Dizzy dizzy! As soon as I saw a bit of a market, more than 10 billion funds borrowed ETFs to leave the market, but this sector is being bought by the main force

National Business Daily

2024-05-18 12:52Published on the official account of Sichuan Daily Economic News

Reporter: Ye Feng Editor: Xiao Ruidong

Stock indices were mixed this week, with a total net outflow of more than 12 billion yuan from equity ETFs and cross-border ETFs in Shanghai and Shenzhen.

In terms of industry themes, real estate and semiconductor-related ETFs are favored by funds, while pharmaceuticals and consumption-related ETFs are sold by funds.

The SSE 50 and CSI 300 hit new highs in this round of rebound

This week, the turnover of the Shanghai and Shenzhen markets was 4.23 trillion yuan, of which the Shanghai market turnover was 1.9 trillion yuan and the Shenzhen market turnover was 2.64 trillion yuan. As of the latest close, the Shanghai Composite Index closed at 3,154.03 points, down 0.02% for the week, and the Shenzhen Component Index closed at 9,709.42 points, down 0.22% for the week.

ETF performance of major indexes this week

Market stock indexes were mixed this week, with the Shanghai Composite 50 Index and the CSI 300 Index hitting new highs in this round of rebound on Friday.

In terms of capital trends, the shares of SSE 50 ETF, CSI 300 ETF, ChiNext ETF and CSI 500 ETF decreased by 818 million, 803 million, 338 million and 59 million respectively, while the share of Kechuang 50 ETF increased by 135 million.

The above five index ETFs have a total net outflow of more than 5.6 billion yuan this week, of which the CSI 300 ETF has a net outflow of more than 2.9 billion yuan.

Overall, stock indices were mixed this week, with a total net outflow of more than 12 billion yuan from equity ETFs and cross-border ETFs in Shanghai and Shenzhen.

For the recent market, some brokerages said that after the disclosure of the annual report and the first quarterly report of listed companies, the short-term entry into the "vacuum period" of performance disclosure, market-driven or mainly based on funds and expectations. Looking at valuations over the past decade, the P/E percentile is below the midpoint, suggesting that current valuations remain attractive.

In the future, with the stabilization and recovery of the domestic economy and the support of comprehensively deepening reform policies, investment in A-shares can be more active. There are three major investment directions: 1) the performance in the first quarter is good and is expected to continue (food and beverage, home appliances, transportation); 2) Science and technology innovation and manufacturing topics (electronics, communications, automobiles); 3) High dividends (utilities, petrochemicals, banks) with stable business model and stable cash flow.

Institutions chase real estate

In terms of industry-themed ETFs, there are 14 funds with an increase of more than 100 million shares this week, of which semiconductor ETFs, real estate ETFs and wine ETFs increased by 552 million, 537 million and 495 million respectively, with net inflows of 379 million yuan, 276 million yuan and 350 million yuan.

In terms of fund outflows, the shares of 19 industry-themed ETFs decreased by more than 100 million this week, and the shares of pharmaceutical ETFs, consumer ETFs and aquaculture ETFs decreased by 840 million, 488 million and 456 million respectively, with net outflows of 313 million yuan, 431 million yuan and 197 million yuan.

Real estate ETFs rose 13.25% this week, and funds chased into the market, and the share of the fund rose to 8.519 billion, a new high in the past year.

Changes in the secondary market price and share of the real estate ETF (512200).

On the news side, the central bank announced that since May 18, the interest rate of personal housing provident fund loans will be lowered by 0.25 percentage points;

Some brokerages said that real estate-related policies have recently been intensively implemented, from top to bottom, from land to housing, all pointing to "inventory destocking", and the nationwide destocking action has kicked off.

A number of ETFs hit new highs in nearly 60 days

ETFs have 4 ETFs with a weekly turnover of more than 10 billion yuan this week.

From the perspective of individual ETFs, the weekly turnover of ChinaAMC Hang Seng Internet Technology ETF, Huatai Pineapple CSI 300 ETF, ChinaAMC Hang Seng Technology ETF, and Huatai Pineapple CSOP Hang Seng Technology ETF exceeded 10 billion yuan.

It is worth noting that this week, a number of ETFs related to Hong Kong stocks and CSI 300 hit new highs in nearly 60 days.

According to the analysis of some institutions, if the dividend tax reduction and exemption of Hong Kong Stock Connect is implemented, it will help boost the attractiveness of high-dividend assets of Hong Kong stocks, improve the liquidity of Hong Kong stocks, and even help the AH premium of some companies to narrow.

4 ETFs are listed next week

Fund heavy stocks have always been the focus of investors' attention, but the emergence of actively managed funds of heavy stocks usually has a certain lag, while the subject of ETF layout is very clear, by tracking newly listed ETFs, it is usually possible to find recent hot stocks, and the incremental funds brought by newly listed ETFs are also worth paying attention to.

At present, 4 ETFs have disclosed their listing next week, tracking targets such as Hang Seng Healthcare, Science and Technology Innovation 50 Enhanced Strategy, Low Dividend Volatility and State-owned Enterprise Reform.

In terms of issuance, there are currently two ETFs that have been disclosed to be issued next week, tracking SZSE 50 and gold stocks, and there is also an ETF with tracking software services that was launched on May 27.

National Business Daily

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