Every reporter Ren Fei, every editor Xiao Ruidong
Last week, A shares ushered inTerminator2pinballmachineIn the week with the biggest adjustment since February 6, the Prev index fell by 2% a week.Terminator2pinballmachine.07%, but the market is constantly hot, especially the traditional track stocks are particularly active. From the perspective of the performance of the public offering FOF, the weekly earnings of stock-type FOFs are all negative.
Ending the high winning rate, stock FOF all closed down.
Last week (5.20-5.26), A shares showed a big adjustment since the rebound, with the Prev down 2.07%, the biggest weekly decline since February 6. However, as far as the market is concerned, it is not without bright spots. Unfortunately, the stock FOF is negative across the board.
From the perspective of hot topics, power stocks have become a hot plate, especially the green power plate led the rise, and the photovoltaic plate also showed some performance. many of them are also in the direction of a large decline in valuations before, and there is no lack of stocks that are down more than 70% from their all-time highs. However, from the perspective of the choice of funds, some low-level varieties have the return of funds one after another.
Wind statistics show that the latest week of ups and downs, green power ETF, power ETF and other top increases, and in terms of weekly funds, there is a clear net inflow. However, these varieties are very rare in the current public offering FOF heavy position fund. And previously disclosed heavy position dividends, Hong Kong stocks and other ETF funds retreated significantly in the last week.
The data show that of the seven stock FOF stocks available, Tongtai actively deployed three months'A with the smallest decline last week, recording-0.1370 per cent, while Cathay Pacific Industry rotation A fell nearly 6 per cent. From the latter's heavy position fund point of view, Huaxia Hang Seng Internet technology industry ETF, Warburg Securities Hong Kong Stock Exchange Internet ETF and so on.
Even if the performance of some hybrid FOF is correct, but judging from the positions disclosed in the first quarterly report of this year, there are still more allocation in overseas markets, including some pure debt funds, which made some gains in the market last week. Of course, the industry has also carried out research on some low-level varieties, especially in industries such as medicine, semiconductors and even consumption.
Since May, the number of fund companies such as Baili Tian Heng-U, Industrial Union, and Company 9-WD have all approached 60. From the point of view of the product investment direction of the new public offering fund at this stage, biomedical and mass entrepreneurship and innovation also appear frequently in the sequence that has been opened or waiting to be raised.
The stock market is high-cut and low-cut, and the low-level varieties are concerned.
In fact, from last week's market, there is another remarkable feature is the decline in trading volume, in the past, the market adjustment is based on the background of the stock game, but there are signs of reduction last week.
In the stock or reduced market, the most typical risk aversion strategy of funds is high cut low, even the withdrawal of funds from the dividend sector is also very obvious, some dividend ETF weekly statistics show a net outflow of funds, while the share prices of some stocks also fell. On the contrary, like last week's green power plate valuation is still relatively low, attracting capital attention.
This is also one of the characteristics of the current FOF heavy position allocation, generally focusing on the direction of short-term market activity, whether it is artificial intelligence or resource direction, but there are few fund heavy position allocation in topics such as liquor, medicine and even military industry. From the current situation of the net worth of these funds and the development prospects of the industry, there is still investment potential.
For example, the pharmaceutical sector, such as innovative drugs ETF (516080.SH), Hong Kong Stock Exchange Pharmaceutical ETF (513200.SH), etc., short-term net worth correction is obvious, while the index stocks in the first quarter performance is good. The net values of science and technology chips ETF (588200.SH) and integrated circuit ETF (159546.SZ) in the electronic direction are all at a historically low level, but the follow-up of industrial policies and the improvement of corporate profit data have improved.
Some analysts believe that the current public offering market is a stock game, and the market makes a game based on the public offering quarterly report, adjusting the direction of increasing positions and rebounding in the direction of reducing positions. However, there are also many views that, based on the recovery of economic and corporate fundamentals, companies that can achieve stable performance in the future and continue to generate long-term returns for shareholders are the current focus of capital.
Of course, for the previous wave of market led by Hong Kong stocks, the industry did not deny the logic of overseas capital paying attention to An and H shares. From the point of view of the key direction of northward capital allocation, it is also based on performance and dividend certainty, and a group of industry leaders and core assets are still the key allocation direction.