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UBS Securities: public funds increase positions in real estate construction electrical equipment large cap stocks this year or outperform small and medium-sized enterprises

China Securities News (Zhang Buhe) Gao Ting, chief strategist of UBS Securities China, released the latest UBS Securities China stock strategy report on the 24th, pointing out that the four seasons report of domestic public funds has been disclosed; Its position change shows that investors increased their positions in real estate, construction and electrical equipment by the largest margin in the fourth quarter, and reduced their positions in beverages, insurance and electronics by a large margin

specific data show that the sectors with a larger increase in positions of public funds or the need for high-tech board maintenance are real estate development, building decoration and electrical equipment, up 1.9, 1.7 and 1.0 percentage points respectively month on month. On the other hand, the public offering sold the insurance with the largest increase in positions in the third quarter in the fourth quarter. The sectors that have been greatly reduced by public offering are beverage manufacturing (Baijiu), insurance and electronics, and the allocation has decreased by 2.6, 1.4 and 0.9 percentage points respectively. The allocation of small and medium-sized boards decreased slightly in the fourth quarter, and the absolute ratio and over allocation ratio decreased slightly by 1.7 and 1.6 percentage points respectively. However, the absolute allocation ratio and over allocation ratio of public offerings to the gem in the fourth quarter increased from 11.5% and 4.6% in the third quarter to 12.7% and 5.7% respectively, and the over allocation ratio rebounded to the level in the first half of 2017. Gao Ting pointed out that looking forward to the future, UBS Securities still believes that large cap stocks will continue to outperform small cap stocks and gem after three years of continuous outperformance of large cap stocks; This is mainly because the gem as a whole is still difficult to give a profit growth in line with its valuation in the foreseeable future, and there is still no sign of a significant easing in the liquidity environment of the stock market

he stressed, The program adopts an open database structure "Comparing the sector allocation of public funds with the industry weight of the CSI 300 index, we find that computer applications have replaced beverage manufacturing as the sector with the largest proportion of excess allocation, and the ranking of electrical equipment has significantly improved. On the other hand, banks and securities are still two industries with low proportion of allocation. It is worth noting that after being significantly reduced for two consecutive quarters, beverage manufacturing is still the sector with the largest total positions of public funds, while banks and insurance Insurance followed. "

he also said that since 2019, under the background of relatively loose liquidity and policy support, consumer stocks have led the market rebound. Many investors reconfigured the beverage (Baijiu) and white electricity sectors that were significantly reduced by public offering in the fourth quarter. In addition, consumer stocks are also the main beneficiaries of strong net inflows of foreign capital. However, in the first quarter when the macro environment and corporate profits are facing downward pressure, the number of EPS boards in Baijiu and household appliances, which are naturally cyclical, in buildings accounts for the largest proportion of insulation materials plus oil consumption, or it is difficult to continue to outperform the market


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