Source: Bloomberg
Investors who are frustrating to the local stock market are looking for a way out, and Chinese funds with a record scale are flowing to overseas stocks.
In January, 33 domestic exchanges trading funds (ETFs), which tracked in except for Hong Kong's overseas benchmark index (ETF), received a net inflow of $ 2 billion.This is the largest monthly number since Bloomberg had data at the end of 2020.More than half of them flowed into the US stock market with the S & P 500 index, and another $ 204 million flowed into Japan.
This enthusiasm has severely distorted in the domestic ETF market.In some cases, their price is 40%higher than the value of the target assets, accompanied by severe fluctuations and frequent trading.These risks did not scare investors.As China implements capital control, when local stocks continue to fall, these products continue to become popular as the most feasible channel for retail investors to enter the overseas market.
Shenzhen Zhichang Fund Management Co fund manager Peng Hong said that investors are voting with their feet and chasing these funds at high premiums that they are risky, but this is the two harm of the two harm.Lost to your ankle, and if you copy the domestic stock market, you may always lose to the neck.
This indicates that domestic investors lose confidence in the Chinese stock market, but the outflow of funds is not limited to this.In January of this year, foreign investment sold 14.5 billion yuan ($ 2 billion) A shares, setting a record for the sixth consecutive month.
The hopes of stimulating measures caused by the hopes of stimulus measures for only a few days, because the weak economic data quickly splashed a pot of cold water for optimism.The CSI 300 Index fell to five years, and this year has fallen by more than 7%.In the Shanghai and Shenzhen cities, only 17 companies' stock prices have risen this year.
This is in sharp contrast to the outstanding performance of overseas markets.The strong corporate performance and the expectations of the soft landing of the US economy have pushed US stocks to continue their rise in the new year. With the vicious cycle of the Japanese economy from shrinking, the country's benchmark stock index has also hovered near 30 years.
These sought -after ETFs are products under the planned institutional investor (QDII) plan in China, which allows some fund companies to purchase overseas securities within the limit range.The limited fund pool has led to the soaring price of ETF to the value of the target.Therefore, if the overseas market suddenly recovers and the premium disappears, investors may face a double blow.
A Jingshun Great Wall Fund's ETF, who followed the Nasdaq 100 index, received a maximum capital inflow of $ 513 million last month.The fund rose more than 8%during this period, and the US technology index increased by less than 2%.Huatai Berrui South Dongdan New Stock Exchange Pan -East South Asia Technology ETF attracted $ 426 million in funds.
Although the issuers are prompting risks and restrictions on purchases, the premiums of these ETFs have fallen from the extreme level of January, but their demand is still strong, especially new products without such restrictions.
Huitianfu, a fund that tracks the MSCI American 50 index, completed a fundraising of 220 million yuan a day, although the original raising deadline was March 22.
Exchange filing documents show that in order to curb the enthusiasm of investors, this year, there are 20 ETFs that track foreign stocks or directly invest in the common fund of these stocks to set up a single -day subscription limit.
Chen Shi, manager of Shanghai Qianzhen Investment Fund, said that follow -up behavior is a typical reverse indicator. Chasing high when the premium is so serious, it may mean that once the trend reverses, it will suffer;Weak, you can't blame everyone to seek emotions to these QDII.
