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Big change of funds!
Before the May Day holiday, monetary ETFs were significantly net redeemed, while the net subscription amount of stock ETFs exceeded 10 billion yuan. April 22 to April 29 The net subscription amount of stock ETFs exceeded 26 billion yuan.
In the view of industry insiders, under the demand of global asset rebalancing, due to the high cost performance of most core assets of Hong Kong shares and A-shares, overseas investors have reduced their long positions in US stocks and replaced Hong Kong shares and A-shares.
Over 10 billion yuan poured into stock ETFs
According to Choice's calculation, on April 29, monetary ETFs were net redeemed by 5.134 billion yuan in total. Correspondingly, the stock ETF ushered in a large amount of capital purchase. Data shows that the total net subscription amount of stock ETFs on that day was 11.343 billion yuan.
From the perspective of capital flow, broad-based ETF has become an important target of capital overweight. Specifically, the net subscription amount of Huatai Birui Hushen 300ETF was 2.238 billion yuan, and that of Nanfang Zhongzheng 500ETF was 1.538 billion yuan. In addition, the net subscription amount of China Southern Securities 1000ETF, China Huaxia Shanghai Securities 50ETF and China Huaxia China Securities 1000ETF is also more than 1.2 billion yuan.
According to Choice's calculation, since April 22, as of April 29, the total net redemption amount of monetary ETFs has been nearly 9 billion yuan, and the net redemption amount of gold related ETFs has also exceeded 3.5 billion yuan. In contrast, the net subscription amount of stock ETFs during this period exceeded 26 billion yuan.
Among them, the net subscription amount of Huatai Birui Shanghai Shenzhen 300ETF was 7.221 billion yuan, the net subscription amount of Southern China Securities 500ETF was 4.888 billion yuan, the net subscription amount of Southern China Securities 1000ETF was 3.509 billion yuan, and the net subscription amount of Huaxia China Securities 1000ETF was 2.921 billion yuan. In addition, the net subscription amount of E Fund CSI 300ETF also exceeded 1.7 billion yuan.
From the perspective of some recently established ETFs, institutions are important buyers.
Taking Tianhong Zhongzheng chip industry ETF as an example, as of April 23, the top ten fund share holders include Jiuying No. 5 Private Equity Investment Fund, Shenyou Jinxing No. 3 Private Equity Investment Fund citic securities And many other institutional investors.
Public and private placement increase position
From the position situation, recently the public and private equity companies are also actively improving their positions.
according to Cinda Securities It is estimated that as of April 26, the average position of common stock funds was about 88.34%, up 2.22 percentage points from the previous week; The average position of partial equity hybrid funds was about 85.8%, up 4.11 percentage points from the previous week. From the perspective of institutional warehousing, it is mainly nonferrous metals, coal, machinery, basic chemical industry, light industry manufacturing and other industries.
According to the statistics of Private Placement Network, as of April 19, the stock private placement position index was 78.83%. Since the beginning of February, the stock private placement position index has continued to rise, and the latest position index has hit a new high in nearly 12 weeks. Specifically, 57.8% of private equity placements were at the full position level, slightly higher than the previous week.
In order to be optimistic about the future market, institutions conduct intensive research to find investment opportunities.
Choice data shows that in the past month, the number of institutional surveys has exceeded 50000, which is at a historical high level. From the perspective of specific research direction, the number of computer software institutions has exceeded 3000, and the number of medical devices and special equipment institutions has also exceeded 3000.
According to the announcement of the listed company, well-known fund managers frequently appeared on the list. For example, on April 20, Zhang Kun, Chen Hao and Feng Bo of E Fund, Ren Xiangdong of Xingzheng Global Fund and Qian Rui of Industrial Fund surveyed Hikvision 。 On April 26, Fu Pengbo of Ruiyuan Fund, Lao Jienan of Huitianfu Fund, Zhuang Tao of Panjing Investment, Deng Xiaofeng of Gaoyi Assets and others surveyed Lixun Precision 。
Foreign capital actively enters the market
In addition to the continuous entry of domestic funded institutions, foreign funded institutions also began to be optimistic about the A-share market.
Choice data shows that as of April 29, the net purchase amount of northbound funds since April was 14.637 billion yuan, and since this year, the net purchase amount of northbound funds has exceeded 80 billion yuan.
It is worth mentioning that on April 26, the net purchase of capital from the north reached 22.449 billion yuan, setting the record of the largest single day net purchase since the opening of the interconnection mechanism in 2014.
In the view of HSBC Jinxin Fund, the recent US and Japanese stocks continued to fluctuate. Under the demand of global asset rebalancing, due to the high cost performance ratio of most core assets of Hong Kong stocks and A-shares, overseas investors reduced their long positions in US stocks and replaced Hong Kong stocks and A-shares.
Looking ahead to the future, Morgan Stanley Fund believes that the US economy has strong resilience, the US dollar index has risen significantly since mid April, the pressure on non US currencies has increased, and the yen has continued to depreciate significantly. Since the Hong Kong dollar and the renminbi are very strong, capital redistribution is good for the A-share market.
When talking about the promising future, Hongde Fund said that with the end of the disclosure of the annual report and the first quarterly report of listed companies at the end of April, the market will refocus on industries and individual stocks whose performance has improved significantly.
For the investment strategy, Wells Fargo Fund suggests that it can adopt a "triangle" layout: on the defensive side, allocate a dividend strategy of high dividends and low values to benefit from the gradual repair of fundamentals and expected changes; On the offensive side, we can focus on the improvement of the supply side of economic growth and the rise of a new round of industrial cycle, and lay out the relatively high volatility TMT technology growth sectors, especially Huawei related sectors; The middle tier is mainly stable, and the layout of medicine and consumption, which benefit from the repair of market pessimism, and pro cyclical industries, which benefit from economic recovery.
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