Just now, the blockbuster official announcement! The "national team" made a move to buy this kind of fund!

GUIDE

summary

1. Today, A-shares rose in the afternoon, and China Guoxin Holdings Co., Ltd. just announced that its Guoxin Investment Co., Ltd. increased its holdings of the CSI Guoxin Central Enterprises Science and Technology Index Fund today and will continue to increase its holdings in the future.

2. In November, funds continued to flow into A-shares through ETFs, favoring these directions.

3. A-shares ended in November, how will they go in December?

The truth is vernacular, and financial management is not against your heart

--This is the 1039th Vernacular Finance--

This afternoon, A-shares rallied and turned red, and the Shanghai Composite Index and ChiNext Index successfully held on to the close.

(Image source: Oriental Fortune APP, statistics as of 2023/12/1, no investment recommendation)

The turnover of the two cities increased from the previous few days, reaching 834.1 billion yuan, and the net sale of northbound funds was 4.997 billion yuan.

On the market, short dramas continued to be popular, with the game sector up 7.59% and the concept of short interactive games up 6.59%. On the news side, the 2023 China Game Industry Annual Conference will open on December 13.

(Image source: Oriental Fortune APP, statistics as of 2023/12/1, no investment recommendation)

In terms of the rise and fall of popular indexes, semiconductors rose 0.33%, CSI Medical rose 0.07%, photovoltaic industry fell 0.55%, CS New Energy Vehicle fell 0.69%, and CSI Liquor fell 1.46%. (Data source: Oriental Wealth Choice data, statistics as of 2023/12/1, no investment recommendation)

01

The national team came in again

After today's market, China Guoxin Holdings Co., Ltd. announced on December 1 that its Guoxin Investment Co., Ltd. increased its holdings in the CSI Guoxin Central Enterprises Technology Index Fund today and will continue to increase its holdings in the future.

Judging from the trading situation of funds such as central enterprise technology ETF and central enterprise innovation ETF in today's intraday, the transaction volume increased significantly in the afternoon.

(Image source: Oriental Fortune APP, statistics as of 2023/12/1, no investment recommendation)

The three major A-share indexes also rose significantly in the afternoon. The top stocks in China have risen significantly.

(Image source: Oriental Fortune APP, statistics as of 2023/12/1, no investment recommendation)

This time, the "national team" invested in the layout of A-shares through ETFs, which also reflects the confidence in the layout of the market outlook, which can boost market sentiment and help further improve the liquidity of ETFs.

Since October, there have been a lot of funds into the market. On October 11, Central Huijin increased its holdings of the four major banks by more than 476 million yuan after 8 years, and on October 23, Central Huijin bought ETFs again and said that it would continue to increase its holdings in the future.

Recently, many listed companies have also repurchased their own shares with real money. Today, there are also a number of A-share listed companies to post repurchase "report cards", among them, CATL announced that the company has repurchased a total of 764 million yuan, accounting for 25.47% of the estimated repurchase amount.

It is believed that incremental funds can also bring a touch of warmth to A-shares after entering the market. Zhang Xia, chief analyst of China Merchants Securities Strategy, said that in terms of funds, the implementation of capital market reform measures in the early stage will effectively improve the supply and demand of funds, and it is expected that incremental funds will turn to net inflow in 2024. As the Fed's rate hike cycle comes to an end and shifts to rate cuts and balance sheet expansion, USD liquidity is expected to improve significantly. It is expected that foreign capital will resume a small net inflow trend in 2024, which will have a positive impact on A-shares.

02

Funds are deployed in these directions through ETFs

Since November, ETFs on the floor have received a net subscription of 15.4 billion shares, and the cumulative net subscription share of the year has reached 469.4 billion.

(Data source: Oriental Wealth Choice data, statistical interval: 2020/1/1~2023/11/30, no investment recommendation)

Judging from the ETFs with the top net subscriptions in November, broad-based indices such as the SSE 50 and CSI 300, as well as new energy, are favored by funds, and generally show a trend of buying more and more.

(Data source: Oriental Wealth Choice data, statistical interval in November: 2023/11/1~2023/11/30, no investment recommendation)

Bosera Fund pointed out that although the large-capitalization style has performed poorly recently, the share has risen against the trend, and the market performance of the small-market-capitalization style is good, but there is a net outflow in the share, indicating that market funds are more inclined to short-term reversal operations, not blindly chasing high, nor selling low to leave, and trading decisions are more rational.

03

What will happen to A-shares in December?

Before you know it, 2023 has come to the last month, and in the first 11 months, the performance of A-shares has not been satisfactory, during the year, the Shanghai Composite Index fell by 1.87%, and the ChiNext Index fell by 17.92%.

(Data source: Oriental Wealth Choice data, statistical interval: 2023/11/1~2023/11/30, no investment recommendation)

From the perspective of the industry, communications, media rose in the front, the year rose by more than 20%, while power equipment, real estate and other industries fell by more than 20% during the year, if there is no step on the hot industry in the year, this year's harvest may not be good.

(Data source: Oriental Wealth Choice data, statistical interval: 2023/1/1~2023/11/30, no investment recommendation)

So how will A-shares perform in December?

Ping An Securities' research report pointed out that the performance of small-cap stocks continued to dominate this year, especially in the past month. The calendar effect suggests that the market is prone to style switching driven by the year-end policy expectation game and capital profit-taking, and the large-market value style performance represented by the SSE 50 and CSI 300 at the end of the year is often dominant. However, whether it will be switched depends on the observation of the year-end policy expectation game, the capital game, and the sustainability of the technology industry's catalysis.

(Image source: Ping An Securities Research Institute, "Strategy Monthly Report: Will the Market Style Change?——December Equity Market Outlook", statistical period: 2010/1/1~2022/12/31, no investment recommendation)

From the perspective of industries, the PE valuation of the TMT sector continues to be differentiated, with the PE valuation of electronics and media in the historical 80%-90% quantile range, the computer PE valuation in the historical center, the communication PE valuation in the historical 8% quantile, the PE valuation of power equipment and new energy in the historical very low, and the historical quantile of the PE valuation of automobiles and pharmaceuticals in the 63%-65% percentile.

(Image source: Ping An Securities Research Institute, "Strategy Monthly Report: Will Market Style Change?——December Equity Market Outlook", statistics as of 2023/11/24, no investment recommendation)

Ping An Securities pointed out that the current equity market opportunities outweigh the risks, and the market structure still tends to have industrial catalysis of continuous TMT, pharmaceutical, advanced manufacturing and other technology growth sectors and the corresponding small ticket market, but it is necessary to pay attention to transactions;

Investment metrics

04

The carrot chapter deceived 30 billion