20230731-西南证券-交运行业2023Q2持仓分析_配比持续回落_铁运助力内外双循环_18页_1mb

报告摘要

Overview: In Q2 2023, active funds' weight in the transport industry decreased by 0.5 percentage points, from 13%. This reflects a broader market pullback.
Sub-Industry Changes: Among transport sub-sectors:
- Rail transportation (+0.11% pp, total weight 0.255%).
- Ports (+0.066% pp, total weight 0.173%).
- Conversely, logistics (-0.414% pp, total weight 0.895%), aviation (-0.347% pp, total weight 1.299%), and shipping (-0.094% pp, total weight 0.406%) experienced declines.
Top Holdings: Fund portfolios focused on companies like Jinghui High Speed and SF Holding, with the top five by fund count being Jinghui High Speed (126 funds), SF Holding (119 funds), China Airlines (111 funds),吉祥航空 (96 funds), and Zhongyuan Sea Power (87 funds). Top holdings in terms of total fund value included SF Holding (70.7 billion yuan),吉祥航空 (56.1 billion yuan), and中国国航 (49.4 billion yuan).
Changes in Holdings: Holding count increased notably for京沪高铁 (+33 funds) and广深铁路 (+33 funds), while decreases were seen in顺丰控股 (-33 funds) andChina国航 (-67 funds). Fund value growth led for大秦铁路 (+69 billion yuan), offsetting losses in others.
Key Risks: Economic growth slowdown, global pandemic uncertainties, and currency depreciation could impact the sector.