20230912-浙商证券-流动性估值跟踪_全部持股视角看偏股型基金中报_46页_1mb

Report Summary: Liquidity Valuation Tracking and Fund Position Analysis

Macro Liquidity Overview

• Policy Tools: Last week, reverse repo operations netted back ¥664 billion; MLF unchanged.
• Interest Rates: DR007 rose to 1.86%, R007 to 2.04%; 10-year Chinese government bond yield increased to 2.64%.
• Other indicators:
  • USD/CNY reached 7.22.
  • PSL余额 unchanged.

A-Share Market Liquidity and Sentiment

• Trading Activity: A-share turnover and exchange rate decreased; total financing balance stayed at 15.6 trillion yuan.
• Leverage: No change in market sentiment index; margin financing steady.
• Foreign Flows: Northbound funds net outflow of ¥47.6 billion.
• Market Style: Small-cap stocks, high PE stocks, mid-priced stocks, and losers performed best.

Fund Position Analysis (Q2 2023 vs. Q1)

• Equity fund (普通股票型, 偏股混合型, 灵活配置型) stock holdings decreased from Q1 to Q2:
  • Ordinary stock funds down 2.0 percentage points, hybrid funds down 4.1, flexible funds down 1.9.
• End-September portfolio summary includes specific stock and industry allocations.

TMT Sector Trend

• Tech, Media, Telecommunications (TMT) sectors increased in allocation, reflecting a strategic shift towards innovation.

Valuation Metrics Reference

• PB-ROE: Multiple industries (e.g., Bank, Coal, Real Estate) show valuation well below earnings power.
• Star Rating System: Based on historical data quantiles, indicating under/overvalued stocks.

Cross-Market Comparison

• A-share valuations compared to global markets highlight opportunities or risks.

Risk Alerts

• Fluctuations in macro/micro liquidity or deviations from expected market behaviors could impact valuations.

Disclaimer

• Investment advice is not provided; relies on external data; usage at user's risk.
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