a-shares sounded the clarion call for counterattack and the first batch of csi a500etf "fireline" entered the market
2024-10-02
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on the occasion of the introduction of a number of major favorable policies, the first batch of ten csi a500 etfs, a new benchmark for domestic broad-based index products, have all been established, and 20 billion yuan of incremental funds are about to enter the market.
industry insiders believe that etfs, with their high positions and high transparency, can effectively improve the stability and efficiency of the market, and play a positive role in serving the real economy, promoting the entry of long-term funds into the market, and assisting patient capital in deploying high-quality assets.
the first batch of csi a500 etfs were all established
on september 28, taikang fund announced that the taikang csi a500 etf was established. the fund contract became effective on september 27. the net subscription amount during the fundraising period was 2 billion yuan, and the total number of valid subscription households was 10,473. so far, the first batch of ten csi a500 etfs have all been announced, reaching the initial fundraising limit of 2 billion yuan, and triggering proportional placement. in the future, 20 billion yuan of incremental funds will be injected into the market.
looking back, harvest csi a500 etf was first established on september 20, csi a500 etf under j.p. morgan asset management and invesco great wall fund was established on september 24, and csi a500 etf under huatai-pinebridge fund, wells fargo fund, and southern asset management was established on september 24. established on september 25, csi a500 etf under cathay fund, china merchants fund, and yinhua fund was established on september 26.
among the first ten csi a500 etfs, morgan csi a500 etf has the largest number of valid subscription accounts, reaching 22,879; wells fargo fund, yinhua fund, and cathay fund follow closely, with the total number of valid subscription accounts for the csi a500 etf being raised. the total number of effective subscription accounts for china merchants fund, invesco great wall fund, southern fund, and taikang fund's csi a500 etf all exceeded 10,000.
judging from the placement situation, yinhua fund, harvest fund, invesco great wall fund, cathay fund, and southern asset management adopted the "doomsday ratio confirmation" principle for placement of their csi a500 etf. the placement ratio of yinhua csi a500 etf was as low as less than 50%. ; morgan asset management, china merchants fund, taikang fund, wells fargo fund, and huatai-pinebridge fund adopt the "full proportion confirmation" principle for placement of their csi a500 etf. the placement ratio of morgan csi a500 etf is less than 80%.
a number of major policies support the development of broad-based etfs
recently, wu qing, chairman of the china securities regulatory commission, said that it will further optimize the registration of equity fund products, vigorously promote the innovation of index products such as broad-based etfs, and timely launch more small and medium-cap etf fund products including gem, science and technology innovation board, etc., to better serve investors and better serve national strategies and the development of new productive forces.
j.p. morgan asset management said that product innovations such as broad-based etfs will further activate market liquidity and increase attention to broad-based indexes, and will also provide investors with more diversified investment options to participate in china's capital market. the launch of more small and medium-cap etfs such as the science and technology innovation board and gem will not only help the liquidity of small and medium-sized stocks, but also facilitate investors to participate in specific a-share sectors in a low-cost and efficient way.
morgan asset management also believes that etfs will play an important role in the swap facilities of securities, funds, and insurance companies. broad-based etfs such as csi a50 etf and csi a500 etf may receive more attention from medium and long-term funds, and their scale is expected to further increase. in addition, market value management will promote the continuous improvement of the investment value of major index constituent stocks. in the future, major indexes and constituent stocks will receive more attention from the market.
the "guiding opinions on promoting the entry of medium and long-term funds into the market" that has attracted much attention recently also mentioned the "establishment of a rapid approval channel for etf index funds." wells fargo fund said that etfs, with their high positions and high transparency, can effectively improve the stability and efficiency of the market. by establishing a rapid approval mechanism for etfs, it can speed up the listing of etfs and give investors more room for choice.
from the perspective of cathay fund, etfs, as one of the important infrastructures of the capital market, play an increasingly important role in serving national strategies, serving high-quality economic development, and guiding resource allocation. at the same time, they serve the real economy and promote the entry of long-term funds into the market. , and also plays a positive role in helping patient capital deploy high-quality assets.
the attractiveness of a-share assets continues to increase
as the csi a500 etf is about to be listed, the a-share market has ushered in multiple favorable policies, and investor sentiment has quickly warmed up, accumulating strength for the long market.
according to huatai-pinebridge fund analysis, overseas, the federal reserve has launched an interest rate cut cycle, and the central banks of some overseas economies have successively lowered benchmark interest rates. the marginal improvement in global liquidity is expected to further enhance the attractiveness of a-share assets, making it a destination for global capital reallocation. . domestically, the introduction of a series of incremental policies including rrr cuts, interest rate cuts, existing mortgage interest rates, and the creation of new monetary instruments have greatly boosted market confidence.
taikang fund also said that the decision-makers’ heavy-handed speeches will help drive down the cost of capital, show the urgency of policy, boost market confidence, and stimulate the market’s short-term rebound. there is also room for growth in the medium and long term.
looking forward to the market outlook, taikang fund believes that the excess returns of the leaders in the investment industry are significant. in addition, the technology growth sector that is highly sensitive to interest rates, the domestic demand sector that is the direction of policy efforts, and the overseas sector may benefit at the margin. in addition, hong kong stocks with low valuations are expected to attract funds allocated to emerging markets and usher in a new round of investment opportunities.
source: china securities news
