Summary of the week
Market Overview: Last week (April 8 to April 12), A-shares fluctuated downward, and fell rapidly by more than 0.5% after midday trading on Friday. The value style of the whole week has significantly "outperformed" the growth style, and the hot concepts have risen less and fallen more, and only gold-related concepts have bucked the trend and floated red. For the week, the Shanghai Composite Index fell 1.62%, the Shenzhen Composite Index fell 3.32%, and the ChiNext Index fell 4.21%.
Industry sectors: Wind fell by an average of 2.49% last week, with only 10% of the sectors making positive gains, and the Wind Top 100 Concepts Index rising by 22%. In terms of sectors, public utilities, coal, and non-ferrous metals performed relatively well, up 2.26%, 1.86%, and 1.56% respectively, while banks, steel, social services, and automobiles closed down with slight shocks, and the decline did not exceed 1%, while non-bank finance, agriculture, forestry, animal husbandry and fishery, and real estate weakened significantly, down 5.70%, 6.05%, and 7.13% respectively.
Fund issuance: A total of 16 funds were issued last week, including 7 equity funds, 7 bond funds, and 2 QDII funds, with a total of 22.383 billion shares.
Fund Performance: The Wind All-Base Index fell 0.80% last week. Among them, the Wind Common Equity Fund Index fell by 1.73%, the Wind Partial Equity Mixed Fund Index fell by 1.48%, and the Wind Bond Fund Index rose by 0.17%.
Weekly market
01
A review of global asset classes
In terms of major assets, overseas equity rebounded slightly last week, with the three major U.S. stock indexes in the general survey, of which the Dow Jones index fell by more than 2%, and the emerging market index as a whole outperformed the developed market index. Chinese bonds and U.S. bonds fluctuate in opposite directions, and the yield of Treasury bond futures is stronger than that of U.S. Treasury bond futures. Commodity prices are strong, following last week's rise in international oil prices, international oil prices fluctuated and pulled back, the overall range is not large, and the black and non-ferrous systems are obviously strong, the thread and hot coil in the South China industrial products are obviously upward, LME copper, LME aluminum also rose, gold maintained a strong position, the London gold index once broke through the $2,400 / ounce mark, the dollar index strengthened again, the euro, the pound, the yen have weakened to varying degrees.
Chart 1: Global asset class returns
Unit: %
Source: Wind
02
Review of the domestic fund market
Chart 2: Mutual fund market index performance
Source: Wind
Last week, the investment sentiment was relatively sluggish, the weekly turnover fell month-on-month, falling below 900 billion again, the transaction volume of the two financial institutions continued to decline, and the willingness of northbound funds to "enter" was not high throughout the week, with a single-day net outflow of more than 7 billion yuan on Friday, and a net outflow of more than 12 billion yuan for the whole week.
Chart 3: Equity Market Sentiment Tracking
Source: Wind
Note: The colored markers of the Shanghai and Shenzhen Stock Exchanges are the 25%, 50% and 75% quantiles of the turnover within the date range of the horizontal axis statistics, which are only used for static display and do not contain any investment advice
In terms of industries, the average decline of Wind Level 1 last week was 2.49%, and only 10% of the sectors achieved positive returns, and the Wind Top 100 Concept Index rose by 22%.
In terms of sectors, public utilities, coal, and non-ferrous metals performed relatively well, up 2.26%, 1.86%, and 1.56% respectively, while banks, steel, social services, and automobiles closed down with slight shocks, and the decline did not exceed 1%, while non-bank finance, agriculture, forestry, animal husbandry and fishery, and real estate weakened significantly, down 5.70%, 6.05%, and 7.13% respectively.
Chart 4: Wind Tier 1 Sector Index performance
Source: Wind
Note: P/E ratio = total market capitalization of constituent stocks on the day / total net profit (TTM) of constituent stocks, when the net profit (TTM) of constituent stocks is negative, the P/E ratio is 0;
03
Review of the domestic bond market
The Treasury futures index (CFFEX10 year) rose 0.32% last week, breaking the mid-March high and hitting a new all-time high. Among them, the short-end interest rate has dropped significantly, and the difference between the inter-agency funding rate (DR007-R007) has continued to decrease compared with last week.
Chart 5: Representative bond yield tracking
Source: Wind
04
Fund issuance
Last week, a total of 16 funds were issued, including 7 equity funds, 7 bond funds, and 2 QDII funds, with a total of 22.383 billion shares.
Chart 6: Issuance in the mutual fund market
Source: Wind
Previous Review
01
In this way, regular investment in A-shares can outperform the S&P 500 [with case]
02
Taking into account the retracement of returns, the "Queen of Stability" is stable and far-reaching
03
Is the dumbbell strategy the "natural choice"?
Risk Disclosure Letter for Publicly Offered Securities Investment Funds
Dear Investors,
The market is risky, and investors need to be cautious. A publicly offered securities investment fund (hereinafter referred to as a "fund") is a long-term investment tool, and when you purchase fund products, you may not only enjoy the income generated by the fund investment, but also bear the losses caused by the fund investment.
Before you make an investment decision, please read the fund contract, fund prospectus, risk disclosure letter and other legal documents of fund products in detail, familiarize yourself with the risk-return characteristics and fund characteristics of the fund, and evaluate your own risk tolerance based on your own investment objectives, investment experience, asset status and other factors, and make investment decisions rationally and prudently.
In accordance with relevant laws and regulations, Shanghai Wind Fund Sales Co., Ltd. makes the following risk disclosures:
1. Infrastructure funds have different risk-return characteristics from public funds that invest in stocks or bonds, and the expected risk is lower than that of equity funds and higher than that of bond funds and money market funds. Investors should fully understand the investment risks of infrastructure funds and the risk factors disclosed in this prospectus and make prudent investment decisions.
2. The fund may face various risks in the process of investment and operation, including market risks, as well as the fund's own management risks, technical risks and compliance risks.
3. You should fully understand the difference between regular fixed investment and lump sum deposit and withdrawal of funds. Regular investment is a simple and easy investment method to guide investors to make long-term investment and average investment costs, but it cannot avoid the inherent risks of fund investment, cannot guarantee investors to obtain returns, and is not an equivalent financial management method to replace savings.
4. Risk disclosure of special types of products:
1. If the product you purchase is a pension target fund, the product is not principal-protected and may incur losses. Please read the specific risk disclosure carefully to confirm the product features.
2. If the product you purchase is a money market fund, the fund manager does not guarantee that the fund will be profitable, nor does it guarantee a minimum return.
3. If the product you purchase invests in overseas securities, in addition to the general investment risks such as market fluctuation risks similar to those of domestic securities investment funds, the funds are also subject to special investment risks faced by overseas securities market investments, such as exchange rate risks.
4. If the product you purchased operates in a regular open mode or the fund contract stipulates a minimum holding period for fund shares, you will face liquidity constraints due to the inability to redeem or sell fund shares during the closed period or minimum holding period.
5. The fund manager undertakes to manage and use the fund assets in good faith, diligence and responsibility, but does not guarantee that the fund will be profitable, nor does it guarantee the minimum return. Fund investment follows the principle of "buyer's responsibility", and after making an investment decision, the investment risk is borne by you.
Shanghai Wind Fund Sales Co., Ltd
Disclaimer: This article is for informational purposes only and does not constitute any investment advice. Past performance of the fund and its net worth or the performance of other funds managed by the fund manager are not indicative of its future performance. Wind Fund and related personnel do not promise that any investment income or investment principal will not be lost. Wind Fund and related personnel shall not be liable for any loss caused by the use of this article or its content or other reasons related thereto, as well as any direct or indirect loss caused by the publication of this article or its content, or due to errors in the communication of facts or analytical data. The performance data of the Fund cited in this article is derived from information disclosed by the Manager and reviewed by the Custodian, including but not limited to the Fund's periodic reports.