After the special meeting of the financial stability and Development Commission of the State Council clearly proposed to maintain the stable operation of the capital market and the "five arrows" of the executive meeting of the State Council to maintain the stability of the capital market, many fund institutions believe that the internal and external uncertainties in the market are gradually clear, the panic has been released, and the A-share market will return to normal. The current stage is a good layout time point in the medium and long term.
public fund position increase
Recently, the fluctuation of net value of new fund products has increased significantly many times. Taking ChuangJin Hexin specialty Texin a, established on January 26, as an example, the data showed that the net value of the fund increased by 0.46% and decreased by 2.01% last week and the previous week, respectively, but the recent fluctuation range of one-day net value has increased significantly. On March 21, the net value of the fund increased by 1.40%P align = "center" recent net worth trend of ChuangJin Hexin specialty Texin a
"Public funds will not announce their daily fund positions, but from the perspective of net value fluctuation, these new funds should increase their equity asset positions. Moreover, after the recent market stabilization and recovery, the increase of fund net value is significantly higher than the all a index, showing the ability of public funds to actively explore opportunities." Huabao securities fund analyst told reporters.
This judgment has also been confirmed by fund managers. A fund manager said that the fund products under his management obviously accelerated the pace of position building. "After the decline of promising targets, the cost performance is significantly improved, and the safety margin of warehouse building is obvious."
In addition, some fund products participate in the fixed growth of listed companies, and relevant announcements disclose the changes in the scale of fund products.
According to the relevant announcements recently released by Wells Fargo value advantage mix, the total scale of the fund was about 7.092 billion yuan on March 9, 7.197 billion yuan on March 10 and 6.980 billion yuan on March 17. It can be seen that although the market fluctuates greatly, the scale of the fund remains relatively stable.
The reporter of China Securities News learned that at the time of previous market adjustment, the application and redemption of most fund products were stable and the scale was relatively stable; On the occasion of the stabilization and recovery of the market, many incremental funds have poured in, which has become the "source of fresh water" for fund managers to increase their positions one after another.
etf shares increased against the trend
The position change of active equity funds is relatively gradual, and ETF funds are a more sensitive "thermometer" to feel the market sentiment.
According to the data, as of March 21, the overall share of 553 stock ETFs that can be counted has increased by 64.749 billion this year. Among them, the share of 332 products increased and the share of 180 products decreased. The shares of 50 ETFs on Huaxia Shanghai Stock Exchange science and innovation board and Hua'an gem increased the most, reaching 4.944 billion and 4.136 billion respectively.
In terms of shortening the time, the trend of "falling and buying" of ETF investors is more obvious. According to the data, as of March 21, with the market adjustment since March, the net value of only 26 of the 553 equity ETFs increased, but the overall share of equity ETFs increased by 10.746 billion.
Specifically, since March, the share of 265 equity ETFs has increased, and the share of wide-based index ETFs such as Kechuang 50 and gem 50, as well as ETFs in chip, photovoltaic, semiconductor, wine, new energy vehicles, aquaculture and other industries, has increased significantly.
Among them, the share of four products has increased by more than 1 billion since March. They are Huaxia SHANGZHENG science and Innovation Board 50ETF, Huatai birui CSI photovoltaic industry ETF, Huaxia Guozheng semiconductor chip ETF and Huaan gem 50ETF.
In addition, the share of seven products such as e fund gem ETF, Cathay Pacific CES semiconductor chip ETF and Penghua Zhongzheng liquor ETF increased by more than 500 millionP align = "center" stock ETFs with large share growth since March p align = "center" data as of March 21
medium and long term good layout time point has arrived
Recently, the capital market has ushered in clear and stable expectations. Many fund institutions believe that the A-share market will return to normal, which is a better layout time point at present.
"Panic has been released and the A-share market is expected to return to normal," said AXA Puyin fund
Golden Eagle Fund said that after the improvement of external constraints and the digestion of concerns, A-Shares will return to the repair process of pricing around China's economic fundamentals. At present, equity investment still has a good cost performance in the allocation of large categories of assets. The market is expected to usher in continuous repair opportunities under the continuous verification of financial report data.
Furong fund also said that the current stage is a better layout time point in the medium and long term.
In terms of specific opportunities, Golden Eagle Fund suggested that from the bottom up, pay attention to the technology sector with cost-effective valuation, and focus on the boom direction of exceeding expectations in the first quarter, high performance growth and strong cost performance.
Furong Fund believes that the growth sector will be relatively dominant in the future. It is suggested to pay attention to the individual stocks with better than expected performance in the growth track, such as semiconductors, photovoltaic and medicine, as well as the "real estate chain" sector and the "new and old infrastructure" sector based on the expectation of fiscal policy.
However, investors still need to pay attention to possible short-term shocks.
Jingshun Great Wall Fund suggested that considering that there are still some differences in the market on steady growth and industrial policy risks, the disturbance caused by the epidemic in many places to the economy, and the impact of rising oil prices on the global economy, it can not be ruled out that the market will still repeat, so we should continue to be vigilant against market fluctuations.
