After the May Day holiday, the A-share market got off to a good start, with synthetic biology, chemicals, biomedicine and other sectors. In terms of funds, Hong Kong stock technology ETF has becomeDeuceswildfreeslotsThe "prettiest boy". At a time when the market is high, fund managers have increased their positions overnight in advance.
According to the research report of Tianfeng Securities (601162), as of 2024-04-30, the median position of general equity funds is 86.Deuceswildfreeslots.46%, up 2.31% from last week's estimate, and the median position of partial stock mixed funds was 83.94%, up 4.43% from last week's estimate.
Taking CITIC first-level industry classification as the basis for stock industry classification, as of 2024-04-30, public offering funds have a higher allocation weight in electronics, medicine, food and beverage, power equipment, machinery and other industries. In 2024-04-29, the positions of partial investment funds in agriculture, forestry, animal husbandry and fishery, basic chemical industry, construction, electronics, building materials and other industries decreased, while those in non-ferrous metals, food and beverage, communications, electric power and public utilities, home appliances and other industries increased.
It is worth noting that, according to April 19 data, partial stock hybrid funds mainly increase positions in the financial, real estate, power equipment, non-ferrous metals and other industries. From this, it can be inferred that the non-ferrous metals industry is a direction of increasing positions recently.
And the non-ferrous metal plate may be the next plate to explode.
Why?
From a fundamental point of view, domestic manufacturing demand is higher than expected, and the decline of the dollar index makes the overall operation of non-ferrous metals strong. After the major economies of the United States and Europe were affected by persistently high interest rates, their economic growth began to slow significantly, the market continued the logic of recession trading, and gold prices at home and abroad ushered in a small correction against the backdrop of a sharp easing in the Middle East.
From the perspective of plate performance, the non-ferrous sector opened this round of market in the first quarter of this year, and the performance gradually stabilized. In terms of subdivision, the performance of 2024Q1 gold and non-metallic new materials is the best, with differentiated performance of basic metals and pressure on energy metals. Therefore, in the non-ferrous metal plate, optimistic about copper, aluminum, precious metal opportunities.
More importantly, the global capital position is being adjusted, and China is an important goal. In the Chinese market, index heavyweights and gold concept stocks are popular.
Puyin International Research News pointed out that global funds began to adjust their positions from previously more crowded markets to less crowded markets with improved sentiment. Since the beginning of the year, net inflows have been recorded in markets with larger inflows, such as US stocks, Japanese stocks and Indian stock markets, with net inflows significantly reduced in the past month.
Global money is expected to return from developed markets to emerging markets in the short term, particularly to emerging market countries or regions with lower valuations, low crowding and continued improvement in earnings expectations. Between April 4 and May 1, developed markets turned to a net outflow of $13.4 billion and emerging markets a net outflow of $1.7 billion.
According to EPFR, there was still a net outflow of both active and passive foreign capital from the Chinese stock market from April 4 to May 1. From April 25 to May 1, the net outflow of foreign capital has shrunk significantly, and some foreign capital may begin to return to the Chinese market, especially the Hong Kong stock market.
At present, the Chinese market is more cost-effective in the world's major stock markets, and because of its strong earnings growth and lower valuations, it is expected to attract foreign investment to continue to return. In addition, the domestic incremental funds re-recorded a large net inflow in April, which may support the A-share market in the short term.
Northward capital to maintain a net inflow, with low valuation and defense attributes of the plate is more favored by northward funds, non-ferrous metals plate in the sub-plate gold concept stocks is a good choice. It is worth noting that northward funds also favor gold-related investment targets including Chifeng Gold (600988), China Gold Gold (600489) and so on.