Scientific And Technological Innovation 50Etf22 Official Sale Institutions Dispute "Time To Build A Warehouse" Suggests Rational Investment

The first batch of 4 Kechuang 50etfs will be officially sold on September 22.

In addition, the fund's upper limit of 50 billion yuan of ETF was put on sale on September 9, and the fund's upper limit of 50 billion yuan was issued for the first time.

Industry insiders believe that the first batch of fund companies issuing Kechuang 50ETF have comparative advantages, and the product sales will be sought after by the market. Under the current market conditions, some investors also believe that this is a good time to build a warehouse in technology stocks, which is conducive to the issuance of Kechuang 50ETF.

Great strength competition

The first four Kechuang 50etfs tracked the same index. In fact, the differences of ETF products are more reflected in the overall strength of fund companies and the refined operation of investment operation management, as well as the management experience of fund managers.

"When choosing Kechuang 50ETF, investors can choose fund managers with rich experience in technology stocks or ETF operation experience. At the same time, they should also consider the strength of fund companies to do ETF." Yang Delong, chief economist of Qianhai open source fund, said.

First of all, judging from the strength and experience of fund companies in making ETF, the strength of the first four fund companies that have been approved to be the ETF products of Kechuang 50 can be ranked in the first echelon of ETF in the industry.

In general, among the four fund companies, Huaxia Fund ETF has the strongest strength. It is currently the largest equity ETF management fund company in China, ranking the first in the industry for 16 consecutive years, with a total scale of more than 150 billion yuan and a market share of nearly 25%.

In terms of the strength of ETF, although the scale of index stock fund of e fund is about half of that of Huaxia Fund, its "technology" characteristics are remarkable, and it is the first ETF developer of gem. At present, the ETF scale of gem is nearly 20 billion yuan. Its products include China Securities technology 50ETF, China Securities artificial intelligence theme ETF and other products.

However, the ETF scale of Huatai berui and ICBC Credit Suisse is slightly lower, but they also have their own characteristics.

ICBC Credit Suisse fund is backed by "cosmobank" ICBC, and has a number of broad-based ETFs, such as Shanghai Stock Exchange 50, Shanghai Shenzhen 300, China Securities 500, growth enterprise market, Shenzhen 100, and China Securities 800.

Huatai Bairui fund is a securities company type fund, with a total stock ETF of more than 46 billion yuan. It has the cross market Shanghai Shenzhen 300 ETF and the stock smart beta strategy ETF with the largest market scale and liquidity.

In addition to competing with the strength and experience of fund companies in ETF, the proposed fund managers of the four fund companies have also sent the main cadres of ETF.

Zhang Hongchen and Rongying, the proposed fund manager of Huaxia Kechuang 50ETF, have 10 years and nearly 5 years of ETF investment management experience, respectively, and serve as the managing director and senior vice president of Huaxia Fund quantity investment department. By the end of the second quarter, their participation in ETF product management exceeded 70 billion yuan and 20 billion yuan respectively.

E fund sent Lin Weibin, general manager of index investment department, and Cheng Xi, senior fund manager. They have 6 and 4 years of investment manager experience respectively, and the latest management scale is 2 billion yuan and 45.9 billion yuan respectively.

At present, he is the manager of the investment department of Huarui Taiping stock exchange for 50 years, and he plans to be the manager of Huarui Taiping investment fund for 450 million years.

Zhao Xu, deputy director of Investment Department of ICBC Credit Suisse index investment center, is the proposed fund manager of the 50ETF. Zhao Xu has been an investment manager for nearly nine years, and the latest management scale is 8 billion yuan.

In addition, the science and technology innovation board is dominated by pharmaceutical and science and technology enterprises. According to the above six ETF products to be managed by the fund managers mentioned above, Lin Weibin and Cheng Xi of e Fangda and Zhang Hongchen of Huaxia have all been involved in biological medicine; Liu Jun of Huatai Bairui has been involved in science and technology; the honor of Zhao Xu and Huaxia of ICBC Credit Suisse has involved in gem.

A good time to open a warehouse?

Another important issue in investing in Kechuang 50ETF is whether it is a good time to issue and build a position?

This reporter interviewed a number of fund managers, they have differences on this issue.

"With the enhancement of the radiation capacity of the science and technology innovation board and the promotion of the status of RMB, the science and Technology Innovation Board will become an important place for funds to allocate scientific and technological innovation concepts on a global scale. It is foreseeable that foreign capital will strengthen the allocation of science and technology innovation board." Liu Jun said.

Liu Jun said that at present, the domestic and international situation is still full of uncertainty in the near future. If Kechuang 50ETF is issued and established at the end of September and early October, it may face a better time to build a warehouse. In the short term, the fourth quarter of the US general election is imminent. The two parties may compromise some interests in order to seek China's support, and the second stage of Sino US trade agreement is expected to be reached The dispute is expected to ease, and regional trade agreements such as RCEP are expected to be implemented within the year. At that time, monetary policy may be further relaxed, forming a certain positive stimulus. As long as the long-term investment rate of China's Kechuang board will exceed that of China's traditional industry, the long-term investment rate of Kechuang board will surpass that of China's traditional industry.

Another proposed fund manager of Kechuang 50ETF, who did not want to be named, also said, "now the market has been adjusted, and the more than 1300 points of Kechuang 50 are definitely better than the 1700 points before."

On July 14, the Kechuang 50 index once reached 1726 points. On September 15, it closed at 1364 points, with a correction rate of 21%.

But some private fund managers believe that it is still not a good time to invest in Kechuang 50ETF.

Lin Jiayi, CEO of Xuanjia finance, believes that although the current Kechuang board 50 has been adjusted, the market is hot, the valuation is high, and the cost performance ratio is relatively low. In this stage, even if the investment level of fund managers is relatively high, the position of stock products needs to be raised to more than 80% one month after the establishment of the index products, which means that the overall valuation of the position portfolio will be higher.

"At this point in time, you can wait for further adjustments in the future before you start configuration. If it is necessary to configure at this stage, it can only be configured at a low level, and then fixed investment will be carried out to smooth out large fluctuations. " Lin Jiayi suggested.

Zhao Lisong, chairman of shangdegu investment, said, "Kechuang 50ETF will be popular. However, there are still some risks in Kechuang 50 index, so there may be a contradiction between the market recognition and the future medium-term trend. I think there is still a possibility of lowering the medium-term sci-tech innovation 50. "

However, the upper limit of the initial fund-raising scale for the cash subscription of Kechuang 50ETF is 5 billion yuan, and the upper limit of four funds raised is 20 billion yuan. As most of the stocks on the science and technology innovation board are small cap stocks, the industry believes that the technology innovation 50 ETF fund will have an impact on the trend of the science and technology innovation board.

However, Lin Jiayi pointed out that "it has a certain positive marginal incremental impact on 50ETF, which can maintain the heat and even drive the market to rebound, but it is difficult to have a sustained good earnings expectation."

And a number of fund managers proposed to invest in Kechuang 50ETF rationally.

Zhang Xuan, general manager of ICBC Credit Suisse index investment center, said, "since most of the listed companies on the science and technology innovation board are in the growth stage, the performance volatility may be higher than that of traditional industries. Therefore, the trend of the Kechuang 50 index and its tracking product Kechuang 50ETF will also reflect this feature. Investors need to establish reasonable cognition and expectation on the risk return characteristics of such products."

Taking into account that the proportion of ETF's 50% investment in tech stocks should not exceed 20%

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