On January 10, 2024, after experiencing a wide range in early trading, the three major indexes were underwater in the afternoon and closed down collectively. On the disk, many branches such as large consumption, new energy, retail, department stores, dairy, and snacks rose sharply, but liquor and some white horse stocks traded sideways; TMT accelerated its decline, and many stocks such as iFLYTEK hit new lows.
In terms of ETFs, Nikkei-related ETFs led the gains.
The Nikkei 225 ETF E Fund (513000) rose first in the market, reaching 319%。The other 3 QDII products in the top 10 are Nikkei ETF (159866), Hang Seng Biotech ETF (513280), and Hang Seng Pharma ETF (159892).
In terms of external disks, on January 10, 2024, the Nikkei 225 Index** rose 2% to 3444172 points, the highest since March 1990.
Huatai ** believes that benefiting from wages**, the growth rate of nominal income of Japanese residents will rebound significantly in 2023, but due to the high absolute level of inflation, the growth of real disposable income will be negative, dragging down consumer demand, however, due to the accumulation of a large amount of excess savings by residents during the epidemic and the rebound of low consumer confidence, household consumption will still be restored at a low level in 2023. Looking ahead, the growth rate of household income is expected to remain at a high level in 2024, and income growth may exceed the average inflation level, and real income growth is expected to turn positive.
In terms of declines, Shenzhen Value ETF (159913) led the decline by 425%。
Film and television, media, games and other sectors fell significantly.
Wanlian** believes that in 2023, the overseas revenue of China's self-developed games will show a continuous downward trend. Previously, under the trend of limited domestic game version numbers and increasingly fierce market competition, domestic manufacturers have set their sights on overseas markets to seek new growth opportunities, but with the gradual congestion of the market, and with the continuous increase in investment in R&D expenses and traffic costs, Chinese game companies are facing greater pressure to survive. According to gamma data, the actual sales revenue of China's self-developed games in overseas markets in 2023 will be 163US$6.6 billion, down 565%, the scale of output value showed a continuous downward trend, but remained at a high level.
In terms of activity, the trading volume of the money market** Huabao Tianyi ETF (511990) was nearly 13 billion yuan, leading the market. The newly listed S&P Biotech ETF (159502) had a turnover rate of 12988%。
The CSI 300 ETF (510300) had a turnover of 321.1 billion yuan, ranking first among ** ETFs. The turnover rate of the 5-year ETF (511580) reached 10094%。
CICC Strategy said that in the future, it is recommended to pay attention to the gradual accumulation of positive factors, especially the marginal changes in the domestic policy environment, in the context of weak expectations. With the current short-term disruptions not changing the long-term situation, extreme valuations and the gradual accumulation of positive factors, there is no need to be too pessimistic about the performance of the market outlook, and the allocation opportunities in the market in 2024 are expected to be better than those in 2023.
The S&P Select Industry Index is designed to measure the performance of specific sub-sectors of the Global Industry Classification Standard. Northeast China believes that the constituents of the S&P Biotech Index are: S&PtotalMarketIndex, which belongs to the healthcare services sub-sector**. The R&D uncertainty of U.S. biotechnology companies is high, but the success of R&D will also bring higher investment returns, so it is more suitable to apply a basket of index allocation methods to diversify investment and reduce the uncertainty of investing in biotechnology companies.
In terms of ETF issuance market, a total of 1 ETF was listed on 11 January 2024.
The Hong Kong Stock Innovative Drug ETF (159567) closely tracks the CNI Hong Kong Stock Connect Innovative Drug Index, which aims to reflect the operational characteristics of listed companies in the Hong Kong Stock Connect innovative drug industry. In terms of sample selection, firstly, the average daily turnover of the sampling space in the most recent year is less than HK$10 million**; Then, the top 50** stocks with the highest average daily total market capitalization in the last year are selected to form the index sample stocks, and when the sample number is insufficient, the actual number will be included.
According to CNI Index, as of December 29, 2023, the top 10 weighted stocks in the index include CSPC, Innovent Biologics, BeiGene, WuXi Biologics, China Biologics, etc.
On the news side, in recent years, China's pharmaceutical enterprises have strengthened the research and development of new drugs, and the review and approval process of innovative drugs has been accelerated. According to statistics, a total of 40 innovative drugs will be approved for marketing in 2023, exceeding the number of innovative drugs that have been reviewed and approved by 21 in 2022. Among the innovative drugs that have been reviewed and approved in 2023, there are 35 local innovative drugs and 5 imported drugs. At the same time, the approval channel for the listing of innovative drugs in China is smoother, and the number of innovative drugs that have been approved for priority review and special approval and listing in 2023 will be 7 and 4 respectively.
Caitong** believes that in 2023, innovative drugs will be released frequently, and a number of domestic innovative drugs have the potential to go overseas. These include risperidone extended-release microsphere injection (Luye Pharma), tislelizumab (BeiGene), toripalimab (Junshi Biosciences), fruquintinib (Chi-Med), and ibergostim injection (Yifan Pharma). With the gradual maturity of the overseas clinical trial operation cooperation model, domestic pharmaceutical companies have made efforts to deploy overseas clinical trials and global multi-center clinical trials, so as to obtain overseas clinical data and promote the progress of overseas clinical trials, which can be used to support BD or self-declaration. A number of domestic innovative drugs have entered the mid-to-late stage of clinical trials overseas, and have the potential to go overseas.
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.