Last week, the A-share market continued to be strong and volatile. The Shanghai Stock Exchange Index stood at the 3000 point mark with a weekly increase of 0.63%, the fourth consecutive week of gains; The GEM index fell slightly, with a weekly decline of 0.92%, temporarily stopping at the 20 week moving average.
Off market funds continue to bargain. According to the statistics of Securities Times · Databao, the market share of ETFs increased by 12.218 billion last week, 0.57% month on month, and the latest total share reached 2163.846 billion; The total scale of the whole market increased by 30.555 billion yuan, 1.27% month on month, and the latest total scale was 243.6596 billion yuan; The daily average turnover of ETFs decreased by 37.776 billion yuan to 109.239 billion yuan, a 25.7% month on month decrease.
Resource ETFs led the rise
According to the statistics of Databao, among the more than 770 ETFs whose investment type is stock, 270 ETFs rose last week. The top gainers were mainly resource funds, among which gold ETFs benefited from the rise in international gold prices and performed best.
Specifically, the weekly increase of net value of Huaxia CSI Shanghai Shenzhen Hong Kong gold industry stock ETF and Yongying CSI Shanghai Shenzhen Hong Kong gold industry stock ETF exceeded 9%, ranking the top two in the increase list.
Among them, the top 10 heavy positions of Huaxia CSI Shanghai Shenzhen Hong Kong gold industry stock ETF include Zijin Mining, Shandong Gold, Yintai Gold and other stocks. Last week, Zijin Mining rose more than 12%, and its share price hit a record high.
In addition to the sharp rise of gold stocks, the resource stocks soared all over the country last week, and the petroleum and petrochemical index rose more than 5% this week. Reflected in the ETF market, Harvest China Securities New Central Enterprise Modern Energy ETF, Huatai Birui China Securities All Electric Power Utility ETF, GF China Securities All Electric Power Utility ETF and other related funds all rose by more than 5%.
Among them, the top 10 heavy positions of Harvest China Securities New Central Enterprise Modern Energy ETF include Yangtze Power, China Nuclear Power, Three Gorges Energy and other power stocks, as well as Chinalco, CNOOC and other resource stocks. Last week, CNOOC rose nearly 22%, and its share price frequently hit record highs.
Real estate ETF plummeted again
The real estate index corrected sharply last week, with a weekly decline of 4.52%. On the news side, it was once rumored in the market that Vanke was negotiating with some loan institutions (mainly insurance companies) to extend the maturity of its non-standard debt. On the evening of March 8, Vanke A announced that on March 8, 2024, the company had deposited about $647 million of the outstanding principal amount of the notes, together with the interest funds accumulated to the maturity date, into the bank account designated by the agent bank for full repayment of the principal and interest of the notes due.
Last week, four real estate ETFs fell by more than 5%. The weekly decline of Yinhua China Securities mainland real estate themed ETFs reached 6.3%, ranking first. Huafa Shares, the top 10 heavy stocks, fell by more than 9%, and China Merchants Shekou dropped by 8.84%.
Software, games and other sectors saw a major adjustment last week, and the weekly decline of China Merchants Securities All Index Software ETF and Cathay Pacific China Securities Animation Game ETF exceeded 4%. Guosen Securities said that, in the long run, the introduction of new technologies such as AIGC, VR/AR/XR is expected to bring about the possibility of content and business model reconstruction while reducing costs and improving efficiency and innovating interactive ways; Combined with the current historical large valuation quantile, the game sector as a whole has good investment value.
Two CSI A50ETF
Quick warehouse building
From the perspective of share change, the share of stock ETFs increased by 21.621 billion last week. Market funds prefer large market index ETFs, and 8 of the top 10 in terms of share growth are large market index ETFs. Among them, E Fund's share of Shanghai Shenzhen 300ETF increased by 6.36 billion, ranking first. It is worth mentioning that many CSI A50ETFs have entered the top 10 in terms of share growth.
It is understood that on March 7, the first 10 CSI A50ETFs were all established, with a total fund size of 16.526 billion yuan and a total of 144100 effective subscriptions. Among them, Ping An CSI A50ETF and Morgan CSI A50ETF quickly established positions. As of March 5, the fair value of the shares held by the two ETFs accounted for 96.05% and 90.94% of the net asset value of the fund, respectively.
According to the data, the CSI A50 index selects 50 securities with the largest market value from the stocks of various industries as the index sample to reflect the overall performance of the most representative leading listed companies' securities in various industries. China Merchants Securities believes that the CSI A50 index fills the gap of 50 indexes in the whole market, comprehensively reflects the long-term operation trend of the securities of the most representative leading listed companies in various industries, can help to continuously guide medium and long-term funds into the market, and enhance the pricing ability of China's capital market for A-share core assets.
