Since February 6, the market has been strong**. As of March 1, in just 13 trading days, the average increase in public offerings** exceeded 14%. Among them, more than 130** rose by more than 30%, and the largest increase was as high as 45%.
It should be noted that quite a few of the recent **leads** mentioned above are in the betting style. If you look at it for a long time, even after the recent surge, it is still in a state of loss this year, which indicates that it has over-fallen in the early stage.
Judging from the income this year, after this wave of sharp **, there have been more than 1,200 positive returns this year.
Choice data shows that as of March 1, the average net value of active equity ** has fallen by about 3 since the beginning of this year46%, with more than 1,200** achieving positive returns. As of the end of January, the average net value of active equity fell by more than 10%, and there were only about 200 companies that achieved positive returns during the year.
Judging from the best performing equity ** this year, Sino Analytica's positive return hybrid A has been **24 this year46%, the bottom performance of Jinyuan Shun'an Industry Selection is **3516%, the difference between the first and last performance is nearly 60 percentage points.
Since the beginning of this year, the leading performance has mainly been in two directions.
The first type is the heavy position in the AI sector. Taking Sino Analytica's active return mix as an example, as of the end of last year, the vast majority of the top 10 heavy stocks were AI-related concept stocks.
The second category is the heavy position in the high-dividend sector. Since the beginning of this year, the best in high-dividend sectors such as coal and electricity have led the performance of related companies. Taking Wanjia Select A as an example, as of March 1, the yield has exceeded 17% this year, and the ** net value has also hit a record high recently. According to the ** quarterly report, as of the end of last year, most of the top 10 heavy stocks of Wanjia Select Mix were coal stocks.
A few families are happy and a few are sad.
In the "deep V"** since the beginning of this year, investors have been in a mood of ups and downs along the way.
Taking a private equity product in Shanghai as an example, it significantly decreased from mid-to-late January to early February this year, so it missed the subsequent **.
As can be seen from the chart above, as of February 23, the net value of the ** this year **17%, but from February 19 to 23, the net value is only **03%, indicating that the ** has significantly reduced its position at the bottom.
A few families are happy and a few are sad. **Family Zijin Chen belongs to the former.
Since the end of last year, in the market, Zijin Chen began to increase his position in financing, and on February 5 and 6, the lowest point of the market, it happened to be full of positions, and he made a lot of money in the following market.
On February 28, Zijin Chen said: "Some of the small tickets sold, **Yili and Moutai**, have not decreased. He believes that "the low point before the Spring Festival is smashed by the problem of capital." ”
After this wave of **, even in the face of the sharp fall on February 28, he still firmly believes that it is a "benign **" A shares have little room for adjustment.
Funds continue to enter the market.
From the perspective of capital, a large amount of funds are entering the market with the help of ETFs.
According to Choice data, since February, as of March 1, the net subscription amount of **ETF was 172.5 billion yuan. Among them, CSI 500 ETF, ChinaAMC CSI 300 ETF, Harvest CSI 300 ETF, E Fund CSI 300 ETF, and Huatai Pinebridge CSI 300 ETF have more net subscriptions.
From the above**, it can be seen that there are 4 ETFs that have grown into giants with a scale of more than 100 billion yuan**. The scale of Huatai Barry CSI 300 ETF is approaching 190 billion yuan.
From the perspective of new issuance, on February 19, 10 large and medium-sized ** companies issued their CSI A50 ETF at the same time. According to the latest issuance results, JPMorgan Assets, Dacheng**, Ping An**, etc. all announced the early termination of the fundraising and the proportional allotment. Huatai Berry also carried out proportional allotment.
The above-mentioned 10 CSI A50 ETFs all ended their fundraising on March 1, and according to preliminary statistics, the total subscription scale of the 10 ETFs is about 17 billion yuan.
Institutions are bullish on the market outlook.
When it comes to the market outlook, most institutions have expressed optimism.
Dong Lanfeng, assistant general manager of Yinhua**, believes that as the economy continues to recover, in the context of maintaining loose liquidity, there is higher confidence in the market in 2024.
Wells Fargo** said that the recent intensive statements by the China Securities Regulatory Commission and the expansion of Huijin holdings are conducive to stabilizing expectations, stabilizing confidence, and promoting the market to stabilize and rebound. Under the combined effect of the two expectations of economic recovery and the inflection point of global liquidity, the A** field is expected to continue**.
When it comes to the direction of follow-up optimism, Xiangcai believes that the market is still in the first round of repair, and the follow-up will focus on the sectors supported by industrial expectations, such as the TMT sector with overseas mapping logic, and the main line of high-win investment, such as high prosperity, high ROE, dividends and other assets. In the case of easing the capital situation, look for a more certain investment direction.
In the view of Wang Li, manager of the Great Wall, the direct reasons for the upward trend of this round of the market come from three aspects: the sharp recovery of A-share micro liquidity, the revision of macroeconomic policy expectations, and the new regulatory statements and action turns. The market recovery is still in progress, and the broad insurance capital is still overall, which is the core strength of the high-dividend sector to maintain stability. Under the effect of policy expectations and capital support, high-dividend assets dominated by state-owned enterprises are worth paying attention to.
*: Shanghai ** Daily.
Editor: Wang Di.