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Chengdu: it is planned to basically build a world famous cultural and creative city by 2035
Recently, Chengdu released the “14th five year plan” for the construction of world famous cultural and creative cities in Chengdu. It is estimated that by 2025, the added value of Chengdu’s cultural and creative industry will exceed 300 billion yuan, accounting for more than 12% of the city’s GDP; By 2035, a world famous cultural and creative city with global influence will be basically built. The plan plans to develop eight industries. During the 14th Five Year Plan period, Chengdu’s cultura...
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Djokovic lost to lublev in the decisive victory and missed the men’s singles championship in selville 2022 On April 24, Beijing time, the men’s singles final of the 2022 atp250 Serbian open ended. Djokovic, the two time champion and world No. 1, fought hard for three sets again, but swallowed the eggs in the decisive set. Finally, he lost to No. 2 seed lublev 2-6 / 7-6 (4) / 0-6, and failed to perform a good reversal for four consecutive games. Rublev defeated the world’s first player in serv...
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Share Dialog
Share Dialog
China Fund News reporter Fang Peiyan
In March, a shares fell sharply in turns. How does private placement operate? The latest data came out: a sharp reduction in positions.
Private placement reduced positions by more than 10%
Average position less than 60%
According to the statistics of China Resources trust, as of the end of March, the average stock position of sunshine private equity bull index (crefi) component funds was 58.93%, down 10.18% from the end of last month.
The data show that when the position of the last private placement was less than 60%, it was just before the outbreak of the epidemic in 2020.
Specifically, the proportion of constituent funds with more than 50% stock positions was 67.52%, down 11.58% from the end of February. The proportion of positions of 0-40% reached 26.5%.
According to the reporter, indeed, many private placement reduced their positions in the first quarter. The most concerned by the market is undoubtedly Dongfang harbor. After falling into the rumor of short position, Dan bin, chairman of the company, revealed that the position of Dongfang harbor is relatively low, about 10%. He said that after 08 years of Baijiu crisis, the selling principle added a “systemic risk” to sell away temporarily. This year’s Ukraine crisis and subsequent derivatives risks are the focus. Of course, it also includes some other thoughts. Dan Bin’s company, Dongfang harbor investment management company, said that after predicting the market risk at the beginning of the conflict between Russia and Ukraine, they generally took relatively strict risk control measures, put risk control first and carefully deal with the sharp fluctuations of the market.
Chengze assets said in its monthly report in recent months that it is cautious about the market and that portfolio management is mainly to avoid risks, which is still the case at present. However, with the passage of time and the disclosure of the annual report and the first quarterly report of listed companies, they said that they had accumulated and screened a number of backup targets in the next stage. Once the market stabilizes, their current strategy is to “wait for the opportunity”.
Of course, many private placement kept high positions in the first quarter.
Qinghequan capital said in the just concluded second quarter strategy meeting that the overall portfolio maintains medium and high positions, because they believe that it is wrong to reduce the position if there are too many positions at the bottom of the market; However, due to the occurrence of sudden and strong impact events, they have made corresponding fine-tuning to the combination. However, it also admitted that in the first quarter portfolio framework, some short-term impact events were not fully considered, which is worthy of reflection.
Materials, biopharmaceuticals and semiconductors have the largest warehouse
Software, capital goods, technology and hardware reduced their positions the most
From the perspective of industry allocation, at the end of March 2022, the top three heavy warehouse industry sectors of private placement were “material II”, “food, beverage and tobacco” and “capital goods”, with positions of 12.54%, 12.01% and 10.39% respectively.
From the perspective of position growth, at the end of March, the three industries with the largest growth were “Materials II”, “pharmaceutical, biotechnology and life sciences” and “semiconductor and semiconductor production equipment”, increasing their holdings by 0.56%, 0.47% and 0.42% to 12.54%, 7.75% and 5.93% respectively. The three industries with the largest decline were “software and services”, “capital goods” and “technical hardware and equipment”, reducing their holdings by 2.33%, 2.32%, 1.55% to 2.28%, 10.39% and 5.95% respectively.
Private placement: the current market is at the bottom of history
Looking forward to the second quarter, Wu Junfeng, investment director of qinghequan capital, believes that from the perspective of ERP, the current market is at the bottom of history. At this time, I don’t agree that there are huge risks in the market. The core issue of how the market will go in the future lies in whether the main contradiction concerned by the market (epidemic situation and steady growth) has been reversed.
First of all, as long as there is no positive impact on the production and consumption in the market, it will return to the main line in the long-term, but there will be no adverse impact on the market. We are also observing and waiting, hoping to get a more clear direction of epidemic treatment.
Secondly, where is the key to steady growth? According to the social finance data just released in March, it has improved, or even exceeded expectations. The existing structural problems are mainly the good performance of the enterprise side and the poor performance of the residents side. The medium and long-term credit data of the enterprise side is better than expected; The residential side is mainly the performance of real estate, which can also be attributed to the first contradiction, because steady growth cannot be achieved without personnel mobility, consumption scene and consumption will. From the perspective of steady growth, we need to wait for the Politburo meeting at the end of the month to make a basic judgment and set the tone. At that time, we may see more clearly which direction is stable and which direction to invest in; Epidemic prevention policies also need to be closely followed, including how to restore the supply chain in some representative cities.
“Generally speaking, there were indeed many negative impacts in the first quarter that exceeded expectations. In our past strategic framework, we did not give too much consideration to the impact of such negative impacts. Later, we will consider more comprehensively in our investment and our response will be more calm; as far as the market is concerned, we can see that it is currently in the bottom area through strict calculation. When there is an obvious trend in the two core contradictions of epidemic policy and steady growth , the main line of the market will be clearer, and it is expected to get out of the downturn. At that time, our investment will be more leisurely. “ He said.
In its monthly report in March, Yuan Lesheng believed that “steady growth” is still in the process of continuous force. At present, although the strength of monetary and fiscal policies is not strong enough and the real estate industry is still undergoing substantial adjustment, the government work report set the economic growth target of 2022 at about 5.5%. The recently held executive meeting of the State Council reiterated this target and emphasized compaction responsibilities and detailed measures. I believe that the government has the ability and willingness to achieve the goal of “stable growth”. According to its calculation, if we want to achieve the growth target of 5.5%, we need the support of these aspects: real estate investment maintains a small single digit growth, that is, new construction cannot have a significant negative growth; Export growth needs to maintain a good boom, and China’s global market share will not decline significantly. Now it seems that the government finally chose the goal that needs to be achieved with efforts, which shows that the follow-up may be from multiple dimensions such as monetary policy and fiscal policy
China Fund News reporter Fang Peiyan
In March, a shares fell sharply in turns. How does private placement operate? The latest data came out: a sharp reduction in positions.
Private placement reduced positions by more than 10%
Average position less than 60%
According to the statistics of China Resources trust, as of the end of March, the average stock position of sunshine private equity bull index (crefi) component funds was 58.93%, down 10.18% from the end of last month.
The data show that when the position of the last private placement was less than 60%, it was just before the outbreak of the epidemic in 2020.
Specifically, the proportion of constituent funds with more than 50% stock positions was 67.52%, down 11.58% from the end of February. The proportion of positions of 0-40% reached 26.5%.
According to the reporter, indeed, many private placement reduced their positions in the first quarter. The most concerned by the market is undoubtedly Dongfang harbor. After falling into the rumor of short position, Dan bin, chairman of the company, revealed that the position of Dongfang harbor is relatively low, about 10%. He said that after 08 years of Baijiu crisis, the selling principle added a “systemic risk” to sell away temporarily. This year’s Ukraine crisis and subsequent derivatives risks are the focus. Of course, it also includes some other thoughts. Dan Bin’s company, Dongfang harbor investment management company, said that after predicting the market risk at the beginning of the conflict between Russia and Ukraine, they generally took relatively strict risk control measures, put risk control first and carefully deal with the sharp fluctuations of the market.
Chengze assets said in its monthly report in recent months that it is cautious about the market and that portfolio management is mainly to avoid risks, which is still the case at present. However, with the passage of time and the disclosure of the annual report and the first quarterly report of listed companies, they said that they had accumulated and screened a number of backup targets in the next stage. Once the market stabilizes, their current strategy is to “wait for the opportunity”.
Of course, many private placement kept high positions in the first quarter.
Qinghequan capital said in the just concluded second quarter strategy meeting that the overall portfolio maintains medium and high positions, because they believe that it is wrong to reduce the position if there are too many positions at the bottom of the market; However, due to the occurrence of sudden and strong impact events, they have made corresponding fine-tuning to the combination. However, it also admitted that in the first quarter portfolio framework, some short-term impact events were not fully considered, which is worthy of reflection.
Materials, biopharmaceuticals and semiconductors have the largest warehouse
Software, capital goods, technology and hardware reduced their positions the most
From the perspective of industry allocation, at the end of March 2022, the top three heavy warehouse industry sectors of private placement were “material II”, “food, beverage and tobacco” and “capital goods”, with positions of 12.54%, 12.01% and 10.39% respectively.
From the perspective of position growth, at the end of March, the three industries with the largest growth were “Materials II”, “pharmaceutical, biotechnology and life sciences” and “semiconductor and semiconductor production equipment”, increasing their holdings by 0.56%, 0.47% and 0.42% to 12.54%, 7.75% and 5.93% respectively. The three industries with the largest decline were “software and services”, “capital goods” and “technical hardware and equipment”, reducing their holdings by 2.33%, 2.32%, 1.55% to 2.28%, 10.39% and 5.95% respectively.
Private placement: the current market is at the bottom of history
Looking forward to the second quarter, Wu Junfeng, investment director of qinghequan capital, believes that from the perspective of ERP, the current market is at the bottom of history. At this time, I don’t agree that there are huge risks in the market. The core issue of how the market will go in the future lies in whether the main contradiction concerned by the market (epidemic situation and steady growth) has been reversed.
First of all, as long as there is no positive impact on the production and consumption in the market, it will return to the main line in the long-term, but there will be no adverse impact on the market. We are also observing and waiting, hoping to get a more clear direction of epidemic treatment.
Secondly, where is the key to steady growth? According to the social finance data just released in March, it has improved, or even exceeded expectations. The existing structural problems are mainly the good performance of the enterprise side and the poor performance of the residents side. The medium and long-term credit data of the enterprise side is better than expected; The residential side is mainly the performance of real estate, which can also be attributed to the first contradiction, because steady growth cannot be achieved without personnel mobility, consumption scene and consumption will. From the perspective of steady growth, we need to wait for the Politburo meeting at the end of the month to make a basic judgment and set the tone. At that time, we may see more clearly which direction is stable and which direction to invest in; Epidemic prevention policies also need to be closely followed, including how to restore the supply chain in some representative cities.
“Generally speaking, there were indeed many negative impacts in the first quarter that exceeded expectations. In our past strategic framework, we did not give too much consideration to the impact of such negative impacts. Later, we will consider more comprehensively in our investment and our response will be more calm; as far as the market is concerned, we can see that it is currently in the bottom area through strict calculation. When there is an obvious trend in the two core contradictions of epidemic policy and steady growth , the main line of the market will be clearer, and it is expected to get out of the downturn. At that time, our investment will be more leisurely. “ He said.
In its monthly report in March, Yuan Lesheng believed that “steady growth” is still in the process of continuous force. At present, although the strength of monetary and fiscal policies is not strong enough and the real estate industry is still undergoing substantial adjustment, the government work report set the economic growth target of 2022 at about 5.5%. The recently held executive meeting of the State Council reiterated this target and emphasized compaction responsibilities and detailed measures. I believe that the government has the ability and willingness to achieve the goal of “stable growth”. According to its calculation, if we want to achieve the growth target of 5.5%, we need the support of these aspects: real estate investment maintains a small single digit growth, that is, new construction cannot have a significant negative growth; Export growth needs to maintain a good boom, and China’s global market share will not decline significantly. Now it seems that the government finally chose the goal that needs to be achieved with efforts, which shows that the follow-up may be from multiple dimensions such as monetary policy and fiscal policy
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