Consumption recovery is expected to heat up, and the funds are generously increasing the positions of leading consumers! Food ETF heavy upside! Hong Kong stock Internet ETF soared higher and was blocked for 5 consecutive gains

Today (December 6), Beijing and Shanghai implemented new public health prevention and control measures on the same day, which attracted much attention. In the past two days, the prevention and control policies in many places across the country have taken key "small steps". Expectations of recovery growth in domestic consumption are rapidly heating up. Today, the three major A-share indexes all closed in the red. Big consumption continues to be jubilant, and liquor stocks are on the rise like a rainbow! The food ETF (515710), which is the leader of heavy warehouse liquor, once rose by nearly 5% in early trading, and successfully recovered the half-year line after two months.

The Hong Kong stock market opened with a strong upward attack today, and then the high was blocked and encountered adjustments. The three major indexes collectively corrected back, and the large Internet giants all closed down. The Hong Kong stock Internet ETF (513770) ushered in an adjustment after rising for 5 consecutive days.

How is the disk today? Let's replay together.

[Review and Interpretation of Market Hotspots]

A-shares opened lower and then fluctuated upwards. The Prev index continued to rebound to new highs. The Shenzhen Component Index and the ChiNext Index once rose by more than 1%. The indexes fell back in the morning and showed a narrow range in the afternoon. Liquor leads the recovery of large-scale consumption, and the themes of semiconductors and lithium batteries pick up; the performance of finance and real estate is sluggish.

As of the close, the Shanghai Index rose 0.02% to 3212.53 points, the Shenzhen Component Index rose 0.67%, and the ChiNext Index rose 0.68%. The market turnover was 998.770 billion yuan, and the actual net purchase of northbound funds was 541 million yuan.

From the perspective of individual stock performance, a total of 1,665 stocks rose in the A-share market today, 3,197 fell, and 138 remained unchanged. Although the market closed in red, the overall profit-making effect was biased.

In terms of sectors, concept sectors such as fund heavy positions, core assets, dual circulation, beverage manufacturing, and brand leaders have the largest gains and net capital inflows, while antigen detection and other sectors have experienced more declines and net capital outflows.

CICC stated that it holds a neutral to positive view on the A-share market in the next 12 months, especially in terms of rhythm, we must pay attention to the phased opportunities that the index may usher in from the end of this year to the first quarter of next year. Northeast Securities believes that stable economic growth and optimization of public health prevention and control have boosted market confidence, and the appreciation of the renminbi from the perspective of major asset classes has made Chinese asset AH shares the leader in the short-term global market; considering stable economic growth, Factors such as public health optimization are still positively driven and the valuation of A shares is still relatively low. It is expected that the mid-term market recovery will continue.

[Interpretation of ETF all-knowing hotspots]

1. [Food ETF (515710)]

In the past two days, there have been intensive official announcements on optimization measures for public health prevention and control in various places, and large-scale consumption has continued to heat up. The main funds quickly increased their stakes in consumer stocks. Today, the food and beverage industry has a net inflow of 5.08 billion yuan, ranking first among the 31 Shenwan first-tier industries .

The popular ETF in the food and beverage industry—— Food ETF (515710) surged in heavy volume. It rose close to 5% in the early trading, but fell back in the afternoon, and finally closed up 2.55% and won 7 Lianyang, with a turnover of 83.38 million yuan!

Judging from the daily K-line, the food ETF (515710 ) stood on the first-half line in one fell swoop today, and the intraday highest price was only 4% away from the annual line.

According to the statistics of Databao, northbound funds have increased their positions in leading consumer stocks since November. As of December 5, Wuliangye and Kweichow Moutai have increased their holdings by more than 3 billion yuan, Yili shares have increased their holdings by 1.824 billion yuan, and Haitian Flavor, Shanxi Fenjiu, and Tsingtao Brewery have all increased their holdings by a large amount.

The latest research report of Essence Securities stated that with the gradual optimization of domestic control measures, domestic consumption-related targets will bring strong investment opportunities with the recovery of consumption scenarios.

China Securities Investment Securities also stated that considering the investment logic of next year at the current point in time, it is expected that prevention and control policies will continue to be precise and optimized, and the recovery of consumption scenarios will be one of the main lines next year . Specific to each consumption segment, we continue to be optimistic about the recovery opportunities of liquor, beer, condiments, catering and other sectors next year. Under scientific and precise prevention and control, we will grasp the three main lines: 1) Liquor: the valuation has reached a reasonable level, The long-term trend remains unchanged, and we continue to be optimistic from the perspective of channel inventory + market demand; 2) Catering & condiments: scene demand recovery + cost margin improvement; 3) Beer: offline consumption scene recovery, high-end structure improvement, superimposed World Cup events, The industry is expected to show the characteristics of off-season.

2. [Electronic ETF (515260)]

The electronics sector is booming today, and the semiconductor industry chain is showing strong performance. Electronics ETF (515260) closed up 1.29% and recorded two consecutive positives, with a full-day turnover of 11.04 million yuan.

It is worth noting that the electronic ETF (515260) has been continuously bought by funds in recent days, and its fund shares have accumulated a net increase of 5 million shares in the last 4 trading days.

Since the beginning of the year, the electronics industry has experienced adjustments one after another. As of today's close, its decline in the year is still over 32%, which is the industry with the most retracement among the 31 SWS first-tier industries.

[Shenwan's first-tier industry decline TOP10 (December 6)]

At the same time, the valuation of the electronic sector continued to shrink during the adjustment. Take the valuation of the CSI Electronics 50 Index tracked by the electronic ETF (515260) as an example. As of December 5, its PE valuation was 25.39 times, and the quantile point was 18.84%, which is lower than the historical time range of more than 80%. Valuation price performance is attractive to a certain extent.

Orient Securities' "A-Share Market 2023 Investment Strategy: Consolidating the Fund and Opening Up New Things, Recovering Everything" believes that there are three main lines in terms of industry allocation in 2023: manufacturing power, digital economy, and strategic allocation. Among them, the field of manufacturing power is optimistic about machinery, electrical equipment and electronics. Specific to the subdivision of the electronics industry, we are optimistic about semiconductors, automotive electronics and VR/AR. The domestic substitution of semiconductors is accelerating, and the fields of equipment/materials/components are ushering in opportunities. According to IC insights data, in 2021, the domestic IC demand scale will be 187 billion US dollars, but the self-sufficiency rate is only 17%, and there is a huge space for domestic substitution. In recent years, local IC design manufacturers have continued to rise, domestic fabs have accelerated production expansion, domestic equipment, materials and components have been imported at an accelerated pace, and domestic semiconductor manufacturers have ushered in a golden development period for localization.

GF Securities’ “Investment Strategy for Electronics Industry 2023: Recovery and Penetration” stated that looking forward to 2023, we believe that “recovery” and “penetration” are two key words that the electronics industry cannot avoid. Recovery means that after the cyclical downturn of the inventory level, it is expected to usher in the demand for inventory replenishment in 23Q2, and the terminal demand in 23H2 may also gradually pick up with the marginal improvement of the macro, ushering in the recovery of real demand. Penetration refers to the increase in the penetration rate of product upgrades driven by global technological innovation and the increase in the rate of localization driven by domestic substitution. Under the logic of recovery, we are optimistic about the cyclical recovery opportunities of the entire industry. Under the logic of penetration, we continue to be optimistic about the server, new energy and semiconductor equipment and materials sectors.

3. [Hong Kong stocks Internet ETF (513770) stopped rising for 5 consecutive days]

After rising for 5 consecutive days, the Hong Kong Stock Internet ETF (513770) ushered in a correction today, closing down 2.27%, and the on-site trading was particularly active, with a turnover of 428 million yuan and a turnover rate of nearly 70%.

It is worth mentioning that the Hong Kong Stock Internet ETF (513770) experienced a surge at the beginning of the session, once rising by more than 2%, and its intraday price hit a new high since mid-July! Since the bottom of the stage on October 31, the Hong Kong Internet ETF (513770) has rebounded by 50.43%, ranking among the top ETF gainers in the entire market!

On the news side, the recent improvement in the fundamentals of the Internet sector has continued to materialize. On the one hand, the United States is expected to slow down the pace of interest rate hikes in December, coupled with the optimization of domestic public health prevention and control policies, the risk appetite of the Hong Kong market has improved significantly; The continuous growth and narrowing of losses of growth stocks such as Kuaishou also exceeded market expectations. The strong fundamentals have laid a solid foundation for the strong rebound of the CSI Hong Kong Stock Connect Internet Index.

After the big counterattack, looking forward to the market outlook, Feng Chencheng, fund manager of the Hong Kong Stock Internet ETF (513770), pointed out in his latest opinion that there is still room for repair in the valuation of top Internet companies in Hong Kong stocks. On the one hand, the optimization of public health prevention and control policies and the new real estate financing policy have increased the possibility of China's economic growth improving and recovering. On the other hand, the United States hinted that it will slow down the pace of interest rate hikes in December, which has a certain depressing effect on the 10-year U.S. bond rate and the U.S. dollar index, which will help improve market risk appetite. At the same time, in the next few weeks, high-level meetings, U.S. CPI data, and U.S. review results on Chinese concept stocks are likely to promote the restoration of the valuations of top Internet companies in Hong Kong stocks, which will lead to a relatively large rise in the CSI Hong Kong Stock Connect Internet Index. .

Risk warning: Food ETF passively tracks the China Securities Subdivided Food and Beverage Industry Theme Index. The base date of the index is 2004.12.31 and the release date is 2012.4.11; It is 2016.12.30, and the release date is 2021.1.11; the electronic ETF passively tracks the CSI Electronics 50 Index, which has a base date of 2008.12.31 and was released on 2009.07.22. The constituent stocks of the index are adjusted in a timely manner according to the index compilation rules, and their backtest historical performance does not predict the future performance of the index. The individual stocks mentioned in the article are only for the objective display and list of index constituent stocks, and are not recommended for any individual stocks, and do not represent the investment direction of the fund manager and the fund. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors are responsible for any investment behaviors that they decide on their own. In addition, any opinions, analysis and forecasts in this article do not constitute any form of investment advice to readers, and the company is not responsible for any direct or indirect losses arising from the use of the contents of this article. Investors should carefully read fund legal documents such as the "Fund Contract", "Prospectus", "Summary of Fund Product Information", understand the risk-return characteristics of the fund, and choose products that are suitable for their own risk tolerance. A fund's past performance is not indicative of its future performance! According to the evaluation of the fund manager, the risk level of food ETF, consumer leading ETF, and electronic ETF is R3-medium risk; the risk level of Hong Kong stock Internet ETF is R4-medium-high risk. Sales agencies (including direct sales agencies of the fund manager and other sales agencies) conduct risk assessments on the Fund in accordance with relevant laws and regulations. Investors should pay attention to the appropriateness opinions issued by the fund manager in a timely manner. The opinions of various sales agencies on the appropriateness are not necessarily consistent. And the fund product risk level evaluation result issued by the fund sales agency shall not be lower than the risk level evaluation result made by the fund manager. The risk-return characteristics of the fund and the risk level of the fund in the fund contract vary due to different considerations. Investors should understand the risk and return of the fund, carefully choose fund products based on their own investment purpose, time limit, investment experience and risk tolerance, and bear the risk by themselves. The registration of the Fund by the China Securities Regulatory Commission does not mean that it has made a substantive judgment or guarantee on the investment value, market prospects and income of the Fund. Fund investment needs to be cautious.

(Source: Interface AI)

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