Today (April 17, 2024), A-shares sounded the horn of counteroffensive, the market was jubilant, 30 CITIC first-class industries were red across the board, and the three major indexes collectively rose by more than 2%! Small-cap stocks rebounded strongly, with more than 5,100 stocks in the two cities closing in the red, and the turnover of the two cities was 918.47 billion yuan.
On the market, the concept of AI strengthened across the board, and the price of the Fintech ETF (159851) soared by 4.88%. The information and innovation sector rose strongly, and the prices of the information and innovation ETF (562030) fund and the big data industry ETF (516700) both rose by more than 4%. The military sector rebounded across the board, and the price of the popular defense and military ETF (512810) closed up 3.56%.
Image source: Wind
The core assets of the large market rebounded simultaneously, and the price of the core leading broad-based A50 ETF Huabao (159596) closed up 0.91%, with a daily turnover of 198 million yuan, ranking third among the first batch of 10 ETFs linked to the CSI A50 Index. It is worth mentioning that according to the announcement on the official website of the Shenzhen Stock Exchange, the new A50 ETF Huabao (159596) will be included in the exchange-traded open-ended index fund of margin financing and securities lending, which will be officially implemented on April 15. The liquidity of the follow-up A50 ETF Huabao (159596) is expected to be further improved.
On the news side, the China Securities Regulatory Commission urgently responded to the issue of dividends and delisting last night. The leaders of the China Securities Regulatory Commission said that the adjustment of the delisting indicators is aimed at increasing efforts to clear out the "zombie shells" and "black sheep", not for "small-cap stocks". Steady arrangements have been made in terms of standard setting and transition period arrangements, which will not have an impact on the market in the short term. There is a view in the market that "the revision of the delisting rules is mainly for small-cap stocks", which is a misreading.
Looking ahead, China Securities Construction Investment said that A-shares are expected to show a small bull market in 2024, mainly due to two major factors, one is the obvious improvement of global macro liquidity, and the other is that the domestic steady growth may exceed expectations. This may drive positive A-share earnings growth in 2024 and valuation recovery.
Today, we will focus on the trading and fundamentals of three sectors, including financial technology, information innovation, and national defense and military industry
1. The end of the market sprints again! 7 shares rose by more than 10%, Xinyada rose by the limit, and the financial technology ETF (159851) closed up 4.88%!
The AI concept rebounded across the board, and the CSI Fintech Theme Index, which focuses on AI financial applications, rose 4.85%, and all the constituent stocks closed in the red. Among the constituent stocks of the GEM, 7 rose by more than 10%, among them, Guao Technology rose by more than 15%, Zhaori Technology rose by more than 14%, and Feitian Integrity, Haofeng Technology and Huijin Technology rose by more than 12%. Among the heavyweight stocks, Oriental Wealth, Hang Seng Electronics, and Flush all rose more than 2%.
In terms of popular ETFs, the Fintech ETF (159851) fell more than 5% in the market yesterday, and today it counterattacked strongly throughout the day, with a rapid increase of 4% in the morning market, and then sprinted at the end of the session, and finally closed up 4.88%, showing flexibility! In terms of trading and funds, the ETF had a turnover of more than 21 million yuan throughout the day, after attracting gold for 4 consecutive days.
Image Credit: Snowball
On the financial side, the nine new articles were released, and the supply-side reform of the securities industry is expected to accelerate, and financial technology may benefit deeply. The senior management recently issued the third "National Nine Articles" of the capital market, and the Shanghai and Shenzhen North Stock Exchanges of the China Securities Regulatory Commission immediately issued supporting rules. Judging from the content of the new "Nine Articles", the signal of strict supervision and strong supervision is obvious, but at the same time, it also conveys the determination of supervision to enhance the credibility of the A-share market, win back the hearts and minds of the people, and enhance the long-term value of the mainland capital market.
On the news side, Huawei empowers AI finance. According to media sources, on April 11, the 2024 Huawei Financial Innovation Data Infrastructure Summit was held in Chongqing with the theme of "Digital Future, Smart Finance". At the summit, Zhou Yuefeng, President of Huawei's Data Storage Product Line, officially released four solutions for the financial industry: central AI, edge AI, AI data protection, and AI data lake, helping the financial industry accelerate its embrace of AI and build a reliable data infrastructure in the AI era.
Fundamentally, AI may have begun to help fintech companies achieve revenue. On April 16, Zhengtong Electronics said on the interactive platform that the company will continue to research and optimize the platform that supports the operation of computing power business, and support the expansion of new customers and enhance customer value contribution through the development and sales of core products. This business has made a certain contribution to the company's revenue, but it will not have a significant impact on the operating results for the time being, please refer to the company's regular report for details.
Soochow Securities believes that in the context of the successive introduction of financial technology support policies and the accelerated implementation of overseas financial vertical models, financial vertical models will become the focus of future development in the field of financial AI. AI financial enterprises with a large financial transaction data foundation, a better application scenario entrance, and more mature experience in the application of AI technology will benefit significantly.
Lay out AI+ finance, and pay attention to the active target of the market - financial technology ETF (159851). According to the data, the Fintech ETF (159851) passively tracks the CSI Fintech Theme Index, and the index is "elastic"! The largest industry is computers, accounting for about 80%, covering popular themes such as digital economy, ChatGPT, information innovation, and financial IT. The second largest industry is non-bank finance (mainly online brokers), accounting for nearly 14%.
Source: China Securities Index Company
2. The model that defeated Sora appeared?360 rose by more than 5%, and the Xinchuang ETF Fund (562030) soared by 4.01%!
Among the 50 constituent stocks of the CSI Information Innovation Index, which lays out the core of the information and innovation industry chain, 49 constituent stocks closed in the red; the top 10 constituent stocks rose by more than 7%, led by Win Shisheng and Qingyun Technology-U, and among the top 10 heavy stocks, Sugon, 360 and Inspur Information all rose by more than 4%, with outstanding performance.
Chart: The top 10 constituent stocks of the CSI Information Innovation Index
Image source: Wind
In terms of popular ETFs, the Xinchuang ETF Fund (562030), which closely tracks the CSI Xinchuang Index, rose rapidly at the beginning of the session, and then maintained a high level throughout the day, with the on-site price closing at an intraday high, closing up 4.01%, the largest one-day increase since March 2, recovering the 5-day moving average.
Image Credit: Snowball
On the news side, yesterday, the Create 2024 Baidu AI Developer Conference was held. Baidu's CEO brought three major AI development tools, released the tool version of Wenxin Model 4.0, and said, "AI is setting off a creative revolution, and developing applications in the future is as simple as shooting a short video, everyone is a developer, and everyone is a creator." ”
In the field of Wensheng video, recently, Picsart AI Resarch and other teams jointly released StreamingT2V, which can generate videos up to 1200 frames and a duration of 2 minutes, surpassing Sora in terms of output time. What's more, two minutes is not the limit, and it can theoretically generate an infinitely long video. Yesterday, Adobe announced that Premiere Pro, a professional video editing software, has introduced a series of new generative AI features, including literati videos, video extensions, and the ability to cut or replace content in videos.
Today's news, at the 27th United Nations Science and Technology Conference held in Switzerland, the World Digital Technology Institute (WDTA) released two international standards, "Generative Artificial Intelligence Application Security Testing Standards" and "Large Language Model Security Testing Methods", which are jointly compiled by OpenAI, Ant Group, iFLYTEK, Google, Microsoft, NVIDIA, Baidu, Tencent and other dozens of units of experts and scholars.
Cinda Securities said that benefiting from the continuous development of global generative AI, the iterative update of Wensheng diagrams, videos, music, code and other applications is expected to bring cost reduction and efficiency increase to many industries in the long run.
GF Securities pointed out that in the face of the rapid development of AI technology and the increasingly fierce competition in the research and development and application of large models, major technology manufacturers are bound to continue to increase investment and research and development in artificial intelligence infrastructure in order to maintain their competitive advantages, and AI computing power may usher in a new round of climax.
"Zhenxin China, the rise of domestic products", investors who are optimistic about the development prospects of the information and innovation sector, related products information and innovation ETF fund (562030). According to public information, the Xinchuang ETF fund passively tracks the CSI Xinchuang Index (931247), focusing on the layout of 50 Xinchuang core stocks, covering the entire industry chain, bringing together the leading Xinchuang stocks, and the index has the characteristics of high growth and large space, and can invest in the core links of the Xinchuang industry chain with one click.
3. Violent rebound! National Defense and Military ETF (512810) returned 3.56%! Yaguang Technology and Shanghai Hanxun soared more than 10% to lead the gains
The national defense and military industry ETF (512810) opened high and went high, and the price on the market rose 3.56%, recovering the 5-day line and the 60-day line in one fell swoop, with a turnover of 50.96 million yuan throughout the day.
Image source: Wind
Lose also small-cap stocks, become also small-cap stocks. Among the 80 constituent stocks of the CSI Military Index, there are 27 constituent stocks with a market value of less than 10 billion yuan, accounting for more than 3 percent. Judging from the performance of constituent stocks, the leaders are basically all small-cap stocks, Yaguang Technology and Shanghai Hanxun both soared 10.24%, Zhongke Xingtu rose 9.07%, and Guanglian Airlines, Fiberhome Electronics, Sichuang Electronics and other stocks rose more than 8%.
Chart: The top 15 constituent stocks of the CSI Military Index rose to gain
Image source: Wind
The trigger for the strong rebound in small-cap stocks was undoubtedly the SFC's emergency response last night. Yesterday evening, the China Securities Regulatory Commission answered reporters' questions on hot issues such as dividends and delisting. According to the China Securities Regulatory Commission, the adjustment of the delisting index is aimed at increasing efforts to clear out the "zombie shell" and "black sheep", not for "small-cap stocks". There is a view in the market that "this delisting rule change is mainly for small-cap stocks", which is a pure misreading.
In terms of industry news, a few days ago, following AVIC and Aerospace Science and Technology Group, the personnel position of aerospace science and technology has landed. Industry insiders pointed out that the main factors affecting the military industry such as anti-corruption may enter the final stage, and the follow-up orders related to the military industry are expected to resume orderly transmission, and the military-related targets are expected to enter a new growth cycle.
Fundamentally, the prosperity of the national defense industry is relatively certain. According to the analysis of Shenwan Hongyuan's research report, it is expected that the performance in 2024Q1 will be about 7.66-8.12 billion yuan, a year-on-year increase of 11.1%-17.7%, maintaining steady growth. Zhongtai Securities also believes that in 2024, the certainty of compensatory demand will be high, the supporting and procurement system will continue to be optimized, and the industry's annual performance is expected to be low and high.
It is worth noting that there have been frequent new developments in the capital of the national defense and military industry sector recently. Taking the representative national defense and military ETF (512810) as an example, when the ETF rebounded on April 15, it received nearly 10 million yuan of funds to "chase after the victory", and on the 16th, the plate fell heavily and received nearly 3 million yuan of funds to increase its position. In the long run, the ETF has been net subscribed for 8 days in the past 10 trading days, with a total amount of more than 42.79 million yuan.
Image source: Wind
Optimistic about the investment opportunities in the national defense and military industry sector, the related product national defense and military industry ETF (512810), the fund tracks the CSI military index, and the constituent stocks fully cover 80 subdivisions in the field of national defense and military industry, which is a powerful tool for one-click investment in the core assets of the A-share military industry. At present, the PE valuation of the CSI Military Index is at the bottom of the 7% quantile in the past 10 years, and the cost performance of the allocation is particularly prominent. It is particularly worth mentioning that as of the end of 2023, the net value growth of the National Defense and Military ETF (512810) since its inception has been as high as 20.99% relative to the performance benchmark!
Note: The annual performance of the defense and military ETF from its inception in 2016 to 2023 is -7.33%, -12.27%, -28.34%, 25.39%, 77.34%, 25.08%, -25.52%, -9.09%, and the returns of the performance comparison benchmark (CSI Military Index) for the same period are -3.44%, -18.37%, -27.25%, 22.02%, 67.91%, 14.28%, -25.74%, - 11.02%。
Source: Shanghai and Shenzhen Stock Exchanges, Xueqiu, Wind, etc., as of April 17, 2024.
Risk Warning: When participating in margin trading, investors are advised to carefully read the relevant business rules, business contracts and risk disclosures for margin trading, and prudently assess their own economic status and financial ability to avoid unbearable losses due to participating in margin trading. The Fintech ETF passively tracks the CSI Fintech Thematic Index with a base date of 2014.6.30 and a release date of 2017.6.22, the National Defense ETF passively tracks the CSI Military Index with a base date of 2004.12.31 and is released on 2013.12.26, the Xinchuang ETF passively tracks the CSI Fintech Index with a base date of 2017.12.29 and is released on 2012.12.21, and the Big Data Industry ETF passively tracks the CSI Big Data Industry Index with a base date of 2012.12.31 and a release date of 2016.10.18The intelligent manufacturing ETF passively tracks the CSI Intelligent Manufacturing Theme Index, which has a base date of 2012.6.29 and a release date of 2016.7.20, and the underlying index of A50 ETF Huabao and its feeder fund is CSI A50 Index, which has a base date of 2014.12.31 and a release date of 2024.1.2. The composition of the index constituents is adjusted in accordance with the rules of the index, and its backtested historical performance is not indicative of the future performance of the index. The individual stocks mentioned in the article are only objectively displayed and enumerated as index constituent stocks, and are not recommended as any individual stocks, and do not represent the fund manager and fund investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors shall be responsible for any investment behavior determined independently. In addition, any opinions, analysis and forecasts in this article do not constitute any form of investment advice to the reader, and the company shall not be liable for any direct or indirect losses arising from the use of the content of this article. Investors should carefully read the Fund Contract, Prospectus, Fund Product Key Facts Statement and other legal documents of the fund, understand the risk-return characteristics of the fund, and choose products that are suitable for their own risk tolerance. Past performance of a fund is not indicative of its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund. According to the assessment of the fund manager, the risk level of Fintech ETF, National Defense and Military Industry ETF, Xinchuang ETF, Big Data Industry ETF, Intelligent Manufacturing ETF, A50 ETF Huabao and its feeder fund are all R3-medium risk, and it is suitable for investors with balanced (C3) and above. Investors should pay attention to the suitability opinions issued by the fund managers in a timely manner when the distribution agencies (including fund managers, direct sales agencies and other sales agencies) conduct risk assessments of the above funds in accordance with relevant laws and regulations, and the opinions of each sales agency on the suitability are not necessarily the same, and the risk rating evaluation results of fund products issued by fund distribution agencies shall not be lower than the risk rating evaluation results made by fund managers. The risk-return characteristics of the fund and the risk level of the fund in the fund contract are different due to different factors to be considered. Investors should understand the risk and return of the fund, carefully select fund products based on their own investment objectives, horizon, investment experience and risk tolerance, and bear their own risks. The registration of the above funds by the China Securities Regulatory Commission does not indicate that it has made substantive judgments or guarantees on the investment value, market prospects and returns of the funds. Caution should be exercised when investing in funds.
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