Near the end of the year, the preference of institutional investors quietly turned and began to move towards the market.
Statistics show that as of December 28, SSE 50ETF and CSI 300 related ETF funds have received a large influx of more than 36 billion yuan, and the overall scale has increased by 40 billion yuan.
The industry said that near the end of the year, with the superposition of the performance vacuum period, the short-term market style will change more frequently, the market value style is expected to be repaired, and the funds will use the stock ETF to layout the cross-year market.
in December, large market ETFs attracted 36.4 billion
The scale of increased by 40 billion
As the “wind vane” of institutional funds, the capital changes of stock ETF products reflect the market preference to a certain extent.
According to the data, as of December 28, the net value was updated. In December, a total of 36.37 billion yuan of funds poured into SSE 50ETF and CSI 300 related ETF funds.
The net inflow of funds also pushed the scale of large-scale ETFs higher. At the end of November, the fund scale of SSE 50ETF and CSI 300 ETF totaled 182.28 billion yuan, which had increased to 222.216 billion yuan as of December 28, with a net increase of about 40 billion yuan.
Specifically, Huatai Bairui Hushen 300etf has increased its share by 2.688 billion since December, an increase of more than 30% in less than a month. Based on the average transaction price of the range, the net inflow of the fund is as high as 13.548 billion yuan, becoming the most gold absorbing stock ETF product in the last month of 2021.
Due to the substantial subscription of institutional funds, the scale of Huatai Bairui Shanghai and Shenzhen 300etf also rose, adding 14.5 billion yuan in the month, and the latest scale exceeded 55 billion yuan, a record high.
Institutional funds to buy the market, Huaxia SSE 50ETF is also an important choice. According to statistics, as of December 28, the fund shares of Huaxia Shanghai Stock Exchange 50ETF reached 21.11 billion, and the net asset value of the fund reached 69.452 billion yuan, a record high.
Compared with 17.189 billion shares on November 30, the fund share of Huaxia SSE 50ETF increased by 22.81% in December. If calculated according to the average transaction price since December, there is about 13 billion net capital inflow. As the largest stock ETF, the fund is expected to exceed 70 billion yuan in 2021.
At the same time, Huaxia Hushen 300etf and harvest Hushen 300etf also received large purchases of institutional funds.
Specifically, as of December 28, the fund shares of Huaxia CSI 300etf and harvest CSI 300etf had reached 5.828 billion and 4.499 billion, an increase of 15.25% and 18.8% compared with November 30. According to the average transaction value of the above funds since December, about 3.897 billion yuan and 3.533 billion yuan have bought the above funds.
It is worth mentioning that, in terms of share change range, the share of Hua’an CSI 300 ETF increased by more than 1.5 times from 351 million at the end of November to 895 million on December 28, with a net capital inflow of more than 700 million yuan.
According to the analysis of a public offering person in South China, the overall performance of large cap stocks this year is weak, but from the perspective of style conversion expectations, the investment value of large cap blue chips has fallen out of investment opportunities, with sufficient adjustment and more attractive valuation this year.
Some institutions also said that the market style continued to switch from growth to value and from overvalued to undervalued. Some institutional investors gradually began to reallocate investment opportunities next year, which increased the impact of new factors such as economic stabilization on the short-term market.
In addition, from the characteristics of products such as stock ETF, there is the reverse operation characteristic of “falling and buying”. The scale of ETF is negatively correlated with the underlying index in the short term: when the index rises rapidly, ETF usually has net redemption; When the index falls rapidly, ETF is prone to net subscription.
At the end of the plate height changed significantly
large cap stocks and low blue chips have been repaired
Stock ETF products are often regarded as the “wind vane” of institutional funds. The recent influx of funds into large market ETFs has also attracted attention to the shift of market style. Many industry insiders believe that the investment value of large cap stocks is favored again due to the valuation advantages and style switching expectations.
A public fund manager in Shanghai said that at the end of the year, the high-low switching of the sector was obvious, and the large cap stocks and low-level blue chips were repaired. With the gradual implementation of the steady growth policy, it is expected that the market is expected to strengthen in repeated shocks, and pay attention to the change of volume energy and plate rotation. In terms of operation, it is recommended to pay attention to finance, food and beverage, medicine and biology, household appliances, building materials and other industries.
Everbright Securities Company Limited(601788) said that the transaction heat of the consumer sector has increased significantly recently, and the turnover rate has increased significantly. On the one hand, consumption is expected to become the main force of this round of restless market; On the other hand, the economy is facing downward pressure, the performance stability advantage of the consumer sector is expected to be highlighted again, and the market style is expected to return to consumption.
Under the style switching, the consumption leader will benefit first. In the interpretation of consumption style, the leader is often the most prominent, and the leader’s performance is more deterministic and favored by the market; In recent years, the issuance of public funds has been hot and the number of large funds with more than 10 billion has increased, which has a higher preference for the allocation of leading funds, which is also conducive to the rise of leading stock prices to a certain extent.
A fund company in Beijing said that in the short term, A-Shares are ready for the new year and are ready for the restless market at the beginning of the year. Since December, the monetary policy of western countries led by the United States has been tightened, superimposed with the spread of mutant strains, and the global market has fluctuated to a certain extent; At the same time, under the warming of institutional capital game at the end of the year, the rotation of A-share plate intensified.
The trend of China’s foreign policies is different. In the warm period of the “stable growth” policy, the monetary policy will be more active and promising in the next stage, the market liquidity will remain abundant, the credit supply is expected to accelerate at the beginning of the year, and the probability of MLF interest rate reduction is also increasing. In the environment of market shock, bargain hunting can be arranged in the restless direction in spring, biased towards consumption growth.
Some “top stream” fund managers also expressed their views on the market next year: the key word of the market next year should be differentiation: there will be great differentiation among industries, upstream and downstream of the same industry and the subdivided fields of the same track, and the layout will focus on the manufacturing field with global comparative advantages.
Next year, there will be great changes in the distribution of profits in the industrial chain. The profits of Companies in advantageous manufacturing and consumer industries that have been greatly impacted this year are expected to be greatly improved next year.
It is expected that broadening credit, stabilizing growth and boosting domestic demand will be the policy focus next year, and those companies mispriced due to short-term economic fluctuations will be the focus of layout in the next stage.
Market alpha opportunities are mainly in two directions: first, under the transitional economy, there are long-term excess returns on scientific and technological manufacturing and large consumption; The second is the convergence of ppi-cpi scissors and the repair of the profitability of the middle and lower reaches. It is suggested to focus on consumer blue chips with strong price raising ability or large industry space and sufficient valuation digestion.
(China Fund News)
