Although the performance of the mainstream market index was weak this week, the stock ETF market reproduced the "sweeping" of funds on dips.
As of the close on June 9, the total share of 736 stock ETFs (statistical stock ETFs and cross-border ETFs) in the market has increased by 19.6 billion shares, with a net inflow of about 19.2 billion yuan, reappearing the trend of "buying more and more falling".
Among them, the GEM ETF and the Science and Technology 50 ETF, which have experienced a large decline this week, are the most sought after by funds, with a net inflow of more than 2.6 billion yuan; the three newly listed central enterprise shareholder return ETFs this week have shrunk by more than 30% compared to their established scale. However, the long-term investment value of central state-owned enterprises is still favored by the market; against the background of increasing funds against the trend, the total size of domestic stock ETFs continues to climb to 1.44 trillion yuan, and the market size has increased by nearly 180 billion yuan this year.
Highlight 1:
The net inflow of funds this week was 19.2 billion yuan
Funds once again "sweep goods" on dips
Wind data shows that as of June 9, the total size of 736 stock ETFs in the market was 1.44 trillion yuan, an increase of 178.6 billion yuan from the end of last year, or a 14% increase in size.
Judging from this week's data, all mainstream indexes closed down in the past week. The ChiNext Index fell by more than 4% a week, and the Science and Technology 50 Index fell by about 2%, but the funds fell more and more to buy; A drop of more than 1.5%; the Shanghai and Shenzhen 300 fell by 0.65%, and the Shanghai Stock Exchange Index and the Shanghai Stock Exchange 50 Index barely closed in red.
In the downturn of the mainstream index, funds once again used the stock ETF market to "sweep goods": the total share of the stock ETF market increased by 19.6 billion shares this week. According to the average transaction price in the range, the net inflow of funds was about 19.2 billion yuan, showing "falling more and more" again Buy more" situation.
A public offering fund manager said that stock ETFs have the characteristics of "the more they fall, the more they buy". In the current stock market, the valuation is at a low level, and the valuations of many sectors such as medicine, consumption, Hang Seng Technology, and new energy are relatively low. Under such circumstances, funds can be accumulated through stock ETFs at a relatively low cost, and the investment operation behavior of "buying more and more falling" has also appeared in the bear market phase of multiple rounds of the market, reflecting that stock ETFs can calm market fluctuations and investors are rational. Characteristics of investing and contrarian investing.
Highlight 2: "The more you fall, the more you buy"
The GEM and Kechuang 50, which have fallen sharply, are the top net buyers
Judging from the list of net inflows of funds, during the stock market decline this week, the GEM ETFs and the Science and Technology 50 ETFs, which have fallen sharply, were chased by funds, and the net inflows of funds exceeded 2.6 billion yuan.
Among the broad-based indexes, the Shanghai Stock Exchange 50ETF and the Shanghai-Shenzhen 300ETF also have a net inflow of more than 1 billion yuan of funds.
Among the industry or theme ETFs, the medical ETF with a low valuation has a net inflow of 900 million yuan, ranking first. Brokers, banks, breeding ETFs and other products also have a net purchase of 500 million funds.
The Index and Quantitative Investment Department of Huaan Fund recommends paying attention to investment opportunities in the GEM 50 Index. The agency believes that, on the whole, the domestic economy is still on the road to recovery, and liquidity at home and abroad is relatively loose, and a moderate monetary environment is conducive to the rise of the valuation center of technological growth; The GEM of emerging industries continues to benefit from policy dividends; finally, the Fed’s monetary policy has become increasingly clear, and the time to allocate growth stocks may have arrived.
Highlight 3:
Three state-owned enterprises' shareholder return ETF scale has shrunk by more than 30%
Long-term investment value is still optimistic
From the perspective of net outflow rankings, this week's small and medium-cap style CSI 1000 ETF sold more than 1.3 billion yuan in net sales, ranking first. The CSI 1000 ETFs owned by giants such as Fuguo, E Fund, Huaxia, Nanfang, and GF Fund have all experienced net outflows.
At the same time, the three state-owned enterprise shareholder return ETFs that have just been listed on June 6, and the state-owned enterprise dividend 50ETF have also seen a net sale of funds, with a total of 2.3 billion yuan in outflows in a single week. Among them, the three state-owned enterprises returned ETFs with a net sale of nearly 1.9 billion yuan.
According to the reporter's statistics, the three newly listed central enterprise shareholder return ETFs were established on May 24, with a total establishment size of 6 billion yuan. %.
An industry insider said that the rapid shrinking of the newly issued ETF's short-term scale may be related to the withdrawal of "helping funds", the weakening of related market trends, the "falsely high" scale of the initial offering incentives, homogeneous competition, and short-term transactions by holders. In addition, the weak stock market trend this week may also cause some funds to have a risk aversion mood, and may also sell related stock ETF products in the short term.
However, from the perspective of future investment opportunities, public offering institutions are still optimistic about the investment value of "China Special Evaluation" represented by central state-owned enterprises for a long time.
Bosera Fund said that overall, the current A-share market is currently in the bottom region, and "optimists" are beginning to dominate pricing, and the market will be more sensitive to policy expectations in the next stage. In terms of structure, both growth and certainty are required. Pay attention to the investment opportunities under the interim report.
Bosera Fund believes that, on the whole, the opportunities of the mid-term report are concentrated in two dimensions: on the one hand, the revolutionary opportunities in the technology industry will gradually spread the performance of the TMT sector beyond expectations, and flexibility can be sought in the TMT sector; It is related to the economic market, and the medium-to-special assessment of the logical resonance of "asset shortage + reform" is a relatively definite direction.
In addition to the changes in the relevant sectors of China Special Evaluation, many products such as power ETF, Hang Seng Technology ETF, and game ETF also encountered net outflows of funds, all of which were more than 300 million yuan.
"Due to the continuous decline in the price of silicon wafers, the photovoltaic sector has fallen, and the power equipment sector has fallen this week; the game sector has doubled its growth rate this year, and there are more profits. , The decline in the CSI 1000 Index may be due to the fact that funds believe that the market style this year may shift to the blue-chip style of large-cap stocks such as China Special Evaluation, and the investment direction of funds will also be adjusted accordingly.” said the above-mentioned public offering fund manager. For more stock information, follow Caijing365!
