Today (April 26, 2024), A-shares and Hong Kong stocks rose together, with the ChiNext Index rising 3.34%, the Shanghai Composite Index rising 1.17%, and the Shenzhen Component Index rising 2.15%. The turnover of the two cities returned to above one trillion yuan, exceeding 300 billion yuan from the previous day. Northbound funds bought 22.449 billion yuan throughout the day, setting the highest single-day net purchase since the opening of the Cross-border Connect. The price of A50 ETF Huabao (159596) rose by 1.32% on the market, winning 3 consecutive daily days, with a turnover of 279 million yuan!
Each plate blooms in many points, and it is like a bamboo. The State Council proposed to concentrate on building a "national team" in the financial industry, to promote the head securities companies to become stronger and better, and the "bull market flag-bearer" set off a tide of price limits, with 8 rare daily limits, and the price of brokerage ETFs (512000) rose by 6.44%! Market rumors that "after May Day, Beijing, Shanghai, Guangzhou and Shenzhen will gradually cancel all purchase restriction measures", "real estate whistleblowers" expressed their views and sang long real estate plates, real estate stocks "heard the voice" and attacked, and the price of real estate ETF (159707) rose by 5.38%. The blockbuster policy "Implementation Plan for the Construction of Computing Power Infrastructure in Beijing" was released, quantum computing was regarded as a new type of computing power, Xin'an Century touched the board, Shenzhou Information was closed to the limit, and the price of Xinchuang ETF Fund (562030) soared by 3.35%!
Image source: Wind
It is worth noting that recently, Goldman Sachs, UBS and other foreign institutions are optimistic about Chinese assets, market analysts said that the current focus of foreign investment in the Asia-Pacific market has shifted from Japan to Hong Kong stocks, and the return of foreign capital may become the main driving force for the recent rise in Hong Kong stocks. Hong Kong Internet ETF (513770) made a strong upward move during the week, with a cumulative increase of 16.8% on the 5th, ranking first among all ETFs in the market!
Image source: Wind
The release of the new "National Nine Articles" has enhanced the confidence of medium and long-term over-the-counter funds to enter the market, superimposed on the advantages of fundamental valuation, and the excellent performance of leading stocks.
Looking ahead, Haitong Securities suggests a three-wheel drive: first, high-dividend blue-chip stocks with excellent performance; second, after adjustment, AI and other software and hardware-related technology stocks may usher in a catch-up price in the future; third, new energy, medicine, military industry, power equipment and other sectors with valuation rebound momentum.
【ETF all-knowing-hot inventory】The following focuses on the trading and fundamentals of brokerages, real estate, and entrepreneurship and entrepreneurship leaders.
1. [Highlight moment!] "Bull market flag-bearer" Hi, Guosheng Financial Holding took the lead in the 8-share limit, and the brokerage ETF (512000) soared 6.44%, releasing 1.381 billion yuan of daily volume!]
"Bull market flag-bearer" rose like a rainbow throughout the day, further rose in the afternoon, plate stocks are now rare daily limit, Guosheng Financial Holdings, Zheshang Securities, Pacific, China Galaxy, Founder Securities, Capital Securities, CICC, Jinlong shares 8 shares collective limit, Western Securities, Cinda Securities, Huatai Securities, etc.
Image source: Wind
As of the close, with the second caliber of Shenwan, the securities sector closed up 6.04%, and the main funds frantically poured into 8.101 billion yuan, ranking first in terms of increase and amount of absorption, and the brokerage sector that had been dormant for many days finally ushered in the "highlight moment"!
Image source: Wind
In terms of sector representative ETFs, the A-share top brokerage ETF (512000) rose unilaterally throughout the day, and as of the close, the price on the floor soared by 6.44%, the highest single-day increase since July 29, 2023, and at the same time ranked among the top 5 ETFs in the whole market today! The full-day turnover was 1.381 billion yuan, a surge of 376% month-on-month, setting a new high in single-day volume during the year.
Image source: Wind
It is worth noting that in the process of further upward swing at the end of the brokerage ETF (512000), there was a significant premium transaction, and the closing premium rate was as high as 0.48%, which is worth paying attention to for ETFs with a scale of nearly 20 billion yuan, or suggesting that the buying funds have a strong attitude and are quite confident in the market outlook of the sector.
Image source: Wind
There is a market, buy a broker. As a market vane, today's sharp rise in the brokerage sector may be the result of market sentiment and industry news.
Market sentiment, today's northbound funds frantically poured into A-shares, unilateral net buying of 22.449 billion yuan, a new high since the opening of the cross-border Hong Kong Stock Connect, market sentiment rebounded significantly, the turnover of the two cities returned to the trillion yuan mark after 8 trading days, and the volume increased by more than 310 billion yuan month-on-month.
At the industry level, there are two good news today.
First, the high-level government issued a report on the research and handling of the deliberation opinions of the special report on the management of state-owned assets of financial enterprises and the situation of rectification and accountability. According to the report, efforts are being concentrated on building a "national team" in the financial industry. Study and draft an action plan for strengthening the management of state-owned financial capital. Promote leading securities companies to become stronger and better, and support the Shanghai and Shenzhen stock exchanges to build world-class exchanges.
Second, Guolian Securities announced last night that it was planning to acquire control of Minsheng Securities Co., Ltd. and raise matching funds by issuing A-share shares. The transaction is still in the planning stage and is expected to constitute a major asset restructuring. Upon application, the company's A-share shares will be suspended from the opening of the market on the 26th (Friday), and the suspension is expected to last no more than 10 trading days.
Shanxi Securities said that securities companies enhance their competitiveness through mergers and acquisitions and restructuring, and promote the improvement of their ability to serve the real economy and residents' wealth management. To build a first-class investment bank with international competitiveness, the regulator encourages the securities industry to become bigger and stronger through market-oriented means, improve core capabilities, and the number of mergers and acquisitions in the industry has increased significantly, so it is recommended to pay attention to relevant thematic investment opportunities.
Since April, the brokerage sector has continued to fluctuate and fall, once approaching the low point of the year in early February, and the overall performance is relatively weak. Since the promulgation of the new "National Nine Measures", the high-quality development of capital quality has continued to advance around the "1+N" policy system, and the overall recovery of the market has been catalyzed, and the brokerage sector is expected to be repeatedly active.
Up to now, the price-to-book ratio of the CSI All-Index Securities Company Index of the underlying index of the brokerage ETF (512000) is 1.18 times, which is lower than the time range of more than 92% in the past 10 years.
Image source: Wind
According to public information, the brokerage ETF (512000) tracks the CSI All-Index Securities Company Index, including 50 listed brokerage stocks with one click, of which nearly 6 percent of the positions are concentrated in the top ten leading brokerages, and the leaders of "big asset management" + "big investment banks" gather;
2. Poly Development's market value returned to 100 billion, and the real estate ETF (159707) rose 5.38%, recovering the 20-day moving average!]
Today's real estate sector first suppressed and then rose, near noon, the leading real estate companies have rushed straight up, and completely broke out in the afternoon! The CSI 800 Real Estate Index closed up 5.07%, outperforming similar indices such as the CSI All-Index Real Estate Index (+4.22%), and all 16 constituent stocks closed in the red!
In terms of popular ETFs, the real estate ETF (159707), which represents the market of A-share leading real estate companies, followed the trend of the index and attacked fiercely in the afternoon, with the price closing up 5.38% and standing on the 20-day moving average! The turnover rate was nearly 25% throughout the day, and the turnover exceeded 50 million yuan, a surge of 103% from yesterday!
Image source: Wind
In the long run, the real estate sector has rebounded from the low point for two consecutive days. For example, the CSI 800 real estate index, since April 24 hit a low point in 2009, April 25 and 26 rebounded for two consecutive days, what are the reasons for the catalyst? On the one hand, the real estate "small steps" policy is frequent, and the cumulative effect may allow the property market to complete the bottoming; on the other hand, the release of real estate risks may see an inflection point.
In terms of policy, a few days ago, the property market "model students" have also joined the ranks of the comprehensive lifting of purchase restrictions. Recently, the Ministry of Housing and Urban-Rural Development of Changsha issued a notice saying that the city's purchase of houses will no longer review the qualifications of buyers, which means that Changsha has officially ended the purchase restriction policy that has been implemented for 7 years.
According to the preliminary statistics of the China Index Research Institute, as of now, only Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Tianjin, Xi'an, Hangzhou, Hainan Province and other places in the country still maintain purchase restrictions, and other cities have basically lifted the purchase restrictions.
Caixin Securities said that at present, the relevant policies of the real estate market are continuing to exert force, and there is still room for further increase in the follow-up. Judging from the deployment of the Central Economic Work Conference, the "three major projects" will be the key tasks this year. In addition, with the promotion of stabilizing demand and ensuring the delivery of buildings, property market sales are expected to show marginal improvement.
In terms of risk release, the China Housing Association recently organized a symposium with some real estate companies to conduct research and exchanges on the market and enterprise operations, and relevant government departments attended the meeting. It is understood that in the course of this discussion, in addition to understanding the operation and market transactions of real estate enterprises, the participants also exchanged and discussed the financing needs of real estate enterprises, debt resolution, real estate "white list" financing progress dynamics, affordable rental housing, and corporate suggestions.
The real estate financing coordination mechanism has also begun to bear fruit. According to media sources, as of the end of March, commercial banks had completed the review of all the first batch of "white list" projects pushed by the coordination mechanism, of which more than 2,100 projects were approved and approved, with a total amount of more than 520 billion yuan.
Bank of China Securities pointed out that the supply side of the industry will continue to be cleared this year, and the landing of the project white list will help alleviate the tight financial situation of some real estate companies to a certain extent.
In terms of layout tools, the data shows that the real estate ETF (159707) tracks the CSI 800 real estate index, brings together 16 head high-quality real estate companies in the market, and has obvious head concentration advantages in the investment direction, with the top ten constituent equity weights exceeding 8 percent, and the content of central state-owned enterprises is high 159707! Attached is a list of the top 10 heavyweights:
Image source: China Securities Index Company
3. [Scientific and technological innovation is once again intensively positive, Zhongji InnoLight soared nearly 13% to a record high!Entrepreneurship and Entrepreneurship Leading ETF (588330) rose 3.25%, closing 4 moving averages in a row!]
Today's scientific and technological innovation direction is booming, optical module (CPO) leader Zhongji Innolight soared nearly 13%, hitting a record high, with a total market value of nearly 150 billion yuan, 100% focus on strategic emerging industries in the science and technology innovation and entrepreneurship 50 index, nearly 9 stocks are red, 22 constituent stocks rose more than 3%, Haiguang Information rose nearly 6%, and Jinshan Office rose nearly 5%.
Image source: Wind
In terms of popular ETFs, the price of the Entrepreneurship and Entrepreneurship Leading ETF (588330), which closely tracks the Science and Technology Innovation and Entrepreneurship 50 Index, rose by 3.25% on the market, gaining four moving averages of 5-day, 10-day, 20-day and 60-day in one fell swoop.
Image source: Wind
On the news side, the good news in the field of scientific and technological innovation is intensive:
(1) In terms of computing power, the "Implementation Plan for the Construction of Computing Power Infrastructure in Beijing (2024-2027)" was released yesterday evening, after Shanghai, Guizhou and other provinces have issued relevant construction plans. The Beijing computing power plan mentions that quantum computing is regarded as a new type of computing power, and the quantum technology industry has become one of the new quality productivity, and as the last piece of the puzzle of new quality productivity, the industry is expected to usher in policy catalysis.
(2) In terms of new energy, yesterday, on the first day of the Beijing International Automobile Exhibition, CATL released the world's first new battery product that takes into account the characteristics of 1000km range and 4C supercharging - Shenxing PLUS, which once again refreshed the record of lithium iron phosphate batteries, which can be charged in 10 minutes and have a range of 600km, which means that there is no need to charge on the way from Beijing to Nanjing, or it will promote the new energy vehicle industry to fully enter the era of supercharging.
(3) In terms of medicine, Everbright Securities pointed out that the "Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods" will soon be issued in the policy details related to the medical field, and the demand side of medical equipment enterprises is expected to expand, especially in the fields of medical imaging, radiotherapy, remote diagnosis and treatment, and surgical robots.
Looking ahead, Huajin Securities believes that there is still an opportunity for growth.
(1) Short-term focus on high-performance growth: First, according to the historical review, the performance disclosure of the first quarterly report has a significant impact on the performance of the industry from April to May, and at the same time, the performance of high-prosperity and policy-oriented industries is relatively superior in April-May of previous years;
(2) To continue to balance the allocation in the short term, it is recommended to pay attention to:
First, the policy and industrial trends of communication (computing power, low-altitude economy and Internet of vehicles), electronics (semiconductors, consumer electronics), computers (autonomous driving, data elements), media (games);
the second is the new electricity (battery, photovoltaic, wind power), automobiles, home appliances, and consumption (textiles and clothing, food, tourism) that have over-fallen and repaired the economy;
The third is the construction and banking related to central state-owned enterprises.
It is worth noting that as of April 26, the price-earnings ratio of the leading ETF (588330) tracking the underlying Science and Technology Innovation and Entrepreneurship 50 Index was 25.89 times, which was at a historically low position of 4.79% since the index was listed, and the allocation cost performance was highlighted.
Image source: Wind
According to public information, the Science and Technology Innovation and Entrepreneurship 50 Index tracked by the Entrepreneurship and Entrepreneurship Leading ETF (588330) covers 50 emerging industry stocks with large market capitalization on the Science and Technology Innovation Board and the Growth Enterprise Market, including photovoltaic, energy storage, lithium battery, semiconductor, pharmaceutical and biological industries, and its heavyweight stocks gather leading companies in the subdivision track such as CATL, Mindray Medical, SMIC, and Sungrow. Among them, new energy, electronics, and pharmaceutical concept stocks account for nearly 9 percent, and the weight proportion presents a three-legged structure, which can not only effectively track the rebound of new energy vehicles, AI computing power, and innovative drugs, but also disperse risks during the callback, which is a powerful tool for the layout of scientific and technological innovation.
Data and chart sources: Wind, Shanghai and Shenzhen Stock Exchanges, Huabao Fund, etc
Data sources: Wind, Shanghai and Shenzhen Stock Exchanges, Huabao Fund, etc.
Risk Warning: Hong Kong Internet ETF (513770) passively tracks CSI Hong Kong Stock Connect Internet Index, the base date of the index is 2016.12.30, released on 2021.1.11, Brokerage ETF (512000) passively tracks CSI All-Index Securities Company Index, the index base date is 2007.6.29, released on 2013.7.15, Real Estate ETF (159707) passively tracks CSI 800 Real Estate Index, the index base date is 2004.12.31, release date is 2012.12.21, and Shuangchuang Leading ETF (588330) passively tracks CSI Science and Technology Innovation 50 Index, which has a base date of 2019.12.31 and was released on June 1, 2021, Xinchuang ETF Fund (562030) passively tracks CSI Xinchuang Index with a base date of 2017.12.29 and released on 2012.12.21, and A50ETF Huabao (159596) passively tracks CSI A50 Index with 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 Brokerage ETF (512000), Real Estate ETF (159707), Xinchuang ETF Fund (562030), and A50 ETF Huabao (159596) is R3-medium risk, which is suitable for investors with balanced (C3) and above, Hong Kong Internet ETF (513770), The risk level of the Entrepreneurship and Entrepreneurship Leading ETF (588330) is R4-medium and high risk, which is suitable for investors with active (C4) and above, and the suitability matching opinion is subject to the sales agency. 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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