During the year, the Social Security Fund substantially reduced its holdings of H shares of Bank of China, and the banking sector continued to adjust during the same period. Many bank stocks hit a new low since 202 1, but some regional banks were "favored" against the trend. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!

Cash in nearly HK$ 5 billion in 7 months.

According to the information disclosed by HKEx, the National Social Security Fund Council reduced its holdings of China Bank H shares18.464 million shares on July 28th, involving funds of HK$ 510.33 million.

After this reduction, the number of H shares of BOC held by the Social Security Fund decreased to 46,543.8+0.77 billion shares, accounting for less than 5% of the total number of H shares of BOC, and it no longer has the right to declare.

The data shows that by the end of 20021,the number of H shares of China Bank held by the National Social Security Fund Council reached 5.799 billion. This means that since the beginning of the year, the social security fund has reduced its holdings by about 6543.8+622 million shares.

According to the disclosed data, the Social Security Fund reduced its holdings by 8120,000 shares from June+1October 65438+1October 25th, 65438, and continued to reduce its holdings by 810,000 shares of Bank of China. According to the average transaction price, the total cash is about HK$ 4.86 billion.

It is understood that the social security fund's shareholding in China Bank began in 2006. In March 2006, Bank of China introduced social security fund as a strategic investor, and spent RMB 654.38+0 billion to acquire about 856.5438+0.4 billion shares of the bank.

Since then, China Bank quickly completed the H-share issuance and listing in June of that year. During the period, the above-mentioned 85,654,380,400 shares and the 2,803 million shares transferred by Huijin to the social security fund according to state regulations were all converted into H shares and listed on the Hong Kong Stock Exchange. So far, the number of H shares of China Bank held by Social Security Fund has reached 65,438+065,438+0,365,438+0.8 billion shares.

In the first half of 20 10, Social Security began to reduce its holdings of H shares of Bank of China in the first round. In the first four months of this year, it reduced its holdings by 676 million shares and cashed in about HK$ 2.7 billion.

20 1 1 This year is the biggest change of social security's shareholding in China Bank. If the social security fund fully participates in the H-share placement of the bank in February 20 10+ 10, and then reduces its holdings (estimated to cost 2.5 billion yuan), the social security fund will reduce its holdings by more than 2.5 billion shares from the listing and circulation of the placing shares of the bank to August 2010, involving an amount of about 9.7 billion Hong Kong dollars.

Since then, the Social Security Fund has reduced its holdings of 803 million shares and 839 million shares of H shares of Bank of China in February 20 12 and June 20 13, respectively, and cashed in about HK$ 2.6 billion and HK$ 3 1 100 million at the average transaction price. In the second half of 20 18, the social security fund continued to reduce its holdings by about 833 million shares and cashed in about 2.9 billion Hong Kong dollars.

Since 202 1, the social security fund has started a new round of reduction. Among them, from June 65438+1 October1to February 2, the company reduced its holdings by about 877 million shares and cashed in HK$ 2.4 billion. Since then, although it has increased its holdings in March, it has slightly reduced its holdings to about 5.799 billion shares in early April, and the number of shares held by the end of the year remains unchanged.

According to a comprehensive estimate, the Social Security Fund has reduced its holdings of about 8.2 billion H shares of Bank of China and cashed in about HK$ 28.5 billion.

During the year, two regional banks were added.

An industry analyst believes that social security funds are financial investors, not strategic investors, and "high throwing and low sucking" arbitrage is a normal operation.

According to China, a brokerage firm, since 20021,the social security fund has frequently reduced its holdings of H shares of Bank of China. During the same period, the bank's share price in Hong Kong continued to rise. As of August 1 day, the bank's Hong Kong stock price has risen from HK$ 2.25 per share at the end of 2020 to HK$ 2.80 per share, with a range increase of 24.62%.

Another investor told China, a brokerage firm, that the social security fund itself has the characteristics of decentralized shares, and there are different combined funds instead of focusing on a single stock, which enables it to independently diversify its assets. Therefore, the continuous reduction of H shares of Bank of China does not mean that the social security fund is bearish on the banking sector.

In fact, although some social security fund portfolios continued to reduce their holdings of H shares of China Bank, during the year, different social security fund portfolios also increased their holdings of several A-share listed banks.

According to the first quarterly report of this year, social security funds * * * appear among the top ten tradable shareholders of seven A-share listed banks, among which four are state-owned banks, namely Industrial and Commercial Bank of China (holding about 4.57%), Bank of Communications (7.9 1), Agricultural Bank of China (holding about 7.86%) and Postal Savings Bank (holding about 0.79%).

This is also the first time that the social security fund has become the top ten tradable shareholders of the Postal Savings Bank. By the end of March, the social security fund 1 104 combination * * * held 88 13200 shares of the Postal Savings Bank.

In the first quarter, the social security fund also increased its holdings of Qilu Bank and Changshu Bank. The shareholding ratio of the former social security fund increased from about 0.2 1% to 0.48%, while the latter increased from about 4.20% to 4.85%.

Among them, the social security fund 150 1 combination, which is currently ranked as the fourth largest tradable shareholder of Qilu Bank, entered the ranks of shareholders of the bank for the first time in the fourth quarter of last year; Changshu Bank has always been favored by social security funds.

According to the data, as of the end of the first quarter, two social security fund portfolios-National Social Security Fund 4 13 portfolio and National Social Security Fund 1 10 portfolio both appeared in the list of the top ten tradable shareholders of Changshu Bank, ranking the fifth and sixth largest tradable shareholders of the bank, holding a total of 65.438+0.28 billion shares.

In addition, the 4 13 combination of the National Social Security Fund, which ranks as the seventh largest tradable shareholder of Wuxi Bank, has not changed its position in the first quarter of this year and still holds 24,386,900 shares of the bank; In the same period, the combination of National Social Security Fund 1 17 chose to reduce its holdings and withdrew from the list of the top ten tradable shareholders of Ping An Bank.

Banking stocks report market or deposit differentiation

In the second quarter of this year, Public Offering of Fund also took the initiative to reduce the allocation of bank shares. According to institutional statistics, the allocation of actively managed funds to the banking sector, including partial stocks and stock types, fell to 2.05% in the second quarter, the lowest level in recent years.

"On the one hand, the reason for the low allocation is that the epidemic has been repeated since the second quarter, the downward pressure on the economy has increased, the policy has adhered to financial profit-seeking entities, and the market's concerns about the fundamentals of the industry still exist; On the other hand, it is caused by the differentiation of market style under the background of marginal liquidity. " Yuan Qi of Ping An Securities pointed out in the research report.

In this context, there have been two "deep V" adjustments in the banking sector since March, and in July, it was once again affected by the storm of "stopping lending" by the owners of uncompleted residential flats.

Wind data shows that among A-share listed banks, Ruifeng Bank experienced the largest decline during the year, with a drop of over 33%, the lowest since listing; China Merchants Bank, Ping An Bank and Bank of Ningbo followed closely, with year-to-date declines of over 26%, 23% and 2 1% respectively. Among them, the share price of Ping An Bank hit a new low since 202 1, and the share prices of China Merchants Bank and Bank of Ningbo also approached the lowest level in this range.

However, it is worth noting that some regional banks have won the favor of the market. Among them, the share prices of Chengdu Bank, Jiangyin Bank and Jiangsu Bank have all increased by more than 30% year to date. Manager Public Offering of Fund also chose to increase his holdings against the trend. For example, the positions of Hangzhou Bank and Chengdu Bank increased by 1BP respectively in the second quarter.

"Looking forward to the third quarter, we believe that the core factor affecting the allocation opportunities of the banking sector is still the degree of macroeconomic improvement, and the inflection point signal remains to be seen. However, combined with the semi-annual performance report disclosed by listed banks, we are concerned that the revenue and performance of some regional banks exceeded expectations, and individual differences are worth looking forward to. " Yuan _ Qi team said.

China, a brokerage firm, found that as of August 1 day, there were 12 regional small and medium-sized banks that had disclosed their performance reports for the first half of the year, and their net profit returned to their mothers all achieved double-digit growth. Among them, Changshu Bank, Qilu Bank, Xiamen Bank, Jiangyin Bank, Jiangsu Bank, Hangzhou Bank and Nanjing Bank all achieved double-digit growth in revenue and net profit attributable to their mothers.

Local banks located in Jiangsu, Zhejiang and Shanghai are particularly eye-catching. Specifically, the net profit of Jiangsu Bank, Wuxi Bank and Hangzhou Bank all increased by more than 30%, which were 65.438+0.338 billion yuan, 65.438+0.020 billion yuan and 6.585 billion yuan respectively, with year-on-year growth rates of 36.5438+0.2%, 30.27% and 365.438+0.52 respectively.

Many analysts also reminded that the sector market may be divided. "Affected by the epidemic and macroeconomic lag, the trend of listed banks' fundamentals in the downward channel in 2022 is relatively certain." GF Securities pointed out that "within the sector, high-quality small and medium-sized banks benefited from the steady growth policy and the regional economic boom, and the scale growth and asset quality improvement were relatively dominant, which promoted the short-term performance to continue to improve."

The Liu Zhiping team of Huaxi Securities also indicated that the macroeconomic indicators have recovered slightly since the third quarter. The performance report of listed banks shows that small and medium-sized banks are divided in operation, and Jiangsu and Zhejiang high-quality banks have strong certainty in performance, low superimposed valuation and high cost performance.