1. News Express
1. Funds "run" into the market. Traditional Chinese medicine theme ETFs have risen strongly
Choice data shows that since December, many pharmaceutical industry theme ETFs have quietly received funds and increased their positions in . As of December 9, in just 8 trading days, the E Fund Shanghai and Shenzhen 300 Pharmaceutical ETF fund shares increased by more than 500 million shares compared with the beginning of the month, the Yongying CSI All-Indicator Medical ETF fund shares increased by about 200 million shares, and the Huitianfu CSI All-Indicator Medical Device ETF fund shares increased by more than 10% compared with the beginning of the month, and the fund shares of China Merchants CSI All-Indicator Medical Device ETF and Huitianfu CSI Medicine and Health ETF also increased significantly compared with the beginning of the month. Among the traditional Chinese medicine theme ETFs, in addition to the Yinhua CSI traditional Chinese medicine ETF, many other traditional Chinese medicine ETFs have also received funds to deploy in advance. Among them, the share growth of Huitianfu CSI Traditional Chinese Medicine ETF fund has the most significant increase, from 87.265 million copies on December 1 to 1.108 billion copies on December 9, an increase of more than 11 times.
Industry insiders believe that the continued rise in the traditional Chinese medicine market is formed by the joint action of multiple factors such as the expansion of demand for traditional Chinese medicine products, policy support, the improvement of the industry and stocks, the rise in the price of traditional Chinese medicine materials, and the lack of attention in the past. The traditional Chinese medicine industry is currently in a new stage of industrial upgrading, and the market is expected to fluctuate, but we must pay attention to the differentiation of individual stocks.
2. Fund companies' self-purchase scale hits a new high. They are optimistic about A shares long-term allocation value
Since this year, A shares market has been making twists and turns. When the market adjusts to the bottom area, many fund companies have repeatedly made self-purchase. Choice data shows that as of December 9, the net subscription scale of self-purchased industry in public fund this year has reached 6.357 billion yuan, exceeding the whole year of last year, setting a new record high.
Industry insiders believe that fund self-purchase shows that institutions are optimistic about the long-term allocation value of the A-share market. The market is still in the bottom area. Medium-term opportunities outweigh risks. Development and security are the two main lines that the market focuses on.
3. Performance has recovered greatly! The net value of private equity funds with 10 billion yuan skyrocketed, and the enthusiasm for new product filing is rising!
private equity fund , which performed poorly this year and suffered huge losses at one time, finally waited for a big rebound in performance! According to data from channels and third-party institutions, due to the strong rebound of the stock market in November, the performance of 10 billion private equity firms has rebounded sharply. The performance of leading private equity firms such as Jinglin, Gaoyi , and Danshuiquan soared, with a single-month net value rebounding by more than 10%, of which Jinglin's monthly income exceeded 20%. Although many private equity firms with 10 billion have negative returns this year, the drawdown has narrowed significantly.
As the market recovers, the enthusiasm for filing private equity funds has increased significantly. Private Equity Ranking Network data shows that in November, a total of 2,412 private equity securities funds were registered, a 57.65% increase from in October compared with month-on-month. Among them, 49 private equity firms with 10 billion yuan have laid out a total of 201 new products.
The issuance of new private equity products has rebounded, on the one hand, which means that investors' confidence is recovering, no longer pessimistic, and optimistic about the future performance of the market; on the other hand, it also means that the new "bullets" that private equity fund managers are about to have are waiting to enter the market.
4. The ChiNext 50 Index is expanding for the first time. Invesco Great Wall Entrepreneurship 50 ETF issuance
Since the beginning of this year, the A-share market has fluctuated, but the investment value of growth stocks has not faded. As the valuation adjusts to the bottom range, innovative growth stocks represented by GEM may have entered the left layout stage. Recently, the proposed fund managers of Invesco Great Wall Entrepreneurship 50 ETF (code: 159682) Wang Yang and Zhang Xiaonan said that from the perspective of valuation and profitability, the current ChiNext 50 index has high investment value. For this broad-based index ETF with broad growth space in the future, Invesco Great Wall Fund will improve product liquidity by closely tracking the index and refining the operation management. It may promote the product to "go global" in the future, introduce diversified investors to ETFs, and help start-up 50 ETF investment to form a more sound ecosystem.
5. Shenzhen Stock Exchange 100ETF options are listed. The contract subject E Fund Shenzhen Stock Exchange 100ETF is active in trading
On December 12, Shenzhen Stock Exchange 100ETF options were officially listed and traded on the Shenzhen Stock Exchange. The contract subject E Fund Shenzhen 100 ETF was trading actively, with a transaction volume of 223 million yuan on the 12th. This is another core index ETF option listed on the Shenzhen Stock Exchange after the listing and trading of the ChiNext ETF option on September 19.
According to reports, the Shenzhen Stock Exchange's "1+2" core index system consists of the ChiNext Index, Shenzhen 100 and Shenzhen Component Index. Although the launch of supporting options products was slightly later than that of the ChiNext Index, the Shenzhen Stock Exchange 100 Index was born earlier. It consists of 100 stocks with large market value and good liquidity in the Shenzhen Stock Exchange. It represents innovative and growth-oriented leading enterprises, and has the dual characteristics of innovation and blue chip . E Fund Shenzhen 100 ETF is the contract subject of the option listed this time. The fund's third quarter report shows that since its establishment on March 24, 2006, the fund's cumulative yield rate has reached 461%.
2. Fund viewpoint
1. Industrial Fund Ding Jin: Economic recovery expectation to rise, stock and bond seesaw effect is obvious
Industrial Fund Fixed Income Investment Department Mixed Asset Investment Team Detailed Income Investment Department Ding Jin expressed a market view that in the context of rising economic recovery expectations, the stock and bond seesaw effect is obvious. bond yield curve moves up parallel. On the one hand, the rapid upward trend of bank deposit certificates interest rate in November drove the short-term upward trend. On the other hand, the selling of medium and long-term credit bonds has widened the credit spread; in the equity market, the market transaction volume has gradually increased, the real estate industry chain and epidemic recovery concept sectors performed strongly, while TMT, national defense and military industry, medicine and other sectors performed lower.
In the future, overseas parties will focus on the situation of the Federal Reserve hike in in December, and whether there are signs of easing in the cold winter of the Russian-Ukrainian regional conflict. Domestic, he believes that the policy turning point has emerged, and he will focus on the major meeting in December to set the tone for next year's economic growth . Further market repair still requires policy guidance. A prudent monetary policy and a positive fiscal policy are expected to last for a long time, and a significant recovery in economic growth may have to wait until the first half of 2023, but the stock index should perform in advance.
2. Guotai Junan : Consumption is expected to bottom out on 23Q1 Grasp the three-stage investment
Guotai Junan Securities said that from the overseas review, it is facing peak infection pressure in winter, which may suppress the recovery of demand. We believe that Chinese consumption is expected to bottom out on 23Q1 and is expected to usher in improvement from Q2. Currently, expectations are separated from fundamentals, and considering the changes in expectations and fundamentals, consumer goods investment is divided into three stages: the first stage focuses on service industries with deep enough declines, catering, brand chains, airports, etc. At present, from the perspective of expectations, we believe that investment opportunities are close to the middle and late stages; the second stage is themed investment and growth stocks. In the blank period before the epidemic relaxes and fundamental recovery, theme investment and growth stocks, such as low economic correlation, have become the focus, such as beer, catering supply chain, etc. In the third stage, we will pay attention to oversold value stocks. As the epidemic is liberalized faster, expectations are significantly strengthened, and low-valuation leaders usher in a valuation recovery period. After consumption recovery, they will further enter the valuation expansion stage, such as: low-valuation liquor and other leading targets.
3. CICC: Lithium battery equipment companies may face medium- and long-term low-cost opportunities for
CICC research report believes that lithium battery equipment bidding has reached a stage high, and the industrialization of composite copper foil is progressing smoothly. With the support of the continuous increase in the penetration rate of new energy vehicles, the opening of application space such as energy storage and the increase in the demand for renewal and replacement, the industry is expected to return to positive growth from 2024 to 2025. At present, with the strengthening of expectations for the marginal decline in equipment order scale, the valuation of lithium battery equipment companies continues to decline, and may usher in the opportunity to buy at low prices in the medium and long term. Looking forward, it is recommended to pay attention to the catalysts in the composite copper foil industry chain.
4. CICC : Pay attention to semiconductor four major innovation areas
CICC believes that the semiconductor industry has sufficient momentum to grow in the long-term, and a new round of development opportunities is ushered in an intelligent manufacturing upgrade. It is recommended to pay attention to the following four major innovation areas: 1) The demand for special integrated circuits is strong, focusing on FGPA and analog chips; 2) Automobile intelligence is in full swing, focusing on opportunities from 0 to 1, such as lidar, domain controller, HUD; 3) The "meta universe" is in full swing, and new consumer terminals such as MR are expected to grow; 4) The memory stick is upgraded to DDR5, and the volume and price of memory interface chips + supporting chips are rising.
5. Guosheng Securities : There is a possibility of cutting interest rates in the past one or two months
Guosheng Securities pointed out that credit social financing in November was lower than expected and also lower than seasonality, and the endogenous momentum of economic consumption, real estate and other economics is still weak, consistent with November PMI, high-frequency data, etc., and both point to the recent "turning point" level policies such as epidemic prevention and real estate have not shown any effect. Looking back, maintain the annual view: the follow-up policies will make every effort to stabilize growth and confidence. One of the key points is to add leverage in the central government. Among them: monetary easing is still a general direction. There are high probability of interest rate cuts at the end of the year, especially LPR reductions (12.20 or 1.20 are likely), and there are 4 points of attention in the short term.
III. Net value of fund
Open-end fund net value rise TOP50:
Open-end fund net value fall TOP50:
