China Fund News reporter Ruohui
Yesterday, the A-share market fluctuated dramatically, and the stock ETF once again showed the role of "market stabilizer", and the bottom-buying funds in the market took advantage of the stock ETF to "buy more and more", with a net inflow of nearly 3 billion yuan against the market throughout the day, setting the second largest single-day net inflow since April.
Small-cap stocks were the main camp of market selling pressure yesterday, but amid the panic, many CSI 1000 ETFs and CSI 2000 ETFs, which track small-cap stock indexes, led the net inflows on the day. With today's small-cap stocks starting to overshoot and rebound, the bottom-buying funds have gained a lot.
In addition, despite the high volatility mode of many gold ETFs, on-exchange funds continue to flow into gold ETFs, and many gold ETFs are among the top 10 net inflows.
A number of industry insiders said that the regulator issued a statement late yesterday night that the market view that "the revision of the delisting rules is mainly for small-cap stocks" is purely misreading, and the market confidence is stabilized in a timely manner.
Nearly 3 billion yuan of funds entered the market through stock ETFs
Yesterday, affected by the decline in micro-cap stocks, the Shanghai Composite Index tested the 3,000-point mark downward, including the Shanghai 50 and other mainstream indexes fell by more than 1%, the CSI 1000 Index fell by 4.18%, and the CSI 2000 Index fell by more than 7%. Except for the heavyweights, dividends and cyclical sectors, which were relatively resistant, the rest of the tracks closed down.
At this critical moment, the stock ETF, known as the "capital vane", fell sharply yesterday and once again appeared in the trend of "buying more and more". According to the statistics of the Fund Research Center of Galaxy Securities, as of April 16, the total scale of 862 stock ETFs (including cross-border ETFs) in the whole market reached 1.91 trillion yuan, and the net inflow of funds reached about 2.839 billion yuan according to the average trading price of the range, setting the second largest single-day net inflow since April, second only to April 1.
According to the statistics of China AMC Fund, on April 16, among the sub-categories, the net inflow of broad-based ETFs in the whole market ranked first, reaching 1.296 billion yuan, and the net inflow of industry ETFs reached 483 million yuan.
"ETF positions are transparent, equity positions are stable, has always been a convenient tool for the market to win a rebound, it is not excluded that some funds in the market are optimistic about the later rebound, in the process of the market decline against the market ambush, and from today's market trend, yesterday's bottom-buying funds also harvested 'red envelopes'. An ETF fund manager in Shanghai said.
Talking about the market outlook, China AMC Fund said that the market was originally in a correction cycle since late March, and this week's decline in small-cap stocks has exacerbated the speed of the pullback, and it is recommended that investors pay attention to the subsequent stop falling signal, which may represent the end of this round of pullback since late March.
"At present, the overall market is still in a fairly undervalued position, at the trading level, with the market falling, since March, the defensive funds are once again on the dip, the market has upward momentum, with the end of the follow-up adjustment, the market is expected to return to the upward rhythm of shocks, and the market style has the possibility of changing again, pay attention to whether the dividend assets will adjust the buying point, and whether the over-falling small and micro caps, technology stocks, etc. will repair the market. China Asset Management said.
Bosera Fund also said that recently, the State Council issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" (the new "National Nine Articles"), which marks that the capital market has entered a strong regulatory cycle, with stability as the keynote, and strict words are the characteristics of a new round of regulatory cycle. It is believed that in the future, those companies that really pay attention to corporate management, have good performance, have the courage to pay cash dividends, and create value for investors and shareholders will usher in opportunities for vigorous development and will be recognized by the market.
Small-cap ETFs and gold-backed ETFs saw net inflows
From the perspective of specific indexes, according to the statistics of China AMC Fund, on April 16, the ETFs tracking the CSI 1000 Index in the whole market had the highest single-day net inflows, totaling 917 million yuan.
Among them, the net inflow of funds of CSI 1000 ETF, ChinaAMC CSI 1000 ETF and GF CSI 1000 ETF reached 358 million yuan, 312 million yuan and 218 million yuan respectively, boosting the growth of the fund scale to 23.111 billion yuan, 13.180 billion yuan and 11.545 billion yuan.
A number of CSI 2000 ETFs have also been favored by bottom-buying funds, and the net inflow of CSI 2000 ETF and Huatai Pineapple CSI 2000 ETF in a single day is also above 200 million yuan.
In this regard, China AMC said that it had just experienced the decline after the lack of liquidity of small- and medium-cap stocks in January, and the short-term sentiment of small-cap stocks was relatively fragile. However, after two consecutive days of decline, investors have priced in the decline in risk appetite for small and micro cap stocks, returning to the policy itself, stricter trading supervision, delisting standards and higher dividend requirements and other starting points are to guide listed companies to improve their own quality, short-term CSI 2000 Index current price-earnings ratio and price-to-book ratio are basically located in the past 10 years 10% Therefore, there is not much room for valuation regression, and after the market has priced the news side, there may be a possibility of repair, and the signal of stopping or reversing is concerned.
Under the market turmoil, the top ETF fund companies began to receive net inflows of funds again. On April 16, E Fund's ETFs had a total net inflow of 578 million yuan, of which the most favored "outlet" was E Fund Gold ETF, which had a net inflow of 223 million yuan on the same day, bringing the total scale of the ETF to 9.316 billion yuan. In addition, Hong Kong securities ETFs, ChiNext ETFs, CSI 300 ETFs, E Fund, and H-share ETFs also received varying degrees of net inflows.
In addition, the single-day net inflows of Huaan Gold Easy ETF and Bosera Gold ETF reached 349 million yuan and 234 million yuan respectively, both of which ranked among the top 10 ETF net inflows on the day.
In the view of GF Fund Investment Advisor, the current gold price is obviously at a high level, and there is a short-term risk of correction. But in the medium to long term, gold is not particularly pessimistic. On the one hand, the Fed's interest rate cut is still a relatively high probability event, but the timing and magnitude of the current situation are uncertain; on the other hand, from the international perspective, geopolitical factors have led to the persistence of safe-haven demand, and at the same time, central banks are gradually promoting "de-dollarization".
Therefore, GF Fund Investment Consultant suggests that investors can wait and see for the time being if they have sufficient gold assets in their accounts, and do not need to increase their positions too aggressively, and if they do not hold gold at present, then the allocation of gold can most likely reduce the volatility of the account and improve the overall investment cost performance.
From the perspective of the direction of net outflow of funds, the overall net outflow of broad-based ETFs such as SSE 50 and CSI 300 is in the front, and coal ETFs and non-ferrous metal ETFs that have risen more have also been temporarily "profit-taking" by funds.
Editor: Joey
Review: Muyu