??-To The Moon - Tiger Brokers Online Investing Community - To The Moon

3
1
Favorite

Kiong715
2021-08-20

??

CITIC Securities: How do Q2 global TOP20 funds allocate to China?

截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大。

CITIC Securities: How do Q2 global TOP20 funds allocate to China?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

3

Report

Comment（1）

Top
Latest

Youn7276
·2021-08-21
阅！
Reply
Like
Report

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":838736185,"tweetId":"838736185","gmtCreate":1629428504547,"gmtModify":1676530038106,"author":{"id":3569548969726331,"idStr":"3569548969726331","authorId":3569548969726331,"authorIdStr":"3569548969726331","name":"Kiong715","avatar":"https://static.tigerbbs.com/430fe97e4d207e39d27d253bf8124443","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>??</p></body></html>","htmlText":"<html><head></head><body><p>??</p></body></html>","text":"??","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/838736185","repostId":1183587301,"repostType":4,"repost":{"id":"1183587301","kind":"news","pubTimestamp":1629428130,"share":"https://ttm.financial/m/news/1183587301?lang=en_US&edition=fundamental","pubTime":"2021-08-20 10:55","market":"sh","language":"zh","title":"CITIC Securities: How do Q2 global TOP20 funds allocate to China?","url":"https://stock-news.laohu8.com/highlight/detail?id=1183587301","media":"中信证券研究","summary":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大。","content":"<p>As of mid-to-late August, the position data of overseas fund companies in the second quarter has basically been disclosed. According to our statistical analysis of the TOP 20 heavyweight stocks of the 20 TOP fund companies holding Chinese stocks, major overseas funds' heavyweight holdings in Chinese stocks in 21Q2 increased slightly by 0.1% month-on-month to US $621.4 billion, of which Hong Kong stock holdings increased significantly month-on-month (+12.6%). The allocation preferences of major overseas funds for Chinese stocks differentiated significantly in the second quarter. In the growth sector, pharmaceuticals (+41.0%, mainly<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (34.3%), as well as industry (98.5%) and public utilities (63.0%) in the traditional economic sector, the amount of heavy holdings increased significantly month-on-month. At the individual stock level, excluding the impact of stock prices, Internet leaders such as Meituan, Ali (H),<a href=\"https://laohu8.com/S/00700\">Tencent</a>Increased holdings by institutions; Benefiting from the rise of national tide<a href=\"https://laohu8.com/S/02331\">Li Ning</a>, Anta, the leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD shares</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group and other targets have also received substantial actual allocations.</p><p><b>In 21Q2, the positions of major overseas funds in Hong Kong stocks increased by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies holding Chinese stocks, the total holdings of the top 20 holdings of Chinese stocks by the sample fund companies in 21Q2 were US $621.4 billion, which was basically the same as that in 21Q1 (+0.1%).</p><p>From the perspective of the market distribution of stock holdings, the heavy positions of major overseas mutual fund companies in U.S. stocks/Hong Kong stocks/A shares in the second quarter were US $182.35/391.60/44.62 billion respectively, with month-on-month changes of-510.0/43.84/6.41 billion respectively. The increase mainly comes from the Hong Kong stock market. The passage of the final amendment to the \"Foreign Companies Accountability Act\", the tightening of domestic regulatory policies and the default of Archegos Capital are the main reasons why major overseas funds reduced their allocation positions in U.S. stocks and Chinese concept stocks in the second quarter. In Q2, the proportion of heavy holdings of Chinese concept stocks in U.S. stocks fell sharply by 8.3 PCTs to 29.3%; The amount of heavy holdings in the Hong Kong stock and A-share markets increased by 7.0/1.0 PCTs month-on-month to 63.0%/7.2% respectively.</p><p><b>The allocation preferences of overseas fund industries are differentiated, with medicine, technology, and industry receiving additional allocations.</b></p><p>From the level of the first-level industry, the allocation preferences of the growth sector were significantly differentiated in the second quarter. The main allocation directions of new funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), and the amount of heavy holdings increased to US $57.44 billion and US $16.47 billion respectively. However, the changes in the market value of heavily held stocks in the optional consumption (-2.6%) and communication services (-3.5%) sectors were relatively stable. Among the traditional economic sectors, the market value of heavy holdings in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. However, the amount of heavy holdings in the financial and pro-cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, with month-on-month decreases of 15.1%/10.1%/16.5% respectively.</p><p><b>At the individual stock level, after excluding the stock price factor, the allocation preferences of leading Internet funds are obviously differentiated, and medicine, sportswear, and new energy vehicles are favored by overseas funds.</b></p><p>Anti-monopoly incidents continued to ferment in the second quarter, coupled with the implementation of the \"Foreign Company Accountability Law\", resulting in a significant differentiation in the allocation of Internet leaders by overseas institutions. Excluding factors affecting stock prices, such as Tencent, Ali (H), and Meituan's actual additional allocation amounts reached US $3.04/13.98/14.22 billion respectively; And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual allocation reduction amounts are US $1.45/1.79/3.75 billion respectively. In addition, Li Ning, Anta and new energy vehicle industry chain leaders who have benefited from the rise of the national trend<a href=\"https://laohu8.com/S/002594\">BYD</a>Both shares and Ningde Times are favored by overseas funds. In 21Q2, the actual increase in allocation amounts excluding stock price factors reached US $2.57/6.3/3.47/2.07 billion respectively. In the second quarter, the newly listed Manbang Group also received an actual increase of US $2.90 billion from overseas funds. The pharmaceutical sector has also attracted attention from overseas funds, WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Ophthalmology</a>The actual increase in allocation amounted to approximately US $6.6/9.3/7.2/800 million respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and Internet finance were increased by mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that the market is more concerned about were selected to explore the changes in their positions in U.S. stocks and Chinese concept companies in the second quarter. Stocks in the new energy and Internet finance sectors were generally increased by institutions, and Jinglin increased its holdings in Q2<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1.594, 162,000 shares; Bridgewater increased its holdings<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>、<a href=\"https://laohu8.com/S/DQ\">Daqo New Energy</a>102.3/87.5/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Travel received additional allocations from three institutions: Jinglin, Hillhouse and Fidelity;<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>It also received substantial purchases from Jinglin and Hillhouse. However, the institutional allocation of the Internet and education sectors, which continue to be subject to regulatory policy risks, differentiated significantly in the second quarter. Jinglin Q2 increased its holdings respectively<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group 708,000, 149,000 shares; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Then reduce their holdings by 3.087 million shares and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huo Jinglin, Gao Yi,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Increased holdings, but reduced by Kesibo and SOROS FUND. Internet e-commerce leaders such as Pinduoduo, JD.com, and Alibaba (BABA.N) have been reduced by institutions.</p><p><b>Risk Factors:</b></p><p>The spread of global COVID-19 pandemic exceeded expectations; Macroeconomic recovery falls short of expectations; Sino-US relations deteriorate; Foreign capital continues to flow out.</p>","source":"zxzqyj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>CITIC Securities: How do Q2 global TOP20 funds allocate to China?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCITIC Securities: How do Q2 global TOP20 funds allocate to China?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中信证券研究</strong><span class=\"h-time small\">2021-08-20 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As of mid-to-late August, the position data of overseas fund companies in the second quarter has basically been disclosed. According to our statistical analysis of the TOP 20 heavyweight stocks of the 20 TOP fund companies holding Chinese stocks, major overseas funds' heavyweight holdings in Chinese stocks in 21Q2 increased slightly by 0.1% month-on-month to US $621.4 billion, of which Hong Kong stock holdings increased significantly month-on-month (+12.6%). The allocation preferences of major overseas funds for Chinese stocks differentiated significantly in the second quarter. In the growth sector, pharmaceuticals (+41.0%, mainly<a href=\"https://laohu8.com/S/02269\">WuXi Biologics</a>), technology (34.3%), as well as industry (98.5%) and public utilities (63.0%) in the traditional economic sector, the amount of heavy holdings increased significantly month-on-month. At the individual stock level, excluding the impact of stock prices, Internet leaders such as Meituan, Ali (H),<a href=\"https://laohu8.com/S/00700\">Tencent</a>Increased holdings by institutions; Benefiting from the rise of national tide<a href=\"https://laohu8.com/S/02331\">Li Ning</a>, Anta, the leader in the new energy vehicle industry chain<a href=\"https://laohu8.com/S/01211\">BYD shares</a>、<a href=\"https://laohu8.com/S/300750\">Ningde era</a>And newly listed<a href=\"https://laohu8.com/S/YMM\">Manbang</a>Group and other targets have also received substantial actual allocations.</p><p><b>In 21Q2, the positions of major overseas funds in Hong Kong stocks increased by 12.6% month-on-month.</b></p><p>According to our statistical analysis of the top 20 holdings of the top 20 fund companies holding Chinese stocks, the total holdings of the top 20 holdings of Chinese stocks by the sample fund companies in 21Q2 were US $621.4 billion, which was basically the same as that in 21Q1 (+0.1%).</p><p>From the perspective of the market distribution of stock holdings, the heavy positions of major overseas mutual fund companies in U.S. stocks/Hong Kong stocks/A shares in the second quarter were US $182.35/391.60/44.62 billion respectively, with month-on-month changes of-510.0/43.84/6.41 billion respectively. The increase mainly comes from the Hong Kong stock market. The passage of the final amendment to the \"Foreign Companies Accountability Act\", the tightening of domestic regulatory policies and the default of Archegos Capital are the main reasons why major overseas funds reduced their allocation positions in U.S. stocks and Chinese concept stocks in the second quarter. In Q2, the proportion of heavy holdings of Chinese concept stocks in U.S. stocks fell sharply by 8.3 PCTs to 29.3%; The amount of heavy holdings in the Hong Kong stock and A-share markets increased by 7.0/1.0 PCTs month-on-month to 63.0%/7.2% respectively.</p><p><b>The allocation preferences of overseas fund industries are differentiated, with medicine, technology, and industry receiving additional allocations.</b></p><p>From the level of the first-level industry, the allocation preferences of the growth sector were significantly differentiated in the second quarter. The main allocation directions of new funds were pharmaceuticals (+41.0%, mainly WuXi Biologics) and technology (+34.3%), and the amount of heavy holdings increased to US $57.44 billion and US $16.47 billion respectively. However, the changes in the market value of heavily held stocks in the optional consumption (-2.6%) and communication services (-3.5%) sectors were relatively stable. Among the traditional economic sectors, the market value of heavy holdings in the industrial (98.5%) and public utilities (63.0%) sectors increased significantly in the second quarter. However, the amount of heavy holdings in the financial and pro-cyclical energy and raw materials sectors, which were previously favored by overseas funds, declined significantly, with month-on-month decreases of 15.1%/10.1%/16.5% respectively.</p><p><b>At the individual stock level, after excluding the stock price factor, the allocation preferences of leading Internet funds are obviously differentiated, and medicine, sportswear, and new energy vehicles are favored by overseas funds.</b></p><p>Anti-monopoly incidents continued to ferment in the second quarter, coupled with the implementation of the \"Foreign Company Accountability Law\", resulting in a significant differentiation in the allocation of Internet leaders by overseas institutions. Excluding factors affecting stock prices, such as Tencent, Ali (H), and Meituan's actual additional allocation amounts reached US $3.04/13.98/14.22 billion respectively; And<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>The actual allocation reduction amounts are US $1.45/1.79/3.75 billion respectively. In addition, Li Ning, Anta and new energy vehicle industry chain leaders who have benefited from the rise of the national trend<a href=\"https://laohu8.com/S/002594\">BYD</a>Both shares and Ningde Times are favored by overseas funds. In 21Q2, the actual increase in allocation amounts excluding stock price factors reached US $2.57/6.3/3.47/2.07 billion respectively. In the second quarter, the newly listed Manbang Group also received an actual increase of US $2.90 billion from overseas funds. The pharmaceutical sector has also attracted attention from overseas funds, WuXi Biologics,<a href=\"https://laohu8.com/S/01801\">Innovent Bio</a>、<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>、<a href=\"https://laohu8.com/S/300015\">Aier Ophthalmology</a>The actual increase in allocation amounted to approximately US $6.6/9.3/7.2/800 million respectively, while the banking sector was generally reduced by overseas funds.</p><p><b>In the second quarter, new energy and Internet finance were increased by mainstream investment institutions, and newly listed stocks attracted the attention of overseas funds.</b></p><p>In addition, ten actively managed funds that the market is more concerned about were selected to explore the changes in their positions in U.S. stocks and Chinese concept companies in the second quarter. Stocks in the new energy and Internet finance sectors were generally increased by institutions, and Jinglin increased its holdings in Q2<a href=\"https://laohu8.com/S/QFIN\">360 Digital</a>、<a href=\"https://laohu8.com/S/FUTU\">Futu Holdings</a>1.594, 162,000 shares; Bridgewater increased its holdings<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>、<a href=\"https://laohu8.com/S/DQ\">Daqo New Energy</a>102.3/87.5/236,000 shares.</p><p>In addition, newly listed stocks in Q2 also attracted the attention of overseas funds, such as<a href=\"https://laohu8.com/S/DIDI\">Didi</a>Travel received additional allocations from three institutions: Jinglin, Hillhouse and Fidelity;<a href=\"https://laohu8.com/S/BZ\">BOSS Direct Recruitment</a>It also received substantial purchases from Jinglin and Hillhouse. However, the institutional allocation of the Internet and education sectors, which continue to be subject to regulatory policy risks, differentiated significantly in the second quarter. Jinglin Q2 increased its holdings respectively<a href=\"https://laohu8.com/S/EDU\">New Oriental</a>、<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group 708,000, 149,000 shares; And<a href=\"https://laohu8.com/S/UBS\">UBS</a>Then reduce their holdings by 3.087 million shares and 5.044 million shares respectively. Internet entertainment sector<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Huo Jinglin, Gao Yi,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Increased holdings, but reduced by Kesibo and SOROS FUND. Internet e-commerce leaders such as Pinduoduo, JD.com, and Alibaba (BABA.N) have been reduced by institutions.</p><p><b>Risk Factors:</b></p><p>The spread of global COVID-19 pandemic exceeded expectations; Macroeconomic recovery falls short of expectations; Sino-US relations deteriorate; Foreign capital continues to flow out.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd\">中信证券研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"600030":"中信证券","06030":"中信证券","JD":"京东"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzUzNTE3NDMwNw==&mid=2247538282&idx=3&sn=88b1bad4ead1205a51326635ce6befc6&chksm=fa8b9ba6cdfc12b033c8a9483191788ce575a77029a02f2f18611353c1d35afed31c55c8326a&mpshare=1&scene=1&srcid=0820S71AnxNQqWu83MQvER3f&sharer_sharetime=1629421978954&sharer_shareid=5e3880f3a23dfc0ca727374102d90484&version=3.1.11.3009&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183587301","content_text":"截至8月中下旬，海外基金公司二季度持仓数据基本披露完毕。根据我们对持有中国股票的20家TOP基金公司的前20大重仓股的统计分析，21Q2海外主要基金对中国股票重仓持股环比小幅提升0.1%至6214亿美元，其中港股持仓环比提升较大（+12.6%）。海外主要基金二季度对中国股票的配置偏好显著分化，成长板块中的医药（+41.0%，主要是药明生物）、科技（+34.3%）以及传统经济板块中的工业（+98.5%）、公用事业（+63.0%），重仓持股金额环比提升显著。个股层面上，剔除股价影响，互联网龙头如美团、阿里（H）、腾讯获机构增持；受益国潮崛起的李宁、安踏，新能源车产业链龙头比亚迪股份、宁德时代以及新上市的满帮集团等标的亦获较大幅度的实际增配。\n21Q2海外主要基金对港股持仓环比提升达12.6%。\n根据我们对持有中国股票规模20大基金公司的前20大重仓股的统计分析，21Q2样本基金公司对中国股票前20大重仓持股规模合计为6214亿美元，环比21Q1基本持平（+0.1%）。\n从股票持仓的市场分布来看，二季度海外主要共同基金公司在美股/港股/A股的重仓持仓金额分别为1823.5/3916.0/446.2亿美元，环比分别变化-510.0/438.4/64.1亿美元，增量主要来源于港股市场。《外国公司担责法案》最终修正案的通过，国内监管政策的收紧以及Archegos Capital的违约事件是海外主要基金二季度降低美股中概股配置仓位的主要原因。Q2美股中概股重仓持股占比大幅下滑8.3PCTs至29.3%；而港股及A股市场的重仓持股金额环比分别提升7.0/1.0PCTs至63.0%/7.2%。\n海外基金行业配置偏好分化，医药、科技、工业获增配。\n从一级行业层面上，二季度成长板块配置偏好显著分化，其中新增资金的主要配置方向为医药（+41.0%，主要是药明生物）和科技（+34.3%），重仓持股金额分别提升至574.4和164.7亿美元。而可选消费（-2.6%）和通信服务（-3.5%）板块重仓持股市值变化则相对平稳。传统经济板块中，二季度工业（98.5%）和公用事业（63.0%）板块重仓持股市值显著提升。而此前受海外基金青睐的金融及顺周期的能源、原材料板块重仓持股金额则下滑明显，环比分别下降15.1%/10.1%/16.5%。\n个股层面，剔除股价因素后，互联网龙头基金配置偏好分化明显，医药、运动服饰、新能源汽车受海外基金青睐。\n二季度反垄断事件仍持续发酵，叠加《外国公司担责法》的落地，致使海外机构对互联网龙头的配置出现明显分化。剔除股价影响因素，如腾讯、阿里（H）、美团实际增配金额分别达到30.4/139.8/142.2亿美元；而拼多多、京东、百度实际减配金额分别为14.5/17.9/37.5亿美元。另外，受益国潮崛起的李宁、安踏以及新能源车产业链龙头比亚迪股份、宁德时代均受海外基金青睐，21Q2剔除股价影响因素的实际增配金额分别达到25.7/6.3/34.7/20.7亿美元。二季度新上市的满帮集团亦获海外基金实际增配达29.0亿美元。医药板块亦获海外基金关注，药明生物、信达生物、迈瑞医疗、爱尔眼科实际增配金额分别约达6.6/9.3/7.2/8.0亿美元，而银行板块则普遍遭海外基金减持。\n二季度新能源、互联网金融获主流投资机构增配，新上市个股引发海外基金关注。\n另外选取十家市场较为关注的主动管理型基金，探究其二季度对美股中概企业的持仓变化，新能源及互联网金融板块个股普遍获机构增持，景林Q2增持360数科、富途控股159.4、16.2万股；桥水则增持理想汽车、老虎证券、大全新能源102.3/87.5/23.6万股。\n另外，Q2新上市个股亦引发海外基金关注，如滴滴出行获景林、高瓴、富达三家机构增配；BOSS直聘亦得到景林、高瓴的大幅买入。而持续在监管政策风险下的互联网及教育板块二季度机构配置分化明显。景林Q2分别增持新东方、高途集团70.8、14.9万股；而瑞银则分别减持二者308.7、504.4万股。互联网娱乐板块的哔哩哔哩获景林、高毅、摩根大通增持，但被凯思博、SOROS FUND减持。互联网电商龙头如拼多多、京东、阿里（BABA.N）则多遭机构减持。\n风险因素：\n全球新冠疫情蔓延超预期；宏观经济修复不及预期；中美关系恶化；外资持续流出。","news_type":1,"symbols_score_info":{"600030":0.9,"JD":0.9,"06030":0.9}},"isVote":1,"tweetType":1,"viewCount":2190,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":5594672,"commentId":"5594672","gmtCreate":1629497140911,"gmtModify":1663232678749,"authorId":3577393549070429,"author":{"id":3577393549070429,"idStr":"3577393549070429","authorId":3577393549070429,"name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":838736185,"objectIdStr":"838736185","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"阅！","text":"阅！","html":"阅！","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}