Thanks to multiple positive boost, the science and technology sector recently led A-Shares out of the rebound market, which directly led to the higher income of science and technology theme funds. Public funders told reporters that A-Shares are expected to usher in a wave of medium and long-term technology theme market, but to capture the market, we should deeply dig out hard core technology companies. At present, the reporter learned that in addition to science and technology themed products, the public offering has also increased the layout in terms of investment and research talents and concept optimization.
technology theme fund revenue increase
The reporter found that since mid August, the K-line of the Shanghai index has been slightly stable after the shock, and has been climbing under the recent multiple positive boost. At the close from August 12 to August 21, the stock index walked out of six positive lines in eight trading days, with a cumulative increase of 3.81%. Meanwhile, the trading quota of the two cities also rebounded from 362.607 billion yuan on August 12 to 523.525 billion yuan on August 21.
Among them, the main force of the market is the science and technology sector boosted by multiple benefits. Over the past eight trading days, Huawei’s concept sector has increased by 11.60%, while 5g, face recognition, artificial intelligence and chip concept have increased by nearly 10%, 9.47%, 9.84%, 9.45% and 9.41% respectively.
Thanks to this, science and technology funds are also rising in volume and price, with eye-catching performance. In particular, Huabao technology ETF, which was listed on August 16, has a cumulative trading volume of 2.612 billion yuan in four trading days, with a cumulative increase of 3.57%. According to the trading announcement of the product, its heavy position holds technology leaders such as Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Iflytek Co.Ltd(002230) , Hundsun Technologies Inc(600570) . Cathay Pacific China Securities computer ETF, which was listed on the same day as Huabao technology ETF, although the trading volume was slightly inferior, the range rose as high as 5.16%. In addition, the data show that the AI concept theme fund has achieved an average return of 5.44% in the past month, up to 16.3%.
“In recent years, with the narrowing of smartphone penetration and the development of the number of Internet users to a certain stage, the marginal driving force of the last round of scientific and technological innovation has been weakened, especially the innovative applications for consumers have been basically realized. Whether globally or in China, we will face the problem of further innovation and breakthrough.” A fund manager of a small and medium-sized public offering pointed out to reporters that the new momentum of scientific and technological innovation is already being cultivated. From the perspective of long technology cycle, whether based on macroeconomic fundamentals or the health of meso industrial structure, they are full of confidence in China’s scientific and technological innovation.
capture hard core target with hard logic
Li Huasong, director of equity investment of Ping An fund, told reporters that in the short term, global risk appetite is in the decline stage, but China’s overall financial risk has decreased significantly in the past few years. “Looking at the world, many Chinese enterprises are internationally competitive and have lower valuations than their international counterparts. With the continuous decline of global interest rates and the emergence of new economic opportunities in China, global funds will continue to flow into China’s capital market for a long time.”
When it comes to the technology market, Fan Bo, vice president of bedrock capital, told reporters: “science and technology themes or concept stocks will become the market focus in the short term because of the large overall increase. However, in the long term, their sustainability will return to the industrial development itself and the company’s profit trend.”
Ke Lan, a research director of a public offering in Southern China, told reporters: “historically, technology is the core power to push forward the society, especially in energy, information and other fields. But these areas are often the accumulation of speculative bubbles in the early stage. Therefore, in order to catch a new round of technology market, we should find a real hard core company from the long trend.”
Taking 5g as an example, Fan Bo pointed out that 2019 is the first year of 5g construction, base stations and networks will enter the order release period, and the trend of the whole plate is also upward. With the introduction of relevant national policies, 5g investment opportunities will continue to emerge. Fan Bo believes that there are two types of Companies in 5g field that can be focused on. First, for large companies with relatively rapid technological progress, the replacement of technology is bound to have a new market, which may have greater market barriers. Second, companies with significant increase in unit value. For example, the antenna price of traditional 4G base stations is about 1500 yuan, and that of 5g is about 7000 yuan. Even if the number of base stations remains unchanged, the overall profit will increase. “But in fact, the 5g spectrum is shorter, which means that more base stations need to be built to achieve signal coverage.”
product and investment research “double layout”
What has attracted much attention is that in order to seize a new round of science and technology theme market, in addition to intensive product layout, public offering continues to strengthen investment and research.
According to the announcement of Ping An fund on August 20, from August 23, Ping An CSI artificial intelligence theme trading open-ended index Securities Investment Fund (hereinafter referred to as “ping an artificial intelligence ETF”) was officially listed for trading. As of August 16, 2019, the average household holding shares of the fund was 194000, of which 200 million were held by institutional investors, accounting for 99.47%. In addition, a number of publicly raised science and technology theme funds such as shenwanlingxin R & D innovation 100 index have been approved recently. According to the data disclosed by the CSRC, as of August 9, about 130 science and technology theme funds were in the stage of application for approval, including both various subdivided science and technology theme funds and ETFs tracking science and technology related indexes.
“I have a long-term follow-up on science and technology industries. Before, I paid more attention to the field of new energy, and information technology will be slightly weak. However, in recent years, with more exchanges and research with information technology enterprises, the accumulation has also made progress.” Ke LAN told reporters that the layout of science and technology market should focus on technological innovation and changes in the company’s business model, which is his new research concept for the investment and research team.
Ke Lan said that whether it is market trend reference or investment research depth, his team will take the international market and international technology companies as reference. Generally, the scientific and technological innovation of developed countries will lead China for some time. The market trend of their market can reflect the long-term trend, the A-share market can see the medium-term trend, and the benchmarking mature market will go further. “At present, we are increasing the recruitment of science and technology investment and research talents. In the future, we will consider cooperating with science and technology experts in relevant fields to conduct research with Huawei or more mature overseas technology companies.”
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(China Securities Journal)
