Summary of the week
Market Overview: Last week (May 13 to May 17) A-shares first fell and then rose, Friday broke through 3150 points, the Shanghai Composite Index rose more than 1% throughout the day, the market sentiment activity throughout the week was acceptable, but the style rotation intensified, and the performance of large-cap stocks was significantly stronger than that of small-cap stocks, which was related to the release of the relevant "stimulus" policy related to real estate by the central bank on Friday, and the average turnover fell to about 840 billion on the whole week. For the week, the Shanghai Composite Index fell 0.02%, the Shenzhen Composite Index fell 0.22%, and the ChiNext Index fell 0.70%.
Industry sector: Wind level 1 rose by 0.68% on average last week, and the Wind Top 100 Concept Index rose by 60%. In terms of sectors, 52% of the sectors achieved positive returns, affected by the three real estate financial policies issued by the People's Bank of China on Friday to stabilize the property market, the real estate sector saw a long-awaited big rebound and rose 12.65%, building materials, building decoration and other real estate-related industrial chains also performed well, up 5.03% and 3.00% respectively, while coal, medicine and biology, household appliances weakened significantly, down 2.10%, down 2.12% and down 2.36% respectively.
Fund issuance: A total of 13 funds were issued last week, including 5 equity funds, 4 hybrid funds, and 4 bond funds, with a total of 12.407 billion shares.
Fund Performance: The Wind China Fund Index fell 0.02% last week. Among them, the Wind Common Equity Fund Index fell 0.20%, the Wind Partial Equity Mixed Fund Index fell 0.15%, and the Wind Bond Fund Index rose 0.08%.
Weekly market
01
A review of global asset classes
In terms of major types of assets, global equity is strong as a whole, the three major stock indexes of the United States are generally rising, the major European stock indexes are mixed, the Nikkei index has rebounded significantly, the overall rise of emerging markets is stronger than that of developed markets, global commodities are generally rising, the CRB commodity index is up 0.18%, and crude oil, copper, aluminum, hogs, iron ore, etc. are all up about 2%. Affected by the slowdown in the international geopolitical situation, the U.S. dollar index was slightly under pressure, and non-U.S. currencies were mixed.
Chart 1: Global asset class returns
Unit: %
Source: Wind
02
Review of the domestic fund market
Chart 2: Mutual fund market index performance
Source: Wind
Last week, the market performance was differentiated, the sentiment was cautious, the overall turnover remained around 840 billion, and the net inflow of northbound funds was about 8.76 billion.
Chart 3: Equity Market Sentiment Tracking
Source: Wind
Note: The colored markers of the Shanghai and Shenzhen Stock Exchanges are the 25%, 50% and 75% quantiles of the turnover within the date range of the horizontal axis statistics, which are only used for static display and do not contain any investment advice
Last week, the average increase in Wind Level 1 was 0.68%, and the Wind Top 100 Concept Index rose by 60%. In terms of sectors, 52% of the sectors achieved positive returns, affected by the three real estate financial policies issued by the People's Bank of China on Friday to stabilize the property market, the real estate sector saw a long-awaited big rebound and rose 12.65%, building materials, building decoration and other real estate-related industrial chains also performed well, up 5.03% and 3.00% respectively, while coal, medicine and biology, household appliances weakened significantly, down 2.10%, down 2.12% and down 2.36% respectively.
Chart 4: Wind Tier 1 Sector Index performance
Source: Wind
Note: P/E ratio = total market capitalization of constituent stocks on the day / total net profit (TTM) of constituent stocks, when the net profit (TTM) of constituent stocks is negative, the P/E ratio is 0; Quantile is the distribution point of a certain value in the array in which it belongs, which can be simply understood as "what is the position of the current valuation in history" for the valuation distribution.
03
Review of the domestic bond market
In terms of interest rates, the Treasury bond futures index (CFFEX10) fluctuated at a high level and then declined, and the price was basically flat last week, of which the short-term fund spread (R007-DR007) continued to narrow, and the medium and long-term interest rates remained low.
Chart 5: Representative bond yield tracking
Source: Wind
04
Fund issuance
Last week, a total of 13 were issued, including 5 equity funds, 4 hybrid funds, and 4 bond funds, with a total of 12.407 billion shares.
Chart 6: Issuance in the mutual fund market
Source: Wind
Previous Review
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02
Over/Small Rotation Strategy: Annualized Return Over 24%
03
Is the dumbbell strategy the "natural choice"?
Risk Disclosure Letter for Publicly Offered Securities Investment Funds
Dear Investors,
The market is risky, and investors need to be cautious. A publicly offered securities investment fund (hereinafter referred to as a "fund") is a long-term investment tool, and when you purchase fund products, you may not only enjoy the income generated by the fund investment, but also bear the losses caused by the fund investment.
Before you make an investment decision, please read the fund contract, fund prospectus, risk disclosure letter and other legal documents of fund products in detail, familiarize yourself with the risk-return characteristics and fund characteristics of the fund, and evaluate your own risk tolerance based on your own investment objectives, investment experience, asset status and other factors, and make investment decisions rationally and prudently.
In accordance with relevant laws and regulations, Shanghai Wind Fund Sales Co., Ltd. makes the following risk disclosures:
1. Infrastructure funds have different risk-return characteristics from public funds that invest in stocks or bonds, and the expected risk is lower than that of equity funds and higher than that of bond funds and money market funds. Investors should fully understand the investment risks of infrastructure funds and the risk factors disclosed in this prospectus and make prudent investment decisions.
2. The fund may face various risks in the process of investment and operation, including market risks, as well as the fund's own management risks, technical risks and compliance risks.
3. You should fully understand the difference between regular fixed investment and lump sum deposit and withdrawal of funds. Regular investment is a simple and easy investment method to guide investors to make long-term investment and average investment costs, but it cannot avoid the inherent risks of fund investment, cannot guarantee investors to obtain returns, and is not an equivalent financial management method to replace savings.
4. Risk disclosure of special types of products:
1. If the product you purchase is a pension target fund, the product is not principal-protected and may incur losses. Please read the specific risk disclosure carefully to confirm the product features.
2. If the product you purchase is a money market fund, the fund manager does not guarantee that the fund will be profitable, nor does it guarantee a minimum return.
3. If the product you purchase invests in overseas securities, in addition to the general investment risks such as market fluctuation risks similar to those of domestic securities investment funds, the funds are also subject to special investment risks faced by overseas securities market investments, such as exchange rate risks.
4. If the product you purchased operates in a regular open mode or the fund contract stipulates a minimum holding period for fund shares, you will face liquidity constraints due to the inability to redeem or sell fund shares during the closed period or minimum holding period.
5. The fund manager undertakes to manage and use the fund assets in good faith, diligence and responsibility, but does not guarantee that the fund will be profitable, nor does it guarantee the minimum return. Fund investment follows the principle of "buyer's responsibility", and after making an investment decision, the investment risk is borne by you.
Shanghai Wind Fund Sales Co., Ltd
Disclaimer: This article is for informational purposes only and does not constitute any investment advice. Past performance of the fund and its net worth or the performance of other funds managed by the fund manager are not indicative of its future performance. Wind Fund and related personnel do not promise that any investment income or investment principal will not be lost. Wind Fund and related personnel shall not be liable for any loss caused by the use of this article or its content or other reasons related thereto, as well as any direct or indirect loss caused by the publication of this article or its content, or due to errors in the communication of facts or analytical data. The performance data of the Fund cited in this article is derived from information disclosed by the Manager and reviewed by the Custodian, including but not limited to the Fund's periodic reports.