川财证券：研究所晨报-20240906

Group 1 - The report highlights that the alternative investment funds have shown outstanding performance with a cumulative return of 12.86% in Q2 2024, while the median return stands at 2.48% [4][7] - QDII funds and bond funds follow with cumulative returns of 7.07% and 2.31% respectively, with median returns of 3.11% and 1.07% [4][7] - The report notes that the gold-themed funds within alternative investment funds have been actively traded due to geopolitical conflicts driving gold prices up and expectations of interest rate cuts in the US [4][7] Group 2 - The report indicates that as of Q2 2024, the total net asset value of public funds in the market reached 31.1 trillion yuan, reflecting a quarter-on-quarter increase of 6.47% [7] - The number of mixed funds remains the highest at 4,626, with an increase of 34 funds compared to the previous quarter [7] - The report mentions that the REITs funds are entering a normalization phase, with a total of 39 funds, an increase of 4 from the previous quarter, indicating a growing trend in this investment vehicle [7] Group 3 - The report discusses the adjustment in heavy holdings, noting that funds have reduced their stakes in liquor companies while increasing their investments in new energy-related listed companies [4][7] - Guizhou Moutai remains the highest valued stock held by funds at 118.2 billion yuan, a decrease of 19.66% from the previous quarter [4][7] - BYD is highlighted as the only new addition to the top twenty heavy holdings, with a market value increase of 1.32% from the previous quarter, reflecting market optimism towards the long-term potential of the new energy vehicle industry [4][7] Group 4 - The report emphasizes the importance of state-owned enterprises (SOEs) in maintaining market confidence, as their stable growth is crucial for the economy [7] - It notes that the inclusion of market capitalization assessments in SOE executives' evaluations encourages a focus on sustainable development and long-term planning [7] - The report suggests that this management strategy enhances investor confidence and ensures market stability [7]