On April 29, 2024, the A-share market showed a strong upward momentum, with the Shanghai Composite Index successfully standing above 3,100 points, and the ChiNext Index rising by 3.5%. At the same time, the net purchase of northbound funds exceeded 10 billion yuan.
In terms of industry sectors, real estate services, real estate development, automotive services, wind power equipment, batteries, energy metals, and electronic chemicals sectors were among the top gainers, while precious metals sectors weakened against the market.
At the same time, northbound funds also made significant net purchases, with a net inflow of 10.892 billion yuan. Specifically, the net inflow of Shanghai-Hong Kong Stock Connect was 4.535 billion yuan, and the net inflow of Shenzhen-Hong Kong Stock Connect was 6.358 billion yuan. This data shows that foreign investors are more interested in the A-share market and have increased their optimism about the market.
In terms of industry capital flow, the net inflow of real estate development, energy metals, batteries and other industries ranked high, of which the net inflow of real estate development was 2.158 billion yuan. The net outflow of automobiles, securities, consumer electronics and other industries was more, of which the net outflow of automobiles was 1.555 billion yuan.
After the second dip, everyone's confidence has been boosted a lot.
When the market is better, growth investments are generally more elastic and more worthy of our expectations.
Indices such as ChiNext and the Science and Technology Innovation Board have performed very well.
Among them, the STAR 100 is also a broad-based index that everyone is very concerned about. Its investment value can be seen from the following aspects:
The investment value of the STAR 100 Index can be analysed from several perspectives:
1. Representativeness and diversity: The STAR 100 Index selects 100 securities with medium market capitalization and good liquidity from the Shanghai Stock Exchange's Science and Technology Innovation Board as a sample, covering listed companies with different market capitalizations in the Science and Technology Innovation Board, reflecting the breadth and diversity of the Science and Technology Innovation Board market.
2. Industry Focus: The STAR 100 Index focuses on cutting-edge technology sectors, especially hard technology tracks such as information technology, industrials, healthcare and materials, which typically have high growth and innovation potential.
3. R&D investment: The sample companies of the STAR 100 Index have the characteristics of high R&D investment, with a total R&D investment of 28.9 billion yuan in 2022, accounting for an average of 19% of operating income, which shows that the companies on the STAR Market attach importance to scientific and technological innovation and long-term development potential.
4. Growth: The average annual compound growth rate of operating income of the sample companies of the STAR 100 Index in the past three years is as high as 38.9%, showing strong growth.
5. Policy support: National policies have been increasing their support for scientific and technological innovation, and the Science and Technology Innovation Board reflects the strategic direction of national development, with great long-term investment opportunities.
6. Market performance and valuation: The valuation level of the STAR 100 Index has only reached a quantile of 24% since 2021, indicating that its valuation level still has a lot of room for improvement, and the allocation value is highlighted.
7. ETF products: With the launch of products such as the STAR 100 ETF, investors have been provided with more diversified investment tools and enhanced the investability and liquidity of the STAR 100 Index.
Among the ETF products of the STAR 100, the STAR 100 ETF ChinaAMC is the one with a larger scale and more investment. It is more suitable as an offensive target.
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