China's ** newspaper reporter Cao Wenjing.
Yesterday, the three major A-share indices collectively closed up, with catering, tourism, AI and other sectors taking turns, and the total net inflow of ** ETFs in Shanghai and Shenzhen exceeded 10 billion yuan. A number of broad-based ETFs such as CSI 300, SSE 50, CSI 500, ChiNext ETF, and STAR 50 have become the main force of "gold absorption". Photovoltaics, new energy vehicles, semiconductors, telecommunications, consumer electronics and other popular sub-sectors of ETF products ranked first in net outflow.
The net inflow of funds in a single day exceeded 10 billionBroad base into the main force of "gold absorption".
Wind data shows that as of December 19, 823 **ETFs (statistical** ETFs and cross-border ETFs) in the whole market have a management scale of more than 164 trillion yuan. After four consecutive yin, yesterday**ushered in a small **, the Shanghai Composite Index**005%, SZSE Component Index**011%, GEM refers to **042%。Among the primary industries of CITIC, media, electronics, and consumer services were among the top gainers, while real estate, comprehensive, and transportation were among the top decliners. In such a **, the total net inflow of ** ETFs in Shanghai and Shenzhen is 1004.6 billion yuan. In addition, according to the data of the Galaxy *** Research Center, the net daily income of all **ETF** funds yesterday also hit a new high since September.
From the perspective of net fund inflow rankings, broad-based ETF products have become the main force of "gold absorption". A number of broad-based ETFs such as CSI 300, SSE 50, CSI 500, ChiNext ETF, and STAR 50 ranked first in net inflows. Among them, Huatai Pineapple CSI 300 ETF increased by 68.5 billion copies, to 3203.1 billion shares, with a net inflow of 232.4 billion yuan, the latest scale of 10888.5 billion yuan. It was followed by the ChinaAMC SSE 50 ETF, which increased by 40.9 billion to 3207.1 billion shares, with a net inflow of 93.3 billion yuan. In addition, E Fund and Harvest's CSI 300 ETF, as well as Invesco Great Wall Dividend Low Volatility 100 ETF and CSI 500 ETF all attracted more than 500 million yuan in a single day.
Yesterday's intraday session, the three major A-share indexes once fell to a new low this year**, at the same time, the ETF market funds became more and more courageous, and continued to show net inflows. An ETF product manager in Shanghai believes that the trading trend on the left side of the ETF is also instructive. At present, the daily capital flow of the market is dominated by industry rotation and theme switching, and from the perspective of the large capital flow of ** ETF, the recent trading on the left side is dominant. This year, despite the continuous adjustment of the index, funds continue to flow into broad-based ETFs and industry ETFs, and investors' recognition of the equity market has gradually increased, and there is a trend of industry rotation.
The reporter noticed that the net inflow of ETF products of many leading ** companies was obvious, such as E Fund's total net inflow of 2.2 billion yuan on December 19, which was a strong gold absorber. Among them, E Fund CSI 300 ETF and E Fund ChiNext ETF each had a net inflow of 9200 million yuan, 5000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 billion yuan, 2100 million yuan, 1100 million yuan.
A person in charge of the index of medium-sized ** companies in Shanghai believes that at present, multiple data highlight that China's economy is "stable and improving", which brings fundamental support to **. At the same time, the price-performance index of A-share stocks and bonds has also rebounded to a historical high, and from a rational point of view, A-share assets have been extremely cost-effective in global equity assets. However, when the market is adjusted, the main line of thematic investment is not clear, and it is more convenient and effective to seize the opportunity for A-shares to enter the right side from the left side through a broad-based index.
The net outflow of ETF funds in the popular sub-track is at the top
From the perspective of net outflow of funds, on December 19, ETF products such as photovoltaics, new energy vehicles, semiconductors, telecommunications, and consumer electronics occupied the main force, and in addition, individual 800 ETFs and CSI 100 ETFs also ranked first in net outflow of funds on the same day. Among them, Huatai Pineapple PV ETF has the largest single-day net outflow, reaching 14.1 billion yuan. It was followed by a single-day "blood loss" of more than 13.2 billion yuan.
In addition, there are a number of new energy-related ETF products with a single-day net outflow of 0More than 400 million yuan. "The new energy sector has continued to adjust since August last year, and the power equipment index sector has fallen by nearly 50%, and it is now cost-effective. The core of this round of adjustment of the new energy sector is that after experiencing the high boom in the previous few years, the supply capacity has been released, the demand growth rate has declined, and the unit profit has declined. At present, the unit profit of the industrial chain has entered the bottom range, and further downside may be limited. After this round of industrial reshuffle, the industry pattern has been optimized, the long-term trend of the industry is still improving, and the short-term supply and demand mismatch does not change the long-term trend. A new energy theme manager in Shanghai said.
For the market outlook, Bosera ** said that the current valuations of major broad-based indices are at historically low levels, and further downside space is expected to be relatively limited. The recently held ** economic work conference first mentioned that "high-quality development is the last word", to adjust the structure to add impetus to stable growth, and to coordinate the relationship between demand and supply, speed and quality, development and security. While stabilizing growth, we should also continue to attach importance to improving the economic structure. With the effect of the steady growth policy, the economy is likely to continue to improve, and the performance of enterprises will usher in marginal improvement, providing support for the upward trend of A-shares. At the same time, the introduction of medium and long-term funds has been increasing, the market sentiment has gradually picked up, and the incremental capital situation is expected to improve slowly. At present, the overall valuation of A-shares is at a relatively low level, with high cost performance, and appropriate attention can be paid to pro-cyclical sectors that benefit from economic recovery, such as coal.
Cathay believes that in the short term, it will still be relatively optimistic about the opportunities in the growth technology sector: first, the growth technology industry is expected to benefit from the growth of industries that have begun to reverse the bottom and can deeply participate in the global division of labor, such as consumer electronics, medicine, machinery, automobiles and other industries. Second, the subdivisions with high profitability stability in the dividend direction, such as electricity and gas.
Editor: Huang Mei Review: Xu Wen.