On the last trading day of September, the market collectively rose sharply, with the Science and Technology Innovation 50 rising by more than 17% and the ChiNext index rising by more than 15%. Throughout the first three quarters of this year, although the trend of A-shares has been full of twists and turns, the main funds have continued to enter the market. In the first three quarters, the total net inflow of equity ETFs and cross-border ETFs in Shanghai and Shenzhen exceeded 900 billion yuan.
In the first three quarters, more than 900 billion funds entered the market through ETFs
Yesterday, the Science and Technology Innovation 50 rose more than 17%, the ChiNext index rose more than 15%, and thanks to the sharp strength of the pre-holiday market, the major A-share stock indexes in the first three quarters of this year have turned red, of which the CSI 300 has risen by 17.1%, the ChiNext index has risen by 15%, and the Shanghai Index has risen by 12.15%.
Wind data shows that in the first three quarters of this year, the total net inflow of equity ETFs and cross-border ETFs in Shanghai and Shenzhen exceeded 900 billion yuan, of which 4 ETFs tracking the CSI 300 index were the most sought after by funds, CSI 300 ETF and CSI 300 ETF E Fund had net inflows of 203.9 billion yuan and 167.2 billion yuan respectively, and the other 2 net inflows also exceeded 90 billion yuan.
It is worth noting that the latest scale of CSI 300 ETF is 397.547 billion yuan, approaching the 400 billion mark.
In addition, it was followed by CSI 500 ETF, SSE 50 ETF and CSI 1000 ETF, all with net inflows of more than 50 billion yuan. The net inflows of ChiNext ETFs and STAR Market 50 ETFs, which have rebounded strongly recently, also exceeded 20 billion yuan.
From the perspective of incremental funds, the current CSI 300 ETF, CSI A50 ETF, ChiNext ETF, Science and Technology Innovation ETF and the soon-to-be-listed CSI A500 are the main incremental funds at present.
Some market analysts said that from a historical point of view, the probability of A-shares rising after the National Day holiday is relatively high, mainly affected by policies and external events, economic data at home and abroad, and the US dollar index. At present, external events and policies are positive, risks are limited, overseas economic data during the holiday may be weak, but domestic holiday consumption data may continue to rise, the dollar index may maintain a weak trend, and the risk appetite of the global capital market is expected to rise.
ETFs such as healthcare, gaming, and photovoltaics have not recovered their losses for the year
From the perspective of industry themes, the net inflows of real estate ETFs, medical ETFs and game ETFs in the first three quarters were 2.562 billion yuan, 2.479 billion yuan and 2.134 billion yuan respectively.
It is worth noting that the rise and fall of medical ETFs and gaming ETFs are still negative during the year.
Some brokerages said that the domestic medical device industry is still in the stage of rapid development, and the overall industry is slightly under pressure in the short term under the high base of diagnosis and treatment and policy disturbances, but in the second half of the year, with the decline in the diagnosis and treatment base, bidding and other negative marginal improvements, the trend of in-hospital diagnosis and treatment is expected to improve, and the low-consumption sector with good performance in the first half of the year is expected to continue the rapid growth trend in the second half of the year, and the valuation of the plate is expected to be gradually repaired.
The medical sector has been affected by a variety of factors and has pulled back for three consecutive years. Recently, with the continuous release of policy moves, market sentiment has picked up rapidly, and the medical device sector, which has been adjusted more and suppressed emotionally, is expected to usher in a reversal repair.
In terms of fund outflows, securities ETFs, chip ETFs and bank ETFs had net outflows of 4.396 billion yuan, 2.671 billion yuan and 2.664 billion yuan respectively.
In addition, the photovoltaic ETF still fell by 7.87% during the year, with a net outflow of 1.13 billion yuan.
Recently, brokerage stocks have been hot, but funds are leaving the market on the rise, and the share of securities ETFs hit a new low in nearly a year yesterday.
However, some institutions said that there are four major logics for buying brokerages in the bull market: 1) market capital inflow, brokerage performance growth expectations; 2) The policy is favorable, and the brokerage sector is ushering in development opportunities; 3) Performance improvement, and the valuation attractiveness of the brokerage sector has increased; 4) Industry consolidation has accelerated, and the market competitiveness of securities companies has been enhanced.
For photovoltaics, some brokerages believe that the demand for photovoltaics and energy storage is expected to increase in the context of United States interest rate cuts, and the scarcity of overseas production capacity of Chinese cell and module factories will be further enhanced. In terms of new technologies, the number of bids for independent bids for BC modules has begun to increase, and BC is optimistic about the long-term market share increase.
Investments are risky, and independent judgment is important
This article is for reference only and does not constitute a basis for trading, and you enter the market at your own risk.
Edited Ye Feng cover picture source: Daily Economic News Photo by Liu Siqi (data map)