Special topic: dividend market is expected to last for a long time, but we need to be alert to short-term correction
◎ Reporter Wang Peng
Since May, with the continuous inflow of funds, the share of many CSI A50ETFs has increased significantly. According to statistics, as of May 15, the total scale of the 10 newly established CSI A50ETFs this year was nearly 20 billion yuan, and the scale of many products exceeded 2 billion yuan. The institution believes that the current "aesthetic" of domestic and foreign capital tends to be consistent, focusing on high-quality leading assets in various industries. With the stabilization and recovery of the domestic economy, China's core assets, represented by the CSI A50 index constituent stocks, have attracted more and more attention from all sources of funds.
At the beginning of March this year, 10 CSI A50ETFs were established in succession. Since its establishment more than two months ago, with the continuous influx of funds from all walks of life, its share and scale have continued to rise. Choice data shows that as of May 15, the total share of 10 CSI A50ETFs was 18.92 billion, with a total scale of 19.4 billion yuan. Among them, the Morgan China Securities A50ETF ranked first with 3.42 billion yuan, followed by Ping An China Securities A50ETF with 3.245 billion yuan. In addition, the scale of Dacheng China Securities A50ETF, Fuguo China Securities A50ETF and E Fund China Securities A50ETF also exceeded 2 billion yuan.
It is worth noting that in recent years, various funds have accelerated to flow into CSI A50ETF. Taking the Morgan CSI A50ETF as an example, after its scale broke through 2 billion yuan on April 10, the ETF's scale broke through 3 billion yuan on May 7, and its scale grew by more than 1 billion yuan in less than a month. According to statistics, as of May 15, among the top ten ETFs with net capital inflows since May, there are many CSI A50 ETFs.
In the view of many institutions, the current "aesthetic" of all funds is consistent, focusing on high-quality leading assets in all industries, and the overall stock price of the focused stocks has performed well this year. industrial securities In a research report recently released, it said that it had counted the performance of 31 tier one industries of Shenwan since the beginning of the year, and found that, except banks, the median increase and decrease of the top five leading stocks in the market value of all industries showed significant excess returns compared with the industry as a whole.
In addition, according to the statistics of Choice, as of May 15, nearly a month ago, Shenwan Bank, food and beverage, and pharmaceutical and biological industry sectors respectively received northward capital increase of 7.655 billion yuan, 7.441 billion yuan, and 6.9 billion yuan, ranking the top three among 31 Shenwan level industries. Specific to individual stocks, capital from the north Guizhou Moutai 、 Wuliangye 、 Ningde era During this period, the number of shares held by such stocks increased significantly.
Industrial Securities said that an important background for the success of the leading company this year was that various funds in the market began to focus on the leading white horse. Referring to the Fund's first quarterly report, from the distribution of heavy positions, the concentration of fund positions has increased again, and the allocation of leading individual stocks has begun to increase. ETF and insurance funds are important marginal incremental funds this year, and their styles are biased towards leading white horses. In addition, recently, foreign capital has entered the market substantially, which also resonates with various domestic institutions.
"Looking back at the historical data, the core asset market of A-share and the inflow of capital from the north show an obvious positive correlation, which may be related to the preference of foreign capital for core asset allocation. In the near future, the northward capital has flowed into A-share substantially, or brought incremental capital to core assets. " Kaiyuan Securities said.
Kaiyuan Securities further said that the core assets themselves have a deep moat, which naturally makes the supply scarce, such as the brand recognition of Guizhou Moutai, the leading position of Ningde Times in the field of battery technology, and the advantages of the Internet platform in terms of scale and traffic. The scarcity of core asset supply also makes the demand side stable. In addition, core assets, as one of the most high-quality companies in China, do not depend on the sharp rise of the economy. As long as the economy stabilizes and recovers, core assets can take the lead in benefiting.
Han Xiuyi, fund manager of Morgan China Securities A50ETF, said that in the recently released annual reports of listed companies, the performance of China Securities A50 index constituent stocks was outstanding. By the end of last year, the median return on equity (ROE) of index constituent stocks was 14.29%, significantly higher than Flush 5.22% of the total A in Shanghai and Shenzhen, reflecting high profitability and resilience. In the future, as the domestic economy stabilizes and recovers, core assets, including CSI A50 index constituent stocks, are expected to take the lead in benefiting as representatives of China's high-quality companies.
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Editor in charge: Wei Yihan
