Black Swan Raid A Shares Open Hedge Mode: Technology "Stall" Securities Rising Funds To Raise Positions Signals Appear

Changes in the external market once again led to the adjustment of A shares.

In March 9th, the Shanghai and Shenzhen two cities fell across the board. The Shanghai composite index again fell below 3000 points, closing at 2943.29 points, down 3.01%; Shenzhen Securities Index closed at 11108.55 points, down 4.09%; the GEM board reported 2093.06 points, down 4.55%.

At the same time, the net outflow of the northern capital reached 14 billion 319 million yuan, a record high, of which Shanghai Stock Exchange and Shenzhen Stock Exchange outflow 9 billion 671 million yuan and 4 billion 648 million yuan respectively.

Twenty-first Century economic report reporter statistics found that the previous hot trading technology ETF recently appeared low turnover trend, but the broker ETF, Shanghai 50ETF and so on showed the turnover increased, and gradually became the new favorite of the market.

"The spread of overseas epidemics to suppress market risk appetite has dragged down the A share market performance. At present, A shares are in the end of the restless market, and the valuation of the main technology stocks in the market is on the high side, and each sector is at a high level. The Spring Festival restless market will be over, and the A shares will probably enter the stage of market volatility and structural differentiation. In March 9th, Liu Ankun, manager of financing and reverse Strategy Fund, told the business reporter in twenty-first Century.

Capital flight technology ETF

Data show that in March 9th, the electronics industry, the computer industry, the national defense industry, the media and so on declined, and the electronic and computer decreased by 6.49% and 6.34% respectively.

In the early stage of the adjustment, the technology stocks, which were heated by funds, gradually lost their aura.

Nearly two weeks from the stock ETF transaction situation, technology ETF turnover also showed a downward trend.

Data show that between February 24th and February 28th, the weekly turnover of Huaxia 5G ETF, Huaxia chip ETF, Cathay semiconductor 50ETF three technology ETF exceeded 15 billion yuan, and ranked the top three of the stock ETF, of which China 5G ETF's weekly turnover reached 25 billion 51 million yuan, ranking No. 1.

But in the week from March 2nd to March 6th, only three Chinese 5G ETF, Huaxia chip ETF two technology ETF ranked the top 10 billion in the stock ETF, and the weekly turnover of Cathay Pacific semiconductor has dropped to below 10 billion, ranking fourth.

Two weeks contrast, Huaxia 5G ETF, Huaxia chip ETF, Cathay semiconductor 50ETF three technology ETF weekly turnover has declined, of which Cathay Pacific semiconductor 50ETF weekly turnover reduced the largest, reduced by 6 billion 877 million yuan, Huaxia 5G ETF and Huaxia chip ETF Zhou Cheng scale reduced by 6 billion 761 million yuan and 5 billion 35 million yuan respectively.

In fact, technology ETF has been continuously adjusted since February 26th. From February 26th to March 9th, the top ten stock market ETF, except for Hongyi's far away consumption of 100ETF, the remaining 9 are ETF of science and technology.

Among the few technology ETF are the semiconductor chip thematic funds. Among them, GF semiconductor chip ETF, Huaxia chip ETF and Guo Lian an semiconductor ETF are the three biggest funds, and the range declines are 27.59%, 27.41% and 25.74% respectively from February 26th to March 9th.

In fact, there were a lot of worries about the overvaluation of technology stocks in the early market. In the adjustment, many institutions also had some changes in view of the technology sector. They all raised concerns about the impact of the current technology sector.

"Technology sector is temporarily suppressed by risk appetite." Fan Tingfang, manager of small and medium fund of Hai Fu Tong, said. Cathay Pacific Fund also believes that technology stocks will be negatively impacted by overseas sentiment in the short term.

And in the case of low tech ETF transactions, brokerage ETF, Shanghai 50ETF is gradually sought after by capital.

In March 9th, the Shanghai and Shenzhen two cities fell across the board. Song Wenhui diagram

For example, in March 9th, although Huaxia 5G ETF and Huaxia chip ETF were still the largest share ETF in the transaction volume, Cathay Pacific Securities ETF, Huaxia Shanghai 50ETF, Huatai Barry Shanghai Shenzhen 300ETF three ETF turnover volume squeezed into the top five, and the three ETF turnover continued to grow compared with the previous trading day.

Also in March 6th, Cathay Pacific Securities ETF surpassed Huaxia 5G ETF, becoming the largest ETF in the day, while Warburg brokers ETF and Huaxia 50ETF exceeded the previous strong Chinese chip ETF, Cathay semiconductor 50ETF two technology ETF, and the turnover ranked third, fourth on that day.

According to weekly turnover, Cathay Pacific Securities ETF in March 2nd to March 6th week turnover reached 13 billion 307 million yuan, ranking second in stock ETF, weekly turnover is only inferior to Huaxia 5G ETF, and exceeded the Chinese chip ETF.

And with the ETF fund weekly turnover of science and technology is different, Cathay Pacific Securities ETF from March 2nd to March 6th, the week's turnover increased from February 24th to February 28th when the turnover increased by 661 million yuan.

Similarly, another brokerage ETF, Warburg ETF, has a turnover of 6 billion 911 million yuan during the week from March 2nd to March 6th, representing an increase of 859 million yuan compared with the previous week.

"The technology sector has risen too much in the past period, and many stock valuations are relatively high. At present, the adjustment has been welcomed, but the capital market will be reflected in the ETF category of securities companies, and there is no obvious performance in this sector for a period of time, and the market will think there is room for further growth." A public fund official in Shanghai said.

Disturbance of overseas factors

"This market pullback reflects more worries about the global economy." Investment director of a public fund in Southern China said, "the domestic epidemic is actually improving. The market is worried about foreign countries, especially in the United States. There is no sign of marginal improvement. So the market uncertainty is mainly due to the worry that the deterioration of the epidemic will have a longer impact on the economy than we expect."

In an interview with the twenty-first Century economic news reporter, many agencies mentioned this concern about the extent of the economic impact.

According to Boshi fund's interview, as the epidemic spread overseas, the weakening of global demand may lead to a slower pace of domestic economic recovery than before. The Haitong fund also believes that although the domestic epidemic has been controlled, the spread of the overseas epidemic will directly affect the export situation of China, and thus have an impact on the overall economy.

On the other hand, the global risk appetite dropped further as the crude oil fell sharply. Risk aversion brought the bond market up. The yield of ten - year treasury bonds fell below 0.4% for the first time, and the yield of domestic 10 - year treasury bonds also fell sharply to 2.5%.

Against this background, risk prevention is a necessary operation.

"In the short term, we must adopt a robust strategy to cope with the upgrading of overseas epidemic situation. On the one hand, a quarter of the expected performance of the plate or stocks is a good haven at present; on the other hand, under the new low interest rate, undervaluation and high dividend strategy can be one of the steady choices. " The director of equity fund of a brokerage company said.

However, in the medium to long term, many buyer institutions including CITIC Securities, Haitong Securities, and Anxin securities, as well as the buyer's institutions such as Cathay Pacific Fund and Haitong fund, still expressed the value of A share investment.

"Equity assets still have better long-term investment value, and the Shanghai and Shenzhen 300 index has little room for further decline in overseas risk preference, and the future is expected to continue the trend in the short term." Cathay Pacific Fund people pointed out.

"The domestic market should not be overly pessimistic. China's fiscal and monetary policy toolbox is abundant. It still has the investment space of traditional infrastructure, and the new infrastructure will become an important engine of economic growth in the next five years. The domestic epidemic situation is basically controlled, and the resumption of production and production will gradually accelerate. After the epidemic control, China's high-quality core manufacturing industry will show more powerful manufacturing strength. " The chief executive of the aforementioned public fund said.

For the technology sector, Fan Tingfang pointed out that "the technology sector is expected to continue to have excess returns after the mood stabilizes. The layout of the two main lines of China's science and technology self reliance cycle around 5G and the localization of semiconductors and basic software will be carried out."