The A-share market performed poorly at the beginning of 2022 and continued to fluctuate and decline, while some funds were looking for the layout direction, and the share of ETF increased against the trend. Data show that as of January 14, the share of stock ETFs in the whole market has increased by 28.663 billion since 2022. Among them, the share of ETF in brokerage, wine, new energy, medical and other industries increased significantly, while ETF in military industry, photovoltaic, chip, semiconductor and other industries with large recent decline also experienced capital inflow.
funds poured into
In 2022, the main A-share indexes showed two consecutive negative weeks. Naturally, the performance of equity ETFs is not satisfactory. The data show that since 2022, only 44 of the 533 equity ETFs in the whole market have achieved positive returns, and the national defense ETFs with the largest decline have decreased by 13.34%.
At the same time, ETF shares increased against the trend, showing a trend of falling and buying. As of January 14, the overall share of equity ETFs in the whole market has increased by 28.663 billion this year.
There are not a few ETFs with contrarian capital layout. Specifically, since this year, the share of 70 equity ETFs has increased by more than 100 million, of which 8 equity ETFs have increased by more than 1 billion. Most of the products with more share increase are industrial ETFs, including those in securities companies, wine, new energy, medical treatment and other industries. Several products with a larger share increase were Cathay Pacific China Securities all index securities company ETF, Huabao China Securities all index securities ETF, Huaxia Shanghai Securities science and Innovation Board 50ETF, Penghua Zhongzheng liquor ETF and Hua’an gem 50ETF, with a share increase of 2.358 billion, 2.177 billion, 1.587 billion, 1.563 billion and 1.472 billion respectively.
It is worth mentioning that the stock ETFs with large decline since 2022 are concentrated in military industry, photovoltaic, chip, semiconductor and other industries, but all of these ETFs have obtained the bottom of funds. Statistics show that since 2022, the share of all the top 10 stock ETFs has increased.
the share of broad-based ETF began to rise
Although the overall share of equity ETFs increased, some ETFs also decreased. According to the data, there are 20 equity ETFs whose shares have decreased by more than 100 million since 2022. Stock ETFs with a large reduction in share are mainly broad-based ETFs such as CSI 300, CSI 500 and CSI 1000; In the industry ETF, several bank ETFs were sold. Specifically, the three funds whose shares decreased significantly were Tianhong China Securities bank ETF, Hua’an Hushen 300etf and Huaxia Hushen 300etf, with a decrease of 874 million, 552 million and 407 million respectively.
However, the decreasing trend of broad-based ETF shares began to reverse from last week. From January 10 to 14, the shares of major broad-based ETFs such as Huaxia Shanghai Stock Exchange 50ETF, Nanfang China Securities Exchange 500etf and Huatai Bairui Shanghai and Shenzhen 300etf increased by more than 200 million. Among them, the scale of Huaxia Shanghai Stock Exchange 50ETF exceeded 70 billion yuan last week, a record high; The scale of Huatai Bairui CSI 300etf and Nanfang CSI 500etf is also at a high level in recent three years and nearly one year.
For the changes of different ETF shares, a fund manager analyzed that since 2021, the industry and theme of the A-share market have rotated rapidly. As a tool to facilitate capital access, ETF has become a powerful tool for investors to capture opportunities in different sectors. He believes that ETF, the industry with increased share, is still an industry with high medium and long-term prosperity, and has been favored by funds when it fell. For the growth of broadband ETF share last week, Lu Yayun, vice president of Huaxia Fund quantity investment department, believes that this is because investors’ willingness to value blue chip layout has increased, and the expectation of stabilization and rebound of value blue chip stocks has increased.
select the growth and valuation balance sector
After two consecutive weeks of poor performance, on January 17, the Shanghai index stabilized and rebounded, and the Shenzhen Component Index and the gem index rose by more than 1.5%. Honeycomb Fund believes that since the new year, due to the market’s consistent expectations for the increase of fundamental pressure and the slowdown of enterprise profit growth, the new energy, semiconductor and military sectors are at a high valuation after the sharp rise, and the cost performance is not high. The market has been looking for a new main line, and the result is an overall decline.
For the next investment, honeycomb Fund believes that the high valuation sector will probably continue to compress the valuation this year, and it needs a higher than expected performance growth rate to resist the valuation contraction. Therefore, it is necessary to carefully select the sectors with growth and balanced valuation. In addition, the new energy, semiconductor and military industries, which have continued prosperity and strong competitiveness, can still achieve high growth rate and are expected to bring better returns, which is the direction that can continue to be configured. However, at present, it is recommended to focus on balanced configuration. If the above core tracks can fall out of a better price, additional configuration will be provided.
In terms of industry allocation, Golden Eagle Fund said that before the Spring Festival, before the steady growth policy has not been fully implemented, the capital risk appetite in the A-share market still tends to be defensive. Focus on the main line of steady growth of undervalued in the short term, including banking, real estate, new and old infrastructure, mass consumption and other industries. After the adjustment of the technology sector, in the subsequent annual report and intensive disclosure period of quarterly reports, the direction of business growth with high performance and cost-effective price can still be concerned, and the current adjustment or expected to provide better opportunities for low absorption in the year.
Wei Fengchun, chief economist of ChuangJin Hexin, said that the short-term performance of the pharmaceutical sector is stable and structural opportunities continue; There is a high probability of short-term rebound in the new energy sector. There will still be high and low value switching between and within the sectors. It is suggested to continue to pay attention to the old and new infrastructure lines related to meta universe and steady growth.
