1. News Express
1. Funds "running" into the market Traditional Chinese medicine-themed ETFs are gaining momentum
Choice data shows that since December, many pharmaceutical industry-themed ETFs have quietly increased positions since December. As of December 9, in only 8 trading days, E Fund’s Shanghai and Shenzhen 300 Pharmaceutical ETF fund shares increased by more than 500 million shares compared with the beginning of the month, Yongying CSI All-Referring Medical ETF Fund shares increased by about 200 million shares, China Universal The fund share of CSI All Index Medical Devices ETF has increased by more than 10% compared with the beginning of the month, and the shares of many products such as China Merchants CSI All Index Medical Devices ETF and China Universal China Securities Medical and Health ETF have also increased significantly compared with the beginning of the month. Among the traditional Chinese medicine-themed ETFs, except for the Yinhua traditional Chinese medicine ETF, many other traditional Chinese medicine ETFs have also obtained funds and arranged them in advance. Among them, the shares of China Universal China Securities Traditional Chinese Medicine ETF Fund have increased most significantly, from 87.265 million shares on December 1 to 1.108 billion shares on December 9, an increase of more than 11 times.
Industry insiders believe that the continuous rise of the Chinese medicine market is the result of multiple factors such as the expansion of demand for Chinese medicine products, policy support, the industry and individual stocks have a good fundamental orientation, rising prices of Chinese medicinal materials, and less attention from past funds. In a new stage of industrial upgrading, the market is expected to fluctuate upwards, but attention should be paid to the differentiation of individual stocks.
2. The scale of fund companies’ self-purchases has reached a new high. They are optimistic about the long-term allocation value of A shares. According to Choice data, as of December 9, the net subscription scale of public offering fund industry self-purchase this year has reached 6.357 billion yuan, surpassing the whole of last year and hitting a record high.
Industry insiders believe that self-purchase of funds shows that institutions are optimistic about the long-term allocation value of the A-share market. The market is still in the bottom area. Medium-term opportunities outweigh risks. Development and security are the two main lines of market focus.
3. The performance has returned to blood! Ten billion private equity net worth skyrocketed, enthusiasm for new product filings was high!
private equity fund , which had a dismal performance this year and once suffered a huge loss, finally saw a big rebound in performance! According to data from channels and third-party organizations, due to the strong rebound in the stock market in November, the private equity performance of tens of billions has recovered sharply. Among them, Jinglin's single-month income exceeds 20%. Although many private equity companies with tens of billions of dollars still have negative income during the year, the drawdown has narrowed significantly.
When the market is recovering, the enthusiasm for filing of private equity funds has obviously increased. According to data from private equity ranking network, a total of 2,412 private equity securities funds were registered in November, which is a 57.65% increase compared to in October. Among them, 49 tens of billions of private equity companies have deployed a total of 201 new products.
The recovery of new private equity product releases, on the one hand, means that investors’ confidence is recovering, they are no longer pessimistic, and optimistic about the future performance of the market; approach.
4. The GEM 50 Index welcomes its first expansion Invesco Great Wall Entrepreneurship 50ETF issued
Since the beginning of this year, the A-share market has fluctuated, but the investment value of growth stocks has not faded. With the valuation adjusted to the bottom range, ChiNext as the The innovative growth stocks represented may have entered the stage of layout on the left. Recently, Wang Yang and Zhang Xiaonan, proposed fund managers of Invesco Great Wall Entrepreneurship 50ETF (code: 159682), said that from the perspective of valuation and profitability, the current ChiNext 50 Index already has relatively high investment value. For this broad-based index ETF with broad growth potential in the future, Invesco Great Wall Fund will improve product liquidity by closely tracking the index and refined operation and management. In the future, it may promote the product to "go global" and introduce diversification to the ETF Investors, help start-up 50ETF investment to form a more sound ecology.
5. SZSE 100ETF Options Listing E Fund Shenzhen 100ETF, the subject of the contract, was actively traded
On December 12, SZSE 100ETF options were officially listed and traded on the Shenzhen Stock Exchange.The E Fund Shenzhen Securities 100 ETF, the subject of the contract, was actively traded, with a turnover of 223 million yuan on the 12th. This is another core index ETF option listed on the Shenzhen Stock Exchange following the listing and trading of the ChiNext ETF option on September 19.
According to reports, the "1+2" core index system of the Shenzhen Stock Exchange is composed of the ChiNext Index, the Shenzhen Stock Exchange 100 Index and the Shenzhen Stock Exchange Component Index. Although the launch of supporting option products is slightly later than the GEM Index, the Shenzhen 100 Index was born earlier. It consists of 100 stocks with large market capitalization and good liquidity in the Shenzhen market. It represents innovative and growth-oriented leading companies. Innovation and dual characteristics of blue chip . E Fund Shenzhen Stock Exchange 100ETF is the subject of the options listed this time. The fund’s third quarterly report shows that since its establishment on March 24, 2006, the fund’s cumulative rate of return has reached 461%.
2. Fund viewpoints
1. Industrial Fund Ding Jin: Economic recovery Expected rise in stocks and debt seesaw effect is obvious
Industrial Fund Fixed Income Investment Department Mixed Assets Investment Team Deputy Director Ding Jin expressed market views that, in the context of rising economic recovery expectations Under the current situation, the seesaw effect of stocks and bonds is obvious. The bond yield curve moved upwards in parallel. On the one hand, the rapid rise in interest rates on bank certificates of deposit in November drove the short-term upward trend; Zooming in, the real estate industry chain and epidemic recovery concept sectors performed strongly, while TMT, national defense and military industries, and pharmaceuticals and other sectors performed poorly.
For some time to come, overseas parties will focus on Fed’s interest rate hike in December, and whether there are any signs of easing the regional conflict between Russia and Ukraine. On the domestic front, he believes that the turning point of the policy has come, and he will focus on the major meeting in December to set the tone for next year’s economic growth . The further recovery of the market still needs policy guidance, and the prudent monetary policy and active fiscal policy are expected to continue to be relatively strong It may take a long time, and the obvious pick-up in economic growth may have to wait until the first half of 2023, but the stock index should perform ahead of schedule.
2. Guotai Junan : Consumption is expected to bottom in 23Q1 Grasp three-stage investment
Guotai Junan Securities said that from the perspective of overseas resumption, the winter is facing the pressure of peak infection or suppressing demand recovery. We believe that China’s consumption is expected to bottom in 23Q1, It is expected to usher in improvement from Q2. At present, expectations are out of touch with fundamentals. Considering changes in expectations and fundamentals, the current investment in consumer goods is divided into three stages: the first stage focuses on the service industry, catering, brand chains, airports, etc., which have suffered a deep enough decline. At this stage, we think from the perspective of expectations Investment opportunities are approaching the mid-to-late stage; in the second stage, thematic investment and growth stocks, in the blank period before the epidemic is relaxed and the fundamentals recover, thematic investment and growth stocks, which are less related to the economy, become the focus, such as: beer, catering supply chain etc. The third stage focuses on oversold value stocks. As the epidemic situation accelerates, expectations are significantly strengthened. Undervalued leaders are ushering in a period of valuation restoration. After consumption recovers, they will further enter the stage of valuation expansion, such as: undervaluation Liquor and other leading brands.
3. CICC: Lithium battery equipment companies may welcome medium and long-term bargain hunting opportunities.
CICC research report believes that the bidding for lithium battery equipment has reached a staged high, and the industrialization of composite copper foil is progressing smoothly. Supported by the continuous rise in the penetration rate of new energy vehicles, the opening of energy storage and other application space, and the increasing demand for replacement and replacement, the industry is expected to return to positive growth in 2024-2025. At present, with the strengthening of the marginal decline in the scale of equipment orders, the valuation of lithium battery equipment companies continues to decline, and may usher in opportunities for medium and long-term bargain hunting. Looking forward, it is recommended to pay attention to the catalyst of the composite copper foil industry chain.
4. China Securities Construction Investment : focus on semiconductor four major innovation fields
China Securities Construction Investment believes that the long-term growth momentum of the semiconductor industry is sufficient, and a new round of development opportunities is ushering in the upgrading of intelligent manufacturing. It is recommended to pay attention to the following four major innovation fields: 1 ) The demand for special integrated circuits is strong, focusing on FGPA and analog chips; 2) Automotive intelligence is in the ascendant, focusing on opportunities from 0 to 1, such as lidar, domain controllers, and HUD; 3) "Metaverse" is in the ascendant, and new types of consumption such as MR end4) The memory module is upgraded to DDR5, and the volume and price of memory interface chips + supporting chips are rising.
5. Guosheng Securities : In the past one or two months, there is the possibility of interest rate cuts
Guosheng Securities pointed out that the credit financing in November was lower than expected and lower than seasonality, and the internal driving forces of consumption and real estate are still weak. Consistent with the November PMI, high-frequency data, etc., they all point to the fact that the recent "turning point" policies such as epidemic prevention and real estate have not shown any effect. Looking back, maintain the annual view: follow-up policies will go all out to stabilize growth and confidence. One of the starting points is the central government increasing leverage . Among them: monetary easing is still the general direction, and there is a high probability of cutting interest rates at the end of the year and the beginning of the year, especially LPR (12.20 or 1.20 is very likely), there are 4 points of attention in the short term.
3. Fund net value
Open-end fund net value increased TOP50:
Open-end fund net value decreased TOP50:
