news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

1. Review of the Securities Market

According to the data from Nancai Financial Terminal, last week (August 12-August 16, the same below), the Shanghai Composite Index rose 0.6% during the week, closing at 2879.43 points, with a peak of 2889.09 points; the Shenzhen Component Index fell 0.52% during the week, closing at 8349.87 points, with a peak of 8439.69 points; the ChiNext Index fell 0.26% during the week, closing at 1591.46 points, with a peak of 1608.95 points. Northbound funds increased from the previous week. In the global market, major indexes all rose. The Nasdaq Composite Index rose 5.29%, the Dow Jones Industrial Average rose 2.94%, and the S&P 500 rose 3.93%. In the Asia-Pacific region, the Hang Seng Index rose 1.99% and the Nikkei 225 Index rose 8.67%.

II. ETF Market Performance 1. Overall Market Performance of Stock ETFs

Last week, the median weekly return of stock ETFs was -0.17%. According to different classifications, among the scale indexes, the China Merchants CSI 2000 Enhanced Strategy ETF had the highest weekly return of 1.39%; among the industry indexes, the China Fortune CSI 800 Bank ETF had the highest weekly return of 2.74%; among the strategy indexes, the China Tai SSE State-owned Enterprise Dividend ETF had the highest weekly return of 2.22%; among the style indexes, the China Merchants CSI Bank AH Price Preferred ETF had the highest weekly return of 2.77%; among the theme indexes, the game and animation ETF had the highest weekly return of 2.28%.

2. Stock ETF price increase and decrease ranking

The top five stock ETFs with the highest gains last week and their yields are:CMB CSI Bank AH Price Preferred ETF (2.77%), Wells Fargo CSI 800 Bank ETF (2.74%), Tianhong CSI Bank ETF (2.72%), E Fund CSI Bank ETF (2.71%), CSI Bank ETF (2.71%). See the table below for details:

The five ETFs with the largest declines last week and their yields were: Southern CSI All-Share Real Estate ETF (-4.0%), Huaxia CSI All-Share Real Estate ETF (-4.0%), Fuguo CSI All-Share Building Materials ETF (-3.82%), Guotai CSI All-Share Building Materials ETF (-3.74%), and E Fund CSI All-Share Building Materials ETF (-3.69%). See the table below for details:

3. Liquidity of stock ETFs

In terms of liquidity, the average daily trading volume of the stock ETF market decreased by 13.4% last week, the average daily trading volume decreased by 13.1%, and the turnover rate decreased by 0.16%.

4. Equity ETF fund flows

The top five ETFs with the most inflows last week were: E Fund CSI 300 ETF (inflow of 6.695 billion yuan), Huatai-PineBridge CSI 300 ETF (inflow of 6.33 billion yuan), Southern CSI 500 ETF (inflow of 2.608 billion yuan), Huaxia CSI 300 ETF (inflow of 2.25 billion yuan), and Huaxia SSE 50 ETF (inflow of 1.926 billion yuan). See the table below for details:

Last week, the top five ETFs with the largest outflows and their inflows were: Harvest CSI 500 ETF (outflow of 334 million yuan), Tianfu CSI 800 ETF (outflow of 287 million yuan), Harvest SSE STAR Market Chip ETF (outflow of 257 million yuan), Southern CSI All-Share Real Estate ETF (outflow of 212 million yuan), and CSI Shanghai State-owned Enterprises ETF (outflow of 205 million yuan). See the table below for details:

III. ETF Margin Trading

Last week, the margin balance of stock ETFs increased from 39.9819 billion yuan in the previous week to 40.1632 billion yuan, and the margin balance decreased from 2.6063 billion shares in the previous week to 2.2221 billion shares. Among them, the ETF with the highest margin purchase amount during the week was Hua Xia SSE STAR Market 50 Component ETF, with a total purchase amount of 458 million yuan; among them, the ETF with the highest margin sales during the week was Southern CSI 500 ETF, with a total sales of 5 million shares.

IV. ETF Stock Market Situation

Last week, there were a total of 978 ETFs in the market, including 785 stock ETFs, 20 bond ETFs, 27 currency ETFs, 17 commodity ETFs, and 129 cross-border ETFs.

In terms of fund size, the total size of the ETF market reached 2702.678 billion yuan last week, an increase of 29.994 billion yuan from the previous week. Among them, stock ETFs were 1990.136 billion yuan, bond ETFs were 133.259 billion yuan, currency ETFs were 191.679 billion yuan, commodity ETFs were 55.212 billion yuan, and cross-border ETFs were 332.392 billion yuan.

Last week, the number and scale of stock ETFs accounted for 80.3% and 73.6% of the entire ETF market respectively. Stock ETFs are the largest type in the ETF market. Focusing on stock ETFs, the total scale increased by 24.038 billion yuan compared with the previous week. Among them, according to different classifications, among the scale indexes, the E Fund CSI 300 ETF initiated weekly fund scale increased the most, which was 6.695 billion yuan; the industry index Zhonghuabao CSI Bank ETF had the highest weekly fund scale increase, which was 401 million yuan; among the strategy indexes, the Wan CSI Dividend ETF had the highest weekly fund scale increase, which was 413 million yuan; among the style indexes, the Pengyang CSI 500 Quality Growth ETF had the highest weekly fund scale increase, which was 49 million yuan; and the theme index China Lian'an CSI All-Share Semiconductor ETF had the highest weekly fund scale increase, which was 259 million yuan.

V. ETF Issuance and Establishment

No new ETFs were issued last week; 1 new ETF was established, namely: Invesco Great Wall CSI Hong Kong Stock Connect Dividend Low Volatility ETF.

VI. Institutional Views ① In the asset shortage environment, the bank sector is optimistic about its allocation value

CITIC Securities stated that the implementation of multiple policies in the early stage will help improve banks' risk expectations, and the valuation increase of bank stocks will be more supported by fundamentals, further consolidating the certainty of dividend income space; in the context of asset shortage, it is optimistic about the allocation value of the banking sector.

② Continue to be optimistic about bank stock investment in the low interest rate era

Huachuang Securities believes that the positive factors in my country's economic operation are gradually emerging. At present, China is in a period of economic transformation. It will take time to revitalize the stock and establish the new. We continue to be optimistic about the investment in bank stocks in the low-interest rate era. The current valuation of the banking sector is low, and the macro and policy environment faced by the banking sector behind the low valuation has been marginally warming: including but not limited to the optimization of the added value accounting assessment of the financial industry, the accelerated introduction of real estate-related boosting policies, the orderly advancement of debt reduction, and the central bank's monetary implementation report emphasizing "balanced credit supply" and "guarding against high-interest deposit collection", etc., and the industry development has become more rational.