Funding GPS] series 43.
Jamie, Research Value Group
Editorial Value Group Jamie
December 4 to December 8,The Shanghai Composite Index fell 205%, the Shenzhen Component Index fell 171%, the GEM index fell 177%。
With the decline of major indices, funds flowed into ETFs on dips**. Overall, 819 equity ETFs (statistical cross-border + **) had a net inflow of 138 last week8.7 billion yuan, of which 349 ETFs achieved net inflows.
The CSI 500 share increased by 29.6 billion copies, 16The net inflow of 5.2 billion yuan topped the list. It is worth mentioning that the shares of the CSI 500 in the CSI have increased for four consecutive days last week after bottoming out in the short term on December 4. In terms of index performance, the CSI 500 index has returned to the bottom level in April last year, with a price-to-earnings ratio of 2221 times, also close to April last year.
The more it falls, the more it buys, the Shanghai Composite 50 Index. Last week, the share of ChinaAMC SSE 50 ETF increased by 34.6 billion shares, the share exceeded 30 billion shares and hit a new high, and the net inflow of funds was about 80.8 billion yuan. From the perspective of index performance, the Shanghai Composite 50 Index hit a new low of 2259 in more than four years82 points.
In terms of cross-border ETFs, the Hang Seng technology sector, which continues to adjust, has given funds the opportunity to enter the market. Last week, the share of ChinaAMC Hang Seng Technology ETF increased by 196.7 billion shares, about 1 billion yuan of net inflow; The share of ChinaAMC Hang Seng Internet Technology ETF increased by 2.5 billion, with a net inflow of about 900 million yuan; The share of Huatai Pineapple Southern Hang Seng Technology ETF increased by 700 million, about 34.9 billion yuan of capital inflow - the shares of the three ETFs all hit a new high.
In addition, last week, E Fund Hang Seng Technology 30 ETF, Dacheng Hang Seng Technology ETF, Huaan Hang Seng Technology ETF Index**, Wells Fargo Hong Kong Stock Connect Internet ETF, CUAM Hang Seng Technology ETF, GF Hang Seng Technology ETF, Invesco Great Wall Hong Kong Technology 50 ETF, Huabao Hong Kong Internet ETF and Huaan Hang Seng Internet ETF all received net inflows.
Overall, about $3.1 billion flowed into 15 Hang Seng Technology-related ETFs.
Huaxia ** thinks,Hong Kong stocks are currently in a historical valuation depression, while the valuation quantile of the Hang Seng Tech Index is even lower, and further downside is limited.
Huaxi ** Research Report believes that from the perspective of four major signals, the U.S. interest rate hike cycle is expected to end, and the liquidity pressure on Hong Kong stocks will be reduced. First, the US CPI and core CPI data in October were lower than expected, the second is that the Federal Reserve suspended interest rate hikes at the November FOMC meeting as scheduled, and the third is that the US Treasury announced the new quarter bond issuance plan, and the net bond issuance in the fourth quarter was reduced by $76 billion compared with the July plan, and the ten-year Treasury bond interest rate fell accordingly, and the fourth was the further marginal cooling of the employment data in October. Overseas capital pressure is expected to continue to weaken, the positive effect of domestic stimulus policies is accumulating, and the repair of Hong Kong stock valuations is expected to continue.
In terms of outflow,CSI 300 index-related ETFs have become the main front for blood loss. Huatai Pineapple CSI 300 ETF continued to see large outflows, with a share decrease of 9 last week3.8 billion shares, with a net outflow of about 32$5.6 billion; ChinaAMC CSI 300 ETF shares decreased by 17.7 billion copies, with a net outflow of 6$1.6 billion; E Fund's CSI 300 ETF share decreased by 24.4 billion shares, with a net outflow of 40.7 billion yuan.
In terms of industry themes,**, chips and other ETFs are among the top in gold absorption. Cathay ** ETF, Huatai Chip ETF, Guolianan Semiconductor ETF, Huabao Brokerage ETF, Cathay Chip ETF, and Penghua Semiconductor ETF all received more than 100 million yuan of net subscription last week.
At the same time, from the performance of leading companies in the mobile phone chip industry chain, the revenue side of the third quarter has also improved significantly, confirming that the inventory adjustment is coming to an endCoupled with the recent intensive release of new machines and the empowerment of AI and other innovations, downstream demand is expected to continue to pick up.
However, the Bank of Communications International Research Report believes thatThe semiconductor industry is recovering but uncertain. The overall inventory level of downstream application and semiconductor companies was basically flat in 3Q23, and there has not yet been a significant downward trend, but the growth rate has slowed down significantly.
In terms of plates, on the news side, on December 8, the China Securities Regulatory Commission solicited opinions on the "Provisions on Strengthening the Management of Public Offering ** Investment *** Transactions (Draft for Comments)", the main contents include: first, reasonably reduce the ** transaction commission rate of public offering**; the second is to reduce the upper limit of the proportion of transaction commission distribution; the third is to strengthen the supervision of the distribution of commissions for public offerings; The fourth is to clarify the disclosure requirements for the annual summary expenditure of the transaction commission of the public offering **manager**.
Founder ** believes that the landing time and the reduction range are within market expectations, and the new regulations will guide the industry to clean up the source and return to research, and the future commission distribution will be inclined to brokerages with excellent research strength and stable operationThe commission reduction will help the company focus on improving the service capabilities of institutional investorsProvide more high-quality trading, research services, etc., and promote the formation of a good industry development ecology.