According to the latest statistics of Shanghai Stock Exchange, the reporter of Securities Daily found that on November 30, following the net inflow of nearly 169 million yuan on November 27, another large amount of RMB 305 million yuan was added to Huabao China Securities bank ETF on December 1.
Taking Huabao China Securities bank ETF, the largest domestic bank, as an example, compared with the share size of 6.412 billion on November 27, the ETF share of Huabao China Securities bank increased by 251 million units on November 30. On November 30, the average transaction price of ETF of the bank was RMB 1.2155, and the net inflow of ETF capital of the bank was RMB 305 million on that day. Based on this calculation, the ETF of the bank has attracted a total net inflow of 474 million yuan in the last two trading days.
In the situation of funds speeding up the rush to raise bank shares, the scale of ETF of the bank also continued to set a record high. According to the latest data released by the Shanghai Stock Exchange on November 30, the ETF shares of the bank increased to 6.663 billion on that day. According to the latest unit net value of 1.1786 yuan on November 30, the latest estimated scale of ETF on that day reached 7.853 billion yuan.
It is worth mentioning that Huabao China Securities bank ETF is the first bank index fund to be included in the scope of margin trading. On November 30, the banks ETF single day financing purchase amount reached 105 million yuan, and the latest financing balance reached 839 million yuan. The level of leverage capital flowing into the banks ETF has been high.
Three logic driving bank stocks up
There are also many institutions to the Securities Daily reporter said: the recent surge in bank stocks, mainly driven by the economic recovery and valuation repair double factors.
In terms of allocation, the main line of market trading in the fourth quarter is still economic recovery, and the undervalued and pro cyclical financial sector is the most beneficial, Huabao Fund Research Institute told Securities Daily
Huatai Securities research team believes: the time and space of plate repair are expected to continue. Considering the influence of interest rate level and vaccine factors, the style of A-share in December may be further driven to the direction of value, and the allocation order of several major weight plates is bank > Insurance > Securities > real estate. This cycle is different from the credit cycle in history. The investment logic of bank and real estate is divided. Compared with the end of 2019, the price to book ratio of the bank index still has a large space to repair. The internal repair order of banks is in line with the market style. First, repair the growth banks, then repair the undervalued banks.
Looking forward to the investment opportunities of the banking sector in 2021, Yang Rong, chief analyst of the banking industry of China Securities construction investment, told Securities Daily: we are optimistic about the market of bank stocks in 2021. Judging from the rhythm, we are more optimistic about the performance of the banking sector after the first quarter. There are two main reasons: first, the growth rate of net profit of banking industry was negative in the first quarter, and roe continued to decline, reaching the historical low point; second, after the first quarter, the net profit of banking industry rose quarter by quarter, and the industry roe also rose accordingly. Among all kinds of banks, we are more optimistic about the joint-stock banks with lower valuation, because the disposal of stock risk has become the core point of bank valuation repair, and the stock risk disposal of joint-stock banks is unprecedented, and its valuation repair space is larger.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425