After a period of sharp shocks, the A-share market began to stabilize and rebound on the third trading day last week. At the same time, various funds also began to return through funds.
according to incomplete statistics, nearly 50 public fund companies have initiated self purchase since this year, and the actual self purchase amount has exceeded 2 billion yuan; Last week, many stock ETFs ushered in a large inflow of funds; Some QDII funds have to open the "restricted subscription" mode for the influx of funds due to quota restrictions
Many institutions believe that the clear statement of senior management once again demonstrates the determination to maintain the smooth operation of the financial market and greatly boost market confidence. As extreme sentiment dissipates, the market will eventually return to fundamentals.
public funds purchase on a large scale
At a time when market volatility has intensified recently, the pace of public offering and self purchase is also accelerating based on confidence in the long-term stable and healthy development of China's capital market. According to incomplete statistics, since this year, nearly 50 public fund companies have initiated self purchase, and the actual self purchase amount has exceeded 2 billion yuan.
On March 18, China Europe Fund announced that it would use its inherent funds to purchase its partial equity funds and funds in funds (fof) for a total of 150 million yuan within 30 trading days from March 18. After the completion of this investment, the total amount of products purchased by China Europe Fund since this year will reach 260 million yuan.
On March 17, Tianhong, yifangda, BOCOM Schroeder, Zhonggeng, China Canada and other fund companies also successively released the announcement of equity funds under the self purchase company. Tianhong Fund announced that on March 17, the company invested 100 million yuan of its partial share public offering fund with its inherent capital and promised to hold it for no less than one year. It is understood that Tianhong fund has mainly subscribed for four active equity products of Tianhong innovative growth, Tianhong Internet, Tianhong pharmaceutical innovation and Tianhong cloud life optimization, of which the amount of subscription for Tianhong pharmaceutical innovation is as high as 40 million yuan.
Ruiyuan fund also announced recently that it will use its inherent funds to purchase its public funds within 10 trading days from March 18 (inclusive), with a total amount of no less than 150 million yuan and a holding time of no less than five years.
In addition to self purchase, a number of public offering products have relaxed the upper limit of large subscription. On March 17, Ruiyuan balanced value fund announced that the limited subscription and fixed investment amount of the fund was raised from 10000 yuan to 100000 yuan. On the same day, Ruiyuan Wenjin Allocation Fund announced that since March 18, the amount of restricted subscription and regular fixed investment has been raised from 20000 yuan to 100000 yuan.
fund borrowing through ETF and QDII
After the sharp market shock, all kinds of funds flowed back through ETF.
China stock market news choice data show that Huatai birui South Dongying Hang Seng technology's share increased by 1.725 billion last week, ranking first among all stock ETFs; The shares of many ETFs, such as Huaxia Hang Seng technology ETF, Boshi Hang Seng healthcare, e-fonda Hang Seng state-owned enterprise ETF and Huaxia Hang Seng Internet technology ETF, increased by more than 800 million
according to the average transaction price last week, Huatai birui South Dongying Hang Seng technology, Huaxia Hang Seng technology ETF, Boshi Hang Seng healthcare, e-fund Hang Seng state-owned enterprise ETF and Huaxia Hang Seng Internet technology ETF received capital inflows of 835 million yuan, 487 million yuan, 396 million yuan, 600 million yuan and 336 million yuan respectively
For a long time, since March, the ETF shares of many Hong Kong stocks have increased significantly. Among them, the ETF share of Huaxia Hang Seng Internet technology industry has increased by 8 billion. According to the average transaction price of 0.44 yuan, 3.55 billion yuan of bottom reading funds have poured into this fund since this month. In addition, the shares of Huatai birui CSI photovoltaic industry ETF, Huaan gem 50ETF and Huaxia Guozheng semiconductor chip ETF also increased by more than 1 billion.
In addition to ETF, QDII funds mainly invested in overseas markets have also been warmly sought after by various funds. However, due to the excessive influx of funds, many funds had to open the "restricted subscription" mode.
On March 9, e fund announced that it would suspend the large subscription of its eight QDIIs, with a single day subscription limit of 300 yuan for each product. On March 8, BOCOM Schroeder China Securities overseas China Internet Index securities investment fund also announced that the subscription (regular and fixed investment) business would be suspended from March 8. Bocom Schroeder Fund said that the fund's overseas securities investment quota was close to the upper limit. In order to stabilize the fund scale and pursue stable operation, it announced the suspension of subscription.
how does the market go after the rebound
Where does the confidence of professional institutions come from?
According to the data provided by the institution, the performance of the partial stock hybrid fund index in the previous adjustments of the resumed A-share market can be found that, except for the two extreme bear markets in 2008 and 2018, the average adjustment time of the market is 57 days, and the average adjustment range is 23.1%. However, the adjusted rebound market can last for an average of 240 days, with an average rebound range of 33.5%. In other words, every "squat" is to jump higher.
The investment and research team of honeycomb Fund said that at present, the liquidity crisis in the market has been basically lifted, but whether there is a market bottom, that is, the second bottom after this rebound, is uncertain. "However, what we can be sure of is that many stocks have returned to the position of low valuation after falling. At present, China's policies are good for the stock market, and the fundamentals are still strong. At present, it is not suitable to blindly sell down. If there is a second bottom, it is the time to increase positions."
How does the market go after the rebound? Huaxia Fund believes that the current level of risk appetite has shrunk to a similar range in 2011. Structurally, the growth boom direction will still be the leading direction of the subsequent rebound, and continue to be optimistic about new energy vehicles, semiconductors, photovoltaic, non-ferrous metals, medicine and other sectors.
Harvest Fund said that the long-term positive trend of China's overall economy has not changed. With the introduction of various policies, it is expected to play a further positive role in high-quality economic development. In terms of investment direction, from a medium and long-term perspective, we are still firmly optimistic about the investment direction with high growth space, such as green power, smart cars, life technology and emerging consumption; From the perspective of medium and short term, we still maintain the judgment of rich future structural opportunities, and are relatively optimistic about infrastructure stocks in the field of steady growth, logistics, aviation, agriculture in the theme of economic recovery, as well as high boom new energy, semiconductors and other sectors.
Haitong Securities Company Limited(600837) Xun Yugen's team believes that the CSI 300 index fell by 20.5% from New Year's day to March 18, and the low point of the whole year may have appeared. With the positive changes in the market environment, the market will enter the pit filling market. Steady growth will be the main line of this pit filling market, and the force of steady growth policy is expected to directly drive the growth of new and old infrastructure investment. The new infrastructure is the balance point between short-term steady growth and medium - and long-term economic restructuring, with specific attention to the fields of low-carbon economy and digital economy; In addition, we can also pay attention to undervalued financial, real estate brokerage and other sectors.
