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Guo Jie, a reporter from the Securities Times
Since April, the A-share market as a whole has shown a volatile trend. Last week, ETF's share fell by 32%.Aussieplaycasinonodepositbonuscodes202242 million, reaching 2.Aussieplaycasinonodepositbonuscodes202215 trillion copies, an increase of 65.302 billion yuan to 2.45 trillion yuan.
From a lengthening point of view, the share of ETF has increased by 20.662 billion copies since April, the total scale has increased by 55.085 billion yuan, and the number of 4 new ETF,ETF issued in this month has reached 938.
Hong Kong stocks are in a strong trend
The performance of related ETF is eye-catching.
According to data Bao of the Securities Times, last week, the type of investment in the market was stock type.Aussieplaycasinonodepositbonuscodes2022Of the 800 ETF (excluding international QDII and other types of ETF), 646 recorded an increase, accounting for more than 80 per cent. The net value of 33 stock ETF reinstatement units increased by more than 10%.
The leading gainers in ETF are mostly ETF related to Hong Kong stocks. The Internet ETF of Wells Fargo Securities and Hong Kong Stock Exchange rose 17.05%, leading the increase. The Internet ETF of China Stock Exchange of China Securities and Hong Kong Stock Exchange rose 16.99%, and the Internet ETF of China Securities and Hong Kong Stock Exchange rose 16.9%. The ETF tracking index of the top four gains is the Internet connection of Hong Kong Stock Exchange.
Recently, Hong Kong stocks have performed very strongly, and the internet index of Hong Kong stocks has risen nearly 30 per cent in terms of range gains since February.
Galaxy Securities Research Institute believes that looking forward to the follow-up performance of the Hong Kong stock market in 2024, China's economy has stabilized and rebounded, and China's loose monetary policy and liquidity brought about by interest rate cuts by central banks in Europe and the United States are expected to jointly promote the rebound of Hong Kong stocks.
Share of multiple wide-base ETF
Significant growth
Last week, 58 of the 800 ETF increased their share by more than 5%, most of which were only wide-base ETF. The fund shares of ICBC 100ETF, Pengyang CSI state-owned enterprise dividend ETF and Cathay Pacific CSI 2000ETF increased by 184.9%, 174.75% and 125.25% respectively.
In fact, market money has already begun to flow into broad-based ETF. According to Wind information data, as of April 26, 38 fund managers have disclosed the quarterly report of their wide ETF, with a total net asset value of 1.21 trillion yuan, an increase of more than 2 times over the same period last year, of which 78 have achieved growth over the same period last year, 10 head products, such as Huatai Berry, Shanghai and Shenzhen 300ETF, have increased by more than 10 billion yuan, and 17 have increased by more than 1 billion yuan over the same period last year.
One of the important reasons for the significant growth of wide-based ETF is the large increase in holdings of Central Huijin Company. In early February this year, the Central Huijin Company issued a notice saying that it fully recognizes the current allocation value of the A-share market, has recently expanded the scope of increasing holdings of traded open-end index funds, and will continue to increase its holdings and expand the scale of holdings. we will resolutely maintain the smooth operation of the capital market.
According to the quarterly report of some wide-based ETF, if estimated according to the average transaction price in the first quarter, only four index products such as Shanghai and Shenzhen 300ETF, Huaxia Shanghai and Shenzhen 300ETF, Huaxia Shanghai Stock Exchange 50ETF and Castrol Shanghai and Shenzhen 300ETF have been increased by Central Huijin or more than 220 billion yuan.
Bonus ETF is bullish.
Of the 33 funds whose net worth rose by more than 10 per cent last week, 19 showed a decline in ETF shares, while Warburg Securities and Hong Kong Stock Exchange Internet ETF rose 16.99 per cent last week, while fund shares fell 20 million per cent, or 1 per cent. Yinhua Hang Seng Hong Kong Stock Connect China Technology ETF rose 14.46 per cent last week, while fund share fell 5.36 per cent.
By contrast, in the recent decline in ETF, many funds received net capital inflows, showing a significant increase in share. The net dividend ETF of Pengyang CSC state-owned enterprises fell 3.55 per cent last week, but the fund share increased by 174.75 per cent. Huaxia CSC dividend low volatility ETF and Guangfa CSI energy ETF fell 4.13 per cent and 5.45 per cent respectively last week, while fund shares increased by 45.7 per cent and 10.69 per cent respectively.
According to the first quarterly report of Pengyang CSC state-owned enterprise dividend ETF, the net share of the fund grew by 6.33% in the first quarter of this year. Fund managers Shi Hongjun and Wang Kai (Jin Kirin analyst) said that by the end of the first quarter of 2024, the relative market valuations of state-owned enterprises were still discounted and systematically undervalued, in contrast to the significant narrowing of the ROE gap between state-owned enterprises and private enterprises in the past three years, and the improvement in net profit growth of state-owned enterprises was better than that of the whole market. In the future, we are still optimistic about the long-term allocation value of the dividend index of state-owned enterprises, which fluctuates less than most index products and partial stock mixed funds, which meets the long-term capital allocation needs of insurance, financial subsidiaries and other institutions. it is also a better option for residents to diversify their savings funds. By the end of the first quarter, the overall price-to-earnings ratio and price-to-book ratio of the dividend index of state-owned enterprises were only around 6.5 times and 0.68 times, respectively, and the valuation level was still low.