CN Mutual Funds Cut Consumer Stocks Sharply in 2Q, Rotate Into AI-Related Shares
AASTOCKS News·- Mainland China's public mutual funds notably adjusted their portfolios in the second quarter, favoring AI-related shares over consumer stocks. - Significant shifts included E Fund Blue Chip Selected Mixed Fund reducing its holdings in Chinese Baijiu stocks from 30% to 13%, while increasing investment in AI stocks like SMIC and DONGSHAN PRECISION. - IGW Core Competence Mixed Securities Fund also replaced prior holdings with AI concept stocks such as ZHONGJI INNOLIGHT and PIOTECH in its top 10 holdings.Shanghai Composite Up 6 pts at Midday; Shenzhen Component and ChiNext Both Down 1.2%; Pharma Stocks Advance
AASTOCKS News·- China's industrial profits increased by 21.1% YoY in May, with an 18.8% rise in the first five months. - The People's Bank of China conducted several reverse repos, maintaining a steady rate while key A-share indices displayed mixed results. - Notable gains were seen in pharmaceutical stocks, with several companies hitting daily limit-ups, while chip sector performances varied significantly.