Today's ETF market resumed
The three major A-share indexes opened lower in early trading, with the Shanghai Composite Index down 0.55%, the Shenzhen Component Index down 0.61%, and the ChiNext Index down 0.69% by the close. The full-day turnover of Shanghai and Shenzhen was 829.2 billion yuan. Northbound funds sold a net of 4.296 billion yuan. On the market, photoresist, chiplet, traditional Chinese medicine, and science and technology innovation sub-IPO sectors rose first, while real estate development and real estate services both fell sharply.
In ETFs, the semiconductor equipment sector extended its rally, with Cathay Fund Semiconductor Equipment ETF rising 2.09%. Japanese stocks rose, with ICBC Credit Suisse Fund Nikkei ETF and Huaxia Fund Nikkei ETF rising 1.42% and 1.32% respectively. The Chinese medicine sector rose in the afternoon, with China Universal Fund Chinese Medicine ETF up 1.29%.
The real estate sector suffered heavy losses, with real estate ETFs and real estate ETFs falling 5.61% and 5.38% respectively. The innovative drugs sector fell, with the Hong Kong-listed Pharmaceutical ETF down 2.71%. The securities sector extended its decline, with Hong Kong securities ETFs down 2.56%.
In August, ETFs related to agricultural products, chemicals, gold, securities and other sectors rose brightly, with soybean meal ETFs rising more than 10%. Hong Kong consumer stocks and US NASDAQ-related ETFs also rose.
In terms of declines, the top ten ETFs fell by more than 10%, while non-ferrous metals, new energy, pharmaceuticals, tourism, infrastructure and other sectors fell by a large margin.
From the perspective of this year's term, the gaming sector peaked, with both gaming-related ETFs rising more than 50%. U.S. stocks rose steadily, with the Nasdaq ETF up nearly 50%.
On the downside, the Travel ETF was the top loser, down more than 25%. Pharmaceuticals, science and technology stocks, non-ferrous metals and other related ETF2023 have all fallen by more than 20% in the past year.
Today's ETF market commentary
Today's A-share market opened low, in the morning trading in a contraction adjustment trend, the three major indexes fell more than 0.5%, in the afternoon showed a sideways overall trend, the three major indexes all closed down, the Shanghai Composite Index fell 0.55% to 3119.88 points, the Shenzhen Component Index fell 0.61%, and the ChiNext Index fell 0.69%. Yesterday's strong Science and Technology Innovation 50 Index also rushed back down. In addition, the B-share index tumbled more than 5% today.
Today is the last trading day of the month, and for the entire month, the Shanghai Composite Index fell more than 5% and the ChiNext Index fell 6%.
In terms of volume, the turnover shrank sharply, with a total trading volume of 829.2 billion yuan in Shanghai and Shenzhen, a decrease of 155.1 billion yuan from the previous trading day.
Northbound funds continued to flow out, with net sales of 4.297 billion yuan throughout the day. In the 19 trading days since August 7, northbound funds only showed a net buying trend on August 24. Throughout August, Beishang Capital has reduced its position in A-shares by 89.6 billion yuan, and the net selling volume in a single month hit a record high.
The contest between domestic and foreign capital is still continuing, and the volume can not maintain 900 billion yuan, and it may maintain a volatile structure in the future, and it will take a while to build a market bottom. The broader market is already near the 5-day moving average after continuous contraction, and tomorrow may face a direction choice.
In terms of sectors, the pharmaceutical sector performed well, with Longjin Pharmaceutical, Huasen Pharmaceutical, Dali Pharmaceutical, etc. up and down. 64 listed Chinese medicine companies have announced their report cards for the first half of 2023. Nearly eighty percent of the revenue and net profit have increased.
The semiconductor sector continued yesterday's strong trend, with Zhongfu Circuit, Chaoxun Communications, China Wafer Square Technology, and Aukema rising one after another.
The photoresist plate is active, and Rongda has a 20CM price limit. From a fundamental point of view, photoresist is the core material of semiconductor manufacturing, its performance directly affects chip performance and yield, with the acceleration of semiconductor localization process, domestic photoresist is also expected to achieve good development.
In terms of decline, the real estate sector suffered a heavy setback, with China Enterprise, Shoukai Shares, Zhongdi Investment, Shenzhen Industry A, Urban Construction Development, Dalong Real Estate, Tianjian Group and other collective declines, and nearly 50 stocks fell by more than 5%. On the news, the two cities of Guangzhou and Shenzhen have implemented the recognition of housing and not the recognition of loans. The positive news has led to negative feedback from the market, which may be affected by diminishing marginal benefits.
Brokerage stocks fell more or less, Jinlong shares and Cinda Securities fell by more than 5%, and Hartou shares, Shanxi Securities, Huaxin shares and other shares weakened collectively.
Today's Fund News Quick Update
The A-share half-year report disclosed that more than 600 companies doubled their net profits
As of 21:00 on August 30, a total of 5,218 listed companies disclosed half-year reports, and the net profit attributable to shareholders of listed companies of 2,698 listed companies increased year-on-year, accounting for 51.71%. Telecom operators, photovoltaics, new energy vehicles, lithium batteries and other industries performed well. There are 1,828 listed companies with net profits attributable to shareholders of listed companies exceeding 100 million yuan, 344 with net profits of more than 1 billion yuan, and 46 with net profits of more than 10 billion yuan. Excluding the influence of financial stocks, PetroChina, China Mobile and CNOOC ranked first in net profit. The net profit attributable to shareholders of 2,243 listed companies increased by more than 10%, 1,125 increased by more than 50%, and 641 increased by more than 100%. 187 companies plan interim dividends.
Net subscriptions for equity ETFs approached 100 billion in August
The market has been volatile since August, but the net subscription of equity ETF shares has approached 100 billion, a new monthly high this year. Since the second half of the year, the total net subscription share of equity ETFs has exceeded 140 billion. Among them, the range net subscription share of the 50 component ETFs of the Huaxia SSE Science and Technology Innovation Board exceeded 20 billion, ranking first; Broad-based products such as Huatai Berry CSI 300 ETF, E Fund SSE Science and Technology Innovation Board 50 ETF, and Huaxia SSE 50 ETF also increased significantly.
10 ETFs announced listing with a maximum position of 59.05%
Since August, a total of 10 equity ETFs have been announced and listed, with an average position of only 35.84%, the highest position is the grain ETF, with a position of 59.05%, and the top positions are Huaxia CSI Smart 300 Value Prudent Strategy ETF, Bosera CSI Guoxin Central Enterprise Modern Energy ETF, 800 Enhanced ETF, with positions of 54.61%, 50.57% and 45.39% respectively, and the lower positions are CSI Communication Services ETF, GF SSE Science and Technology Innovation Board Growth ETF, E Fund Shanghai Science and Technology Innovation Board Growth ETF has positions of 10.31%, 12.51% and 14.98% respectively.
Top private equity buys ETFs
In the list of the top ten holders of listed funds such as ETFs, there are a number of tens of billions of private securities investment funds. A number of products under Yunzhou Capital, which Zhou Yingbo helmed, appeared in the list of holders of the Science and Technology Innovation 50 ETF and the Science and Technology Innovation Chip ETF, with a market value of 486 million yuan at the end of the period. However, Bin's Oriental Harbor Investment has also bought many products such as Huaxia NASDAQ 100 ETF and Bosera S&P 500 ETF. Quantitative private placement also favors ETF investment tools, such as Siwen Investment, which bought the Science and Technology 50 Enhanced Strategy ETF, the Shuangchuang 50 ETF Fund, the Chuang 50 ETF, and the Treasury Bond ETF.
55 public offering semi-annual rolls
As of August 30, a total of 55 public offerings in the market have exposed their results in the first half of the year, and overall, the cumulative net profit of public offerings has reached 17.291 billion yuan, a slight decrease from 18.021 billion yuan in the same period of 2022. During the same period, the average net profit of the above-mentioned public offering was 314 million yuan, basically unchanged from the same period last year. From the perspective of operating income, on the basis of the undisclosed revenue data of some fund companies, the total operating income of the 49 fund companies that can be counted reached 50.547 billion yuan, a year-on-year decrease of 1.71% compared with 51.424 billion yuan in the same period of 2022. The average operating income was 1.032 billion yuan, a slight decrease from 1.057 billion yuan in the same period of 2022, a year-on-year decrease of 2.37%.
Orient Fund temporarily ranked first with a yield of 62%.
As of August 30, Oriental Regional Development topped the year's fund return list with a yield of 62.48%, followed by animation game ETFs, and Huaxia CSI Animation Game ETF, Huatai Berry CSI Animation Game ETF and Cathay CSI Animation Game ETF all returned more than 50% during the year. In the first 8 months, out of a total of 11,097 funds (A/C shares combined) in the market, 5,822 funds increased their net value, 5,249 funds fell in net value, and the rest were unchanged.
More than 430 public funds increased their shares by more than 5% this week
From August 28 to August 30, more than 430 public funds increased their shares by more than 5%. Among them, the shares of the top funds rose by nearly 10%, and 14 funds all increased their shares by more than 7%. At the same time, nearly 100 products have a range yield of more than 5%, and real estate theme funds have become the biggest winners, and the top 5 on the list are all CSI all-index real estate theme products.
The scale of private equity asset management business of securities and futures operators stopped falling and rebounded
As of the end of July 2023, the total scale of private asset management business of securities and futures operators was 13.43 trillion yuan (excluding social security funds and enterprise annuities), an increase of 223.386 billion yuan or 1.69% from the end of the previous month. This is also the first increase in the scale of private asset management business after two consecutive months of decline in May and June. Compared with the previous month, except for the scale of existing products of private equity subsidiaries of securities companies, which decreased by 1.888 billion yuan month-on-month, the scale of other types of institutional products has increased.
The net profit of E Fund in the first half of the year was 1.617 billion yuan
According to the 2023 half-year report disclosed by GF Securities on the evening of August 30, as of the end of June this year, the total size of public funds of E Fund, which holds 22.65% of the equity, was about 1.73 trillion yuan, an increase of 9.98% over the end of 2022, and the total size after excluding money market funds was about 1.04 trillion yuan, ranking first in the industry. E Fund achieved revenue of 6.185 billion yuan in the first half of this year, a decrease of 9.46% over the same period last year; The net profit was 1.617 billion yuan, a year-on-year decrease of 6.31%, and the revenue and net profit ranked first in the industry.
Small and medium-sized public fundraising welcomes the wave of senior management changes
On August 30, China Canada Fund issued an announcement that the general manager position will be replaced by Chairman Xia Yuanyang. The foreign-funded public Luberger Berman Fund has also recently welcomed Zhao Danian as a new executive. In addition, recently, Dongxing Fund, Jingguan Taifu, Fuanda Fund, Yimin Fund, Beixin Ruifeng Fund, Taiping Fund, Tongtai Fund, BlackRock Fund, Taixin Fund and other fund companies have successively changed their core executives.
Foreign capital pursued the three major A-share industries in the second quarter
As of the close of trading on August 30, QFII appeared in the list of the top ten circulating shareholders in the semi-annual reports of 644 listed companies. QFII focused on increasing its positions in automobile, machinery and equipment, beauty care and other industries in the second quarter, with an increase of more than 20% compared with the end of the first quarter. Northbound funds have also significantly increased their positions in companies in the above industries, and foreign capital is quite favored by new energy vehicles, high-end manufacturing, "face value economy" and other industries. For the two major industries of food and beverage and home appliances, which have long been favored, QFII has shown signs of reducing its holdings.
Bridgewater has nearly 900 million gold ETFs
The top 10 holders of a number of gold ETFs in the world's top hedge fund Bridgewater Domestic Private Equity "appeared", and its two funds, Bridgewater All-weather Enhanced China Private Equity Fund 3 and Bridgewater All-weather Enhanced China Private Equity Fund II, held a total of Huaan Gold ETF9708 9,700, unchanged from the end of 2022. Bridgewater (China) recently said in a roadshow that it is still bullish on Chinese assets, and there is no "bearishness" overseas and mainland China.
U.S. hedge funds sold Chinese concept stocks in August
U.S. investors sold a net $3.3 billion of American depositary receipts (ADRs) in Chinese concept stocks in August, with U.S. hedge fund managers being the main force behind the prolonged sell-off. Morgan Stanley estimated that it had a net outflow of US$3.4 billion from Chinese concept stocks during the period, making it a net seller of Chinese concept stocks. The stocks that U.S. hedge funds sold off the most were Yum China (NYSE:YUMC), Ctrip.com (NASDAQ:TCOM) and Pinduoduo (NASDAQ:PDD).
The asset management scale of the hedge fund founded by the former Citadel trader fell by 25%
FIFTHDELTA, a hedge fund founded by Niall O'Keeffe and Tio Charbaghi, currency managers who worked at Citadel, lost about 13 percent of its AUM in July, bringing it down 25 percent so far in 2023 — down 29 percent at one point. It is reported that the two founded the aforementioned hedge fund FIFTHDELTA in London in 2021, which is the largest hedge fund startup in Europe.
Updates from well-known fund managers
Gülen focused on adding positions to Taiji Group and Darentang
As of the end of June, the scale of Gülen's management was relatively close to that of Zhang Kun, reaching 76.7 billion yuan. The largest of these are CEIBS Healthcare and CEIBS Healthcare Innovation Stocks. From the perspective of CEIBS Healthcare, among the top 20 heavy stocks, especially in the 11th to 20th places, the number of shares held by Taiji Group and Darentang has increased significantly, and the overall position in the first half of the year is biased towards the adjustment of the traditional Chinese medicine sector. In the first half of the year, CEIBS Healthcare's main selling targets were Wuwu Biotechnology, Zhifei Biotechnology, OPCOM TV, United Imaging Medical, etc. Gülen believes that as a typical rigid demand industry, the demand for medical care may be delayed by periodic factors, but it will not disappear or decrease in the long run.
Zhu Shaoxing reduced his position in Mindray Medical, Oriental Fortune, etc
In the first half of the top 20 positions, most of Zhu Shaoxing increased his position, among the top 10 heavy stocks, the increase in the number of shares was more obvious Jinyu Medical, Chunfeng Power and Lanxiao Technology, and the 11th to 20th heavy position stocks, the increase in the number of holdings was more obvious Ruifeng New Material and Oriental Yuhong. In addition, the main holdings were Mindray Medical, Wuliangye and CNOOC. The buyers are basically concentrated in the medical services, home appliances, aviation, consumer electronics, communication services and other sectors in the field of large consumption. The individual stocks sold were mainly concentrated in non-silver, liquor, duty-free and other sectors, among which Oriental Fortune, Wuliangye, WuXi AppTec, China Exempt, Baoxin Software and other stocks reduced their holdings by a large margin.
Zhou Weiwen: Optimistic about manufacturing leaders and innovative industries such as science and technology and medicine
From a medium- to long-term perspective, Zhou Weiwen is optimistic about China's internationally competitive manufacturing leaders, especially those with an increasing share in the world; In addition, in the medium and long term, we are also optimistic about innovative industries such as science and technology and medicine, which have both the logic of substituting imports and the opportunities for high β and long-term prosperity in the industry. In the process of landing the above opportunities, we will focus on the medium and long-term value of the relevant companies and improve the robustness of the portfolio.
Qiu Dongrong: In the future, we will focus on three major investment directions
Qiu Dongrong said that it mainly includes three investment directions: First, valuation to low level, business stability but strong growth attributes, future flexibility of Internet stocks and pharmaceutical technology stocks. Second, value stocks with historically low valuations focus on supply-side contraction or rigid sectors and their potential resilience in the event of demand recovery, including resource companies and energy transportation companies represented by base metals, real estate and financials in large-cap value stocks. Third, low-valued and growth-oriented growth stocks, focusing on cost-effective companies with domestic demand growth and competitive supply, the main industries include non-ferrous metal processing, pharmaceutical manufacturing, electrical equipment and new energy, auto parts, light industry, machinery, etc.
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