As of January 9, 2024, ChiNext ETF 004744 110026 159915 has received a net inflow of more than 3 billion yuan in the past 5 days, nearly 4.7 billion yuan in the past 20 days, and a cumulative net inflow of more than 29 billion yuan in the ETF2023 year as of December 25, 2023. These data reveal the market's recent high interest in ChiNext ETFs, so what is the current investment value of ChiNext ETFs?
Valuations are at historically low levels, and investments are cost-effective
As of December 27, 2023, the rolling P/E ratio of GEM is only 26.68 times, which is at the relatively low quantile of 0.17 in the past five years. Among the small and medium-cap companies listed on the GEM, strategic emerging industries account for a relatively high proportion and are more resilient in the rebound market.
The prosperity of the weighted sectors is expected to stabilize
In terms of new electricity, in the short term, the demand data has improved overall, and the supply has come out earlier than expected. In November 2023, domestic and foreign demand data both achieved month-on-month growth, including domestic installed capacity of 21.3GW, up 57% month-on-month, module exports of 15.0GW, up 15% month-on-month, European module inventories depleted by about 3GW in a single month, and module exports from non-European and US regions hit a new monthly high, and inverter exports reached US$560 million, up 1% month-on-month, especially in Zhejiang, which increased by more than 20% month-on-month. On the supply side, the phenomenon of clearing has also increased.
Looking forward to the positive factors in 2024, on the supply side, considering the superposition of the delay in production and the delay in reaching production, the actual supply and demand are expected to be better than the current expectations, and the diversification of technical routes + globalization of production capacity layout, and the supply side to avoid homogeneous competition. From the perspective of profitability, the current profit of the manufacturing side has reached the bottom, and the demand will increase seasonally after the Spring Festival, and the maximum pressure on supply and demand will pass.
In terms of pharmaceuticals, as earnings and inventories have been declining for a long time, and the overseas tightening cycle is nearing the top, the interest rate-sensitive innovative drug industry chain has rebounded sharply and is expected to stabilize in the near future. The logic of innovative drugs going overseas has also become one of the important factors of the expected inflection point.
As of December 24, 2023, 75 domestic new drugs have been exported overseas, with a total transaction value of US$39 billion, a record high. Among them, there are as many as 25 overseas authorizations with a total amount of more than 500 million US dollars. "License out" is one of the ways for drugs to go overseas, and now the number of licenses-out has surpassed License-in, and products going overseas has become the main theme of overseas BD transactions of local innovative drugs. The rapid increase in the number of license-out transactions shows that the commercial ceiling of domestic innovative drugs will be further opened on the one hand, and on the other hand, it also shows that the quality of R&D of domestic innovative drugs is constantly improving, and the value of domestic new drugs is fully recognized by multinational pharmaceutical companies. The new technology cycle of innovative drugs is expected to superimpose on the trend of the U.S. Treasury interest rate cycle, providing impetus for the beta upward movement of the pharmaceutical sector.
ChiNext ETF (code: 159915, connecting A/C: 110026/004744) in tracking the GEM index products in terms of scale and liquidity are leading the same category, or the only GEM option target in the whole market, in the current historical relatively low allocation value is more prominent, with the economic stabilization and recovery and the weight of the industry is expected to rebound, ChiNext ETF is a high-quality investment target!
The above content and data have nothing to do with the position of the interface and do not constitute investment advice. Do so at your own risk.
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