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Ruo Hui, a reporter from China Fund News
With the Shanghai Composite Index rebounding all the way to break through 3100 points, the stock ETF, which is known as the market weather vane, has also appeared the trend of "falling into the bag".
According to statistics from the Galaxy Securities Fund Research Center, there was a net outflow of overall funds from stock ETF (including cross-border ETF) in the whole market on May 9.Horsepoker52 million yuan, which is also the fourth consecutive day of net outflow of funds from the stock ETF.
From the perspective of specific capital flows, on May 9, ETF such as CSI A50, Shanghai Composite Index and gem 50 ranked first in the wide-based ETF, while securities, artificial intelligence and Hong Kong stocks connected to the Internet were more "sucking in" in the industry ETF. Wide-base ETF such as Shanghai 50 and Shanghai and Shenzhen 300 have made a profit.HorsepokerClosure, the net outflow of funds is more.
Daily net outflow 21.Horsepoker52 million yuan
Funds continue to take profits.
With export data improving and northbound capital returning to large inflows, the Shanghai Composite Index closed at 3154.32 points on May 9, a new high for the year.
With the pace of the stock market rebound, the stock ETF began to show a trend of net capital outflow.
According to data from the Galaxy Securities Fund Research Center, the net outflow of ETF from 877 stocks in the market reached about 2.152 billion yuan on May 9, the fourth consecutive trading day since May. In the first four trading days since May, the total net outflow of funds reached 13.8 billion yuan.
"ETF investors are mostly transformed from investors, risk preference is naturally higher than ordinary fund investors, often have the idea of bargain allocation. The specific performance is as follows: when the market falls, the more it falls, the more it buys, and when the market rises, it gradually takes profits, playing the role of a 'stabilizer'. " An ETF fund manager in Shanghai said that the recent net outflow of funds from the stock ETF market may be affected by this rule.
In the structural market, the head of the fund company (Golden Kirin analyst) part of the ETF is still favored by funds. On May 9, the net inflow of Yi Fangda artificial intelligence ETF was 117 million yuan, helping the total scale to reach 6.497 billion yuan. In addition, pharmaceutical ETF, China Securities A50ETF Yi Fangda, Securities Insurance ETF, Hang Seng New economy ETF also received net capital inflows to varying degrees.
Huaxia Fund's ETF, CSI 500ETF Huaxia net inflow of 117 million yuan, SSE 50ETF, CSI 1000ETF, game ETF and gem growth ETF also have varying degrees of net inflow of funds.
The industry is still optimistic about the future rebound trend of A shares, and Huaxia Fund believes that in the near future, thanks to the continued warming of the global manufacturing sector, the overseas demand sector entering the replenishment stage, the accelerated boost of the Asian semiconductor industry chain and the improvement of commodity competitiveness brought about by the decline in the unit price of export commodities, export growth returned to positive upward in April. In addition, under the low base effect, the import growth rate also became positive compared with the same period last year, the market expectation of domestic economic repair continued to improve, and the index rose rapidly. There are also a number of positive catalysis at the industry level.
On the whole, the index is still in a long pattern, the recent improvement in the market is the result of the superposition of multiple factors, and more importantly, the market itself has a cyclical and undervalued valuation repair trend, the above factors are expected to continue to interpret, to help the market continue to repair.
Securities, gem, artificial intelligence, etc.
Growth style ETF is favored by capital
Driven by the rebound in the market, on-site funds are also adjusting the direction of the layout. In addition to the broad-based CSI A50ETF, the growth style of ETF is also attracting funds to enter the market.
Judging from the situation in the first four trading days since May, the net inflow of A50ETF funds reached 401 million yuan, ranking first in the stock ETF of the whole market, while the net inflows of Wells Fargo China Securities A50ETF and Cathay Pacific Shanghai Composite Index ETF were also relatively high, both above 300 million yuan.
"recently, a number of A50ETF linked funds have been established, the main allocation of linked funds is on-site ETF, linked funds Jiancang will also bring a certain scale to ETF. The ETF of Cathay Pacific Shanghai Composite Index has been reducing fees since May 10, and it may also be doing some continuous marketing activities in the near future, thus leading to an increase in scale. " The above-mentioned Shanghai ETF fund manager said.
Broad-based ETF and industry ETF, which are only partial to the growth style, have also been among the top 10 net inflows of equity ETF funds since May. Hua an gem 50ETF, Cathay Pacific Securities ETF, Yi Fangda artificial intelligence ETF net inflows are all more than 200 million yuan.
Talking about the gem 50ETF "suction" phenomenon, Hua'an Fund Index and quantitative Investment Department believes that with the full adjustment of the A-share market economic structure, superimposed valuation advantages, the stock market follow-up financial expectations are strong. Under the call of the new quality productive forces, the domestic scientific and technological innovation and industrial support have been strengthened, and the investment opportunities of the high-tech sector represented by the gem have further emerged. The new energy of power equipment in the weight plate has benefited from the tenacious performance of the core leader and the continuous innovation and iteration of downstream cars, and the recent increase in market attention.
Cathay Pacific Fund believes that securities ETF is more flexible or the core reason to attract on-site funds. "if the policy boost + fundamentals accelerate the recovery, it may further promote the equity market, and the securities sector, as the 'bull market flag bearer', may have a certain degree of flexibility when the market recovers."
From the perspective of the direction of net capital outflow, Shanghai 50ETF and Shanghai-Shenzhen 300ETF, which attracted more bottoming funds in the early stage, showed varying degrees of net capital outflow. Under the rapid rebound of Hong Kong stocks, some Hang Seng Internet and Hang Seng Technology ETF also encountered profit-taking.
List of newly established ETF:
Huaan CSB Shanghai, Shenzhen and Hong Kong Gold Industry ETF was established on May 9, with an initial public offering of nearly 295 million yuan.
Audit: Xu Wen