In the 14 trading days of this year, the net inflow of foreign capital into A shares exceeded 100 billion yuan, which has exceeded the level for the whole year of 2022.
The momentum of southbound funds flowing into Hong Kong stocks is quite different.
In addition, the recent daily turnover of the China Securities Index has been at a low level of 600-700 billion yuan. In 2022, there will be 242 trading days in the whole year, and the average daily turnover will be about 870 billion yuan. It can almost be regarded as the second-lowest level.
This shows that mainland capital is still very hesitant to enter the market. At the same time, the selling pressure of capital during this period is also very light, because as long as the buying and selling power of domestic capital reaches a balance, a small amount of foreign capital can drive the market up.
Precisely because of the caution and hesitation of domestic capital “once bitten by a snake and afraid of well ropes for ten years”, the market after the festival can still be expected.
It may be too early to talk about the bull market, but the bull market is born out of hesitation. By the time we all realize that the bull market is coming, the bull market may be drawing to a close.
The details of each bull market may be different, but Templeton’s summary should be a general rule: “A bull market is born in despair, grows in hesitation, matures in optimism, and perishes in excitement.”
See the table below for details of the rise and fall of major broad-based indexes, fund indexes, style indexes and industry indexes this week.
1. In 2022, the partial stock hybrid fund index is basically the same as the CSI All Index, Shanghai and Shenzhen 300, CSI 500 and CSI 1000; but it has greatly defeated the ChiNext and Science and Technology 50 Index.
In the past three weeks this year, it has slightly underperformed almost all broad-based indexes.
In the past, the excess returns of active funds are mainly accumulated slowly in volatile markets, but in unilateral rising market conditions, especially in the main rising waves, few active funds can outperform index funds.
Can active funds continue to create excess returns? Under what kind of market conditions is it easier to obtain excess returns?
We need continuous and careful observation.
2. During the 14 trading days in three weeks this year, value and growth, large and small caps, and various industry themes rose in turn. For example, the value style in the first half is dominant, while the growth performance in the second half is better; semiconductors, computers and artificial intelligence, which are relatively backward in the first half, caught up in a week.
The varieties that I marked in yellow in the above table with the largest decline last year have rebounded very well this year.
Once again, the market tells us with facts: opportunities are always falling out.
On the occasion of the Spring Festival, Lazy Yangji hereby wish all friends Qian “Rabbit” a bright future and a great “Rabbit”! Well-being!
All opinions and funds involved in this article do not constitute investment advice, but a true record of my own thinking and practice, and invest in the market based on this, at your own risk.
@雪球创作者中心@今日话话@雪球fund@ ETF Star Push Official
$Fuguo CSI Industry 4.0 Index(F161031)$ $Digital Economy ETF(SH560800)$ $Western Lide CSI Artificial Intelligence Theme Index Enhanced A(F011832)$
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