Fell out of the way? More than 10 billion funds entered the market to buy the bottom, and these two sectors with a sharp pullback are being swept away by institutions, and the share of ETFs has skyrocketed against the trend

National Business Daily

2024-06-15 12:12Published 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 inflow of about 14.5 billion yuan in equity ETFs and cross-border ETFs in Shanghai and Shenzhen.

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

ETFs saw net inflows of more than $10 billion this week

This week, the Shanghai and Shenzhen markets traded 3 trillion yuan, of which 1.38 trillion yuan were traded in Shanghai and 1.62 trillion yuan in Shenzhen. As of the latest close, the Shanghai Composite Index closed at 3,032.63 points, down 0.61% for the week, and the Shenzhen Component Index closed at 9,252.25 points, down 0.04% for the week.

ETF performance of major indexes this week

This week, the market stock index was mixed, among the five major index ETFs, the Science and Technology Innovation 50 ETF rose more than 2%, and the Shanghai Stock Exchange 50 ETF fell more than 1%.

In terms of capital trends, the shares of the Science and Technology Innovation 50 ETF, SSE 50 ETF, ChiNext ETF, CSI 300 ETF and CSI 500 ETF increased by 2.223 billion, 764 million, 316 million, 303 million and 204 million respectively.

The total net inflow of the above five index ETFs this week exceeded 6 billion yuan, of which the SSE 50 ETF had a net inflow of more than 1.8 billion yuan.

Overall, stock indices were mixed this week, with a total net inflow of about 14.5 billion yuan in equity ETFs and cross-border ETFs in Shanghai and Shenzhen.

For the recent market, some brokerages said that although the Fed has moved back in time to cut interest rates, the interest rate cut in the second half of the year is still a high probability event, which is objectively conducive to the release of domestic policies. The domestic economy operated steadily in the first half of the year, and follow-up policy support is expected to continue to increase, especially the issuance of treasury bonds, equipment renovation and trade-in of consumer goods, as well as the adjustment and optimization of real estate policies will promote the economy to stabilize in the second half of the year. At present, market valuations are still at a relatively low historical level, and the fundamental factors that suppressed the market in the first half of the year may improve moderately in the second half of the year, and market confidence will gradually recover.

The share of pharmaceutical and real estate ETFs has increased significantly

In terms of industry-themed ETFs, there were 13 funds with an increase of more than 100 million shares this week, of which pharmaceutical ETFs, science and technology chip ETFs and real estate ETFs increased by 1.418 billion, 972 million and 664 million respectively, with net inflows of 495 million yuan, 942 million yuan and 310 million yuan.

In terms of fund outflows, the shares of 13 industry-themed ETFs decreased by more than 100 million this week, and the shares of semiconductor ETFs, chip ETFs and chip ETFs decreased by 702 million, 666 million and 350 million respectively, with net outflows of 510 million yuan, 5.58 billion yuan and 288 million yuan.

Pharmaceutical ETFs have continued to adjust recently, but over-the-counter funds are actively buying the bottom, and the share of the ETF has risen to 50.649 billion shares, just one step away from the historical high of 50.721 billion shares.

Changes in the price and share of the pharmaceutical ETF (512010) in the secondary market

Some brokerages said that the pharmaceutical sector is expected to increase its valuation in 2024, and the current valuation level of medicine is already very low, and there is still a lot of room for repair to the median. On the other hand, with the opening of the Fed's interest rate cut cycle, global innovative drugs will open a new round of innovation cycle, and China can also benefit from it.

In addition, the real estate sector, which rose sharply at the end of May, continued to pull back this month, and funds also increased their positions sharply, and the share of real estate ETFs rose to 9.487 billion, a new high in nearly a year.

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

Some brokerages said that the real estate policy was intensively relaxed in May, and from the perspective of policy effects, the sales area of new homes in May improved month-on-month. The follow-up real estate policy may continue to exert force, and the market may be expected to stabilize, but we should also have sufficient patience in the process of waiting for the market inflection point to come.

Nasdaq Technology ETF rose more than 7% this week

This week, the trading volume of ETFs has declined, and no ETF has a weekly turnover of more than 10 billion yuan.

From the perspective of individual ETFs, the weekly turnover of the Science and Technology Innovation 50 ETF and the CSI 300 ETF exceeded 9 billion yuan.

It is worth noting that the Nasdaq Technology ETF rose 7.04% this week, hitting a new high in nearly 60 days.

The latest "dot plot" shows that Fed policymakers have lowered their median expectations for the number of rate cuts this year to just one, up from three in March. There will be repeated games around the timing of interest rate cuts in the future, but it is necessary to be vigilant that the uncertain liquidity environment may also lead to a certain risk of a correction in US stocks.

2 ETFs are disclosed to be 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, 2 ETFs have disclosed their listing next week, tracking CSI oil and gas resources, semiconductor equipment themes, etc.

There are 3 ETFs that will be released next week, tracking the Science and Technology Innovation 100 Index, communication equipment themes, etc.

National Business Daily

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