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this week, the a-share market has enjoyed a gratifying rise. it is worth noting that in just 4 days, more than 53 billion yuan of funds increased positions in a-share etfs. combined with the expansion brought about by the rise, the scale of a-share etfs has increased by approximately 350 billion yuan.

the scale of broad-based index etfs has increased significantly

this week, among the related etfs tracking the growth enterprise market and the science and technology innovation board index, the e fund sse science and technology innovation board 100 enhanced strategy etf, which has the largest increase, has a weekly increase of 37.09%, and the bank of china securities growth enterprise market etf and china merchants growth enterprise market large cap etf have a weekly increase of more than 30%. . the transaction price in the secondary market has deviated significantly from the net value of the fund, and the premium rate remains high. ping an gem etf and penghua gem 50 etf rose by more than 25%.

in terms of industry themes, the consumer sector has rebounded the most, with china merchants china securities food and beverage industry etf, penghua china securities wine etf, and harvest china securities major consumer etf all experiencing weekly gains of more than 29%.

followed by brokerage etfs, the "flagbearer" brokerage sector of the bull market broke out collectively, with many brokerage etfs rising by more than 26% this week. real estate-related etfs followed closely, with many rising by more than 25%. in addition, many new energy, computer, and pharmaceutical-related etfs have experienced increases of more than 20%.

as the index rebounded rapidly, investor sentiment heated up rapidly. in the last four trading days of this week (september 24 to september 27), a-share etfs received a net inflow of approximately 53.4 billion yuan. adding to the increase in scale brought about by the rise in funds, the scale of a-share etfs has expanded by approximately 350 billion yuan.

it is worth noting that investors mainly increase their positions in broad-based index etfs, especially csi 300 and csi 1000 related etfs. this week, huatai-berry csi 300 etf had a net inflow of 20.164 billion yuan, e fund csi 300 etf had a net inflow of 6.94 billion yuan, and chinaamc csi 300 etf and harvest csi 300 etf had a total net inflow of 2.9 billion yuan. china southern asset management, china asset management and gf fund’s csi 1000 etf had a total net inflow of 10.2 billion yuan.

in terms of industries, real estate, consumer, and dividend etfs received the most positions this week. the net inflows of china southern csi all-share real estate etf and china universal csi consumer major etf both reached 400 million yuan.

institutions are optimistic about consumption, real estate, dividends and other sectors

yude investment said that the bottom area is basically confirmed. the release of a package of policies highlights policy determination. it is believed that the subsequent introduction and implementation of specific policies will form a strong support for the economic base and boost investor confidence. previously, many high-quality companies were undervalued amid pessimism, and the valuations of some industry leaders were at historically low levels. in the short term, foreign capital inflows, institutional replenishment and position adjustment are the main driving forces of the market.

regarding the recent allocation direction, yude investment believes that the market is currently in the first wave of beta market with valuation restoration, and high-quality leading stocks that are undervalued and seriously oversold are the most likely direction for incremental capital allocation at the moment, with consumption, procyclical financial real estate is the main focus.

china life security fund believes that after the market bottomed out in the third quarter, the overall allocation is cost-effective. however, we still need to pay attention to the structured market. first, under the catalysis of expansion policies, oversold sectors are expected to benefit. it is recommended to pay attention to industries with large early declines and expected policy catalysis, such as procyclical consumption and real estate chains; second, dividends are low and volatile. since july, it has continued to underperform the shanghai and shenzhen 300 index. with the boost from the leveraged repurchase policy, we can focus on high-dividend industries such as coal, utilities, and operators. third, the expectation of a soft landing for overseas economies has increased, and the recovery of interest-sensitive sectors is expected to drive my country's export demand for related industries can focus on electrical equipment, mechanical equipment, light industry, etc.

icbc credit suisse fund stated that the policy has a positive significance in restoring market confidence. it remains to be observed in the future the extent and sustainability of fiscal policy and the actual effects of the implementation of real estate destocking policies.