institutional people believe that in the environment where A-Shares fall out of a higher cost performance, incremental funds are expected to accelerate the admission. Among them, there are good investment opportunities in stable growth related industries and high boom tracks.
“Smart money” bet on the year of the tiger A-Shares made a good start. The reporter learned that for some time, all kinds of funds, including public offering, private placement and foreign investment, have been flowing into the A-share market, with high enthusiasm for bottom reading. By the end of January, the overall share of stock ETFs had increased by 61.87 billion this year. The share of broad-based ETFs such as Shanghai and Shenzhen 300 and gem, as well as ETFs in securities, medicine, new energy vehicles and other industries, had increased significantly. In addition, while public and private equity funds have announced large-scale self purchase, foreign capital, known as “smart money”, also entered the market to raise funds. In January, the total net inflow of northbound funds was 16.775 billion yuan, and the net inflow on the first trading day after the long Spring Festival holiday was 5.552 billion yuan.
Institutional people believe that in the environment where A-Shares fall out of a higher cost performance, incremental funds are expected to accelerate the admission. Among them, there are good investment opportunities in stable growth related industries and high boom tracks.
all funds counter the trend and copy the bottom
According to the data of China stock market news choice, 560 of the more than 600 stock ETFs in the whole market fell in January, accounting for more than 90%. Among them, the national defense ETF ranked first in the decline list with a decline of 20.4%, and the education ETF, medical innovation ETF, game ETF, national defense and military industry ETF also fell by more than 10%.
However, the share of ETF is increasing against the trend. By the end of January, the overall share of stock ETFs had increased by 61.87 billion this year. Among them, the share of securities ETF increased by 3.622 billion, the share of securities ETF, gem 50ETF, medical ETF and MSCI China A50 ETF increased by more than 2 billion, and the share of pharmaceutical ETF, mass entrepreneurship and innovation 50ETF, Shanghai and Shenzhen 300etf, new energy vehicle ETF and wine ETF increased by more than 1 billion.
A number of head public funds have announced self purchase of their fund products. According to the announcements issued by various companies, e fund, huitianfu, ICBC Credit Suisse, gf and Ruiyuan will respectively invest 50 million yuan to 200 million yuan to purchase their own equity funds. In addition, some funds under well-known fund managers such as e fund Zhang Kun, Fuguo Zhu Shaoxing and GF Lin Yingrui also announced to increase the purchase restriction amount and even cancel the large purchase restriction.
Many 10 billion private placement also counter the trend by self purchase. According to incomplete statistics of the reporter, in the week before the Spring Festival holiday, 10 head private placements, including magic square quantification, Jiukun investment, Jinglin assets, Hanhe capital, Hongshang assets, Qinmu assets and Lingjun investment, successively announced self purchase, with a total amount of more than 1 billion yuan.
Foreign capital, known as “smart money”, also rushed to raise funds. In January, the total net inflow of northbound funds was 16.775 billion yuan, and the net inflow on the first trading day after the long Spring Festival holiday was 5.552 billion yuan.
Lu Jie, chief investment officer of Hebao China, said that the continuous inflow of foreign capital is a long-term trend, as evidenced by the fact that the market adjustment at the beginning of the year did not hinder the large inflow of funds to the north.
“Deep exploration of A-share opportunities is one of our five major investment themes in the world in 2022. A-share is likely to become an independent allocation in the portfolio of overseas investors, or at least an important part of the portfolio.” Bian CE, China investment business director of Wellington investment management, said.
buy more and more public and private placement continue to increase positions
In addition to “smart money” entering the market and “scavenging”, public and private institutions have also opened the position adding mode. “Due to the decline of the market, the overall position of the company has decreased before the Spring Festival. However, under the background of steady growth, the opportunity of A-share tiger year is greater than the risk, and the cost performance of many objects optimistic after in-depth research has increased significantly. Therefore, the more the market falls before the Spring Festival, the more optimistic we are. The position before the Spring Festival is about 70%, which has increased to nearly 80% today.” Disclosed by the founder of a private placement in Shanghai.
According to the statistics of private placement network, as of January 28, the average position of subjective long strategic private equity funds was 76%, down from the end of December last year. Among them, the proportion of private equity funds with positions of 50% or more accounted for 99%, and 2% of private equity funds were in the state of full positions and leverage, a decrease of 23.84 percentage points compared with the end of December last year; The proportion of private placement with positions of more than 80% (excluding full positions) was 51.69%, an increase of 8.31 percentage points over the end of December last year.
Although A-Shares fell significantly in January and private placement positions decreased, the private placement confidence index continued to improve and the willingness to copy the bottom increased. In February, the A-share confidence index of Rongzhi · China hedge fund managers was 117.7, up 0.24 percentage points from January, reaching a new high. At the same time, from the perspective of the trend expected confidence index, the value of the trend expected confidence index of the A-share market in February was 124.5, an increase of 1.19 percentage points month on month. Among them, 45% of fund managers are optimistic about the market in February, and the proportion of fund managers who are not optimistic about the market in February is 0.
Public funds also continue to increase their positions before the Spring Festival. According to the Research Report of Anxin securities, the positions of active equity funds rose slightly in the week before the Spring Festival. The position measurement results based on net value showed that the positions of equity funds, hybrid funds and flexible allocation funds were 86.84%, 83.04% and 61.31% respectively, of which the positions of hybrid funds and flexible allocation funds increased by 0.5 percentage points and 1.51 percentage points respectively compared with the previous week.
A 10 billion private placement person said: “Most private self purchase will be held on the latest product opening day, and the latest opening day is after the Spring Festival holiday, so the ‘living water’ of private self purchase will be in place one after another in the year of the tiger. At the same time, some more mature investors will add shares on the product opening day. After the Spring Festival holiday, public and private institutions will issue new products one after another and fall out of A-Shares with higher cost performance Under such circumstances, incremental funds are expected to accelerate the admission. “
steady growth sector and high prosperity track or dance together
Where will the continuous incremental “living water” flow? Many investors said that there are good investment opportunities in stable growth related industries and high boom tracks.
According to choice data, the number of institutional investigations in January was as high as 16000, of which the most concerned industry was pharmaceutical biology, with nearly 3000 investigations. In the same period, the number of investigations in computer, electronics, mechanical equipment and chemical industry also exceeded 1000. In terms of individual stocks, Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Huadong Medicine Co.Ltd(000963) and Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) received more than 300 institutional surveys in January.
Lin Peng, chairman of harmony Huiyi, analyzed that under the background of steady growth, there are investment opportunities for expected repair in the pro cyclical industrial chain represented by real estate and infrastructure. At the same time, the valuation of the sector related to steady growth is at the bottom of history, which is worthy of attention. In addition, from a medium and long-term perspective, more long-term investment opportunities come from technological innovation. Later, we can tap high-quality targets in the fields of smart cars, Mr, VR, intelligent driving and so on, which benefit from the significant improvement of chip computing power.
Mingyu assets also said that Hong Kong stocks and overseas markets performed well during the long Spring Festival holiday. In this context, we can focus on the main line of stable growth investment with undervalued value, subdivided consumption sectors with performance support and high-quality growth stocks with good fundamentals.
Since this year, foreign capital has also been carrying out research on A-share listed companies. For example, Morgan Stanley investigated Opt Machine Vision Tech Co.Ltd(688686) , Guang Dong Fenghua Advanced Technology (Holding) Co.Ltd(000636) , Espressif Systems (Shanghai) Co.Ltd(688018) , Shenzhen Sunlord Electronics Co.Ltd(002138) , Zhejiang Weixing New Building Materials Co.Ltd(002372) , Ledman Optoelectronic Co.Ltd(300162) and other companies in January; Singapore Government Investment Co., Ltd. investigated Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shenzhen Transsion Holdings Co.Ltd(688036) , Shenzhen Inovance Technology Co.Ltd(300124) , Canny Elevator Co.Ltd(002367) , Estun Automation Co.Ltd(002747) and other companies; Capital International investigated Shenzhen Inovance Technology Co.Ltd(300124) and Qi An Xin Technology Group Inc(688561) .
“In the medium and long term, the new economy track is the inevitable choice of long-term capital and the priority of policy development. We believe that under the background of reasonable and abundant liquidity, the growth style with performance support is expected to outperform the market.” Qi Yi, director of stock investment of Hanya investment Shanghai, said.
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