In October, A-shares got off to a good start, and the stock-traded open-ended index fund (ETF), as a bellwether of intraday funds, attracted market attention again.
On the first trading day after Oct. 9, securities ETF and chip ETF ranked at the top of the list of net capital inflows. In fact, since the second half of the year, brokers, chips and other low-valuation, pan-technology plates are favored by funds, the total scale of ETF of securities firms has increased by more than 20 billion yuan, and the scale of leading products is close to 35 billion yuan.
Brokerage, chip ETF
The largest increase in scale
Since the second half of the year, the share of ETF (stock ETF+ cross-border ETF) of 286 stocks with statistical data has increased by about 9 billion shares. Relatively low-valued stocks such as brokerages, Hong Kong stocks, financial and real estate stocks ETF, as well as pan-tech ETF such as chips and innovative drugs are important directions for net capital inflows.
Data show that as of October 9, the total share of Cathay Pacific's securities ETF has increased by 8.978 billion since the second half of the year, with the latest scale reaching 34.963 billion yuan, making it the largest industry ETF.
In addition, the total share of securities ETF of Warburg and Southern Fund increased by 4.328 billion and 742 million respectively in the second half of the year. Overall, the total scale of 13 brokerage ETF3 in the market has increased by more than 20 billion yuan in more than a month.
In addition to brokerage products, the same low valuation and relative stagflation of financial ETF, bank ETF, Hang Seng ETF, real estate ETF scale also showed rapid growth. Take Hang Seng ETF as an example, the fund has declined slightly since the second half of the year, while the funds on the market have "bought more and more". Over the same period, the share has increased by 2.154 billion, and the total size of products is close to 9 billion yuan.
Funds in the low-valuation plate to collect chips at the same time, the pan-technology sector in the hot areas of the market is also sought after by funds.
Data show that Cathay Pacific, Huaxia Fund's chip ETF increased by 6.973 billion and 6.636 billion respectively in the second half of the year, while the semiconductor ETF of Guolianan Fund and the innovative drug ETF share of Yinhua Fund all increased by more than 1.3 billion copies.
The manager of a large public equity ETF fund in South China said that there were two major trends in capital flows in the second half of the year: first, industry ETF is replacing broad-based ETF as an important tool for investor layout. Second, low-valued securities firms, Hong Kong stocks, and popular pan-technology sectors in the market have become the areas of capital inflows, indicating that investors operate rationally and can use valuation strategies and thematic investment methods. obtain index funds to track the average investment returns of a sector. "with the gradual popularization of the concept of passive investment and the improvement of investors' professional investment ability, the stock ETF market is increasingly showing a rational and reverse operation style of 'big fall and big purchase, big rise and big sale', indicating that the market and investors are becoming more and more mature."
There was a relatively large increase in the previous period.
Net ETF outflow of stocks
While low valuations and pan-tech sectors are chased by on-site funds, a number of state-owned enterprise reforms and some profitable new energy vehicles, such as ETF, have encountered a net outflow of funds.
As of October 9, the share of CCTV ETF has shrunk by more than 3 billion since the second half of the year. There are other state-owned enterprise reforms or Belt and Road Initiative's share of ETF has been reduced by about 1 billion yuan.
In addition, the larger ETF was also redeemed more, with more than 1 billion ETF shares of more than 20 per cent new energy vehicles rising in the second half of the year, and a military leader ETF that rose 38 per cent in the second half shrank by more than 1 billion copies.
An index fund manager in Beijing said that most of the shrinking stock ETF are products with higher gains and lucrative capital in the second half of the year, and some sectors are still very cyclical. In this case, the transactional holder may choose to "fall into the bag" on a periodic basis. However, for allocation funds, the above products still have the attribute of diversified investment and long-term allocation value.