Shanghai Stock Index Fell 2700 Points A Shares To Bottom Again, The New Fund "Sold Out One Day" Spectacular No Longer

2700 points were lost.

In March 23rd, A shares opened lower, followed by a downward shock. On that day, the Shanghai Composite Index closed at 2660.17 points, down 3.11%, the lowest since February 2019. Shenzhen stock index and gem index fell by 4.52% and 4.59% respectively.

"The market downturn is mainly caused by changes in overseas epidemic, economy and policy over the weekend. The two most important negative factor is the escalation of the epidemic in Western Europe and the United States, and the US fiscal expansion is at least temporarily blocked in the Senate. These factors in the short term have been overshadowed by the gradual recovery of domestic demand and the continuous control of domestic epidemics. In March 23rd, the macro research team of the Boshi fund told the business reporter in twenty-first Century.

And when the epidemic situation is becoming more and more severe, at the press conference of the State Council at the end of last week, the leaders of "one line and two sessions" made answers to many aspects of the issue of coping with the international epidemic situation and maintaining the stability of the domestic financial market.

Li Chao, vice chairman of the securities and Futures Commission, said at a press conference that compared with overseas markets, China's financial market was generally relatively stable, and the A share market showed strong resilience and risk resistance capabilities.

Northward capital flows again

Index lower, turnover reduced synchronously. Data show that in March 23rd, the turnover of the two cities was 716 billion 795 million yuan, a record low since February 12th.

The northward capital is again showing a net outflow, a net outflow of 7 billion 999 million yuan a day, of which Shanghai Stock outflows 6 billion 294 million yuan and Shenzhen Stock Exchange outflows 1 billion 705 million yuan.

In the previous trading day, in March 20th, the northern capital ended 7 consecutive trading days in the previous period, with a net inflow of 1 billion 687 million yuan.

One background is that the third step A expansion of FTSE Russell came into force after the close of the day. This adjustment will increase the incorporation factor of A shares from 15% to 25%, and be included in two steps. 1/4 of them will be implemented in March, and the remaining 3/4 will be implemented together with the June index assessment.

This means that the passive allocation of the index should be completed before March 20th. There are institutional analysis that the proposed A shares are expected to bring about a passive incremental capital of about 28 billion yuan, a short-term hedge against foreign investment outflow.

In fact, in recent days, the overseas capital market has been greatly oscillating. Although the agency said the A share market performance is relatively better, the trend of the north capital market still brings the market impact.

"Domestic epidemic is basically under control, and domestic investor sentiment is more stable than the international market. However, through the channels such as land share and bond exchanges, the domestic market may still be limited by the liquidity crisis of overseas markets, which may lead to adjustment. A large public fund investment director told the twenty-first Century economic news reporter.

At the news conference of the State Council in March 22nd, Li Chao, vice chairman of the securities and Futures Commission, explained to the recent hot spot of the market that "the stock market outflows in the past month are quite large, but the net outflow in the year is about about 20000000000 RMB. In 2019, when foreign capital entered the A share market, the comparison with the previous one would be very large. Not much, foreign capital accounts for less than 4% of A shares' circulation market value, so there is no fundamental impact on the A share market. "

"One day sold out" ebb tide

Changes in the overseas epidemic continued to perturb the capital market, after which the hot market sentiment of A shares gradually cooled.

A typical change is that since February, the fund has come together, especially the fund for science and technology has become a hot runner. Many funds are sold out one day and the proportion is on sale.

Recently, the "golden signboard" of the science and Technology Fund seems to be no longer obvious.

In March 20th, the Ping An Fund announced that it decided to extend the deadline for the three year fund raising of Ping An technology innovation from March 20, 2020 to April 3, 2020. This is the first year to announce the extension of the fund.

In March 23rd, Taikang asset announcement said that Taikang Rui Fu preferred to configure the 3 month holding fund of mixed fund (FOF). The deadline for collection was March 24th. Now it is decided to extend the collection period to April 8th.

According to incomplete reports of the twenty-first Century economic report, 18 public funds have been announced to extend the collection period as of March 23rd.

"The market turmoil has really put pressure on investor sentiment, and the new fund has not been as good as it used to be." A large public offering fund in Southern China said.

Judging from the performance of equity funds since March, Wind data show that in March 2nd as of March 20th, 1462 funds (share Statistics) net worth fell, of which 143 of the fund's net value fell more than 10%, only the net value of 40 funds rose.

"A share market short-term sentiment shocks risk preference, the main plate has a callback. From a fundamental point of view, the resumption of work in March was slow, followed by steady growth or further progress. The Shanghai and Shenzhen 300 index has little room for falling overseas risk preference and is expected to continue the trend of shocks. An investment researcher from Cathay Pacific Fund pointed out.

"The current time is still optimistic about the investment value of domestic bond market and stock market. On the one hand, the domestic epidemic prevention and control is effective. RMB valuation assets should enjoy a certain valuation premium, so the decrease is less than that of comparable assets abroad. On the other hand, from the perspective of absolute valuation, the 0 interest rate of the whole world is still the anchor point for all asset valuation, and assets with obvious and definite earnings in the long run must be good assets. Xinhua Fund thinks.

In terms of industry configuration, Cathay Pacific Fund expresses short-term domestic demand. "On the one hand, there is a good window of configuration for the cyclical products benefiting from the steady growth policy of infrastructure and real estate start-up. For the early consumption sector, especially high-end consumption, the negative impact of the epidemic is greater. Following the outbreak of panic, the industry will usher in a wave of retaliatory consumption and new infrastructure. The technology stocks under the short-term will be negatively impacted by overseas sentiment, but it is expected that the short term impact will usher in another configuration.

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