Last week, the A-share market ushered in a significant "red" market, the SSE index rose for four consecutive trading days, the market sentiment is hot. A-share ETFs are also rising across the board, however, as the market warmed up, many of the previous in the market during the downturn, the "bottom" ETFs choose to fall back into their pockets. However, as the market warmed up, many ETFs that "bottomed out" during the market downturn chose to put their pockets at ease. Last week, A-share ETFs saw a net outflow of about 9.562 billion yuan.
"Money weathervane" has another big move
Last week, growth sectors such as big data, cloud computing and photovoltaics, as well as value sectors such as home appliances and construction materials, all saw gains. Data show that Tianhong CSI Shanghai, Hong Kong and Shenzhen Cloud Computing Industry ETF rose 7.24%, Fortune CSI Big Data Industry ETF, Xinhua CSI Cloud Computing 50 ETF, Penghua CSI Photovoltaic Industry ETF, Guotai CSI CSI Shanghai, Hong Kong and Shenzhen Animation and Game ETF, Boshi CSI Leading Home Appliances ETF, Huabao CSI Financial Science and Technology Theme ETF, Fortune CSI All-Indicators Building Materials ETF, and so on, rose by more than 5 percent.
As a configuration tool for many institutional and individual investors, ETFs have always been known as "capital wind vane". However, during the recent market rebound, some funds have chosen to take profits, especially for some of the broad-based index ETFs. Wind data show that last week, Jingshun Great Wall GEM 50 ETF net outflow of 4.088 billion yuan, Huatai Berridge CSI 300 ETF net outflow of 2.213 billion yuan, Penghua GEM 50 ETF net outflow of 1.637 billion yuan, China's Shanghai 50 ETF net outflow of 1.515 billion yuan, Huaxia SSE 50 ETF net outflow of 1.515 billion yuan, China's SSE 50 ETF net outflow of 1.515 billion yuan. Net outflows of 1.515 billion yuan, and net outflows of more than 500 million yuan for the Southern CSI 1000 ETF, Huaxia SSE 50 constituent ETF and Guangfa CSI 1000 ETF.
What's worth paying attention to is that for white wine, semiconductors and other industry ETFs, funds are still continuing to add positions. Last week, Huaxia CSI Semiconductor Chip ETF had a net fund inflow of 1.107 billion yuan, while Penghua CSI Wine ETF, Huaxia CSI New Energy Vehicle ETF, Fortune CSI Leading Military ETF, Huabao CSI All-Indicators Securities Company ETF, and Efontaine CSI 300 Non-Banking Financials ETF all saw a net fund inflow of more than 400 million yuan.
Public funds are generally "bearish"
At the beginning of the new year, many organizations held their annual strategy meeting, making outlooks on macroeconomic trends and investment opportunities in the equity market in 2023.
In its annual strategy outlook report, ICP Fund said that most of the research institutions at home and abroad predict that China's economy will rebound significantly in 2023, and ICP Fund is also very confident that China's economy will realize an overall improvement, and believes that the actual growth rate may exceed the market's general expectations. As for the market rhythm, ICP Fund said that in the process of rapid macroeconomic repair, domestic demand-led value and cyclical stocks are prone to valuation repair, and growth stocks with higher absolute growth rate will prevail in the second half of the year. Domestic demand can pay attention to real estate-related home appliances, home furnishings and pharmaceuticals that have been fully adjusted in the previous period; growth, you can pay attention to the platform economy represented by Hang Seng Technology and the hard science and technology track represented by the Science and Technology Innovation 50 Index.
Sun Bin, deputy general manager of Huaxia Fund and administrative head of the asset allocation department, said that with the gradual improvement of fundamental earnings, the A-share will gradually bottom out sometime in 2023 and see a more pronounced rebound. The first wave of the market may come from the reversal industry represented by financial real estate and consumption, and after the economy improves, industries such as new energy, electronics, and machinery may re-emerge as the market's structural market leaders. Zhai Yuhang, manager of Huaxia Cycle Driving Mixed Fund, also said that he is more optimistic about the A-share trend in 2023. In addition, Hong Kong stocks may perform better than A shares, with the gradual repair of risk appetite of overseas investors, AH premium is expected to converge in stages.
Bosch Fund also said that in 2023, A-share equity assets have been very attractive for investment, pharmaceuticals, new energy and other sectors of the configuration of the value of the prominent, in addition, the Hong Kong stock market is also expected to regain the upward momentum.