Interface News Reporter | Ji Yao
Interface News Editor |
It is now the last decade of the closing month of 2023.
During the year, overseas markets performed well. The NASDAQ index has risen by 43.35%, the Nikkei 225 index has risen by 29.05%, the KOSPI index has increased by 16.90%, the NIFTY 50 index of India has increased by 18.49%, and the VN30 index of Vietnam has increased by 10.70%.
Among the all-market funds, the top performers are all QDII funds. More than half of the QDII funds achieved positive returns, with 22 QDII funds yielding more than 50%, mainly invested in Nasdaq technology stocks, and GF Global Select RMB temporarily ranked first with a yield of 63.72%.
At the same time, there are more than 60 QDIIs that have fallen by more than 10%, and their holdings are mainly targeted by the Hang Seng Index of Hong Kong stocks, and the performance of Hong Kong stocks has been sluggish during the year.
In addition, a number of gold QDIIs rose by more than 10% during the year, with Sino Global Gold rising by 10.72%, E Fund Gold Theme A RMB rising by 10.71%, and Harvest Gold rising by 10.23%.
In addition, due to the strength of gold prices, among alternative investment funds, CCB Shanghai Gold ETF, Wells Fargo Shanghai Gold ETF, Huaan Gold ETF, Bosera Gold ETF, Southern Shanghai Gold ETF, Guotai Gold ETF Connect A and many other gold-themed funds returned more than 10% during the year.
During the year, the bond market was generally strong. Bond funds performed better, with nearly ninety percent of the bond base recording positive returns during the year. ICBC Convertible Bonds, Tianhong Wenli, Dongxing Xingrui One-year Fixed Opening, and Dongxing Xingfu One-year Fixed Opening Annual Income exceeded 10%, of which ICBC Convertible Bonds topped the list with an annual yield of 12.39%.
A-shares are relatively sluggish, and the performance of active equity funds is mixed, with nearly ninety percent of funds in the red.
The top 10 funds in terms of income all recorded returns of more than 30%. Among them, Taixin Industry Selection managed by Dong Shanqing, Soochow Mobile Internet and Soochow New Trend Value Line managed by Liu Yuanhai, Huaxia Beijing Stock Exchange Innovative Small and Medium-sized Enterprises Selected by Gu Xinfeng will be opened in two years, Oriental Regional Development managed by Zhou Siyue, and Golden Eagle Technology Innovation managed by Chen Ying ranked first in terms of revenue during the year, and the performance gap between individual products is small.
There were more than 30 products with returns of more than 20% during the year, and the cumulative returns of Golden Eagle Core Resources, Golden Eagle Dividend Value, Golden Eagle Small and Mid Cap Selection, China Merchants Sports, Culture and Leisure, GF Electronic Information Media Industry Selection, China Post Health Culture and Entertainment, and Jinyuan Shun'an Quality Selection all exceeded 25% during the year.
On the other hand, nearly ninety percent of active equity products are in the red, and about 30 funds are losing more than 40%. Among the active equity funds with the highest losses, new energy theme funds account for the majority.
During the year, the performance of sub-sectors in the new energy sector was mixed, with photovoltaic equipment, energy metals, batteries, wind power equipment and other sub-sectors declining significantly, while passenger cars rose. Funds related to smart cars have achieved certain returns. Liu Yuanhai's Soochow New Energy Vehicles earned 18.33% during the year, Li Bo's Xinao Bojian Growth had an annual revenue of 11.49%, and Xinao New Energy Select had an annual revenue of 9.5%.
At the bottom of the performance is the low-carbon growth of China Securities Construction Investment, with a loss of more than 50% during the year. The quarterly report of the fund shows that it has a heavy position in photovoltaic and energy metals. In the past two years, the fund's performance has experienced big ups and downs. In 2022, the return rate of the fund's AC shares will exceed 10%, ranking among the top in terms of returns.
The second-to-last performance was AVIC's new departure, which fell by nearly 50% during the year. According to the fund's quarterly report, the fund's declines in the first three quarters were 17.00%, 5.51%, and 23.95%, respectively. In the third quarter, the underperformance performance compared with the benchmark yield exceeded 20%, and as of the latest, the net unit value of AVIC Xinqihang was 0.45 yuan.
GF High-end Manufacturing and GF Growth Momentum, which Zheng Chengran of GF Fund, alone or jointly managed by others, have lost more than 40% in their performance for three years, and both of them have heavy positions in photovoltaic and energy industry stocks. It can be seen from the heavy position of the fund under Zheng Chengran's name that he is heavily betting on new energy. According to the third quarterly report of GF high-end manufacturing, the top ten heavy stocks are all new energy, accounting for 88.3%.
In addition, the funds with more losses also involve related products such as Bank of Shanghai Fund, Great Wall Fund, Nord Fund and Bank of China Securities.
A public offering person said that in recent years, the rotation of the A-share sector has accelerated, and the products with better performance may have stepped on the right outlet, and it is recommended that investors look at it rationally and pay more attention to the long-term performance of the product.
Regarding the performance of the new energy sector, Li Bo, manager of Cinda Australasia Fund, said that the fluctuation of stock prices does not affect the development trend of the industry. On the whole, the beta of the upstream of the new energy industry is weak, and exports are also affected by recent international politics, and the total growth trend of the industry is not obvious. Smart cars are one of the few bright spots in the second half of this year, and domestic cars in many fields have shown strong competitiveness.
He also said that the current development of AI affects all walks of life, and the automotive industry is probably one of the most affected. Autonomous driving is only one direction in the application of AI in the automotive field, and the application of in-vehicle voice is also a direction.
For the outlook of Hong Kong stocks, Luo Jiaming, manager of CEIBS Fund, said at the 2024 investment strategy conference that this year is the fourth year that the Hang Seng Index of Hong Kong stocks has fallen, and Hong Kong stocks have not fallen for four consecutive years in history, so we can look forward to Hong Kong stocks next year.
On the one hand, in terms of valuations and capital flows, the rise in interest rates in the United States and the surge in Treasury yields have led to capital outflows, the economy is less than expected, and the earnings of listed companies are constantly downgrading, which has exacerbated pessimism.
On the other hand, US Treasury yields have been lowered, the dollar index has also been lowered, and the yuan has appreciated. The current decline in the stock market does not reflect the macro-favorable variables, especially in December. The anomaly will not last long, and I hope to see the entire macro changes in the future to support the upward movement of the Hong Kong stock market.