China's ** newspaper reporter Tianxin.
Approaching the end of the year, A-shares ushered in a long-lost big **.
On December 28, the Shanghai Composite Index **138% to close at 295470 o'clock;SZSE Component Index and GEM respectively**85%。In terms of industry sectors, the photovoltaic sector set off a rising tide, led by new energy tracks such as batteries, energy metals, wind power, and power equipment.
*ETF fund flow shows that there was a net inflow of more than 10 billion yuan on the same day. Among them, the net inflow of broad-based products such as CSI 300 ETF, SSE 50 ETF and CSI 1000 ETF was significant.
It is worth mentioning that since December, despite the market adjustment, ETF has maintained a net inflow of funds for 16 consecutive trading days, with a cumulative "gold absorption" of more than 100 billion yuan.
Big ** dayThe net inflow of funds exceeded 10 billion yuanThis Thursday, A-shares ushered in a significant *** for a long time, and the Shanghai Composite Index rose 138% to close at 295470 o'clock;The Shenzhen Component Index rose 271% to close at 944105 o'clock;The GEM index rose 385% to close at 187950 points. The photovoltaic sector set off a rising tide, and new energy tracks such as batteries, energy metals, wind power, and power equipment led the rise. From the perspective of the capital flow of **ETF (including cross-border ETF), in the first day of the day, the funds were still increasing their positions, showing a large net inflow. On December 28, the total share of ** ETFs increased by 305.2 billion shares, measured by the average transaction price, the net inflow of funds reached 1139.9 billion yuan.
Judging from the net ** fund ranking, on Thursday, as many as 25 ** ETFs had a net inflow of more than 100 million yuan, broad-based ETFs still accounted for the vast majority, reaching 19, and only 6 industry-themed ETFs. Among them, the top 15 net inflows are all broad-based ETFs, and CSI 300 ETFs and SSE 50 ETFs continue to lead in net inflows.
Specifically, Huatai Pineapple CSI 300 ETF had a net subscription of 124 billion copies, to 3574.7 billion shares, with a net inflow of 429.8 billion yuan;ChinaAMC CSI 300 ETF net subscription 39.8 billion shares, with a net inflow of 13$8.2 billion;Guolian An CSI 300 ETF net subscription 18 billion shares, with a net inflow of 72 billion yuan. In addition, the net inflows of ChinaAMC SSE 50 ETF, GF CSI 1000 ETF, Harvest CSI 300 ETF, E Fund CSI 300 ETF, CSI 300 ETF and E Fund SSE 50 ETF all exceeded 500 million yuan. In addition, many CSI 1000 ETFs, CSI 500 ETFs, and Bosera Kechuang 100 ETFs have net inflows of more than 100 million yuan.
In terms of industry themes, Huatai Pineapple Dividend ETF, E Fund Pharmaceutical ETF, China Merchants CSI Dividend ETF, Harvest Science and Technology Innovation Chip ETF, Huatai Pineapple Southeast Asia Technology ETF, and Huatai Pineapple Photovoltaic ETF all saw net inflows of more than 100 million yuan.
The net inflow of ETFs of many large ** companies is obvious, and they attract gold strongly. According to the data, E Fund's ETF products had a total net inflow of 1.1 billion yuan on December 28. Among the broad-based products, E Fund CSI 300 ETF, E Fund SSE 50 ETF, and E Fund CSI 1000 ETF had a net inflow of 5800 million yuan, 5300 million yuan, 1100 million yuan. Many industry ETFs are also popular in the market, with E Fund CSI 300 Healthcare ETF having a net inflow of 1400 million yuan.
It should be pointed out that among the top 20 ** ETFs with net inflows on the 28th, CSI 300 ETFs accounted for 6 seats, science and technology ETFs occupied 4 seats, and SSE 50 ETFs, CSI 500 ETFs and CSI 1000 ETFs each occupied 2 seats.
In fact, since December, a number of broad-based ETFs have strongly "attracted gold". Among them, the net inflows of Huatai Pineapple CSI 300 ETF and ChinaAMC SSE 50 ETF both exceeded 10 billion yuan, respectively 1251.8 billion yuan, 1116.2 billion yuan;E Fund CSI 300 ETF, Harvest CSI 300 ETF and CSI 500 ETF all had net inflows of more than 5 billion yuan, while ChinaAMC CSI 300 ETF, GF CSI 1000 ETF, E Fund SSE 50 ETF, ChinaAMC STAR 50 ETF and E Fund ChiNext ETF all had net inflows of more than 3 billion yuan during the period.
Wells Fargo** said that overall, under the combined effect of the two expectations of economic recovery and the inflection point of global liquidity, the A** field is expected to gradually come out of the bottom area.
Invesco Great Wall Nong Bingli said that it is difficult to judge the specific performance of the market, but the market temperature is a good indicator to judge. At present, the market often overinterprets the bearish, often ignores the positive, and tends to give negative feedback to the neutral news. There are many signs that the market is starting to move in the direction of overcooling. Such a situation occurred in early 2016, at the end of 2018, and in April 2022. It's usually also at this time that a good buy-in for a quality company comes in.
Some broad-based ETFs have become the main force of "blood loss".
Under the market substantially, on December 28, the total management scale of 828 ETFs in the whole market exceeded 1 again70 trillion yuan. Since December, **ETF market funds have been dominated by net inflows, and the overall share has increased by more than 8165.2 billion shares (including newly listed**) were measured at the average trading price in the range, and the net inflow of funds reached 10526.6 billion yuan.
Judging from the net outflow of funds, on December 28, the net outflow of ** ETF funds was still generally not much, and the "blood loss" of science and technology 50 ETF, Hong Kong stock technology 50 ETF, and Hang Seng technology ETF was among the first.
Among them, the share of ChinaAMC Science and Technology Innovation 50 ETF decreased by 113 billion shares, with a net outflow of 100.2 billion yuan, becoming the ** ETF with the largest net outflow of funds on the day;Invesco Great Wall Hong Kong Technology 50 ETF net outflow of 35.4 billion yuan, ranking second. Huatai Pineapple Hang Seng Technology ETF, Harvest CSI 500 ETF, E Fund STAR 50 ETF, Guotai Nasdaq Index ETF, and ChinaAMC Hang Seng TECH Index ETF all had net outflows of more than 100 million yuan.
Since December, in addition to the net outflow of more than 1 billion yuan from the newly listed SZSE 50 ETF, the net outflow of photovoltaic ETFs, Hong Kong stock technology 50 ETFs, aquaculture ETFs, military ETFs, and coal ETFs has mostly lost blood, with net outflows of more than 400 million yuan during the period.
Looking ahead, Nong Bingli said that in the case of little liquidity pressure, the overall improvement of the market depends on a clear improvement in fundamentals. In 2024, there is an opportunity to invest in alpha, but it needs to be very fine, and tend to slightly avoid industries with high macroeconomic correlation, and look for opportunities in industries with relatively independent and certain growth.
Based on the present, Liu Lili, manager of Fuguo**, said that the competitive landscape has improved in the industry including black electricity, and the competitive pattern is improving in the industries including offline retail, real estate, etc., and the sectors that may improve in the future are more concerned about the express delivery sector, and in the next 1-2 years, the competitive pattern of the express delivery sector may show a relatively large improvement.
Because 80% of the demand of the express sector comes from e-commerce, we expect that by 2024-2025, the GMV growth rate of the e-commerce sector may have to fall. Liu Lili said.
Editor: Captain Review: Muyu