China Fund News reporter Cao Wenjing
html On March 28, the market rose and fell throughout the day. The three major indexes all closed up, and the low-level economy exploded. On that day, the total net outflow of equity ETFs in Shanghai and Shenzhen stock exchanges was nearly 700 million yuan.The net outflow of funds in a single day was nearly 700 million yuan.
wind data shows that as of March 28, the management scale of 856 stock ETFs in the entire market reached 2.07 trillion yuan.
Judging from the ranking of yesterday's net capital inflows, broad-based ETFs are the main force in "attracting money", and several CSI 300ETF, CSI 1000ETF, and CSI 2000ETF products have the highest net inflows. Among them, Huatai-Berry CSI 300ETF has a single-day net inflow of 335 million yuan, while ChinaAMC CSI 300ETF and China Southern CSI 1000ETF have a single-day net inflow of more than 300 million yuan. In addition, dividend ETFs, securities ETFs, medical ETFs, big data ETFs, breeding ETFs and other popular themes and industry ETF products also rank among the top net inflows of funds.
Reporters noticed that on March 28, ETFs owned by leading fund companies gained funding. Among the ETFs under China Asset Management, the CSI 300 ETF Huaxia (510330) had a net inflow of 311 million yuan, with the latest scale reaching 98.037 billion yuan. CSI 1000ETF (159845) had a net inflow of 247 million yuan, with the latest scale reaching 14.532 billion yuan. The chip ETF (159995) had a net inflow of 33 million yuan, with the latest scale reaching 22.534 billion yuan, and the game ETF (159869) had a net inflow of 28 million yuan, with the latest scale reaching 6.213 billion yuan.
In addition, E Fund’s ETFs overall received a net inflow of 178 million yuan that day. Data shows that gold ETFs and E Fund CSI 300 ETFs saw net inflows of over 100 million yuan that day. GEM ETFs, securities insurance ETFs, and E Fund CSI A50 ETFs also received net inflows, showing that funds are favoring recent market hot spots.
Judging from the ranking of net capital outflows on March 28, ETF products related to Shanghai Stock Exchange 50, CSI 500, Science and Technology Innovation 50, and Science and Technology Innovation Board 100 were the major "blood loss" on that day. In addition, ETF products related to popular tracks such as artificial intelligence, robotics, and military industry also experienced net outflows to varying degrees.
mcsi China a50etf fund manager Le Wuqiong believes that there was a certain degree of fluctuation in the market at the end of the month, but it was more of an emotional disturbance. Overall, it is not appropriate to be pessimistic about A-shares at this stage. From a fundamental perspective, the domestic macro-economy has stabilized and rebounded. With the support of a series of stabilizing growth policies, economic fundamentals are expected to further repair upwards. At the same time, overseas liquidity will also see marginal improvements. The current valuations of A-share core indices are at low levels in the past five years, showing a high margin of safety. Overall, the allocation value of equity assets is relatively high.
"Core leading assets have performed well in the rebound since the beginning of the year, and the decline during the correction phase has been relatively limited. Core assets represent the main force with the most market vitality and global competitiveness in the country, and now they have formed the basis for promoting high-quality economic development. New kinetic energy." Le Wuqiong said.
htmlETF’s net inflow of funds in two years is nearly 350 billion yuan
The first quarter of 2024 is about to come to an end. Data from the China Galaxy Securities Fund Research Center shows that as of March 28, all stock ETFs have attracted a total of 349.297 billion yuan this year. Among them, the net inflow of ETF funds related to the Shanghai and Shenzhen 300 alone reached 260.616 billion yuan, accounting for nearly 75%, playing a positive role as a "stabilizer" and "ballast stone" in the A-share shock. Ji Yu, fund manager of
Hongde Fund, said that from a market perspective, after three consecutive years of decline, the valuation levels of major indexes such as the Shanghai and Shenzhen 300 have fallen below the historical valuation center. From a bottom-up perspective, some high-quality blue-chip stocks are also close to the PE level of dividend stocks in the same industry.
He believes that the market downside space is limited and bottom-up stock selection based on fundamental research will be more effective. There may be certain risks in investing simply based on grand narratives and labels.
A quantitative investment director in Beijing believes that the bottom characteristics of the current market are obvious. If policy confidence is further restored in the future, the financial side is also expected to recover, and risk appetite may stabilize and rebound. At present, China's economic transformation period is particularly characterized by the fact that traditional economic drivers such as real estate are weakening, but the new economy is rising.
In this context, he focuses on the barbell strategy in terms of structure: First, the wave of the technology industry, global AI technology is rapidly iterating, the demand for computing power is clear, and the progress of generative AI technology will also bring about a hundred flowers blooming on the application side.Consumer electronics products are cyclically updated, and domestic mobile phones and automobiles are ushering in a wave of innovation; second, the high dividend structure is expected to continue to perform. In addition, we are also actively paying attention to periodic investment opportunities in other sectors.
An index investment director in Shanghai said that the current overall valuation of the A-share market is very attractive, and the structural valuation risks have been fully released, waiting for the recovery of investor sentiment. Valuation repair itself can also drive the market upward. As long as extreme situations do not occur, we should be more optimistic about the A-share stock market in 2024 and even more optimistic about the medium and long-term performance of the stock market.
Editor: Xiaomo
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