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A big shift in fundsAttackfrommarspinball!
Before May Day, the currency ETF showed obvious net redemption, while the net purchase amount of equity ETF exceeded 10 billion yuan. From April 22nd to April 29th, the net purchase amount of stock ETF exceeded 26 billion yuan.
In the view of industry insiders, under the demand for global asset rebalancing, due to the high performance price of most of the core assets of Hong Kong stocks and A shares, overseas investors have reduced their long positions in US stocks and replaced Hong Kong stocks and A shares instead.
More than 10 billion yuan poured into stock ETF
According to Choice estimates, the currency ETF suffered net redemptions on April 29th.Attackfrommarspinball.34 billion yuan. Correspondingly, stock-based ETF ushered in a large number of capital applications. The data show that the net purchase amount of stock-based ETF totaled 113 on the same day.Attackfrommarspinball.43 billion yuan.
From the perspective of capital flow, wide-based ETF has become an important target for funds to increase positions. Specifically, Huatai Berry Shanghai and Shenzhen 300ETF net purchase is 2.238 billion yuan, South China Securities 500ETF net purchase amount is 1.538 billion yuan. In addition, the net purchase amount of Southern CSC 1000ETF, Huaxia SSE 50ETF and Huaxia CSC 1000ETF are all above 1.2 billion yuan.
According to Choice estimates, since April 22, as of April 29, the currency ETF total net redemption of nearly 9 billion yuan, gold-related ETF net redemption amount also exceeded 3.5 billion yuan. In contrast, the net purchase amount of stock-based ETF exceeded 26 billion yuan during this period.
Among them, Huatai Berry Shanghai and Shenzhen 300ETF net purchase amount is 7.221 billion yuan, South China Securities 500ETF net purchase amount is 4.888 billion yuan, South China Securities 1000ETF net purchase amount is 3.509 billion yuan, Huaxia China Stock 1000ETF net purchase amount is 2.921 billion yuan. In addition, the net purchase amount of Yifangda Shanghai and Shenzhen 300ETF also exceeded 1.7 billion yuan.
From the recently established part of the ETF, the agency is an important buyer.
Take Tianhong CSC chip industry ETF as an example, as of April 23, the top 10 fund share holders include Jiuying 5 private equity investment fund, Shenyou Jinxing 3 private equity investment fund, Citic Securities and other institutional investors.
Public and private placement to increase positions
From the position point of view, the recent public and private placement is also actively increasing the position.
Cinda Securities estimates that as of April 26, the average position of ordinary equity funds was about 88.34%, up 2.22% from the previous week, while the average position of partial stock hybrid funds was about 85.8%, up 4.11% from the previous week. From the perspective of institutional warehouse increase, it is mainly in non-ferrous metals, coal, machinery, basic chemical industry, light industry manufacturing and other industries.
According to private placement website statistics, as of April 19, the stock private placement position index was 78.83%. The private equity position index has continued to rise since the beginning of February, with the latest position index hitting a 12-week high. Specifically, 57.8% of private equity positions are at full level, a slight increase from the previous week.
In order to be optimistic about the future, institutions conduct intensive research to look for investment opportunities.
Choice data show that in the past month, the number of institutional surveys has exceeded 50, 000, which is at an all-time high. From the perspective of specific research direction, the number of investigations conducted by computer software institutions has exceeded 3000, and that of medical devices and special equipment institutions has also exceeded 3000.
According to the announcement of listed companies, well-known fund managers frequently appear on the research list. For example, on April 20, Yi Fangda funds Zhang Kun, Chen Hao, Feng Bo, Xing Zheng Global Fund Ren Xiangdong, Societe Generale Fund Qian Rui and so on investigated Haikang Weiwei. On April 26, Ruiyuan Fund Fu Pengbo, Huitianfu Fund Lao Jie Nan, Panjing Investment Zhuang Tao, Gao Yi assets Deng Xiaofeng and so on investigated Lixun Precision.
Foreign investors actively enter the market.
In addition to the continued entry of domestic institutions, foreign institutions also began to be optimistic about the A-share market.
Choice data show that as of April 29, the net purchase of funds from the north has been 14.637 billion yuan since April, while the net purchase of funds from the north has exceeded 80 billion yuan since the beginning of this year.
It is worth mentioning that northbound funds bought a net 22.449 billion yuan on April 26th, the largest one-day net purchase since the opening of the interconnection mechanism in 2014.
In the view of HSBC Jinxin Fund, US and Japanese stocks have continued to fluctuate recently, and under the demand for global asset rebalancing, overseas investors have reduced their long positions in US stocks and replaced Hong Kong stocks and A shares due to the relatively high performance prices of most of the core assets of Hong Kong and A shares.
Looking ahead, the Morgan Stanley Fund believes that the US economy is resilient, the US dollar index has risen sharply since mid-April, pressure on non-US currencies has increased, and the yen has continued to depreciate sharply, as the Hong Kong dollar and RMB are very strong. Redistribution of funds is good for the A-share market.
Talking about the promising direction for the follow-up, the Hongde Fund said that with the end of the disclosure of the annual and quarterly reports of listed companies at the end of April, the market will refocus on industries and individual stocks where performance has significantly improved.
For the investment strategy, Wells Fargo Fund suggests a "triangular" layout: the defensive side, with a dividend strategy of high dividend and low valuation, benefiting from the gradual repair of fundamentals and expected changes; on the offensive side, it can focus on the improvement of the supply side of economic growth and the rise of a new round of industrial cycle, and the layout of the relatively highly volatile TMT technology growth sectors, especially Huawei related sectors. The middle tier is mainly sound, with the layout benefiting from the repair of pessimistic sentiment in pharmaceuticals, consumption, and pro-cyclical industries benefiting from the economic recovery.