news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

China Fund News reporter Cao Wenjing

Yesterday, the three major stock indexes collectively adjusted, semiconductor and other sectors fell, and the medical insurance payment concept was active against the market trend. The overall net inflow of stock ETFs exceeded 8.2 billion yuan, among which the single-day net inflow of funds related to the CSI 300 ETF ranked first, exceeding 3.5 billion yuan. And the ETF products in popular tracks such as securities, photovoltaics, and banks became the major "blood losers".

Since July, funds have been actively deployed, and stock ETFs have attracted a total of more than 134 billion yuan.

Stock ETFs attracted more than 8.2 billion yuan in a single day

Net capital inflow exceeded 130 billion yuan this month

Wind data shows that as of July 23, the total management scale of 907 stock ETFs (including cross-border ETFs) in the market reached 2.25 trillion yuan. On July 23, the three major stock indexes fell sharply. As of the close, the Shanghai Composite Index fell 1.65%, the Shenzhen Component Index fell 2.97%, and the ChiNext Index fell 3.04%. From the market perspective, the semiconductor sector fell sharply, and nonferrous metals, brewing, pharmaceuticals, food and beverages and other sectors fell; the banking sector rose against the market trend, the medical insurance payment concept exploded, and the water conservancy and unmanned driving concepts were active.

In such a market, on July 23, the overall net inflow of stock ETFs was 8.273 billion yuan. Among the sub-categories, broad-based ETFs had the largest net inflow, reaching 7.001 billion yuan. Cross-border ETFs had the largest net inflow, reaching 320 million yuan. At the index level, the CSI 300 Index-related ETFs had the largest net inflow on a single day, reaching 3.588 billion yuan.

Judging from the ranking of net fund inflows on July 23, Huatai-PineBridge CSI 300 ETF ranked first in net fund inflow, attracting 2.318 billion yuan in a single day. In addition, broad-based ETF products such as the SSE 50 ETF, Sci-Tech Innovation 50 ETF, CSI 500 ETF, ChiNext ETF, and SSE Index ETF ranked at the top in net fund inflows.

It is worth noting that the pace of net inflows of ETF funds under the leading fund companies is still continuing. On July 23, the ETFs under E Fund Management received a total net inflow of 1.364 billion yuan, of which E Fund received a net inflow of 669 million yuan for the CSI 300 ETF, helping the scale of the product reach 166.109 billion yuan; in addition, the ChiNext ETF and the Science and Technology Innovation Board 50 ETF also received a net inflow of more than 100 million yuan.

Among the ETFs of China Asset Management Co., Ltd., the SSE 50 ETF (510050) received a net inflow of 1.923 billion yuan, with a scale of 119.974 billion yuan. The Science and Technology Innovation 50 ETF (588000) received a net inflow of 363 million yuan, with a scale of 69.833 billion yuan. The CSI 300 ETF of China Asset Management Co., Ltd. (510330) received a net inflow of 195 million yuan, with a scale of 118.171 billion yuan.

Since July, the market has been volatile and adjusted, and funds have been actively deployed. Data from China Galaxy Securities Fund Research Center shows that since July, stock ETFs have accumulated a total of 134.098 billion yuan in "money". In the past five days, ETFs related to the CSI 300 Index have received more than 64.2 billion yuan in capital inflows.

Lin Weibin, general manager of the index investment department of E Fund Management, said that recently, the supply and demand relationship in the domestic industrial product market has improved, driving the PPI in May to rise from a month-on-month decline, and turned positive for the first time in 8 months, providing good support for the operating income and profits of industrial enterprises. Overall, as the effects of macroeconomic policies and industrial policies continue to be released, the real economy will continue to recover, production will grow steadily, and demand will continue to recover. As far as the capital market is concerned, high-quality, high-dividend assets and some growth assets representing the direction of new quality productivity are still receiving more attention from the market.

Wu Hao, manager of CITIC Prudential Four Seasons Red Mixed Fund, said that from the perspective of the overall market pricing level, taking the CSI 300 Index as an example, the price-to-book ratio percentile is at a relatively low level in the past five years. The risk of a systemic downturn in the market may be relatively limited. At the same time, structural opportunities may be more prominent. Among value assets, focus on high-dividend assets with exclusive resources and continuous dividend capabilities. Among cyclical assets, focus on opportunities for reversal of predicaments of leading companies with solid competitive barriers and near-cleared production capacity. Among consumer assets, focus on assets with sustainable business models, strong cash flow generation capabilities, and oversold pricing. At the same time, we will also actively pay attention to new structural investment opportunities that may arise after the disclosure of the interim report.

ETF products in popular sectors such as securities, photovoltaics, and banks have become major losers

Judging from the net outflow rankings on July 23, broad-based ETF products such as CSI 1000ETF, CSI 2000ETF, ChiNext ETF, and Dividend 100ETF became the largest "blood loss" on that day. In addition, ETF products in popular sectors such as securities, photovoltaics, and banks also ranked at the top in terms of net outflows.

Wang Keyu, fund manager of Hongde Fund, said that the overall valuation level of A-shares has remained very attractive for some time, but the differentiation between exports and domestic demand, international and domestic, and the overall stable economic policy have led to a huge differentiation between enterprises of different industries and sizes. As the pressure on overseas export-oriented enterprises gradually emerges, coupled with the substantial adjustment of domestic real estate-related policies, the effect is gradually showing, and the second half of the year will focus more on investment opportunities for reverse transformation.

Lu Bin, fund manager of HSBC Jinxin, said that at present, "high-quality growth" will become the main investment opportunity in the subsequent market. Under the trend of China's economic structure transformation, industrial upgrading and technological innovation, we have seen more and more high-quality growth industries and companies (new energy, new materials, high-end equipment, medicine, new consumption, TMT technology, etc.). Due to the explosion of industrial demand, the increase in global market share, the release of new products or import substitution, the overall industry space is large, the competitiveness of companies is increasing, and it is expected to achieve a faster compound growth rate in the next few years.

Editor: Joey

Audit: Wooden Fish

Copyright Notice

"China Fund News" enjoys the copyright to the original content published on this platform. Reproduction without authorization is prohibited, otherwise legal liability will be pursued.

Contact person for authorized reprint cooperation: Mr. Yu (Tel: 0755-82468670)