Zhitong Financial APP learned that the research report issued by CIC Securities pointed out that as of April 23, 2024, the fund's quarterly report was basically disclosed. At present, the stock position of the whole market shows a downward trend, and the stock position held by all 2024Q1 funds is 20%.Polaazteckingmegaways.51%, respectively, compared with the previous quarter.Polaazteckingmegaways.10pct . From the perspective of institutional increase logic, it mainly focuses on the direction of going out to sea (commercial vehicles, shipbuilding, home appliances, construction machinery) and high dividends (coal, electricity, oil exploration) as well as the direction of precious metals.PolaazteckingmegawaysThe reduction is mainly concentrated in medicine + some marginal varieties of science and technology. In addition to high dividends, offshore pricing based on the global competitiveness of the industry has become a new consensus among institutions.

The main points of CIC Securities are as followsPolaazteckingmegaways:

2024Q1 institutional investors for the sea-related industrial chain clearly increase positions, "go to sea three lines, identify vehicles, ships and electricity" consensus is still on the rise. Specifically, Baidian (+ 1.19pct), shipbuilding (+ 0.23pct), tires (+ 0.12pct), heavy trucks + buses (+ 0.34pct), construction machinery (+ 0.23pct).

2024Q1 institutional investors increase their positions in upstream resource goods mainly from gold (+ 0.96pct). From the point of view of the target, it is mainly for Zijin Mining to gain concentrated positions. In addition, Petroleum and Petrochemical (+ 0.38pct) still get a small increase in positions.

2024Q1 institutional investors for the pan-new energy track varieties to cover the position, mainly focused on the leading varieties. Mainly reflected in: lithium battery (+ 0.99pct) allocation range is high, mainly for the Ningde era; photovoltaic industry solar energy (+ 0.28pct) segment area increase.

2024Q1 institutional investors are not obvious to the big consumer sector. Among them, spirit (+ 0.23pct), beer (+ 0.10pct), air and railway (+ 0.10pct) all showed a slight increase.

2024Q1 institutional investors showed obvious differentiation in the allocation of AI+TMT-related varieties, and some of the sectors with a higher degree of performance were added. Among them, optical modules (+ 0.70pct), PCB (+ 0.32pct), semiconductor equipment (+ 0.27pct), consumer electronics, semiconductors, software, media and so on have significantly reduced their positions.

2024Q1 institutional investors are still adding high dividend varieties, which is still the focus of institutional attention. Specifically reflected in: thermal coal (+ 0.18pct), electric power (+ 0.64pct) increased significantly.

In addition, from the perspective of the Q1 adjustment trend of consumer, TMT and new energy funds:

Previously, heavy consumer funds: Q1 increased positions in white goods (+ 2.03pct), alcohol (+ 1.29pct), power generation and power grid (+ 0.82pct), precious metals (+ 0.70pct), large state-owned banks (+ 0.40pct), mainly focused on medical services (CXO), biomedicine and consumer electronics.

Previously, heavy positions in TMT funds: Q1 increased positions in new energy power systems (+ 1.96pct), telecom operations (+ 0.99pct), rare metals (+ 0.81pct), computer equipment (+ 0.59pct), precious metals (+ 0.59pct). Reduced position semiconductors, cloud services, computer software.

Previously, Q1 increased its holdings of new energy power system (+ 1.90pct), precious metals (+ 1.02pct), power generation and power grid (+ 0.73pct), power equipment (+ 0.73pct), industrial metals (+ 0.68pct). Warehouse reduction semiconductors, medical services, computer software.

It is worth noting that at present, the proportion of pan-new energy positions has rebounded to about 30%, and excluding thematic funds, the proportion has rebounded to about 18%.

Risk hint: historical results do not predict the future, and there are errors in the statistical process.