The fund’s blood returned sharply, and the net value of more than 80 funds rose by more than 10% every day.
On March 16, affected by the intraday news, A-Shares and Hong Kong stocks fought back and rebounded strongly. As of the close, the Shanghai index rose 3.48%, the Shenzhen Composite Index rose 4.02%, the gem index rose 5.2%, and more than 4300 stocks rose. The Hang Seng Index rose more than 9%, the largest one-day increase since October 2008; Hang Seng technology index rose more than 22%, the largest one-day increase since the index was launched; The Hang Seng state-owned enterprises index closed up 12.5%, the largest one-day increase since 2008.
the funds that had been withdrawn sharply also made a sharp comeback. The net value data of over-the-counter funds showed that the net value of more than 80 funds rose by more than 10% (calculated separately). In the ETF products on the floor, there are also more than 40 funds directly trading
The market counterattack is inseparable from the “suit the remedy to the case” of the special meeting of the financial commission of the State Council. What is the impact of this meeting? How do A-Shares and Hong Kong stocks go in the future? Huaxia Fund, GF fund, Boshi fund, Ping An fund, Anxin fund, Qianhai open source fund, Cinda Aoyin fund and Great Wall Fund give the latest interpretation.
more than 80 funds soared by more than 10%, and more than 40 ETFs raised the limit
Recently, funds have been sold intensively, market sentiment has been vented intensively, and the market has fallen irrationally. In the context of the continuous sharp decline in the market recently, many fund products have obvious losses, and the yield of active equity funds is difficult to be optimistic.
On March 16, the financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market problems and give a clear deployment. Stimulated by the news, A-Shares and Hong Kong shares ushered in a violent rebound.
The net value of public fund products also rose sharply after a long absence. In the ETF products traded in the secondary market, more than 40 funds have directly raised the limit. Specifically, the index targets of ETF are mainly Hong Kong stocks and US stocks, and the subject industries involved include Internet, technology, consumption, medicine, etc.
Many Hong Kong stocks, US stocks and other ETF index components rose by more than 10% yesterday, while ETFs have a 10% limit, and many ETFs have discounts. According to the data, the discount rate of 50 on-site ETFs exceeded 1%, and the discount rate of Hong Kong stock Internet ETF, Hong Kong stock Internet ETF and Hong Kong Technology 50ETF exceeded 8%. Because the trading of US stocks was later than that of a shares, the premium of 8 ETFs such as zhonggai Internet ETF, industrial China Securities 500etf, Boc International (China) Co.Ltd(601696) 500etf, new economy ETF and zhonggai Internet ETF exceeded 5%, and the rise of commission shares was calculated in advance.
ETF trading was active, with yesterday’s turnover enlarged to 123.5 billion yuan. The turnover rate of nine ETFs, including Hong Kong Securities ETF, Hong Kong stock connect 50ETF, Hong Kong Technology 50ETF and Convertible Bond ETF, exceeded 50%.
Among the over-the-counter funds, the net value of more than 80 funds rose by more than 10%, and most of these funds are heavy positions in Hong Kong stocks. Even though the net value of fund products recovered a lot yesterday, there is still a long way to go to erase the sharp withdrawal since this year.
the financial commission of the State Council “suits the remedy to the case” to boost market confidence
A shares and Hong Kong stocks could usher in a major counterattack yesterday. On the one hand, the panic has been released intensively. The main reason is that the special meeting of the financial commission of the State Council gave a clear signal to the market.
Public funds generally believe that for the main issues of concern to the market in the near future, the special meeting of the financial committee has given clear plans, which has greatly boosted market confidence. The liquidity risk has been significantly alleviated, and the most panic time is passing.
Especially on the issues of platform economic governance and the status of China concept shares, the official made a statement. Huaxia Fund believes that the statements made by the meeting on the capital market, such as “relevant departments should improve the established plan according to the principles of marketization, legalization and internationalization, steadily promote and complete the rectification of large platform companies as soon as possible”, are a timely response to recent rumors and correct deviations, setting the tone of long-term stability and vitality of the capital market. With the clear policy and the initial establishment of the policy base of this round of adjustment, the liquidity risk has been significantly alleviated, the amount of rigid stop loss can be cleared, and the pessimistic expectation chain can be broken.
The signal given by the financial commission of the State Council has played a positive role in stabilizing market sentiment. Cinda Aoyin Fund believes that since its establishment in 2017, the financial committee has maintained the stability of the market in many major periods, such as financial risk exposure in 2018 and the impact of the epidemic in early 2020. This special meeting also directly pointed to the main contradictions of the market and “tailored to the case” to strengthen confidence. Overall, internal and external risks are gradually easing. The most panic time is in the past, and the market will usher in a phased repair window in the next month.
After the meeting, Xia Haoyang, the fund manager of GF China Securities overseas China Internet 30, said that at present, the China concept Internet sector has entered a macroeconomic and performance leading period, and the future trend can focus on the performance repair. With regard to the future of the Internet industry, we need to pay attention to the strength and resilience of China’s economy and the improvement of the long-term competitiveness of China concept Internet enterprises under policy norms. Looking forward to the future, whether it is the digital economy that will be advocated for a long time in the future or the future oriented meta universe industry trend, Internet enterprises will do more.
For the impact of Hong Kong stocks, Qu Shaojie, assistant general manager of the International Business Department of Great Wall Fund, believes that the attitude expressed in the special meeting towards the economic governance of the platform means that one of the biggest adverse factors that previously suppressed Hong Kong stocks can be lifted. After Hong Kong stocks fell for more than a year, the content of the special meeting responded to the core concerns of the market, dispelled market doubts and was optimistic about the future market of Hong Kong stocks.
In conclusion, Ping An Fund believes that this meeting of the financial committee has cleared away all the worries about the adverse factors that led to the sharp decline of the stock market in the early stage, and has given positive and correct guidance in both China’s economy and foreign political environment, which has greatly boosted the confidence of the whole market. As of yesterday’s meeting of the finance committee, the systemic risks affecting the stock market in the short term have been basically released, and the market pricing will return to normal.
A-Shares are currently relatively more cost-effective, and the market may fluctuate or become normal
After the sharp decline of A-Shares and Hong Kong stocks since the beginning of the year, the valuation attractiveness of many sectors and high-quality stocks has increased greatly. Yesterday’s counterattack has boosted market sentiment. Public funds believe that A-Shares are expected to stabilize in the short term. There are still many variables on how to go in the future, and the volatile market may become normal.
Standing in the current position, Huaxia Fund believes that there may be a step back under the influence of short-term trading factors, but the capital layout of one-year period and above has high cost performance.
External uncertainties such as the conflict between Russia and Ukraine still exist. Boshi Fund believes that these uncertainties will also disturb the emotional side of a shares. In the short term, A-Shares will continue to fluctuate. Under the general tone of steady growth, the certainty of large infrastructure sector is relatively higher; In the medium and long term, after the early correction, the current cost performance is relatively higher. The high-quality leading enterprises still have good investment value in the new energy, science and technology, advanced manufacturing and other sectors benefiting from economic transformation.
Qianhai open source Fund believes that even if the medium-term external risks will still be disturbed, it is also the time point for strategic allocation of a shares. A series of positive factors such as the meeting of the Finance Committee in October 2018 led the market to rebound. Since then, although it fell again due to the Fed’s interest rate hike and the sharp decline of US stocks, the low point in October has also been the bottom.
Anxin fund Li Zhijun stressed that at the current time point, the valuation level of the market has dropped to a more reasonable position. The previous sharp decline in the market has a great impact on sentiment, and the shock adjustment of the market is still possible to last for some time, but this just provides conditions for us to find better buying opportunities. In the long run, pessimism often creates a “golden pit”.
first quarter results may become the core of the rebound
Data show that among the 31 Shenwan industries, only the coal industry has closed up since the beginning of the year, and the indexes of six industries such as media, national defense and military industry, electronics, household appliances and automobiles have fallen by more than 20%. Among the top 100 heavyweight stocks of public funds last year, only 6 stocks have closed up since the beginning of the year. After this large-scale adjustment of a shares, the market rhythm has been completely disrupted. As an important buyer in the A-share market, which sectors will be favored by public funds? With the stabilization of the market, the investment main line of public funds will be gradually clear.
According to Li Zhijun’s analysis, the strength of steady growth has not yet appeared, and there is a macro environment of downward revision risk in enterprise profits. Industries with strong medium and short-term performance certainty will be scarce, so they are easy to be favored by the market. Therefore, there will be structural opportunities for the subdivided industries with beautiful performance and good prosperity in the first quarter. The focus of the work in the first quarter is also to track, investigate and compare the business data of the subdivided industries and tap the opportunity of performance certainty in the weak market.
Huaxia Fund believes that after the emotional freezing point, the market may deduce the “double downward expectation” superimposed on the “Russian Ukrainian easing expectation”, forming a twists and turns oversold rebound around the expectation of the first quarter report and the direction of steady growth
According to the statistics of Chinese reporters of securities companies, as of March 16, a total of 32 listed companies have issued performance forecasts for the first quarter, of which 30 are expected to have positive net profit attributable to their parent companies, such as Guanghui Energy Co.Ltd(600256) , Luxshare Precision Industry Co.Ltd(002475) the expected net profit attributable to their parent companies (lower limit) in the first quarter exceeds 1 billion yuan, and the net profit attributable to their parent companies of 27 companies is expected to achieve positive growth year-on-year. For example, Sichuan Yahua Industrial Group Co.Ltd(002497) is temporarily listed as the king of pre increase with a performance growth rate of 10.54 to 14.38 times.
