A Share Market Reversing Sluggish Trend Index New High Ten Thousand People Attention

As a matter of fact, since the fourth quarter, the A share market has reversed the early slump trend, and the small stock market has gone up. Up to now, the stock index has risen by over 6%.

However, the small and medium board index rose by 2%, but the growth enterprise market was at the edge of 0.

From the perspective of fund income, by the end of November 11th, the cumulative average income of the active managed partial equity fund has been only 2.03%, which is far less than the increase in the market, and the differentiation between the funds is also more obvious.

In addition to the reasons for positions, in recent years, growth stocks and small cap stocks are more favored by the fund, and positions are also biased. This is also one of the important reasons.

There are two main reasons for the fund's absolute position. The industry believes that there are mainly two reasons: first, the lack of money making effect, the shift of capital preference to fixed income leads to a passive decline in the position of the active fund, and the two is that fund managers generally expect caution, and the proportion of active equity assets decreases.

On the last few trading days, the A share market rebounded and the Shanghai Stock Index stood at 3200 on Monday.

However, the data released by a number of research institutions show that the stock positions of partial stock funds have declined in the previous week. In the medium to long term, the positions are low and continue to seek the bottom, showing the prudence of fund managers.

At the same time, since the fourth quarter, the average earnings of the fund have also obviously lost the market.

Last week, the Shanghai Composite Index overcame

On the basis of the fluctuations brought by the company and the high points that have been blown up since the renovation, on Monday, with the promotion of the concepts such as construction machinery and other areas, coal and other resources and the concept of PPP, the Shanghai Stock Index touched 3221 points and reached a new high.

According to the data released by the three party research institutions, such as Zhong Lu Research Center, Heng Tian wealth research center and Fortune Securities, last week, the public funds raised their positions in a continuous decline.

Taking the data of Zhong Lu research center as an example, as of November 11th, the average position of partial equity funds was 78.64%, which was 0.44% lower than that of a week ago. The total number of 168 equity funds included in the statistics was 89.24%, a decrease of 0.43% compared with a week ago, 406 index funds average position 93.28%, a 0.91% lower than that before a week; 1474 mixed funds, with an average position of 53.41%, a slight increase over a week ago.

According to the chart of fund stock positions and Shanghai and Shenzhen 300 index released by the research center, on the one hand, the stock position of partial stock funds has shown a trend of decline since the beginning of this year. At present, the level of positions has almost hit the new low since the bull market started in the second half of 2014.

On the other hand, after the fusing, the stock market rebounded this year, and the Shanghai and Shenzhen 300 index rose slightly, showing a negative correlation with the level of fund stock positions.

Especially since the fourth quarter.

There is a distinct upward trend, but the position of the fund has declined markedly.

From a single fund, 1632.

There are 256 fund positions remain unchanged, 694 funds choose to add positions, 682 funds choose to reduce positions, there is not much difference between the number of increase and decrease positions. Among them, the funds that are in the top position include 30 flexible configurations, 30 days Hong Yongding value, Golden Eagle intelligent life mix, Cathay Pacific's flexible configuration and Yinhua quantitative intelligent power flexible configuration.

The funds that previously cut the positions were mainly included in China's consumer theme selection, Qianhai's open source gold and silver jewelry mix, merchants' Antai balance (217002) mix, Naganobu Koto and rich country reform momentum.

Driven by a strong wave of commodities, the cumulative yield of the resources industry in the four quarter was 15.98%, ranking the first among the active managed equity funds, and the 14.63% of Huabao Xingye's resource yield.

In addition, Qianhai's open-source gold, silver, jewelry and other funds yield more than 10%.

In addition, the fund for heavily loaded infrastructure projects has been leading since the fourth quarter.

For example, ten thousand new blue chip companies, 10000 family harmonious growth (519181), and so forth, the yield has exceeded 9% since the fourth quarter.