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On July 17, the hot spots in the A-share market continued to switch, and large funds continued to buy ETF funds, especially the CSI 300 ETF. Some active funds in the market rushed to invest in overseas ETF funds, such as US stock ETFs and Saudi Arabia ETFs. With the continued rise, the high premium risks of these funds need to be vigilant. The two styles are extremely differentiated, and the later performance has attracted attention.

//Trading volume of many CSI 300 ETFs continues to increase //

On July 17, the trading volume of many broad-based ETFs increased significantly. Wind data shows that the top four broad-based ETFs with the highest trading volume are all CSI 300 ETF.The trading volumes of Huatai-PineBridge CSI 300 ETF, E Fund CSI 300 ETF, Hua Xia CSI 300 ETF and Harvest CSI 300 ETF all exceeded 4 billion yuan, with a total trading volume of 23.462 billion yuan, setting a new high in more than four months.

Taking Huatai-PineBridge CSI 300 ETF as an example, the daily turnover exceeded 8 billion yuan, ranking first in the turnover of stock ETFs. Since this week, the turnover of this ETF has been rising day by day, with the turnover on Monday and Tuesday being 4.423 billion yuan and 5.710 billion yuan respectively.

//Active funds rush to invest in overseas ETFs //

Recently, the US stock market has continued to rise, and domestic ETF funds investing in US stocks have been snapped up, with prices rising and showing a large premium. As the US stock market enters a high point, fund companies have continuously issued risk warning announcements.Bosera S&P 500 ETF (513500) has issued premium risk warning announcements almost every trading day since July.Reminder again on July 17: Premium risk of Bosera S&P 500 Exchange Traded Open-End Index Securities Investment Fund.

In addition, China Asset Management's Nasdaq ETF (513300) also issued a warning announcement. The secondary market transaction price is significantly higher than the reference net value of fund shares, with a large premium. Investors are hereby reminded to pay attention to the premium risk of secondary market transaction prices. If investors invest blindly, they may suffer heavy losses.

In addition, the first batch of Saudi ETFs under Huatai-PineBridge Fund and Southern Fund, which were just listed on July 16, have been trading at the daily limit for two consecutive trading days and maintained a high premium. Wind data showsThe premium rates of the two Saudi ETFs both exceeded 15%, ranking at the top of the ETF market, and the total daily trading volume exceeded 2 billion yuan.

Recently, cross-border ETFs have seen high premiums. Industry insiders said that when the secondary market is eager to buy shares, causing the real-time trading price on the exchange to be greater than the estimated net value of the ETF, a premium will be generated. Generally speaking, cross-border ETFs are more prone to large fluctuations in premiums and discounts. The T+0 trading mechanism further amplifies the possibility of high-frequency trading.

Liu Jun, assistant general manager of Huatai-PineBridge Fund and director of the index investment department, said that when choosing cross-border ETFs, one should try to avoid purchasing high-premium products.The following principles can be followed:

First, evaluate whether the product premium is too high. If there is indeed a high premium, you can look for other ETF products that track related targets. Second, evaluate whether the product premium is sustainable. If the premium is only due to short-term overheated sentiment, you can wait and make a decision after the premium falls back. Third, evaluate whether the product premium is likely to exist for a long time. If so, you need to consider whether the future market growth potential is sufficient to cover the premium cost.

//The latest fund layout trends//

On July 17, all four public offering products under Ruiyuan Fund disclosed the second quarter reports of 2024. Ruiyuan Growth Value Mixed Fund, jointly managed by well-known fund managers Fu Pengbo and Zhu Lin, and Ruiyuan Balanced Value Three-Year Holding Mixed Fund, managed by well-known fund manager Zhao Feng, both increased their Hong Kong stock positions in the second quarter.

In Zhao Feng's opinion, some real industry leaders, with their low stock prices, have dividend yields close to or higher than the risk-free rate. Considering the growth potential and excellent business models of some of these companies, their long-term return levels may already be higher than some high-dividend companies currently sought after by the market.In the long run, companies that are truly globally competitive are likely to be able to cope with the challenges of the future business environment, navigate cycles and continue to create value.”

Fu Pengbo and Zhu Lin believe that the capital market and the Chinese economy are both in a stage of "strengthening the foundation". In the second half of the year, there may be some upward driving factors in the market, such as better-than-expected improvement in real estate data and faster issuance of on-budget national and local government bonds. "As listed companies continue to disclose their interim reports, we willActively look for companies with prosperous growth. The screening process and standards will be more prudent, evaluating the target's ability to generate future cash flow and focusing on the odds and winning rate of stock selection.”

(Wind Comprehensive China Securities Journal)

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