Public Offering Industry News 2024 2 26-3 3
The first batch of CSI A50 ETFs raised nearly 17 billion yuan
On March 1, it attracted much attention from the marketThe first batch of 10 CSI A50 ETFs all ended their fundraising, with a total fundraising scale of 16.6 billion yuan；Among them, the CSI A50 ETF subscriptions under Morgan**, Ping An**, Dacheng**, and Huatai Pineapple** all exceeded the fundraising limit by 2 billion yuan, and proportional allotment was implemented, and the issuance of equity ** rebounded.
Institutions generally believe that, on the one hand, the first batch of CSI A50 ETFs has raised a total of nearly 17 billion yuan, which is expected to bring incremental funds to the market. On the other hand, this year, the profit advantage of A-share ** style leading assets is expected to be highlighted, and the ** class index is currently at a relatively low level, the potential of leading white horse stocks will be gradually released, and the "mean reversion" of core assets is the general trend, and the opportunities outweigh the risks.
A number of leading public offerings have launched index investment mini programs
Recently, leading companies such as ChinaAMC**, GF**, and Bosera have launched WeChat mini-programs focusing on ETF and index investment, covering product information, index data, investment skills and other dimensions, aiming to help invest in index**.
The pace of public offering "going overseas" has accelerated
In recent years, the number of new QDIIs in the public offering industry has been increasing. Wind data shows that in 2022, there will be 29 new QDIIs in the whole market, and 61 new QDIIs in the whole market in 2023. Since the beginning of this year, a number of QDII** have been established one after another, with products covering Hong Kong, China, the United States, Japan, Germany and other markets, both active products and passive products, and at the same time, a number of ** companies are seeking to apply for QDII licenses or overseas subsidiaries.
In addition, E Fund** recently signed a memorandum of cooperation with Riyadh Capital to carry out exchanges and cooperation in the field of investmentThe "going overseas" business of the public offering ** company has blossomed in many places
Institutions look at the market outlook
Huaan**: Four main lines + one theme opportunity
In the short term, the market sentiment is still there, but the focus of the market has shifted from industrial and technological change to the verification of the policy expectations of the two sessions, that is, whether the key expected direction of the market, which was slightly optimistic, can be implemented. If the overall situation is weaker than market expectations, the market may enter a situation where the market has a considerable range in February。As for the upcoming "two sessions" policy tone, we believe that the general tone of the ** economic work conference at the end of last year is small, but the current promotion of "new quality productivity" may drive new hot spots in the market.
In terms of market outlook, you can pay attention to four main lines and one thematic opportunity:The first line is to continue the pan-TMT sector, including computers, media, communications and electronics under the interpretation of artificial intelligence thematic opportunities; The second line is to continue high-dividend stable assets (such as coal, banks, petroleum and petrochemicals) and the banking sector; The third main line is the direction of the export boom with consensus; The fourth main line is the advantageous field of infrastructure construction with catalysis and strong cyclical regularity. In addition, it is expected that the market is expected to make technological breakthroughs such as scientific and technological innovation on the one hand, and to upgrade existing equipment and facilities on the other hand, such as equipment updates, semiconductor equipment, industrial machine tools, robots and other opportunities.
Excerpted from the 20240303 "Policy Expectations Are Coming Soon, Focusing on "New Quality Productivity"".
People's livelihood**: The market structure has not been reversed
After three consecutive weeks of over-falling in February 2024**, Wind's year-on-year rise and fall converged to less than -5%, and the CSI 800 equal-weighted index has recovered to 0, while small-cap stocks represented by CSI 2000 are still down nearly 15%; At the industry level, 30% of the industries recorded positive growth during the year, led by the value style sector, and the growth style was only communication; The proportion of positive returns recorded year-to-date in all A-shares is only 14%. The market's ** and repair failed to really reverse the previous style. It is worth mentioning that, unlike the focus on AI-related main lines in the first and second quarters of 2023, the recent market investment in TMT revolves around multiple directions such as new quality productivity, domestic substitution of semiconductors, and mapping of Chinese and foreign AI industries, which is closer to the fourth quarter of 2023 to a certain extent, which is more a reflection of the recovery of market risk appetite rather than the real sense of industry driven. At present, the proportion of TMT sector financing** has exceeded that of mid-November 2023, close to the high point of April 2023, and the proportion of turnover has approached December 2023. In the future, the key to TMT** to get rid of the pressure of congestion is that the industrial trend has an obvious transmission path, and the theme investment also needs to see the rapid rebound of the primary market investment and financing innovation heat in 2014-2015, otherwise the opportunity may still be limited to a few industries, and the current global transaction overheating risk still needs attention
After we put forward the idea of embracing dividends last year, although it has become a certain stylized label, more important than style judgment is the pattern of profit distribution in the economy, dividends are just a resilient form of a certain type of assets in a specific period, and the elasticity of physical assets will help investors exceed dividends. Upstream resource assets remain oursFirst recommendation: oil, copper, coal, resource transportation (oil transportation, etc.), aluminum and *** Secondly, around the CSI 300, some traditional manufacturing leading companies began to appear opportunities, distributed in (shipbuilding, heavy trucks, steel, chemicals, home appliances, papermaking) and other fields, as well as Wonder Keqiang index-related dividend assets (banks, construction, hydropower, gas, railways, etc.).
Excerpt from the 20240303 "The Most Moment, Beyond the Dividend".
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