The Shanghai Stock Exchange has previously said that in order to further enhance the influence of the science and technology innovation board, introduce more medium and long-term funds, and provide investment channels for small and medium-sized investors, it is imperative that science and technology innovation board securities be included in the component index.
According to the statistics of Tianfeng securities, since the first four Kechuang 50etfs were listed on November 16, although the Kechuang 50 index fell by 3.42% in the same period, funds have bought Kechuang 50etfs against the trend.
In fact, from the perspective of the whole market, the allocation of funds to the science and technology innovation board is a trend behavior. Since the opening of Q3 science and technology innovation board in 2019, the stock market value of active equity fund positions on the science and technology innovation board has increased from 905 million yuan in 2019q3 to 36.296 billion yuan in 2020q3, with a significant trend of continuous allocation; at the same time, the number of funds holding positions on the science and technology innovation board has also increased from 48 in 2019q3 to 479 in 2020q3, and the number of funds that choose to allocate science and technology innovation board has increased to 10 times.
There are two reasons for the continuous allocation of funds to the science and technology innovation sector
1. The threshold setting and the trend of funds entering the market make a large number of investors participate in the investment of science and technology innovation board through ETF
After the implementation of the new regulations on asset management, financial management has turned into net value type, rigid cashing has been broken, and the fluctuation of financial market will be transmitted to financial products in real time. With the adjustment of bond market, the financial yield rate is also declining, and the weight of equity asset allocation begins to rise in the asset allocation structure of households.
2. Under the current industry trend, the long-term investment value of the science and technology innovation board is significant
Tianfeng Securities believes that at the current time point, investors are facing two important opportunities: first, 5g leads a new round of science and technology cycle, and domestic infrastructure construction is ahead of the world; second, in the changeable international environment, the instability of the supply chain of science and technology industry has increased, and the domestic substitution of semiconductors and other core technologies is a long-term trend.
At present, 5g is leading a new wave of science and technology. From hardware construction to software content to application scenarios, 5g will become a new engine of the next round of economic cycle. Starting from 2019, the construction of 5g infrastructure will be accelerated. Looking forward, the application scenarios of 5g may be further extended to the Internet of things, VR / AR, smart home, unmanned driving, artificial intelligence, smart city and other fields, which will also become the new engine of the next round of economic cycle.
In recent years, the application innovation of semiconductor demand side mainly comes from smart phones, wireless headphones, automotive electronics, servers, etc. At present, 5g technology and semiconductor innovation jointly build the technical foundation of a new round of science and technology cycle. Artificial intelligence, cloud computing, edge computing and so on make the interconnection of everything possible.
Tianfeng securities also believes that from the perspective of the capital market, each eras technological wave can bring a bull market in the corresponding science and technology index, and the core supporting the rise of these science and technology indexes comes from the technology companies with technological innovation or application innovation in each era.
From 2009 to 2010, in the wave of 2G - > 3G technology, the excess return came from the small and medium-sized board index, the catalyst factor was the outbreak of smart phones, and the representative target was golfer acoustics.
In the wave of 4G - > 5g science and technology from 2019 to 2020, the excess return comes from the gem, the catalytic factor is the domestic substitution of core technology, and the representative target is Shengbang shares.
More incremental funds are on the way
Tianfeng Securities believes that in the new wave of science and technology and the trend of domestic substitution, the long-term investment value of the scientific and technological innovation board is relatively significant, and the scientific and technological innovation board is expected to become an important position for residents to move their deposits, and the allocation of incremental funds will continue to be obtained.
With the increase of incremental funds, the allocation of the science and Technology Innovation Board will further support the growth of the science and technology innovation board, especially the science and technology innovation 50 in the medium and long term. In turn, it will further attract the incremental funds to increase the allocation, thus forming a mutual strengthening and virtuous circle between the science and technology innovation board and the entry of incremental funds into the market.
From the current point of view, there are more incremental funds on the way to the science and technology innovation board. At present, GF, Fuguo and guolianan have relevant sci-tech innovation 50 fund submission materials to be approved. Source: Science and technology innovation board daily editor: Yang Bin_ NF4368
From the current point of view, there are more incremental funds on the way to the science and technology innovation board. At present, GF, Fuguo and guolianan have relevant sci-tech innovation 50 fund submission materials to be approved.