Photo courtesy of Picture Worm Creative Wu Qi Tabulation Officers and Soldiers Cartography **Times reporter Wu Qi.
Intern Zhang Tianyi.
On February 21, A-shares opened low and went high, the Shanghai Composite Index once approached 3,000 points intraday, and the full-day turnover of A-shares reached 980.2 billion yuan. ** ETF trading volume has been significantly enlarged, trading is active, and ETFs tracking the CSI 300 Index have recovered their losses, and their returns have turned red during the year.
Funds continue to increase the number of A-shares through ETFs. Wind data shows that since the Spring Festival, tens of billions of yuan have been rushed to the aid of A-sharesIn terms of the extended cycle, more than 330 billion yuan of funds have flowed into ** ETF products since the beginning of this year. Among them, E Fund's CSI 300 ETF was the most popular, with a total of 614 gold attracted during the year$8.4 billion. In addition, the CSI 300 ETFs under Harvest**, Huatai Pinetape** and ChinaAMC** each received net inflows of 5414.9 billion yuan, 498 billion1.4 billion and 4931.2 billion yuan.
As a flexible investment tool, ETF has high transparency and investment efficiency, and has continued to gain the attention of investors in recent years, and its scale has been increasing, bringing incremental funds to the A** market, which is conducive to improving market liquidity and stability.
Tens of billions of funds rushed after the holiday.
*-type ETFs are leading the way.
Since the beginning of the year, the performance of the A** field**, compared with the active equity**, the performance of the type ETF has once again led the way, such as energy, dividends, state-owned enterprise reform and other theme ETFs have returned more than 10% during the year.
On February 21, A**market** ETFs ushered in a general rise**, such as wine ETFs and food ETFs rose by more than 4% in a single day. With the recent market**, many broad-based ETFs have regained their losses one after another, and their returns have turned red during the year, such as ETFs tracking the SSE 50 Index that have risen by more than 3% this year, and ETFs tracking the CSI 300 Index have turned red for the first time this year.
Since the Spring Festival, in just a few trading days, ** ETFs have performed outstandingly, and most of them have achieved positive returns. From the perspective of capital flow, the first-class ETF also received more than 10 billion yuan of capital assistance after the Spring Festival.
The data shows that the number of ETFs with positive returns during the year is close to 200, accounting for nearly 30% of the number of ** ETFs, and the market money-making effect is gradually improving. Specifically, 26 ETFs, including energy ETFs, bank ETFs, central enterprise win-win ETFs, CSI 300 dividend ETFs, coal ETFs, and financial real estate ETFs, earned more than 10% during the year.
In the **type**, the performance of passively invested ETFs has once again outperformed the active type**. According to the analysis of industry insiders, the passive ** does not actively seek to surpass the performance of the market, but tries to replicate the rise and fall of a specific index as much as possible, and its investment objectives and investment portfolios are relatively fixed, and it will not frequently adjust positions and exchange shares, so there is no disadvantage of chasing market hotspots and piling up investment. When there is a structural ** in the market, the corresponding ETF tends to stand out from the independent**.
In recent years, active managers have chased emerging industries such as new energy and technology, while ignoring traditional industries such as coal, oil, and banking.
During the year, the "gold absorption" exceeded 330 billion yuan.
In the past three years, against the backdrop of cyclical adjustments in A-shares**, the scale of ETFs has grown significantly against the trend. In December 2023, the total size of ETFs exceeded the 2 trillion yuan mark for the first time in history.
A few days ago, the Innovative Products Department of the Shanghai Stock Exchange, together with 6 public offerings, including Huatai Berry**, Bosera**, China Universal **, E Fund**, China Merchants **, and Huaxia**, as well as 2 securities firms, Huabao** and Ping An**, jointly compiled and released the "ETF Industry Development Report (2024)". According to the report, the global ETF market has achieved significant growth in 2023, with the market size exceeding $11 trillion for the first time and the annual net inflow of nearly $1 trillion. For the first time, the scale of passive ** in the United States exceeded the scale of active **, which was 1329 trillion dollars and 1323 trillion dollars.
In the A** field, due to poor performance, the scale of active ** has been shrinking, while the scale of passive ** has repeatedly hit new highs. As of February 20, 2024, the net inflow of ** ETFs during the year exceeded 330 billion yuan, and the scale of ETFs in the whole market also exceeded 235 trillion yuan, repeatedly refreshing record highs.
Since the beginning of the year, the trading volume of many broad-based ETFs has grown rapidly and trading has been active. For example, the largest Huatai Pineapple CSI 300 ETF was shocked to 152 on January 18The daily turnover of 5.7 billion yuan, the turnover of 4 trading days has exceeded 10 billion yuan in the ** year, all of which are in a historically high position. In addition, since the beginning of this year, the single-day trading volume of E Fund CSI 300 ETF, ChinaAMC CSI 300 ETF, and Harvest CSI 300 ETF has repeatedly exceeded the average daily trading volume.
Specifically, broad-based ETFs have become the main force of "gold absorption", such as a total of 8 ETFs with a net inflow of more than 10 billion yuan during the year, of which 4 ETFs track the CSI 300 Index, and the other 4 ETFs track the SSE 50, CSI 500, ChiNext and CSI 1000 Indexes respectively. It is not difficult to find that the ETF coverage index that has received a large net inflow of funds is relatively comprehensive, in addition to the ** index, it also includes small and medium-sized indices such as ChiNext and CSI 1000.
Benefiting from the great development of the ETF market, large ETFs with a scale of more than 100 billion yuan continue to emerge. Among them, the largest is Huatai Pineapple CSI 300 ETF, with a scale of 1797$9.6 billion; This is followed by E Fund CSI 300 ETF with a scale of 11121.2 billion yuan. In third place is the ChinaAMC SSE 50 ETF with a scale of 11041.7 billion yuan. Founded in 2013, E Fund CSI 300 ETF has an issuance size of only 110.4 billion yuan, the scale has increased by 100 times in the past 10 years.
It is worth noting that in addition to the wide-based ETFs that have been rising in scale, there are also many thematic industries and strategy ETFs that have risen against the trend, and the ETF market as a whole is showing a trend of blossoming development.
Dividend ETFs achieved positive returns during the year, and became the favored object of funds with their stable returns, and were the ETFs with the largest net inflows of funds except for broad-based ETFs. For example, the net inflow of funds during the year was 332.1 billion yuan, 326.9 billion and 164.4 billion yuan.
In addition, popular themes such as insurance ETFs, Chinese state-owned enterprise ETFs, and artificial intelligence ETFs all received net inflows during the year.
The value of configuration is highlighted.
Incremental funding is on the way.
Lin Weibin, manager of E Fund, said that at the beginning of 2024, the market once fell sharply, and investor sentiment declined. However, there is no shortage of structure in the market**, and high-dividend style assets have benefited from economic recovery and stable growth policy expectations on the one hand; On the other hand, its higher dividend yield corresponds to a shorter equity duration, and it has stronger defensive attributes and less volatility in the market's best range, and has obtained better income performance, which has attracted high attention from the market.
In addition, it is worth noting that A-shares as a whole have entered the deep value range, and the breakage rate (the proportion of ** with a price-to-book ratio lower than 1) once exceeded 10%, and the allocation value is high, so you can pay more attention.
At the same time, there are still a lot of incremental funds on the way, which is expected to continue to increase investment in A-shares through ETFs.
On February 19, the first batch of CSI A50 ETFs reported by 10 ** companies were officially issued, including CSI A50 ETFs under E Fund**, Huatai Pineapple**, Yinhua**, Dacheng** and Ping An**.
The CSI A50 Index selects the 50 companies with the largest market capitalization from the leading listed companies in various industries as the index sample to reflect the overall performance of the most representative leading listed companies in various industries. It is understood that compared with the mainstream ** broad-based index, the CSI A50 index has a lower proportion of financial and real estate industries, and a relatively higher proportion of industrial, communications, medical and other industries. With the launch of the CSI A50 ETF, it is expected to continue to bring incremental funds to the A** market.
Yang Delong, chief economist of Qianhai Open Source, said that the Shanghai and Shenzhen markets continued to rise on Wednesday, and the Shanghai Composite Index fell sharply, closing out six consecutive yangs. Liulianyang is undoubtedly a very positive signal, which is expected to promote the A** field from the previous **downside to **upside. The beginning of the Year of the Dragon** is heating up, which may form a strong money-making effect and attract more funds to enter the market.
At present, the overall cost performance of A-shares is further highlighted. Zhang Junxiao, head of the cycle group of Penghua** Research Department, analyzed that the index has recently experienced a wave of **-mid-cap-small-cap rotational repair, and the market has stayed away from the dangerous area with the greatest liquidity pressure. For now, it seems that the risk of capital shock is gradually receding. Looking ahead, credit data and travel consumption have rebounded in January, which is to a certain extent related to the dislocation of the Spring Festival holiday, and the sustainability needs to be further observed in combination with terminal demand and micro feedback. In February, the 5-year LPR was sharply asymmetrically lowered, releasing a signal from the central bank to help stabilize growth, and the subsequent monetary tone is expected to remain accommodative. Historically, after the liquidity shock is lifted, the previous low can often form an effective support for the index.