Industry theme fund weekly report: market confidence is further strengthened and focus on large cycle theme funds
Introduction to this report:
This paper reviews the performance of various industries and industry theme funds (2024.5.13-5.17). Last week, the policy of stabilizing real estate was expected to be implemented, and the real estate and related industrial chains rose as a whole. With the emergence of multiple positive factors, the performance of theme funds in the subsequent large cycle deserves continuous attention.
Summary:
Review of the performance of A-share last week: The performance of the A-share indexes in the market value last week (2024.5.13-5.17) was good. According to CITIC's primary industry, the real estate sector led with 12.49% growth last week due to the impact of the release of policies related to the real estate industry that exceeded expectations; Building materials, construction, banking, light industry manufacturing and other industries related to the real estate industry chain also rose to varying degrees; The coal industry (2.1%) saw a relatively large decline last week; In addition, medicine fell 1.98%, and electric equipment and new energy fell 1.61%; Last week, on May 17, a series of policies related to real estate were released, including lowering the interest rate of personal housing provident fund loans and reducing the minimum down payment ratio of commercial personal housing loans. Positive policy signals made the real estate sector perform suddenly.
Review of industry theme funds: last week, the best performance of the average return of industry theme funds was financial theme (3.49%); The second is the theme of large cycle (0.68%); The relatively poor performance last week was medical theme (- 2.11%); The second is the manufacturing theme (- 1.21%); From the average return since 2024, the financial theme (16.58%) and the big cycle theme (15.65%) have performed relatively well, while the pharmaceutical theme (-6.32%) has performed relatively poorly. The top 20 industry theme funds with returns last week are mainly distributed in major cycle, financial and technology themes.
Among them, the three funds managed by Chen Xiaolu, an ICBC fund, ranked the top three in the return last week, the weekly return on ICBC's national strategic theme was 14.53%, the two funds managed by Li Yongxing, an Everwin fund, ranked the fourth and fifth, and the return on Everwin Huitianli last week was 9.47%; Among the financial themes, Huatai Birui New Financial Real Estate A (6.19%) managed by Yang Jinghan performs well; Among the science and technology themes, China Merchants Mobile Internet A (2.92%) managed by Zhang Lin performs better. According to the return data of the past year, the top 20 theme funds are dominated by the theme of large cycle industries.
The market confidence has been further enhanced, focusing on the theme fund of the big cycle: since 2024, the market confidence has been constantly restored in the positive signals of various policies. For example, the People's Bank of China cut reserve requirements and interest rates, the "white list" of real estate projects, and the State Council issued the new "National Nine Rules". The market is expected to attract incremental funds to form positive feedback, along with the further exceeding expectations of the property stabilization policy last week and the improvement of the meso data of various industries. In addition, the cooling of inflation data in the United States in April also led to a rebound in the market's expectation of the Federal Reserve's interest rate cut. With the increase of geopolitical instability overseas, the price performance ratio of A-share assets was further highlighted. From the average return since 2024, the theme of the big cycle has performed well. Although the market has also seen rotation of AI, dividend and other sectors since the beginning of the year, the funds with heavy positions in the large cycle sector have performed relatively well overall because they conform to the trend of economic recovery and economic stabilization policies. With the improvement of market confidence, policy support and data, the performance of large cycle theme funds still deserves special attention.
Risk tip: The conclusions of this report are calculated entirely based on the published historical data. The conclusions of the research and analysis of fund products and fund managers do not predict their future performance, nor guarantee their future sustainability, nor constitute a guarantee or investment advice for investment returns. This report does not involve the evaluation of securities investment funds, the recommendation of fund products, or the recommendation of any index sample stocks.
