2024-08-13
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1. Review of the Securities Market
According to data from 12th August (hereinafter referred to as yesterday), the Shanghai Composite Index fell 0.14% to close at 2858.2 points, with a peak of 2869.27 points; the Shenzhen Component Index fell 0.24% to close at 8373.47 points, with a peak of 8419.7 points; the ChiNext Index fell 0.2% to close at 1592.39 points, with a peak of 1601.85 points.
II. ETF Market Performance 1. Overall Market Performance of Stock ETFs
The median return rate of stock ETFs yesterday was -0.21%. According to different classifications, among the scale index, the China Merchants SSE STAR Market 50 Component Enhanced Strategy ETF had the highest return rate of 0.49%; among the industry index, the GF CSI All-Share Medical and Health ETF had the highest return rate of 1.25%; among the strategy index, the China Tai SSE State-owned Enterprise Dividend ETF had the highest return rate of 0.91%; among the style index, the Harvest Pharmaceutical Health 100 ETF had the highest return rate of 1.04%; among the theme index, the China Universal CSI Traditional Chinese Medicine ETF had the highest return rate of 2.68%.
2. Stock ETF price increase and decrease ranking
The top three stock ETFs with the highest gains yesterday and their yields were:China Universal CSI Chinese Medicine ETF (2.68%), Chinese Medicine (2.65%), Traditional Chinese Medicine (2.64%)The top 10 stocks with the highest growth rates are listed in the table below:
The three ETFs with the largest declines yesterday and their yields were: Huaxia CSI All-Share Real Estate ETF (-3.18%), Southern CSI All-Share Real Estate ETF (-3.18%), and Real Estate ETF (-2.82%). See the table below for details of the top 10 declines:
3. ETF fund flows
The top three ETFs with the most inflows yesterday were: Wan CSI Dividend ETF (inflow of 212 million yuan), Southern CSI 500 ETF (inflow of 207 million yuan), and Hua Xia SSE STAR Market 50 Component ETF (inflow of 167 million yuan). See the table below for details of the top 10 ETFs with the most inflows:
The three ETFs with the largest outflows of funds yesterday and their inflows were: Southern CSI 1000 ETF (outflow of 232 million yuan), Tianfu CSI 800 ETF (outflow of 222 million yuan), and Harvest CSI 300 ETF (outflow of 181 million yuan). Details of the top 10 outflows are shown in the table below:
3. Institutional Views Debon Securities: With the adjustment of the basic drug catalogue imminent, Chinese medicine is expected to usher in sector opportunities
Debon Securities believes that with the upcoming adjustment of the basic drug catalog, Chinese medicine is expected to usher in sector opportunities. According to the "National Essential Drug Catalog Management Measures", the adjustment cycle of the basic drug catalog shall not exceed 3 years in principle. The current 2018 version of the basic drug catalog has not been adjusted for 6 years. We believe that the number of varieties in the 18th version of the basic drug catalog is too small to meet the equipment needs of hospitals at all levels, and it is expected to be expanded in this adjustment. In addition, the proportion of Chinese patent medicines has continued to increase in previous adjustments, and this adjustment is expected to benefit significantly. In the current version of the basic drug catalog, Chinese patent medicines account for 39.12%, and both the number and proportion are expected to increase in this adjustment of the basic drug catalog.
Huaan Securities: The Chinese medicine sector has fully adjusted and has the opportunity to reverse from the bottom
Huaan Securities believes that the Chinese medicine industry is currently at a turning point, policy support remains, the sector has fully adjusted, and there is an opportunity for a bottom reversal. The market's concerns about the same price policy and centralized procurement have limited impact on most Chinese medicine companies. The latest Chinese medicine standardization policy shows the top-level design's emphasis on Chinese medicine. Q2 performance is expected to accelerate the reversal under a low base, and the current valuation of the Chinese medicine sector is cost-effective.