2024-01-18 05:56:44
As the A-share market adjusts, stock ETFs have seen net inflows of tens of billions of dollars for two consecutive days, and funds have accelerated their dip hunting through ETFs.
According to data from the Galaxy Securities Fund Research Center, on January 17, the total net inflow of stock ETF funds across the market was 10.312 billion yuan. This was also the second time that tens of billions of funds “ran into the market” after the net inflow of 11.196 billion yuan on January 16.
From an index perspective, the CSI 300 Index is the most favored by funds. On January 17, many ETFs tracking the CSI 300 ranked first in net inflows. The overall net inflow of funds reached 9.295 billion yuan. In the last five trading days, the CSI 300 ETFs in the entire market Received over 19.4 billion yuan in capital inflows.
Since the beginning of this year, although the market has continued to adjust, funds on the market have borrowed money from stock ETFs to “buy more as they fall.” As of January 17, stock ETFs have “attracted gold” of close to 30 billion yuan during the year.
Reappearance of tens of billions of dollars in bargain hunting
On January 17, the major indexes fluctuated and fell, and the “pace” of funds using stock ETFs to counter the trend was also accelerating.
According to data from the Galaxy Securities Fund Research Center, as of January 17, the total net asset value of 835 stock ETFs (including A-share ETFs and cross-border ETFs) in the market was 1.52 trillion yuan, and the single-day net inflow of funds reached 10.312 billion yuan. There was a net inflow of tens of billions of funds in two days.
ETFs owned by leading fund companies continue to experience great net inflows of funds. On January 17, the total net inflow of E Fund’s ETFs reached 3 billion yuan, strongly attracting gold. Among them, the net inflow of E Fund CSI 300 ETF that day reached 2.85 billion yuan. The on-market scale of the ETF climbed to 54.9 billion yuan, and the off-market scale reached 56.1 billion yuan.
In addition, the net inflows of E Fund GEM ETF, E Fund Hang Seng Technology ETF, and E Fund Hang Seng H Share ETF also reached 390 million yuan, 50 million yuan, and 50 million yuan respectively.
ChinaAMC CSI 300 ETF had a net inflow of 3.183 billion yuan on January 17, with a scale of 44.320 billion yuan; ChinaAMC CSI 50 ETF had a net inflow of 203 million yuan, with a scale of 85.723 billion yuan.
Cathay Fund said that the Shanghai Composite Index has now fallen to around 2,800 points, with a high margin of safety. In the long run, the adjusted A-shares have fallen back to near the long-term value line. I believe in the resilience of the Chinese economy. Starting from the bottom-line thinking of people’s livelihood, employment and local finance, the current low-level layout opportunities are worthy of attention.
“From the perspective of valuation, the current price-to-earnings ratio and price-to-book ratio of the Shanghai Composite Index are below the 10% percentile in the past five years, and the price-to-book ratio is at the lowest point in the past five years, which is in a relatively extreme state. A-shares After the market experienced continuous corrections in the early stage, asset prices may have reflected investors’ overly pessimistic expectations. Looking at the market outlook, with extreme valuations, low trading sentiment and the gradual accumulation of positive factors, there is still room for investor confidence to continue to repair.” Cathay Fund provides further analysis.
Boshi Fund also believes that the market has been at a low level in the mid- to long-term cycle after experiencing a continuous downward trend since December last year. It will then enter a time of reshaping expectations, restructuring institutions, and rebuilding confidence. Although the method of breaking the situation is unknown, the current valuation It’s worth being more proactive. In terms of fiscal policy, the Central Economic Work Conference proposed that fiscal policy should be moderately strengthened, and the national fiscal deficit has also increased, laying the foundation for steady economic growth this year. Comprehensively improve the level of financial services to the real economy, further tap potential, increase increment, and improve quality, and market sentiment is expected to gradually pick up.
Many CSI 300 ETFs strongly “attract gold”
From an index perspective, ETFs related to the CSI 300 Index have become the “main camp” of market capital inflows.
Comprehensive statistics from the Galaxy Securities Fund Research Center and ChinaAMC Fund show that on January 17, a number of ETFs tracking the CSI 300 led the net inflow of funds, with the overall net inflow reaching 9.295 billion yuan. Among them, the net inflow of ChinaAMC CSI 300 ETF The net inflow of funds for Harvest CSI 300 ETF and E Fund CSI 300 ETF exceeded 2 billion yuan. The net inflow of Huatai-Berry CSI 300 ETF exceeded 300 million yuan. The above four ETFs ranked among the stock ETF funds on January 17. Ranked among the top five in the net inflow list. In the past five trading days, the market-wide CSI 300 ETF has received an inflow of over 19.4 billion yuan.
Looking over a long period of time, since this year, many CSI 300 ETFs have been at the forefront of the “money-attracting list” of stock ETFs in the entire market. Data shows that as of January 17, the net capital inflows of E Fund CSI 300 ETF, ChinaAMC CSI 300 ETF, and Harvest CSI 300 ETF this year have reached 10.471 billion yuan, 9.062 billion yuan, and 6.671 billion yuan respectively, ranking among the top net inflows of stock ETF funds. Three.
At this point in time, Huatai-PineBridge Fund believes that the allocation value of the CSI 300 is worthy of attention.
“At the fiscal policy level, there may be some marginal improvement in 2024 compared to 2023, and the pressure from interest rates to the exchange rate may be relatively small.” Huatai-PineBridge Fund further pointed out, “As a broad-based index of large market capitalization, the CSI 300 is consistent with The liquidity of the entire market is related to fiscal policy and economic aggregate. The market is now paying more attention to the possible marginal changes in policies in February and March, and now may be a better time for planning.”
In addition, ETFs with recent corrections such as E Fund GEM ETF and China Science and Technology 50 ETF have also been favored by funds. Both ETFs have net inflows of more than 3 billion yuan. The dividend sector has also received financial attention, with Huatai-PineBridge Dividend Low Volatility ETF, Invesco Great Wall Dividend Low Volatility 100 ETF, and Huatai-PineBridge Dividend ETF also seeing relatively large net inflows.
Looking at the direction of net capital outflows, since this year, small-cap style ETFs such as CSI 1000 and CSI 500 have suffered profit-taking, and the overall net outflow amount ranks among the top in the market.
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(Source of article: China Fund News)
Source of article: China Fund News
Original title: It exploded again!Ten billion bargain hunting
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