Cao Wenjing, reporter of China Foundation News
On June 6, the pharmaceutical, computer, electronics and other sectors continued to adjust, and the Shanghai Index lost 3200 points, but the stock ETF market still showed net buying, with a net inflow of 732 million yuan on the day. A number of ChiNext ETFs, chips, semiconductor ETFs, aquaculture ETFs, securities ETFs, biomedical ETFs and other index products are favored by funds, while the net outflow of many CSI 1000 ETFs and ETF products related to artificial intelligence, computers, computing power and games is more obvious.
It is worth noting that the ChiNext index has continued to decline since late April this year, successively refreshing new lows for the year, but the total number of ChiNext-related ETF products "absorbed" nearly 29 billion yuan.
GEM hit a new low
Related ETFs "absorbed" nearly 29 billion during the year
On June 6, the total management scale of 732 stock ETFs (statistical stock ETFs and cross-border ETFs) in the whole market was 1.41 trillion yuan. Yesterday's broader market plunged in the afternoon, with the Shanghai Composite Index falling 1.15% to 3200 points, and the ChiNext falling nearly 2%, hitting a new low for the year. In such a market, the stock ETF market still showed net buying, with a net inflow of 732 million yuan on the day.
From the ranking of net inflows, on June 6, a number of ChiNext ETFs, chips, semiconductor ETFs, breeding ETFs, securities ETFs, biomedical ETFs and other index products were favored by funds, and the net inflow of funds ranked first. For example, E Fund ChiNext ETF "absorbed" nearly 500 million yuan on the same day, and Huaan ChiNext 50 ETF also received more than 200 million inflows. In addition, Huaxia Chip ETF and Penghua Semiconductor ETF became the top subdivision index products with capital inflows on the day, with capital inflows ranging from 0.6 to 80 million.
Lei Tao, fund manager of Deppon Semiconductor Industry, said that the development of the artificial intelligence industry continues to exceed expectations, bringing about the expectation of new demand for the entire semiconductor industry. In addition, we also see the expectation of a semiconductor cycle inflection point heating up in some segments. Finally, the capacity and localization process of mainland wafer manufacturing are also steadily improving. These three directions have jointly driven semiconductors to have performed well recently.
Lei Tao believes that semiconductors still have a very certain excess return throughout the year, and if the rebound is too fast in the short term, there will be a certain pullback, which is also a normal state. His favorite sectors focus on computing power, storage, semiconductor equipment and materials, and logic chips with signs of recovery in downstream application scenarios.
The reporter noted that the ChiNext index began to decline continuously from April 19 this year, successively refreshing new lows in the year. Since the beginning of this year, the total "gold" of ChiNext related ETF products has been 28.537 billion yuan, of which from April 19 to June 6, ChiNext has fallen by more than 12%, while related ETF products have accumulated 17.065 billion yuan. Among them, E Fund ChiNext ETF became a large "gold absorber", with a net inflow of 20.249 billion yuan during the year, and the latest scale was 38.153 billion yuan. It was followed by the Huaan ChiNext 50 ETF, with a net inflow of 7.998 billion yuan during the year, and the latest size was 17.202 billion yuan.
As for whether the current ChiNext index already has high investment value, many industry insiders believe that ChiNext index brings together strategic emerging industries such as new energy, new energy vehicles, a new generation of information technology, biology, and new materials, and the long-term allocation value of products tracking the index such as ChiNext ETFs is prominent, which is worth paying attention to.
A ChiNext ETF fund manager in Shanghai believes that the current market opportunities outweigh the risks, the current macroeconomic stability is conducive to improving investors' risk appetite, and under the guidance of the policy catalysis of the digital economy and the wave of artificial intelligence, the market's attention to the technology sector continues to increase. In addition, some consumer sectors related to the reform of state-owned enterprises and the repair of domestic demand are also worth paying attention to. ChiNext 50 focuses on the four major tracks of biomedicine, new energy, electronics and Internet brokers, and its core assets have maintained high growth and prosperity, and have good investment value.
An equity investment director in South China said that the performance of the new energy and pharmaceutical sectors among the constituent stocks of ChiNext this year was not good, but this year's trend of funds buying ChiNext against the trend is obvious: first, because the recovery momentum of mainland economic fundamentals is good, which promotes the recovery of the equity market; Second, policies and measures to promote strategic emerging industries continue to be introduced, ushering in development opportunities for advanced manufacturing, scientific and technological innovation, digital economy and other products; Third, in terms of valuation, the current ChiNext index dynamic valuation is at about 8% valuation quantile in the past five years, which is at the low level of historical valuation, and the investment value is prominent.
AI, computing power, and game-related ETFs became the main outflows
Judging from the net outflow of funds on June 6, many CSI 1000 ETFs had the highest net outflow of funds, such as Huaxia CSI 1000 ETF and E Fund CSI 1000 ETF, which had outflows of 192 million yuan and 184 million yuan respectively. In addition, the net outflow of ETF products related to artificial intelligence, computers, computing power, and games is more obvious, which is quite a sense of security.
An investment equity director in Beijing believes that behind the AI trend, on the one hand, there are changes in the fundamentals of the industry level, and on the other hand, it is driven by the capital effect at the market level. At the market level, the short-term trend of steep and much-watched AI trend, behind the trade-off market capital allocation effect, from this dimension, if the subsequent incremental funds stop entering, theme speculation or shock adjustment, followed by the fundamental and performance of the landing verification, the trend of individual stocks is further differentiated.
A game ETF fund manager in Shanghai said that from a fundamental point of view, the game sector still has the risk of slowing down the issuance of version numbers or the risk that AIGC applications will not reduce costs and increase efficiency as expected, in addition, the short-term growth of the sector is higher and there is a possibility of a pullback. In addition, the difference in the quality of individual stocks of domestic game companies is still relatively large, and the choice of individual stocks to invest in has the possibility of poor performance or poor operation, and if you choose ETF products to grasp the overall trend of the industry, you can relatively diversify the risks of individual stocks.
Overall, as of June 6, under the condition of continuous adjustment of the A-share market this year, the current number of tens of billions of stock ETFs in the whole market is 30, among the top four broad-based indexes at present, Huatai Berry CSI 300 ETF has a scale of 67.758 billion yuan, ranking first in the scale of stock ETFs, Huaxia Kechuang 50 ETF and Huaxia SSE 50 ETF have reached 63.792 billion yuan and 53.657 billion yuan respectively, in addition, CSI 500 ETF, E Fund ChiNext ETF, The scale of E Fund China Internet ETF and Huatai Securities ETF is also above 30 billion yuan.
Editor: Huang Mei
Review: Xu Wen