increased by more than 10 billion, and the net purchase share in the first quarter has exceeded 4.6 billion.

3Dong Chengfei, Xie Zhiyu and Xiao Nan all had a total management scale of more than 5% in the first quarter00亿. Among themXie Zhiyu reached the scale of the first quarter.561.83亿，An increase of more than 10 billion over the previous quarter.

4，TOP30Among fund managers, the scale of management shrank by about 1 / 1 in the first quarter.3。Among them, the largest reduction in scale is Wang Pei, which decreased by 6.423 billion in the first quarter, mainly due to certain redemptions of its funds in the first quarter. In addition, such as Feng Mingyuan, Cheng Zhou, Fu Youxing, and so on, the scale of management has also been reduced to a certain extent, but the scale reduction is also less than 5 billion.

5, the number of management of most fund managers is concentrated in 3-5, the largest is to manage 9 funds, however, due to the overall scale is not large, it is still in the operational range.

The overall position of TOP30 fund managers has declined.Dong Chengfei, Fu Youxing, Yang Ming and Zhang Hui reduced their positions by a large margin.

1. In the first quarter of 2021, the market fell sharply, with the Shanghai Composite Index and the Shanghai and Shenzhen 300 falling 0.9% and 3.13% respectively.从TOP30 Fund ManagerOn behalf of the products, the overall position declined in the first quarter.The average position of TOP30 fund managers' representative products was 84.78% in the first quarter, down from 86.88% in the fourth quarter.

2. The larger extent of position reduction includes Yang Ming's Hua'an strategy optimization, Zhang Hui's Huatai Berry innovation upgrade An and Dong Chengfei's Xingquan trend.Among them, the position of Huaan Strategy fell by 28.49% in the first quarter, and the current stock position is 63.87%. Yang Ming also explained the reasons for the reduction in the first quarterly report:"We saw bubbles in the market and continued to reduce positions by resolutely selling frothy stocks after the festival, which effectively reduced the pullback of the fund's net worth.Nevertheless, looking back on this fluctuation process, we still regret that we have not been able to reduce our positions before the Spring Festival. This suggests that we still need to make great efforts to improve it in the aspects of controlling emotions, rational investment, improving the executive ability of decision-making and so on. "Zhang Hui's Huatai Berry Innovation upgrade A position also decreased by 17.92% in the first quarter, and the current position is 74.22%. Zhang Hui made an explanation and the next operation plan in the first quarterly report:"The fund made a certain reduction and adjustment after the festival, but the withdrawal of the bottom position exceeded expectations and brought a great drag on the net worth.Here we apologize to the holder. After adjustment and optimization, the excess return of the portfolio rebounded in late March, but the volatility of core assets is still large, the persistence of excess income is not strong, and positions need to be supplemented by more cost-effective companies. "

3. In addition, Feng Mingyuan's Cinda Australian Bank New Energy Industry increased more positions, from 90.65% in the fourth quarter to 94.51% in the first quarter. Although the increase was not large, we took a look at all Feng Mingyuan's products. All positions were increased in the first quarter.

Changes in TOP30 hot stocks:Ningde Times, Meituan and Mindray Medical entered the top ten hot spots.Luzhou laojiao, Sany heavy Industry and Vanke dropped out of the top ten hot stocks.

1, compared with the third quarter, liquor stocks Maotai and Wuliangye still steadily occupy the top two seats. such asZhang Kun, several funds have a total position in Maotai.The market capitalization is 12.525 billion, a slight increase compared with the fourth quarter., hold the proportion of super TOP30Fund managers always hold the market capitalization28%；And Liu Yanchun, holding Cang Maotai 89.32In other words, the total market value of Maotai held by Zhang Kun and Liu Yanchun almost accounts for TOP30Hold half of Maotai's total market capitalization.The third largest position of hot stocks, from Shun Feng Holdings to Haikang Weiwei.Judging from the detailed positions of TOP30 fund managers in the first quarter, which were sorted out two days ago, Haekangwei has been affected byZhang Kun, Liu Yanchun, Dong Chengfei, Xie Zhiyu, Wang Chong, Xiao Nan, Zhou Yingbo, Yuan Fang, etc.Favored by many star fund managers. Haikang Weiwei rose 15.23% in the first quarter. According to the company's quarterly report, Zhang Kun ranked among the eighth largest circulating shareholders of Haikangwei, while Gao Yi and Feng Liu also ranked third.

2、The hot stocks added in the first quarter are Ningde Times, Meituan and Mindray Medical.Among them, likeMindray Medical treatmentLiu Yanchun also entered the new stock in the first quarter.At present, the total market value is held72.35亿。Ningde eraIs back in the top ten again.Both Zhou Yingbo and Feng Mingyuan increased their holdings in the second quarter.，Yuan Fang and Zhang HuiAre all new to the stock.

3. Luzhou laojiao, Sany heavy Industry and Vanke dropped out of the top ten hot stocks.

New heavy stocks, mostly with a market capitalization of more than 100 billion yuan:Haikangwei has become the most important stock with the most new entrants.Be liked by Cheng Zhou and Feng Mingyuan at the same timeThe three-interest spectrum rose by more than 60% in the first quarter.The racing wheel tyres are influenced by Li Yongxing and Yang Mingxin.An increase of nearly 50% in the first quarter

1. According to the number of funds held, smart investors made statistics on the new heavy stocks of funds owned by TOP30 fund managers in the first quarter.Receive 3% of more fund managers5Only 2% of the new stocks are in heavy positions.3The market capitalization of each company exceeds 100 billion yuan, 10The market capitalization of each company is 1.00-1000The market capitalization of only two companies is less than 10 billion.

2The largest number of new heavy stocks held by fund managers is Haikangwei.Haikangwei just counted TOP30 hot heavy stocks, also appeared, 44 funds hold Haikangwei, of which 12 are new, it can be seen that the degree of concern is very high. The Ningde era is the second most important stock to be held. Yuan Fang's ICBC Credit Suisse Sports Industry, Yuanxing, High-quality growth An and three-year holding, as well as Zhang Hui's Huatai Berry Innovation and upgrade A, research selections, are all new to the stock. Among them, Yuan Fang holds a total market capitalization of 1.846 billion and Zhang Hui holds a total market capitalization of 291 million.

3, the three-interest spectrum is simultaneouslyBy Cheng Zhou and Feng Mingyuan a total of 8 funds newly entered. Among them, Cheng Zhou's total holding market value is 722 million, Feng Mingyuan's total holding market value is 408 million. Three-interest spectrumCompanyAccording to the annual report, several funds under Cheng ZhouIt was alreadyRanked among the top ten tradable stocks in the three interest spectrum.了. The three-interest spectrum rose by more than 60% in the first quarter.

4. Shilan Wei was also owned by Yang Ruiwen.6Only the fund is new.Shilan Wei is an integrated semiconductor products company, its main products include integrated circuits, semiconductor discrete devices, LED products and other three categories, the current market capitalization is less than 40 billion. Yang Ruiwen currently holds a market capitalization of nearly $700 million. Shilan Wei has fallen about 3 points so far this year.

5, if you look at the increase in the first quarter of 2021 alone, in addition to the three-interest spectrum just mentionedThe performance of Koda manufacturing and race wheel tyres is also quite eye-catching.Koda Manufacturing has been newly acquired by several funds under Cheng Zhou.It currently holds a total market capitalization of 562 million. The latest market capitalization of Koda Manufacturing Company is just over 2 billion.It rose by 5% in the first quarter of this year.4.78%。Another race wheel tire was newly entered by Li Yongxing and Yang Ming in the first quarter.The company is mainly engaged in the R & D and manufacture of all-steel radial truck tire, semi-steel radial tire and engineering radial tire, with a market capitalization of more than 30 billion. First quarterThe tire of the racing wheel increased by nearly 5%.0%。

6, exceptChina Mobile Limited and the other two Hong Kong stocks with "Chinese prefix" have also been newly recruited by fund managers.In the first quarter, Yang Minghua an bonus selection and Hua'an superior enterprises A, Zhou Yingbo's innovation in the next 18 months, as well as Qiu Dongrong's medium Geng value qualityA newcomer to CNOOC Limited.CNOOC Limited's latest market capitalization exceeded 360 billion, an increase of more than 13 points in the first quarter. The other oneChina Overseas Land & InvestmentIt is found by Chen Yifeng's Anxin value that two years are fixed and Anxin value returns three years A, and Qiu Dongrong's medium Geng value quality holds new progress in one year. China Overseas Land & Investment, who is mainly engaged in property, real estate agency and management, and financial transportation, rose nearly 20 per cent in the first quarter of this year. In addition, as more and more new funds can participate in the Hong Kong stock market, Hong Kong stocks have become a value depression closely watched by public offering funds. Smart investors are also keeping an eye on the participation of TOP30 fund managers in Hong Kong stocks.

As for Hong Kong stocks:Zhang Kun holds a market capitalization of HKEx that exceeds 10 billion.China Resources Beer is favored by Xie Zhiyu, Wang Chong, Zhou Weiwen and Yuan FangChina Mobile Limited was also favored by Fu Pengbo, Wang Chong, Zhou Yingbo and Yuan Fang.Poly Xiexin Energy increased by nearly 61% in the first quarter.Galaxy Entertainment, Xinxin Company, Zhou's Black Duck, Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor and Kingsoft entered the field of vision of TOP30

In the first quarter, TOP30 fund managers held 36 Hong Kong stocks, an increase of 8 from 28 in the fourth quarter. Specifically:

1、 Tencent and Meituan are still the most held stocks.Zhang Kun, Liu Yanchun, Xie Zhiyu, Wang Chong, Cai Xiangyang, Zhou Weiwen, Xiao Nan, Chen Hao, Li Yongxing, Zhou Yingbo, Yuan Fang and other funds have participated in the investment of these two Hong Kong stocks. Among them, Zhang Kun alone, forThe total positions of Tencent and Meituan reached respectively.98.06100 million and 9.6.04亿。

2, first quarterZhang Kun holds a market capitalization of HKEx that exceeds 1.00亿The Hong Kong Stock Exchange rose 9.69% in the first quarter. In addition to Zhang Kun, Liu Yanchun, Chen Hao, Zhou Yingbo and Yuan Fang also own the HKEx.

3，China Mobile Limited was simultaneously killed7Only funds hold.In the previous analysis, we also specially emphasized that China Mobile Limited was included in the ranks of heavy stocks by Fu Pengbo, Wang Chong, Li Yongxing, Zhou Yingbo, Yuan Fang, Qiu Dongrong and other star fund managers in the first quarter.

China Resources Beer is favored by Xie Zhiyu, Wang Chong, Zhou Weiwen and Yuan Fang.Xie Zhiyu currently has a total holding market value of 445 million, while Wang Chong and Zhou Weiwen are new to China Resources Beer to enter the top 10.

5, judging from the increase in the first quarter of 2021 aloneRate of increaseThe highest is Poly Xiexin Energy, which is held by Yu Guang.The stock rose nearly 61% in the first quarter, and Yu Guang reduced its holdings slightly. In additionYanzhou Coal shares also increased in the first quarter.48.39%, Qiu Dongrong's medium Geng value quality is held for one year.It holds this stock with a market capitalization of 108 million, and the company's current market capitalization is 48.2 billion.

6. We can also see that some Hong Kong stocks of pan-consumer and hardware and software manufacturing are also gradually coming into the eyes of TOP30 fund managers, such asGalaxy Entertainment, Xinxin Company, Zhou's Black Duck, Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor, KingsoftWait. For example, Zhou Yingbo's China Europe Internet Pioneer A's new heart company in the first quarter, a company that develops and operates high-quality games in China and overseas; Zhou Weiwen's China Europe ingenuity for two years, Galaxy Entertainment in the first quarter, the group mainly operates gambling in Macau, provides hotels and related services, the share price rose 16.18% in the first quarter. Finally, let's take a look at the research and judgment of the next market by TOP30 fund managers in the first quarterly report.

Future outlook and investment direction

After the high-quality companies fell to a certain extent, most TOP30 fund managers expressed relative optimism about the follow-up market, but also suggested that you still need to be patient, do not be easily tempted by the overfall rebound, wait for the valuations of high-quality companies to fall, and at the same time, look for more companies with profit growth in sub-industries. Smart investors pick out the clear-cut ones among TOP30 fund managers:

First, be prudent and prudent

1. Dong Chengfei:This year, as the domestic and foreign economies are gradually entering the stage of recovery, it is difficult for us to judge when the epidemic will subside, but it can be foreseen that the situation of supporting the economy with abundant liquidity as it did last year will weaken marginally, soMore caution is needed in judging fundamentals and valuations.

2. Fu Youxing: the correction of the market after the Spring Festival has brought the risk-return ratio of the stock market back to a relatively acceptable level. Obviously, the relatively high valuation and the increase of market volatility make the investment face greater challenges in the short term.

3. Zhang Hui:Looking forward to the second quarter, the period of the fastest profit growth of the whole year has passed, and there are great differences in the market trend of earnings in the second half of the year. The assumption of "high before high and low after low" or "not low after high" has an impact on the prediction of market style. In addition, due to the low base in March-May last year, the peak of inflation data is likely to occur in the second quarter. Commodity prices, with the exception of oil prices, have basically returned to pre-epidemic levels, and the expected price rise as a result of fundamental repair may come to an end.

Second, relative optimists

1, Yang Ming:For some time to come, we believe that the market will be dominated by horizontal volatility. On the one hand, time for space, through the improvement of performance to digest the valuation of leading stocks; on the other hand, by mining reasonable valuation of industry leaders and second-tier excellent companies, the position distribution of institutional investors will become more balanced.In this judgment, we will become more optimistic than before.We will more actively look for high-quality leading stocks that have been adjusted in place and have a reasonable valuation, gradually restore the position to the normal level, and strive to optimize the balance between long-term value and phased contradictions.

2, Zhang Jun: we think that the systemic risk of the market is small, and some industries with high valuations have gradually released some of the risks with the decline of the market.The market in 2021 will show the characteristics of structural differentiation. Therefore, in the specific operation, we will adhere to the idea of giving priority to structure and selecting individual stocks from the bottom up, through the selection of high-quality enterprises. The directions of concern in 2021 include: 1) some undervalued with steady returns and blue-chip targets with high dividends; 2) small and medium-sized companies that will be significantly affected in 2020 and gradually return to normal operations in 2021.

3. Yang Ruiwen:A-share is easy to fall into the mud or rise to heaven. Resisting fear and thinking independently may be one of the important sources of excess income for A-share institutional investors.At this time, we should resist our inner fears, examine the inherent logic of our own combination, and adhere to the necessary persistence. Unlike last season, weThe view of the market has changed from cautious to relatively optimistic.. Although there may still be significant volatility in the market in the future, we believe that the market underestimates the strength of economic fundamentals and overestimates the marginal changes in liquidity. The phased inflation caused by the mismatch between supply and demand is only temporary, not the core driver.

Third, the "banners do not move" faction.

1, Zhang Kun: it is almost impossible to judge cyclical tops and bottoms. It is relatively feasible to constantly examine whether the long-term ability of companies in our portfolio to generate free cash flow has been impaired. If not, as long as the intrinsic value can steadily increase, the stock price operation center will improve sooner or later.If we do not understand the shape and slope of this intrinsic value curve, it is easy to use the stock price curve to replace the intrinsic value curve as an indicator. The fluctuation of the stock price is violent, sometimes it can reach 20% in a day, if there is no "anchor" of the intrinsic value of the enterprise, the investment is easy to catch up and kill the fall. In the long run, we believe that similar fluctuations in the stock market will continue to occur in the future, and it is difficult to predict in advance. However, as long as the intrinsic value of the enterprise is enhanced, such fluctuations will eventually be fluctuations and will not cause a permanent loss of principal.

2, Fu Pengbo:Looking forward to the second quarter, weWill be combined with listed companiesThe annual report for 2020 and the quarterly report for 2021 will dynamically optimize the position structure and mine new investment targets.At the same time, based on the previous solid research foundation, when focusing on the adjustment of the company, we will also dare to increase the allocation.

3, Cheng Zhou:Looking forward to the second quarter of 2021, we believe that the spring mania is over and there has been a certain degree of rest in the market as a whole. In the general environment of continued improvement in the domestic macro-economy and sound monetary policy, the room for the A-share market to continue to fall sharply is limited, and the market may need some time to continue to rest and recuperate, but structural opportunities will continue to exist. In terms of structure, we are actively looking for industry leaders with two-wheel drive of technology and production capacity that can maintain rapid growth and reasonable valuation in the next two or three years.In style, we pay more attention to the growth of quality and reasonable price, rather than simply "taking the big as the beauty".。