Before the holiday, the Science and Technology Innovation Board had the strongest momentum, rising by more than 20%. The Science and Technology Innovation 100** fell in early trading today, and rebounded slightly in the afternoon, as of 13:48 on February 20, 2024, the Science and Technology Innovation 100 ETF***064%, with an intraday turnover of 43.9 billion yuan, with a turnover rate of 683%, commission ratio -1527%, active intraday trading!
Data**: Wind, February 20, 2024.
On February 20, the People's Bank of China authorized the National Interbank Lending Center to announce the February LPR**, with a one-year and five-year period. 95%, the five-year period was reduced by 25bp from January, and the one-year period was flat.
The cost of financing for entities is directly affected by the LPR interest rate, and the interest rate cut will help continue to ease credit. The last LPR** rate cut was in August 2023, and the LPR rate cut again after 6 months. On the one hand, from a fundamental point of view, the domestic economy still needs to be active and stable, and further monetary policy easing is needed to expand demand and stabilize growth. For example, the manufacturing PMI in January was weaker than that of the same period in history (referring to the month before the Spring Festival in recent years); CPI and PPI data point to demand that needs to be further consolidated.
On the other hand,In recent months, the central bank has successively lowered the deposit rate, deposit reserve ratio and relending rate, which will help reduce the cost of the liability side of financial institutions and release room for the downward trend of LPR.
The 1-year real interest rate remains high (%)
Source**: Haitong**.
The net interest margin of commercial banks is at a low level (%)
Source**: Haitong**.
Since the STAR Market is very sensitive to liquidity, after the interest rate cut and the RRR cut, the market will return to normal turnover, and the STAR Market will be the first to benefit. And the signal that the market is back to the long window is relatively clear: the policy of caring for the economy and the capital market has been comprehensively strengthened, the internal and external macro environment has stabilized, the liquidity crisis has been resolved, and the market is at a low level. What should I buy now?
The growth of small and medium-sized caps represented by the Science and Technology Innovation 100 has the strongest valuation and profitability double-click odds, and the winning rate is also high at this stage. 1) Cost-effective From the perspective of over-falling, there is more room for growth and small-cap repair under pressure in the early stage, and there are still 80+% of the underlying PB quantile of the current science and technology innovation board, which is less than 10%. 2) On the industrial side, emerging industries account for a larger proportion of the STAR Market, which is closer to the requirements of "new quality productivity", and has overseas AI mapping, which is expected to continue to benefit in the future. 3) From the perspective of performance, the revenue and profit growth rate of the Science and Technology Innovation Board has improved in 23Q3, and consumer electronics, medical devices, general equipment, cloud services, etc. have been repaired better or have outstanding performance.
Market bottom sentiment signals:** Small-cap, futures warehouse receipts, and futures premiums all declined, and the turnover recovered
Data**: Caitong**.
STAR 100 is a small- and mid-cap style index of the STAR Market, focusing on high growth. The Science and Technology Innovation 100 Index accounted for 31 percent of the total56%, and the proportion of electrons reached 1954%, the industry distribution is distinct, in line with the general direction of economic development. In the current context of strong small and medium-cap stocks, accelerated iteration of AI technology innovation, and strong policy support, the Science and Technology Innovation 100 is expected to ride the wind and have more growth potential, which is worth allocating to the Science and Technology Innovation 100 ETF** (588220)!
Penghua STAR 100 ETF** (588220) closely tracks the SSE STAR Market 100 Index, and trading continues to be active!
Science and technology related products: Science and Technology Innovation 100 ETF** (588220).
*There are risks and investment should be cautious.
STAR 100ETF**(SH588220)$
The above content and data have nothing to do with the position of the interface and do not constitute investment advice. Do so at your own risk.