Weekly Headlines //
- The blockbuster new deal for the property market has been released intensively
- The public offering is eyeing the "going overseas" business
- Central banks around the world continue to increase their holdings of gold
- The net value of science and technology fund products has increased significantly
- Deposit rates continue to fall, and high-dividend sectors become "sweet and sweet"
Domestic Investment News //
1. The blockbuster new deal for the property market has been intensively released. On May 17, regarding housing loans, the central bank's policy "three consecutive issuances", and the relaxation of real estate financial policies exceeded market expectations. The three new mortgage policies issued this time involve reducing the down payment ratio of housing loans, reducing the interest rate of provident fund loans, and canceling the lower limit of the interest rate policy for commercial personal housing loans for first and second homes at the national level.
2. The public offering is focused on the "going overseas" business. Wind data shows that since the second quarter, the number of public fund researchers in the top number of listed companies in the research records, "progress in going overseas" is the focus, Tianfu Communications, Zhongji Innolight, Desay SV, Nine Company, Aohua Endoscopy and other companies have been asked about "overseas market expansion" and "proportion of overseas revenue" and other issues, involving industries distributed in communications, electronics, auto parts, home appliances, health care, etc.
3. Global central banks continue to increase their holdings of gold. According to a report released by the World Gold Council, global central banks maintained a net gold purchase trend in the first quarter, and global official gold reserves increased by 290 tons. Industry insiders said that under the influence of factors such as currency over-issuance and geopolitical situation, the central bank's purchase of gold may still be a general trend. Although gold prices face the risk of a correction in the short term due to the disturbance of trading factors, they are still optimistic about its performance in the medium and long term.
4. The net value of science and technology fund products has increased significantly. With the continuous recovery of the equity market, some fund products have achieved net unit value growth, including many equity products. At the same time, many fund managers have positive expectations for the market outlook. They believe that the market valuation is low, and the market style is expected to switch to the technology growth style, and the technology direction fund will emerge.
5. Deposit interest rates continue to decline, and high-dividend sectors have become "fragrant and sweet". According to statistics, as of May 13, the high-dividend strategy index has risen by 19.7% this year, significantly outperforming the market. Industry insiders said that the downward trend of deposit interest rates will not change, and A-share cash dividends will open a new round of improvement and improvement cycle, and the investment logic may pay more attention to dividend yield performance.
International Investment News //
1. "ESG" funds are facing new restrictions in Europe. According to the long-awaited guidelines of the European Securities and Markets Authority, investment products with ESG or similar terms in their name need to place at least 80% of their assets in assets management related to environmental, social or governance objectives. ESMA said in a statement that the name of the fund "is usually the first information investors see about the fund" and "can have a significant impact" on investment decisions.
2. The holdings of Hillhouse's U.S. stock funds were exposed. Hillhouse's HHLR Advisors disclosed its latest 13F report, revealing a total of 64 holdings in its portfolio as of March 31, 2024. The market capitalization of its portfolio is US$4.6 billion, compared to US$4.96 billion in the previous period. In the first quarter, HHLR added 20 new stocks, increased its holdings in 3 stocks, liquidated 6 stocks, and reduced its holdings in 19 stocks. The top 10 holdings of the portfolio account for 84.57%. The overall turnover rate was 13%. The average duration of the portfolio is 7.05 quarters for the top 20 stocks, 7 quarters for the top 10 stocks, and 9.68 quarters for all stocks.
This Week's Market //
01 This week's major stock indexes and industry review
On Friday (May 17), A-shares fluctuated in early trading, and in the afternoon, boosted by the property market portfolio policy, the real estate sector broke out across the board, and financial stocks climbed simultaneously, with the three major indexes all rising more than 1%. This week, the Shanghai Composite Index fell 0.02%, the Shenzhen Component Index fell 0.22%, and the ChiNext Index fell 0.7%.
Data source: Wind Investment Advisory Terminal
Note: The statistical period is 2024/5/13-2024/5/17
02 Fund market
Over the past week, the performance of various types of fund indices has been differentiated, among which the QDII fund index, alternative investment fund index, and medium and long-term pure bond index have risen by 1.33%, 0.45%, and 0.08% respectively this week; The common equity fund index, the partial stock hybrid fund index and the flexible allocation fund index were among the top decliners.
Data source: Wind Investment Advisory Terminal
Note: The statistical period is 2024/5/13-2024/5/17
03 Issuance of public funds
This week, there are a total of 12 funds issued in the whole market (only one is displayed for different shares of the same fund), specifically, 5 equity funds, 4 bond funds, and 3 hybrid funds.
Data source: Wind Investment Advisory Terminal
Note: The statistical period is 2024/5/13-2024/5/17
04 This week's fund market review
05 Bank wealth management market
As of May 17, the total number of new bank wealth management products issued this week was 650, of which 636 new bank wealth management products were issued this week, and 636 were established, with an establishment scale of 73,297.21 million yuan, a decrease of 77.99% from last week.
Issuer status
Data source: Wind Investment Advisory Terminal
Note: The statistical period is 2024/5/13-2024/5/17
06 Precious metals market
On Friday (May 17), domestic precious metal prices generally rose, of which SHFE gold closed at 564.86 yuan / gram, up 0.35%, up 1.96% this week.
07 Foreign exchange market
On Friday (May 17), the central parity of the yuan against the US dollar was reported at 7.1045, a decrease of 25 basis points. The midpoint of the previous session was reported at 7.1020. This week, the central parity of the renminbi against the US dollar has been depreciated by 34 basis points.
Next Week's Economic Calendar //