Reporter: Ye Feng Editor: Xiao Ruidong
Tianci Liangji Daily No. 326
1. A quick overview of today's fund news
1. A number of broad-based ETFs hit record highs
Last week, ETF shares broke through the 2 trillion mark, hitting a record high. The share of many equity ETFs also hit a record high, among which the fastest growth in share is broad-based ETF, Huatai Barry CSI 300 ETF, E Fund CSI 300 ETF, ChinaAMC SSE 50 ETF, E Fund ChiNext ETF and other shares have all reached record highs. The agency believes that at present, A-shares are still in the bottom area, the downward risk of the index is not large, and appropriate positions can be used to allocate on dips. (Via: China Securities Journal)
2. Since the beginning of this month, the net subscription share of ETFs has been close to 69 billion
Since December, the net subscription share of ETFs has hit a new monthly high since the fourth quarter, approaching 69 billion shares, and the inflow intention of funds in the past two weeks is particularly obvious. Industry insiders believe that the current market valuation is close to the historical bottom area, and the subsequent marginal changes in fundamentals, liquidity, and policies are expected to drive the overall valuation to rebound. (Via: Shanghai Securities News)
3. The public REITs market reproduces proportional allocation
On December 25, Guotai Junan Urban Investment Kuanting Rental Housing REIT announced that it would close its offering ahead of schedule, and the fund manager would confirm the effective subscription applications of public investors in accordance with the relevant provisions in the announcement of the fund's share offering in accordance with the principle of "full proportional allocation". In addition, since December, the process of "new" public REITs has been significantly accelerated, with China AMC Jinmao Commercial REIT and Jia Physical Beauty Consumer REIT having inquired, and China Asset Management, Huaan Fund and Huatai Asset Management also continuing to report public REITs projects. Relevant research reports show that after this round of price shock adjustment, public REITs products may have the opportunity to rebound on the left side and trend. (Via: China Securities Journal)
2. The latest developments of well-known fund managers
1. Dong Han of Invesco Great Wall Fund investigates Xingrui Technology
On December 22, 2023, Xingrui Technology, a listed company, was investigated by institutions. Dong Han of Invesco Great Wall Fund appeared in it. Data from the past six months shows that Dong Han has not yet held the stock in the fund under management.
3. Today's ETF market commentary
1. ETF market review
The broader market opened lower throughout the day, with the ChiNext index leading the decline, and the Shanghai Composite Index falling below 2,900 points again. On the disk, phosphorus chemical concept stocks fluctuated and strengthened, photovoltaic concept stocks rebounded locally, and water conservancy and environmental protection stocks moved in the afternoon.
In terms of ETFs, Southeast Asia Technology ETF rose nearly 4% to hit a new listing high, and Nikkei ETF rose more than 1%.
The Southeast Asia Technology ETF tracks the SGX Pan-Southeast Asia Technology Index, which aims to track the performance of the top 30 big tech companies in Southeast Asia and emerging Asian markets, covering companies that are primarily engaged in technology-related industries such as information technology, software and consulting, automotive manufacturing, electronic components and manufacturing, retail and media services.
A brokerage said that the pan-Southeast Asian region has a young population structure, strong industrial support policies, the transfer of the manufacturing industry chain, and the full flowering of the technology industry, and in the context of the overall slowdown in the global economy, the pan-Southeast Asian region has shown a contrarian growth trend, and the development momentum has remained strong, attracting the attention of global investors.
However, this afternoon, the fund company issued a risk warning announcement on the trading price premium, and the trading price of the secondary market of Southeast Asia technology ETF was significantly higher than the reference net value of the fund share, showing a large premium. Investors are hereby reminded to pay attention to the risk of trading price premium in the secondary market, and investors may suffer significant losses if they invest blindly.
In terms of decline, science and technology chips, cloud computing and other related ETFs fell more than 2%.
AMD expects the size of the AI chip market to reach about $45 billion in 2023 and is expected to grow to $400 billion in 2027, with a compound growth rate of more than 70% from 2023 to 2027. The United States continues to tighten restrictions on the supply of high-end GPUs, and domestic AI computing chip manufacturers are expected to usher in a golden period of development.
For the cloud computing and big data sectors, some brokerages said that at present, the global cloud computing market has entered a stage of stable growth, and cloud and AI have become indispensable productivity for enterprises. At present, there are more than 3.8 million cloud enterprises in mainland China, but compared with the United States and Europe, there is still a lot of room for development. Under the influence of policies such as new infrastructure and eastern and western computing, China's cloud computing market will continue to maintain rapid growth.
2. ETF thematic opportunities
With the suspension of shipping giants, crude oil transportation in the Red Sea region will decline further, which will further affect the supply of oil in Europe and the United States. If merchant ships seek alternative routes, such as detouring to the Cape of Good Hope in Africa, it will lead to an increase in multiple costs such as time, fuel costs, insurance, etc., which will inevitably lead to an increase in freight rates, and the crude oil transportation index BDTI and the refined oil transportation index BCTI are expected to rise.
As OPEC+ continues to constrain production, the supply and demand pattern of oil prices is expected to continue to improve, and in the context of the intensification of geopolitical conflict spillover risks, the tightening of crude oil fundamentals will still support oil prices to remain high.
Fourth, focus on new funds tomorrow
1. Fund abbreviation: E Fund Huixiang Stable Pension One-Year Holding Hybrid (FOF)
Fund Type: FOF
Fund Manager: Cheung Chun Ki
Performance comparison benchmark: CSI 300 Index yield * 20% + CSI Hong Kong Stock Connect Composite Index yield * 5% + China Bond New Composite Index (Wealth) yield * 75%
Past performance of the fund manager:
National Business Daily