There are 6,014 equity categories** that can be counted for 2023 performance, with an average yield of -1006%。Among them, 5,086 products recorded negative returns, accounting for 8457%
Punctuation Finance Researcher Qi Wenjian.
In 2023, the A** field will still be ups and downs.
Wind data shows that in 2023, the mainstream A-share index will be general**, with the Shanghai Composite Index, the Shenzhen Component Index, and the ChiNext Index falling respectively. 41%。Small-cap indices have performed relatively well, such as the CSI 2000** by 557%。
Under such circumstances, what kind of performance does the public offering have?
Wind data shows that there are 10,234 public offerings** that can be counted in 2023 (only the main *** excludes the new ** established in 2023, the same below), and 5,717 have recorded negative returns, accounting for 5586%。Among them, there are 6,014 equity ** that can be counted in 2023 [including equity index **, partial stock hybrid**, flexible allocation**, balanced hybrid**, ordinary**, long-short**, commodity**, fof**, hybrid fof**, international (qdii)**, international (qdii) hybrid**] The average yield is -1006%, there are 5,086 stocks with negative yields, accounting for 8457%。
Punctuation financial researchers noticed that there are 200 equity categories with a net value of more than 30% in 2023, of which 13 have a net value drop of more than 40%.
Judging from the performance of a single **, GF Global Select's yield in 2023 is 6608%, ranking first in the industry's equity category**. The return rate of the Bank of Shanghai New Energy Industry Select A in the same period was -4619%, ranking last in the equity category**. The difference between the first and last results is 11227 percentage points.
In terms of types, the average return of active equity** in 2023 is -1068%, and the average yield of passive equity** is -811%。
It is worth mentioning that in the statistical sample, the equity QDII** has achieved good results in 2023. According to wind statistics, the average yield of 174 equity QDIIs in 2023 is 51%, there are 82 products with positive returns, of which 61 ** net value increased by more than 10%.
New energy has become a "stumbling block" to performance
Throughout 2023, most of the major A** indices closed down. Under the influence of factors such as continuous market fluctuations and frequent changes in hot spots, the performance of public offerings in 2023 is hardly optimistic.
From the perspective of active equity**, the money-making effect in 2023 is not good. According to Wind data, the average annual return of 4,562 active equity** was -1068%。There are 608 ** positive returns, accounting for only 1333%。According to the type of investment, the ordinary **type index**1168%, 1352%。
Punctuation financial researchers noticed that among the top ten active equity categories in terms of performance, there are three Beijing Stock Exchange themes, namely the China Beijing Stock Exchange Innovative Small and Medium-sized Enterprises Selected Two-Year Fixed Opening, the GF Beijing Stock Exchange Selected Two-Year Fixed Opening A, and the Invesco Great Wall Beijing Stock Exchange Selected Two-Year Fixed Opening A.
In fact, the performance of active equity** is closely related to the performance of the holding sector. Wind data shows that in 2023, the Beijing Stock Exchange 50** will be 1492%。At the same time, TMT, which has been silent for many years, will lead the major sectors in 2023, with communications, media, computers, and electronics respectively. 25%, in the top four of 31 Shenwan first-class industries.
On the other hand, there are 13 active equity stocks** with a net value decline of more than 40% in 2023. Specifically, the Bank of Shanghai New Energy Industry Select A to -46The yield of 19% ranks first from the bottom of the active equity category, and the yield of Guolian New Opportunity and Nord Preferred 30 in 2023 is -4584%、-44.9%, ranking second to last and third from the bottom in the active equity category**.
Punctuation financial researchers noticed that the 13 active equity classes that lost more than 40% in 2023 all preferred new energy-related stocks in the top ten heavy stocks in the first three quarters of 2023, and their positions were relatively concentrated. For example, among the top ten heavy stocks of Guorong Rongyin A, there are no less than five new energy-related stocks, among them, Sineng Electric (300827SZ), Sungrow (300274SZ), Arctech (688408SH), JA Solar Technology Co., Ltd. (002459SZ) has been among the top 10 heavyweights for three consecutive quarters.
However, the new energy industry, which is favored by the above**, will not perform well in 2023. Flush ifind data shows that the power equipment and new energy sectors fell 24 percent for the year11%。
Zhang Lulu, an analyst at the Financial Cube Financial Research Institute, told Punctuation Finance that in 2023, the performance will be significantly differentiated, and the difference between the beginning and the end of the active equity income ranking will be more than 100%, which is relatively rare. For ordinary investors, industry themes** fluctuate greatly, and if there is no solid and in-depth understanding and research of related industries, it is not recommended to invest in industry themes alone**.
Or due to the failure to hand over a satisfactory "report card", there are many products with the latest management scale of less than 200 million yuan in the above 13 active equity categories, including Xinyuan Clean Energy A C, Shanghai Bank New Energy Industry Select A C, Guolianan Climate Change A C, etc. Among them, the scale of Guolian New Opportunity and Nord Preferred 30 as of the end of the third quarter of 2023 is less than 50 million yuan, respectively4.4 billion yuan, 0$1.9 billion.
32 ETFs fell more than 30%.
The results of the passive equity category** in 2023 are also relatively dismal. Looking at the wind data, the average return of the index** in 2023 is -811%, there are 1,132 products with negative yields, accounting for 7796%。
Despite the overall poor performance of the index** in 2023, investors' enthusiasm for ETFs has not been affected, and the scale of ETF management has steadily climbed. According to wind data, the scale of ETFs will increase by more than 430 billion yuan in 2023, with a total scale of 205 trillion yuan, a record high. At the same time, based on the establishment date of **, a total of 157 ETF products will be established in 2023 (only showing the initial **, excluding the transformation** and post-grading**) with a total initial offering size of 10397.4 billion yuan.
So, as an important category in the index**, how will ETFs perform in 2023?
Wind data shows that there are 696 equity ETFs in the industry that can be counted for 2023 returns, with an average return of -777%。Among them, 175 recorded positive returns, accounting for more than 25%. There are four products with a yield of more than 50%, namely ChinaAMC Nasdaq 100 ETF, Huaan Nasdaq 100 ETF, Guotai Nasdaq 100 ETF, and GF Nasdaq 100 ETF.
It should be pointed out that in 2023, U.S. stocks will be stronger. Flush iFinD data shows that the Nasdaq index, Nasdaq 100, and S&P 500 have risen during the year, respectively. 23%。
At the other end of the spectrum, 32 ETFs will lose more than 30% in 2023. Among them, the Wells Fargo CSI Travel Theme ETF performed the bottom, with a yield of -3783%；ChinaAMC CSI Travel Theme ETF yielded -3756%, ranking second to last.
It is worth noting that the ETFs that fell by more than 30% are mainly ETFs in photovoltaic, new energy, battery and other industries, with a total of 26, most of which have been established since 2021. In 2021, the growth rate of the new energy track will be at the forefront of major industries, and the company has increased its layout in photovoltaics, new energy vehicles, batteries and other directions. However, this situation will be reversed in 2022 and 2023, and the new energy sector will enter a stage of adjustment for two consecutive years. As of December 31, 2023, the total returns of the above-mentioned 26 ETFs** in photovoltaic, new energy, battery and other industries have all been negative since their establishment, of which nine products have been cut in half.
Punctuation financial researchers noticed that Huatai Pineapple CSI Photovoltaic Industry ETF has the largest latest management scale among the 32 ETFs whose net value fell by more than 30% in 2023, reaching 136$1.8 billion. At the same time, the performance of this ** in other stages is also poor. As of December 31, 2023, the yield of the ** in the past two years and the past three years was -4797%、-21.84%；The total return since its inception on December 7, 2020 is also in the red, at -1116%。
The A**field is expected to be repaired**
The a** field has fluctuated for two consecutive years, how will it perform in 2024? Which sectors have investment opportunities?
Wanlian ** Research Institute believes that it is expected that under the favorable catalyst of economic growth momentum to continue to rebound, macroeconomic control policies to maintain a loose tone, industrial policy support to increase, and corporate earnings expectations to improve, the A** field is expected to usher in a recovery in 2024. Under the main policy of stabilizing growth, stabilizing confidence and preventing risks, the export industry chain and real estate industry chain may recover at a low level.
Soochow ** said in the research report that in 2024, China's assets** will usher in a repair, and the valuation of the related core asset varieties that have fallen the most in the past two and a half years has a higher certainty, while the corresponding micro-disk style and high-dividend style may be affected by the style rotation and weaken.
In terms of investment opportunities in 2024, SPDB International recommends focusing on emerging growth stocks and growth high-dividend stocks, and focusing on five major industries, namely consumption, Internet, technology, healthcare (innovative drugs and devices, CXO), and new energy vehicles.
CEB International said that it can focus on six major investment themes, namely technology and artificial intelligence, new energy vehicle industry chain, consumer sector, banking, people's livelihood medical care, and Hong Kong's local high-interest sector.
Nomura Oriental International believes that from the perspective of medium and long-term investment, investors can pay attention to the three main lines of consumption upgrading under new domestic demand, the increase in the added value of external circulation, and the repair opportunities of over-falling sectors. The first two main lines will bring opportunities in industries such as small household appliances, new energy vehicles, consumer electronics, social services, media, e-commerce Internet, and medicine. At the same time, it is recommended to pay attention to the opportunities for the repair of power equipment, home appliances, food and beverage, medicine and biology in the over-falling industries.
13 active equity classes** will have a net value drop of more than 40% in 2023
Data**: wind