Source: Finance Association
① Which technology index fund shares have declined the most? ② Who is behind this round of tech index rebound?
Recently, there have been quite a few adjustments in Hong Kong stocks. At the same time, ETF shares related to the technology index declined after the end of April, for example$CAMC HS Sci-Tech ETF QDII (513330.SH)$,$ChinaAMC Hang Seng Tech Index ETF (513180.SH)$,$E Fund CSI Overseas China Internet 50 ETF (513050.SH)$.
Take Hang Seng Internet ETF as an example. According to Choice statistics, the index fell from 86.433 billion shares on April 25 to 77.193 billion shares on May 23, a total drop of 9.24 billion shares during the period.
Take the Hang Seng Technology Index ETF as an example. The index fund fell from 46.263 billion shares on April 26 to 43,090 billion shares on May 23, a total decrease of 3.173 billion shares during the period.
Take China's Internet ETF as an example. The index fund fell from 36.762 billion shares on May 6 to 35.313 billion shares on May 23, a total decrease of 1,449 billion shares during the period.
It is worth noting that,$Hang Seng TECH Index (800700.HK)$The rebound began on April 19, and the lowest point of the day was 3233.76 points. Then, after hitting a short-term high of 4155.87 on May 17, the index showed a decline. As of yesterday's close, the index was still up 16.07% from its current low.
Who is behind this round of tech index rebound?
The report released by Sino-Thai International today analyzes the upward trend in Hong Kong stocks since late April, and believes that this is mainly driven by valuation revisions and improved risk appetite. The report points out that transactional capital, the reimbursement of short positions, and the return of some foreign capital provided support for the market. However, although the decline in Hong Kong stock earnings forecasts has moderated, the overall downward trend has not been completely reversed.
CICC also expressed similar views in its latest report, believing that the rise in the Hong Kong stock market was mainly due to the inflow of transactional capital and regionally allocated capital. These funds include hedge funds that act quickly, transactional funds to make up for short positions, and local and regional funds to reallocate funds back to the Chinese market after fluctuations in external markets such as Japan.
CICC further emphasized that the reallocation of medium- to long-term capital requires significant improvements in fundamentals, which involves the positive impact of fiscal policy to deal with the current decline in inflation and credit crunch. Recently, a series of policies and measures, including support for the real estate market and the issuance of ultra-long-term treasury bonds, have raised market expectations in a short period of time. However, the effectiveness of policies, particularly their long-term impact on fundamentals, will depend on the strength and speed of implementation of policies, which are more important than short-term goals.
editor/tolk