Last week's market**. As of Friday**, the Shanghai Composite Index closed at 273015 points, down 6 for the week19%；The SSE 50 closed at 222901 point, down 369 %。
In terms of industry gains, the bank index, home appliance index, and coal index were among the top gainers; The computer index, the composite financial index, and the consumer services index were among the top decliners.
Data**: Straight flush, as of 20240202
What happened in the market last week? Let's take a look.
First,In January, the number and scale of issuance both increased!
In the first month of 2024, the issuance market rebounded year-on-year. The data shows that in January this year, the number of establishments and the total share of issuance increased year-on-year. 24%。
Industry insiders said that on the one hand, bonds**, as a variety with low risk appetite, are still the main choice of investors at the beginning of the year. On the other hand, although the short-term market performance is **, the ** company maintains a positive attitude towards the future of the equity market and continues to make a multi-dimensional layout. It is recommended that investors take a long-term perspective and allocation concept to look at market investment.
Second,The more it falls, the more it buys, the **ETF has a net inflow of over 55 billion yuan!
On February 2, 2,700 points were recovered, and **ETF continued to stage a huge amount of funds**, with a net inflow of 20 billion yuan in a single day.
The fund flow shows that in the adjustment in the past week, the ETF has seen a net inflow of more than 55 billion yuan. In the view of industry insiders, the market adjustment has been relatively sufficient, and it is expected to usher in an important bottom in the medium and long term soon. White horse growth is expected to prevail, and earnings have entered an upward period.
Third,The scale of bond ETFs has increased significantly!
2023 is a year of rapid growth for domestic ETFs, and in addition to ** ETFs, bond ETFs have also achieved rapid growth.
According to the data, as of the end of last year, there were 19 bond ETFs in the whole market, with a scale of more than 80 billion yuan, an increase of more than 50%. Interviewed institutions and people said that with the bullish bond market, the tool attributes of bond ETFs are favored by institutional funds. Compared with mature markets, the development of domestic bond ETFs has only just begun.
Fourth, the latest scale of broad-based ETFs exceeded 900 billion yuan!
* During the downturn, driven by the demand for "** funds" and institutional allocation, broad-based ETFs showed a momentum of rapid growth.
According to the data, the latest scale of broad-based ETFs has exceeded 900 billion yuan, a surge of 57% from the end of 2022.
A number of industry insiders said that in the current overall undervalued environment of the A** market, benefiting from the increased allocation demand of institutional investors, the inflow of medium and long-term funds and the popularization of passive investment concepts, broad-based ETFs have been favored by various funds and have seen rapid expansion of scale.
Fifth,ETF turnover in the Hong Kong market has reached new highs!
Despite the ups and downs in 2023, the Hong Kong ETF market has emerged from many challenges. According to the Hong Kong Stock Exchange**, the Hong Kong exchange-traded product market, including ETFs, has shown a steady growth momentum, with record trading volume and a richer product variety.
According to industry analysts, the Hong Kong ETF market has become one of the most diversified markets in Asia, investors can use different investment strategies to get involved in the global**, fixed income and commodity markets, and Hong Kong is one of the world's leading financing centers, the development of the Hong Kong ETF market will continue to improve, and with the increasing diversification of product categories, investors' choices will continue to expand.
SixthLong-term Treasury bond interest rates have hit new lows!
The yield on the 10-year Treasury note has been at 2 for several daysBelow 5% continues to move lower. On January 31, the yield on the 10-year Treasury note fell to 24256%, the yield of the 10-year Treasury active bond fell to 241% and finally closed at 2433%, a multi-year low.
As of the latest, the yield on the 10-year Treasury note is at 2444%, the 10-year Treasury bond **main contract** at 103525, a new high.
Looking forward to the market outlook, the Southern ** Macro Strategy Department believesThe downside risk to the current market state is limited。In the short term, the median 20-day rise and fall of A-shares fell to a record low, reflecting strong market pessimism and unsustainable.
In the medium term, the risk premium of stocks and bonds suggests that the current odds are considerable: the current CSI 300 risk premium is once again in a more extreme position, and the medium-term perspective has more certainty and room for downward certainty. Similarly, with reference to historical experience since 2010, at the current dividend yield level, holding for 1-2 years has a high probability of a positive future return.
Therefore, the A-share strategy is bullish, and the overall upward elasticity is determined by macro fluctuations. Historically, A-shares have a clear seasonal effect, and there is often a "spring restlessness" in February**
Investment is risky, and you need to be cautious when entering the market).