As the second-quarter reports for public mutual funds come to an end, key information such as the operational status of fund products and their investment paths has become increasingly clear. Data from Wind shows that public mutual funds have achieved profits for two consecutive quarters. By the end of the second quarter of this year, public mutual fund products had made a profit of 44.85 billion yuan in the first half of the year, but equity funds still suffered losses exceeding 300 billion yuan.

Looking back at the year, the market has continued to fluctuate and adjust, and fund managers have also shifted their portfolio arrangements. After sorting through the data for the second quarter of public funds, it was found that, overall, institutional investors have shifted their portfolios towards high-dividend sectors such as banking and public utilities, while the "drinking" craze has significantly cooled down. Currently, the electronics, food and beverage, and pharmaceutical and biological industries remain the top three heavily weighted directions for public funds.

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Public funds made a profit of 44.85 billion yuan within the year.

In the first half of this year, after the "V-shaped" reversal of the A-share market, it once again fell into a fluctuating adjustment. Data shows that as of June 30, the Shanghai Composite Index had fallen by 0.25% year-to-date; the Shenzhen Component Index and the ChiNext Index fell by 7.1% and 10.99% respectively during the same period. In terms of sectors, banking, coal, and public utilities were among the top gainers.

Against the backdrop of the relatively limited money-making effect of the market, equity products closely related to the stock market are naturally greatly affected. Wind data shows that among the 6965 equity products (including equity and hybrid funds, only calculating the initial funds, the same below) with available data, 35% of the products achieved positive returns in the second quarter.

Under this performance, the money-losing effect of equity products has been amplified. According to the First Financial Statistics, according to the first-level classification of funds, the profit loss of equity products in the second quarter reached 165.241 billion yuan, plus the loss of 136.203 billion yuan in the first quarter, the total loss of public equity products in the first half of this year exceeded 301.4 billion yuan. By the end of the second quarter of this year, equity products have accumulated losses for five consecutive quarters, totaling -1.41 trillion yuan.

Unlike equity products, fixed-income products have maintained a "stable output," contributing the vast majority of profits to the industry. For example, the total profit of bond funds in a single quarter was 105.947 billion yuan, followed by money market funds with 57.707 billion yuan; with the profit performance in the first quarter, these two types of funds made a total profit of 316.46 billion yuan in the first half of the year.

It is worth noting that international (QDII) funds have performed well in the second quarter. After four consecutive quarters of losses, international (QDII) funds turned losses into profits, with a fund profit of 22.751 billion yuan in the second quarter, and a profit of 22.548 billion yuan in the first half of the year.

In addition, alternative investment funds and REITs products also have certain profit performance, with single-quarter fund profits of 2.776 billion yuan and 460 million yuan respectively; FOF funds once again showed a loss, at -409 million yuan.

The reporter noticed that in the second quarter of this year, funds continued to withdraw from active equity products. Wind data shows that in the second quarter, active equity funds (including general equity, flexible allocation, stock-biased hybrid, and balanced hybrid funds) had a total net redemption of 85.754 billion shares, with a total net redemption of more than 200 billion shares in the first half of the year.Top Ten Holdings See 3 Changes with "New" Entrants

This year, with the market's volatile adjustments and the emotional reactions brought about by the "bottoming out" phase, the difficulty of portfolio rebalancing and stock switching has also increased. The latest fund holdings reflect the investment strategies of fund managers. So, where have the fund managers, who hold substantial capital, invested their money?

Overall, there have been certain changes in the top ten holdings of public mutual funds, but the "top" stocks have shown a degree of stability. Wind data shows that, based on the total market value of fund holdings, as of the end of the second quarter, Kweichow Moutai still firmly occupies the position of the top holding in public mutual funds, with a total market value of holdings reaching 118.505 billion yuan; CATL follows closely with 101.985 billion yuan.

Although the top two holdings remain unchanged, both have experienced varying degrees of reduction. For instance, Kweichow Moutai is included in the top ten holdings of 1,264 funds, a decrease of 255 funds from the previous quarter, with a total reduction of 6.011 million shares; CATL saw a reduction of 60 holding funds, with a quarterly reduction of 16.3888 million shares.

Zijin Mining and Wuliangye swapped positions, with the former being increased by 11.799 million shares, ranking third; the latter was reduced by 36.8985 million shares, ranking fourth. In addition, Midea Group was increased by 83.0502 million shares, rising to the 5th position, while China Merchants Bank and Mindray Medical also saw varying degrees of increases, with both rising one position in the rankings.

Compared to the previous quarter's data, the "alcohol content" of the top ten holdings of public mutual funds has significantly decreased. In addition to Kweichow Moutai and Wuliangye being reduced, Luzhou Laojiao and Shanxi Fenjiu were both removed from the top ten holdings, with reductions of 35.7189 million shares and 16.0691 million shares, respectively. Additionally, HengRui Medicine from the pharmaceutical sector also faded from the top ten.

On the other hand, Tencent Holdings, which is heavily held by 733 funds, returned to the list of the top ten holdings of public mutual funds, with a total market value of holdings reaching 44.277 billion yuan. Looking at the changes in holdings, the stock was increased by 14.3199 million shares in the second quarter. Furthermore, new entrants to the top ten holdings of public mutual funds include Luxshare Precision Industry from the electronics sector and China Yangtze Power from the public utilities sector.

Luxshare Precision Industry received a significant increase in holdings from public mutual funds in the second quarter, with an increase of 137 million shares, entering the list of top holdings of 1,143 funds, and rising from 17th to 9th place. China Yangtze Power has been significantly increased for two consecutive quarters, and as of the end of the second quarter, the stock is held by 706 funds, with a total of 1.313 billion shares.

In general, as of the end of the second quarter, public mutual funds held 2,826 individual stocks, a decrease of 424 from the previous quarter. According to First Financial Daily statistics, based on the SWS industry classification, the total market value of fund holdings in the electronics sector increased by 51.697 billion yuan to 362.017 billion yuan in the second quarter, becoming the top industry for public mutual fund allocation.

The food and beverage and pharmaceutical and biological industries followed closely with total market values of fund holdings of 290.59 billion yuan and 261.668 billion yuan, respectively, but both saw reductions of 94.463 billion yuan and 37.062 billion yuan. In addition, power equipment and non-ferrous metals remain unchanged in the fourth and fifth positions, but the total market value of fund holdings in both sectors decreased by 28.849 billion yuan and 5.189 billion yuan, respectively.Reduce positions in baijiu, increase positions in high-dividend sectors

The reporter has noticed that many well-known fund managers have reduced their holdings in baijiu stocks. For instance, the reduction in Kweichow Moutai by Fu Guo Tian Hui LOF managed by Zhu Shaoxing reached 20.76%, and the reduction in Shanxi Fenjiu by Yinhua Wealth Theme managed by Jiao Wei was 32.5%. Li Xiaoxing and Zhang Ping, who co-manage Yinhua Xinyi, have both removed Kweichow Moutai and Wuliangye from their top ten heavy holdings, and Xiao Nan, who manages the E Fund Consumer Selection, has "liquidated" Luzhou Laojiao.

At the same time, fund managers have significantly increased their holdings in high-dividend sectors such as banking and public utilities, with the number of shares held increasing by 1.124 billion and 839 million, respectively. So far this year, these two sectors have performed exceptionally well among all sectors. As of July 19th, they have risen by 18.26% and 15.52%, respectively, ranking first and second among the 31 industries in the Shenwan classification.

In fact, this year, sectors with high dividends and low volatility have been favored by capital. Qiu Dongrong stated that in the context of challenges such as transformation, debt, and geopolitics, where the economy or market is not in a steady state, equity assets show more differentiation. The dividend assets that were somewhat unattractive a few years ago are today's "pearls," where large ships are as solid as rocks in the storm while small boats are unstable.

"The market's beta allocation to the banking sector is more defensive than offensive in intent," said Qiu Dongrong. Excellent banks have high operational efficiency and still possess dual highlights of growth and quality. On one hand, they have growth potential that surpasses their peers from different dimensions such as regional location, business type, and subsidiary operations. On the other hand, they achieve more satisfactory operational results from detailed capabilities such as professional services, business timing, accurate pricing, and risk management, forming resilient asset quality. This is expected to continue excellent operational performance and has great potential for returns.