The Hot Technology ETF:22 Only Has A New Base Waiting For Trial To Overestimate The Risk Of Volatility.

Technology sector continued to rise.

In February 24th, 5G stocks launched a wave of daily trading, including nearly 30 stocks, including ZTE, silver treasure hill, Yitong century and Shanghai Electric shares. Related technology ETF has also been sought after by the market. On the same day, the total turnover of Huaxia 5GETF reached 4 billion 88 million yuan, ranking first in all ETF transactions in Shanghai and Shenzhen two cities, and the net inflow of funds exceeded 2 billion 300 million yuan throughout the day.

In fact, according to the twenty-first Century economic report reporter combing, recent technology ETF has been occupying the forefront of the list of market transactions.

In February 24th alone, the top three ETF funds were ETF, including Huaxia 5GETF, Cathay semiconductor 50ETF and China chip ETF. The turnover was over 2 billion yuan on that day. Since February, the top ten ETF of the transaction includes Cathay Pacific semiconductor 50ETF, Huaxia 5GETF, Huabao technology ETF and China chip ETF4 technology ETF, with a turnover of more than 10 billion yuan in the month of February 24th.

However, with the strong enthusiasm of the market, the valuation of technology stocks is also climbing. The sustainability of the future market is still attracting much attention.

"From the point of view of valuation and transaction, the degree of overheating of the market has not broken through the extreme historical data. However, judging from the difference of valuation among industries, the share of gem accounts for 22.8%, which has reached the highest level of 23%, and the degree of market structure differentiation is at a relatively high level in history. In the short term, capital will continue to flow into the market, but we must be vigilant that the market volatility will be amplified by this kind of capital push. " Wei Fengchun, chief macroeconomic strategist at the time fund, said.

The 22 technology ETF is waiting.

According to the twenty-first Century economic report reporter combing, this year, there are 4 science and technology ETF end recruitment. In February 20th, Tianhong ETF electronic certificate ended in advance. In January this year, there were GD card semiconductor chip ETF, Yinhua Zhong Zheng 5G communication theme ETF, and Cathay card semiconductor chip ETF.

In addition to several technology ETF funds that have been issued, there are more technology ETF being approved.

According to the twenty-first Century economic report reporter combing, as of February 24th, there are 22 50ETF fund and connection funds which are declared by Yi Fang Da fund, including the China card technology (CSI), the electronic certificate 50ETF of the Warburg fund, the national card semiconductor chip ETF and so on, which are announced by GF fund.

"At present, the company has reported a number of science and technology subdivision ETF products, and the recent market performance is better. For some of the existing technology ETF, we are also promoting the promotion." A large public offering fund in Beijing said.

From the perspective of the layout of various institutions, the ETF products of science and technology are showing more and more subdivision trends, and the layout ranges are wider.

For example, Yi Fang Da fund has declared the sub theme ETF of cloud computing and big data, such as ETF, CSI ETF, and so on. It also declared that there are investment fund and Huaxia Fund in cloud computing and big data theme ETF, and Penghua Fund also declared 50ETF of Shenzhen block chain.

"Now ETF market competition pressure is bigger, the traditional wide base index later people are too difficult to live on, so everyone is heading for the leading industry in the subdivision industry. For the science and technology sector, the theme of the subdivision is relatively large, and the market of each theme is relatively large, so the product will also present the corresponding trend. A public security fund broker told the twenty-first Century business reporter.

"ETF is the tracking index. In fact, an industry can not tolerate too many products. It is very difficult to maintain liquidity, so we can only subdivide it more. A public fund in Shanghai said.

Another large public fund market people said, "the company has been very optimistic about the technology sector since last year. In addition to a technology ETF that has recently been finalized, a technology ETF will start to be raised. There will be several technology themes ETF researching products."

"This round of technology ETF product layout is similar to the previous phenomenon of institutional consumer groups, institutional thinking is more convergent, and it is really easy to get together on the draught." This person thinks.

Worry is still in hot speculation.

Although market performance and market activity are mutually stimulating, the rapid rise of many stock valuations also test the current market situation. The volatility risk behind the rapid rise of stock prices can not be ignored.

Judging from the performance of related stocks this year, the 002371.SZ of North China has risen to 91.25%, and 603986.SH has risen to 96.2%, and Alex Hua Tian Technology (002185.SZ) has risen to 108.43%. And these stocks are chip ETF, semiconductor ETF and other technology ETF heavy stocks.

"There is still some pressure on the layout." The public fund managers said frankly, "but the rhythm of our layout was confirmed at the end of last year. At that time, we did not expect that the market will rise to the present market in a short time. The products that have been collected will be listed as soon as possible in the near future, but the follow-up plan may have to be further studied. "

"Most of the company's layout planning has been completed ahead of schedule. It takes a long time for a new product to be released from design to final release, and sometimes there are not many options. Moreover, ETF is a tool product, and this kind of product still wants investors to have their own timing ability. " A large public offering fund in Beijing pointed out.

But there are also points of view that the current market valuation is not the only factor that investors need to pay attention to.

At present, the valuation of technology stocks is relatively high. It is suggested that investors should weaken their valuation and identify the future growth of the company through high-speed growth. Some fast-growing enterprises will resolve the pressure of valuation increase through the growth of performance. Of course, if you find it difficult to choose, you can choose to invest in semiconductor investment. Cathay Pacific Fund people interviewed pointed out.

Cathay Pacific Fund believes that, from a short-term and long-term perspective, the high-tech industry is still in the upstream business cycle, with a solid demand in the middle and lower reaches. Compared with overseas, the domestic semiconductor sector is relatively underestimated. The acceleration period of the growth of semiconductor industry chain is gradually coming, and the market outlook is still worth looking forward to.

"In the short and medium term, the prosperity of the chip industry is more important than the valuation level. The chip industry is in the stage of accelerated growth, and the profitability trend of listed companies is more important. The main logic is that in the process of industrial cyclical explosion, the company's profit forecast rate will continue to be raised, resulting in the current valuation level is not a core factor of the dominant stock price. Zhao Zongting, manager of Huaxia chip ETF fund, said.

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