From the perspective of the net outflow structure, technology ETFs, China Securities 500etfs and other categories with the largest increase in the first two weeks of May, along with the gradual rise of the net value of the fund, showed the willingness to put the bag in safety, and the net outflow volume was large.
According to wind data, as of May 15, the net outflow of ETF funds of Huaxia chip was the largest, reaching 3.8 billion yuan, and the net outflow of Huaxia 5getf and Guangfa Chip Fund in the same period was 2.088 billion yuan and 1.005 billion yuan, respectively. In addition, Yinhua 5getf, new energy vehicle ETF, innovative drug ETF and many other technology ETFs also suffered a large amount of capital outflow.
In addition to science and technology funds, the large market ETF leaders such as Nanfang Zhongzheng 500etf and Huatai Bairui Hushen 300etf have also seen a net outflow of funds, with the volume of net outflow funds above 1 billion yuan.
In response to the above phenomenon, a science and technology fund manager in Beijing said that as a tool product, stock ETFs often reflect the characteristics of undervalued buying, overvalued selling in investment. Some trading investors get good short-term earnings and often choose to take profits.
A large-scale public ETF fund manager in South China also believes that since the second half of last year, technology stocks have gained a lot in the secondary market, and the profit-making effect of technology in-market index fund is outstanding. This year, novel coronavirus pneumonia has been affected by the outbreak of the new crown pneumonia, and the global macro and micro economic fundamentals have been impacted. The market is looking for truly deterministic profit assets. In order to achieve long-term profit-making effect, any sector needs to make solid performance, and short-term speculation will face the risk of valuation return. Since the end of February, the investment in science and technology stocks has dropped significantly, which is actually the market seeking for the rebalancing of performance and valuation, and the final market trend still needs to be implemented in the companys performance.
Funds against the market to buy stagflation
In the environment of overall net outflow of funds, ETFs of securities companies, consumption and other industries are bought against the market, but compared with the volume of funds sold by technology ETFs, the volume of net inflow is much smaller.
Data shows that in recent two weeks, the ETFs of Cathay Pacific, Huabao and Southern Securities companies have received a total net buying capital of nearly 2 billion yuan; in addition, consumption ETFs, dividend ETFs, 50etfs and Hang Seng ETFs have also received a negative net inflow of funds.
From the data of net value growth, most of the above index funds are undervalued, and the net value is relatively stagnant in the near future. The intention of gaining chips at the bottom of index is obvious.
Bohai Securities Research Institute believes that at present, the wait-and-see mood of A-share market is still heavy, and it is necessary to continue to pay attention to the impact of domestic policy, capital changes and peripheral factors on the fundamentals and valuation of securities firms. However, as an important participant in the capital market reform, securities companies are highly sensitive to policies. Since 2019, the regulatory authorities have continuously issued reform policies around IPO, refinancing, M & A and restructuring, fund investment and investment pilot, new third board, etc. it is expected that relevant supporting measures, policies and systems to enhance market activity will be implemented in succession, and policy dividend will also open a new cycle for the innovation and development of securities companies.
From the perspective of performance data, the Bank of China Securities Research Report shows that in April this year, the total revenue of 42 listed securities companies three hundred and forty-four point three four RMB 100 million, a 50% increase on a month on month basis, and a 75% increase on a year-on-year basis on a comparable basis; total net profit one hundred and forty-two point four two Billion yuan, 47% month on month growth, 97% year-on-year growth in comparable caliber, and all listed securities companies have achieved profits. In the long run, the industry continues to enjoy favorable policies that are significantly ahead of other financial sub industries, and leading securities companies will mainly benefit.
The above-mentioned technology fund managers in Beijing also expressed their long-term optimistic views on the securities index and hang seng index. He believes that although novel coronavirus pneumonia affected this year, the two tier market is active, the performance of securities companies has improved, the monetary policy has been loosening, and the policies of the CB, the new three boards and the refinancing have been landing. The index of the securities companies in the shock is worth the stage layout. In addition, the undervalued ETF of Hong Kong stock market is also optimistic. The Hang Seng Indexs market to net ratio is below 1 times, and the dynamic P / E ratio is less than 10 times. It has a good margin of safety. The upward space of Hong Kong stock market is worth looking forward to.
Extended reading of the equity funds hot money products, attracting more than 5 billion a shares a day to enter the two sessions: consumer infrastructure technology into the three major allocation focus Institutions Fund game technology leading fund managers looking for bottom reading time point source: China Securities Journal responsible editor: Ren Hui ufe63 nbj9607