Source: Financial Association Author: Feng Qijuan

The Shanghai Index has hit seven consecutive days, and Hong Kong stocks have also recently rebounded to a certain extent. The online term YYDS “eternal god” has evolved into a stock trading term, beginning to refer to the industry sector.

Since the Spring Festival, on the one hand, AI-related sectors have been showing hot markets, while high-dividend sectors have surged one after another. Netizens began to summarize the high-dividend sector, which has been rising recently, as YYDS, referring to banks (Yinhang), operators (Yunyingshang), electricity (Dianli), and petroleum and coal (Shiyou-meitan) in that order. Netizens are also impressed by this. The “eternal god” of A-shares used to be liquor stocks, but now they have been redefined, and A-shares may be preparing a new “beautiful 50” market.

According to the Quarterly Public Offering Report, Jiang Cheng and Lao Jienan are still in love with bank stocks and are heavily invested in many state-owned commercial bank shares and joint-stock commercial bank stocks. At the same time, fund managers such as Zhu Shaoxing, Qiu Dongrong, and Li Xiaoxing prefer the Urban Commercial Bank, which all have products to stock the “King of Urban Commercial Banks”$Bank Of Ningbo (002142.SZ)$; However, due to the reduction in holdings, Ma Fang's products of ICF were no longer in heavy positions at the end of the fourth quarter of last year$ICBC (01398.HK)$,$BANK OF CHINA (03988.HK)$,$BANKCOMM (03328.HK)$,$China Construction Bank Corporation (601939.SH)$, China Merchants Bank, etc.

In the Quarterly Report, Lao Jienan said that research and exploration of undervalued dividend-based assets with high dividends will be further strengthened.

Individual stocks in other sectors also often see star fund managers taking heavy positions in them. By the end of the fourth quarter of last year, Huang Hai and Qiao Liang were no longer in heavy positions$CHINA SHENHUA (01088.HK)$But with Xiao Nan, Bao Wuke, Jiang Cheng, and Sheng Fengyan, they are in heavy storage$Shaanxi Coal Industry (601225.SH)$. Furthermore, Sheng Fengyan is still in heavy positions$Anhui Hengyuan Coal Industry and Electricity Power (600971.SH)$,$Pingdingshan Tianan Coal Mining (601666.SH)$,$Shanxi Coal International Energy Group (600546.SH)$Wait for more coal stocks.

At this stage, Zhang Kun and Hu Xinwei prefer Hong Kong oil stocks, and their products are heavily stocked$CNOOC (00883.HK)$; Shengfengyan's Western Profit State-owned Enterprise Dividend Index strengthened its position for the first time$China Petroleum & Chemical Corporation (600028.SH)$.

As a result of the reduction in holdings, Xingzheng Global Fund no longer held heavy positions on China Mobile A shares at the end of the fourth quarter of last year; at the same time, Ruiyuan Fund had the most heavy holdings of China Mobile H shares, with products owned by Fu Pengbo, Zhao Feng, Rao Gang, and Hou Zhenxin; in addition, Ma Fang and Sheng Fengyan are still heavily invested in China Mobile's A-shares.$China Telecom Corporation (601728.SH)$.

In terms of individual power stocks, products owned by Chenlong and Qu Yang were heavily stocked in the fourth quarter of last year$CHINA RES POWER (00836.HK)$,$CHINA POWER (02380.HK)$At the same time, Qiao Liang's products are heavily stocked$Huaneng Lancang River Hydropower Inc. (600025.SH)$,$China National Nuclear Power (601985.SH)$.

Y: Jiang Cheng and Lao Jie still love bank stocks. Ma Fang withdrew from the “group chat” of heavy stocks

According to Wind statistics, the bank's holdings increased the most by institutions such as public funds, brokerage asset management, and insurance asset management in the fourth quarter of last year, with a total increase of 545 million shares, of which Huaxia Fund “monopolized” 426 million shares; at the same time, the holdings of which were reduced the most$PSBC (01658.HK)$A total of 256 million shares were reduced, and the China-Europe Fund alone reduced its holdings by more than 100 million shares.

After a sharp increase in its holdings, Huaxia Fund surpassed the top three positions in the previous quarter, China Pacific Securities Asset Management, China Merchants Fund, and Huabao Fund with a total shareholding of 447 million shares.

During this period, many of Jiang Cheng's products were heavily invested in ICBC; as a result of the reduction in holdings, Ma Fang's Guojin Quantitative Multi-Factor was no longer heavy, and as a quantitative fund manager, Sheng Fengyan's Western Profit Shanghai and Shenzhen 300 Index strengthened, Yang Meng's Bodao Dividend Smart Aviation, Bodao Shanghai and Shenzhen 300 Index strengthened, and Bodao set sail, all of which weighed heavily on this stock.

As far as heavy inventory data is concerned, China Merchants Fund and Huitianfu all hold$Agricultural Bank Of China (601288.SH)$Over 100 million shares. Compared to the end of the previous quarter, Huitianfu increased its holdings by 96.1566 million shares, and Huatai Berry drastically reduced its holdings by 131 million shares. As of the end of the previous quarter, Huatai Berry ranked second in terms of the number of heavy holdings after China Merchants Fund.

Some products owned by Lao Jienan and Jiang Cheng all held heavy positions in the Agricultural Bank in the fourth quarter of last year; Huaxia Zhisheng Pioneer, a subsidiary of Sun Meng, stopped taking heavy positions on this stock after reducing its holdings by 8.234,500 shares.

According to Wind data, among bank stocks, China Merchants Bank has the largest number of institutions and fund products that are heavily invested in China Merchants Bank. By the end of the fourth quarter of last year, 88 organizations had a total of 423 products in heavy inventory.

At this stage, Zhang Kun's Yifangda High Quality Enterprise for 3 years, E-Fangda Blue Chip Select, Quan Guo Siyuan under Dengfeng for 3 years, and products owned by Jiang Cheng and Lao Jie were all heavily invested in China Merchants Bank. However, during the same period, Ma Fang's Guojin Quantitative Selection and Guojin Shanghai and Shenzhen 300 Index strengthened and reduced their holdings, all stopped taking heavy positions in this stock.

After sorting through, I found that the Bank of China, Bank of Communications, and China Construction Bank's quantitative selection of heavy holdings in the previous quarter were no longer heavy after reducing their holdings of the aforementioned individual stocks in the fourth quarter of last year.

As of the fourth quarter of last year, the Bank of Ningbo's public offering products included the growth of Zhu Shaoxing's Fuguo Tianhui Select, Qiu Dongrong's smart and flexible allocation of Zhonggeng value, and Li Xiaoxing's Yinhua Dadao Select, which was set up for two years.

Y&D: A number of public offerings will no longer take heavy positions in operators or power stocks in the fourth quarter

As a result of the reduction in holdings, Xingzheng Global Fund did not take heavy positions on China Mobile A-shares at the end of the fourth quarter of last year. Looking at individual products, Jiao Wei's Yinhua Wealth Theme, Yinhua Fu Rao Select for three years, Hu Jian's Yifangda Yuhui Returns, Yifangda's steady earnings, and Qianhai Open Source Fund Qu Yang's total 7 products are all heavily stocked.

By the end of the fourth quarter of last year, Ruiyuan Fund had the most heavy holdings in China Mobile's H shares, Ruiyuan Growth Value under Fu Pengbo, Ruiyuan's balanced value for three years, Rao Gang's Ruiyuan Stable Allocation for two years, and Hou Zhenxin's Ruiyuan Wenyi strengthened the stock for 30 days; in addition, Hu Xinwei's Huitianfu digital economy led the development for three years, Huitianfu Digital Life for six months, and Huitianfu Digital Future, all heavily invested in it.

China Telecom's A-share holdings were reduced by 121 million shares by institutions in the fourth quarter of last year, of which E-Fangda reduced its holdings by 79.21,03 million shares; in addition, Changsheng Fund, Baoying Fund, and Dacheng Fund stopped taking heavy positions on this stock after reducing their holdings. During this period, Ma Fang's Guojin Quantitative Selection, the Western Profit Shanghai and Shenzhen 300 Index under Sheng Fengyan strengthened, and the quantitative growth of Western Profit all weighed heavily.

As a result of the reduction in holdings, a total of eight institutions, including Harvest Fund, ICBC Credit Suisse, Pengyang Fund, Tianhong Fund, and Dongfanghong Asset Management, did not take heavy positions in China Telecom's H shares in the fourth quarter of last year.

As of the end of the fourth quarter of last year,$China United Network Communications (600050.SH)$Their holdings were reduced by 89.2871 million shares by institutions. Dongwu Securities, Fangzheng Securities Asset Management, and many public offerings, including Dacheng Fund, Penghua Fund, and Huaxia Fund, a total of 22 institutions no longer held heavy positions in this stock. During the same period, a total of 7 companies, including Jingshun Great Wall, Cinda Australia and Huatai Berry, etc., reduced their holdings of China Unicom H shares.

In terms of the power sector, China Nuclear Power, Huaneng Hydropower,$Huaneng Power International,Inc. (600011.SH)$,$China Three Gorges Renewables (600905.SH)$Other individual stocks have all experienced a situation where they no longer hold heavy positions after being reduced by public offering.

At this stage, a total of 8 products under Jingshun Great Wall Bao Wuke, Qiao Liang of Wanjia Fund, and some of the products owned by Chen Lianquan of Bodao Fund weighed heavily in Huaneng Hydropower; Jiao Wei's Yinhua Wealth Theme and Qiao Liang's Wanjia Shanghai and Shenzhen 300 Index strengthened the heavy inventory of China's nuclear power; Cui Chenlong and Qicheng, the 2 fund managers of Qianhai Open Source Fund, weighed China Resources Electric Power and China Electric Power.

S: Sheng Fengyan is heavily involved in many coal stocks. Zhang Kun and Hu Xinwei favor Hong Kong oil stocks

Compared to the previous quarter, the Shaanxi coal industry was increased by 135 million shares by institutions in the fourth quarter of last year, of which China Southern Fund increased its holdings the most. As of the end of the fourth quarter of last year, Xiao Nan, Bao Wuke, Jiang Cheng, Huang Hai, and quantitative fund managers Qiao Liang and Sheng Fengyan were all heavily invested in the Shaanxi coal industry.

The one that increased its holdings of China Shenhua the most in the fourth quarter of last year was the China-Europe Fund. Wang Pei managed a large number of products; in addition, Wanjia Fund reduced its holdings the most. As a result of the reduction in holdings, Huanghai's Wanjia Macro chose multiple strategies, Wanjia Select, and Wanjia Xinli; the strengthening of Qiao Liang's Wanjia Shanghai and Shenzhen 300 Index no longer weighed heavily on China's Shenhua.

At the same time, Jiao Wei's Yinhua Wealth theme, Shi Bo's excellent growth in Southern China, Hu Jian's steady income, and Rao Gang's Ruiyuan steady allocation for two years all heavily invested in China's Shenhua in the fourth quarter of last year.

During this period, Shengfengyan's Western Profit State-owned Enterprise Dividend Index increased its shareholding and remained unchanged, but another product managed by Western Profit grew quantitatively. After reducing its holdings in the fourth quarter of last year, it did not take a heavy position in this stock.

Roughly sorted out, Sheng Fengyan's products also heavily stock individual coal stocks such as Hengyuan Coal and Electricity, Pingmei Co., Ltd., and Shanmei International.

By the end of the fourth quarter of last year, heavy inventory$China Coal Energy (601898.SH)$The top three fund products are all products managed by the Yellow Sea. As a result of the reduction in holdings, Ma Fang's Guojin Quantitative Multiple Strategy did not take heavy positions in this stock in the fourth quarter of last year.

At the same stage, all 4 products owned by Zhou Zhishuo were heavily stocked$YANKUANG ENERGY (01171.HK)$; According to Wind data, Yankuang Energy was Zhou Zhishuo's second-largest stock during this period.

In the fourth quarter of last year, a number of leading oil stocks were reduced by institutions quite a bit.$Petrochina (601857.SH)$Its holdings were reduced by more than 200 million shares; Bosch Fund and Cathay Pacific Fund reduced its holdings by more than 70 million shares and 60 million shares respectively; Sinopec's holdings were reduced by more than 300 million shares, of which E-Fangda reduced its holdings by 140 million shares;$Rongsheng Petro Chemical (002493.SZ)$Their holdings were reduced by 180 million shares, and Guangfa Fund alone reduced their holdings by 155 million shares; CNOOC's holdings were reduced by more than 100 million shares, and Harvest Fund's holdings were reduced by more than 30 million shares.

For Sinopec, there are differences in the operations of quantitative fund managers. In the fourth quarter of last year, Sheng Fengyan's Western Benefit State-owned Enterprise Dividend Index increased, taking a heavy position with Sinopec for the first time since its establishment; Ma Fang's Guojin Quantitative Multi-Factor, Guojin Quantitative Selection, Guojin Shanghai and Shenzhen 300 Index, and Qu Geng's quantitative momentum between China and Europe, the quantitative momentum of China and Europe, and the Chinese and European quantitative pioneers, did not take heavy positions in this stock in the fourth quarter of last year.

By the end of the fourth quarter of last year, Zhang Kun's E-Fangda Blue Chip Select, E-Fangda Premium Enterprise's three-year holdings, and Hu Xinwei's Huitianfu Value Creation and Huitianfu Value Leader all had heavy holdings in CNOOC.

edit/lambor