This year, although the overall trend of the A-share market is weak, the fund’s enthusiasm for ETF subscription remains unabated. Since April, many broad-based ETFs including SSE 50ETF, CSI 300etf and CSI 500etf, ETFs in some industries such as real estate, information technology and infrastructure, as well as cross-border ETFs have ushered in large net inflows, and the capital layout has been further accelerated.
Industry insiders believe that although the current market may still be in the stage of periodic bottom grinding, a large number of funds take advantage of the ETF layout, reflecting that the current market sentiment has shown signs of recovery, and investor confidence began to pick up. From a long-term perspective, high-quality leading enterprises still have configuration value.
more than one ETF fund shares increased significantly
According to the data, as of April 13, the net inflow of funds in the overall ETF market since April has reached 32.439 billion yuan, of which the net inflow of funds into equity ETFs reached 17.610 billion yuan, much higher than 611 million yuan in February and 2.9 billion yuan in March. As of April 13, the share of stock ETFs in the whole market has increased by more than 14.5 billion since April.
Taking the broad-based ETF tracking the broad-based index as an example, the data showed that as of April 13, the net capital inflows of Huatai Bairui CSI 300etf, Huaxia Shanghai Stock Exchange 50 component ETF and Huaxia Shanghai Stock Exchange 50ETF since April ranked among the top three of all equity and debt ETFs, with 2.714 billion yuan, 2.173 billion yuan and 1.178 billion yuan respectively. E-fund gem ETF had a net inflow of 1.023 billion yuan in the month, while huitianfu MSCI China A50 interconnection ETF, e-fund Shanghai Securities Technology Innovation Board 50ETF and South China Securities 500etf also had a net inflow of more than 500 million yuan in the month. This capital inflow has been particularly significant in the recent week. According to statistics, from April 11 to 13, more than 8 billion yuan of net capital has flowed into many wide-based ETFs.
In terms of share, as of the 13th, the share of several broad-based ETFs, including CSI 300etf, SSE 50ETF, gem ETF and MSCI China A50 interconnection ETF, increased by more than 500 million in the month. Among them, the 50 component ETF share of Huaxia Shanghai Securities technology innovation board has increased by 1.938 billion since April, with a total share of more than 21.9 billion, a record high.
In terms of industry theme ETFs, the overall capital flows to steel, real estate, coal, information technology and other fields with low valuation and strong recent rebound. According to the statistics of the economic information daily, since April, the three industry ETFs with the largest net capital inflows are Cathay Pacific CSI steel ETF, southern CSI all refers to real estate ETF and Cathay Pacific CSI coal ETF, with net capital inflows of 988 million yuan, 619 million yuan and 268 million yuan respectively. In addition, the net capital inflow of GF China Securities all refers to information technology ETF and China Southern Securities bank ETF also exceeded 200 million yuan.
In terms of share, the increment of thematic funds, including real estate, semiconductor, infrastructure and other industries, ranked first, with a significant increase. Among them, the share of China Southern Securities all index real estate ETF increased by 752 million in the month, with a scale increase of more than 23%; The share of ETF of GF China Securities infrastructure project increased by 683 million in the month, and the scale increased by more than 8%; The share of two semiconductor ETFs, including guolian’an Zhongzheng all index semiconductor products and equipment ETF and Huaxia Guozheng semiconductor chip ETF, also increased by more than 600 million in the month.
In addition, by extending the timeline to this year, the share of many cross-border ETFs also increased significantly. Data show that as of April 13, the net inflow of funds was 66 cross-border ETFs, with a total amount of 42.566 billion yuan. Among them, the net capital inflow of 9 cross-border ETFs exceeded 1 billion yuan, the net capital inflow of e fund CSI overseas China Internet 50ETF exceeded 10 billion yuan, and the net capital inflow of Huaxia Hang Seng Internet technology industry exceeded 8.5 billion yuan. In terms of share, the share of several Hang Seng Internet ETFs increased by more than 4 billion.
institutions are optimistic about the long-term investment value of A-Shares
On April 14, the A-share market rebounded from shock, and more than 3100 stocks in the two cities rose. As of the close of the day, the Shanghai Composite Index rose 1.22% to close at 322564 points, the Shenzhen Composite Index rose 1.27% to close at 1171462 points, and the gem index fell 0.02% to close at 246629 points. Coal, wine making, chemical fertilizer and other sectors performed prominently.
As one of the barometers of market sentiment, since April, the behavior of “falling and buying” of funds through ETF has become more and more prominent. Industry insiders believe that although the current market may still be in the stage of periodic bottom grinding, a large number of funds have taken advantage of the ETF layout, reflecting the overall signs of warmer market sentiment. From a long-term perspective, high-quality leading enterprises still have configuration value.
“With the release of several positive signals such as the reduction of reserve requirements by the national standing committee, the pessimistic expectations of the market are expected to gradually reverse and promote the recovery of investor confidence.” Yang Delong, chief economist of Qianhai open source fund, said that on the whole, the current A-share market is in the process of grinding the bottom. Confidence and patience are needed at the bottom. Patiently hold some high-quality leading stocks or high-quality leading funds that have been wrongly killed, waiting for the market to pick up.
“Looking forward to the second quarter, the adverse factors restricting the current market are expected to be lifted one by one.” Yuan Weide, China EU fund manager, also said that China’s epidemic will eventually be controlled and the economy will gradually pick up; The market’s concern about overseas liquidity has gradually slowed down; The rising momentum of commodity prices weakened, and the profit margin of Chinese manufacturing enterprises bottomed out and rebounded. With many adverse factors alleviated one by one, the market is expected to see a hundred flowers bloom. From a long-term perspective, high-quality companies in China’s midstream and downstream manufacturing industry are constantly accumulating their own cost or technical advantages and becoming more and more globally competitive. In addition to traditional industries, these companies also appear in emerging industries, including new energy, communications, electronics and military industry.
Tang Xiaodong, CO general manager of the macro strategy Department of China Southern Fund, also believes that for a shares, overseas macro risks will cause emotional disturbance to a shares. This risk cannot be ruled out, but it is essentially a risk of overseas economic fundamentals, while China’s economic and policy cycle is “self dominated”. Therefore, this emotional impact may affect the short-term performance of a shares, but it happens to be a better medium and long-term layout time point.
Boshi fund also said that the market liquidity environment was relatively determined in the second quarter, and the equity market is expected to continue to grind the bottom. It is suggested to actively pay attention to the undervalued energy inflation chain in the second quarter, including oil, petrochemical, coal and green power; In addition, in the growth sector, it is suggested to pay attention to the new energy chain with deep adjustment, sufficient pressure release of congestion and still good landscape, including photovoltaic and wind power.
