The capital landscape of A-shares has been transformed dramatically after a series of significant increases.
Wind data indicates that, based on the net value and share changes on the 24th, on the day of the new policy's release, non-cash ETFs saw a combined inflow of 26.7 billion yuan.
Even accounting for some outflows from funds, the net inflow for the entire non-cash ETF group was close to 20 billion yuan.
Considering that the relevant press conference ended at 10:30 AM, it is highly likely that the aforementioned funds were completed within approximately 3 hours of trading time.
It has to be said that the capital side of the stock market has been "completely renewed".
Broad-based stock indices are the main focus of inflows.
According to the aforementioned statistical approach (multiplying the net increase in shares by the unit net value on that day), on September 24th, the top six inflows of non-cash funds were primarily A-share broad-based products.
In particular, the Shanghai-Shenzhen 300 ETF was the core focus of inflows.
Among them, the net increase in capital inflow for Huatai-Pine Rich Shanghai-Shenzhen 300 ETF reached over 7.4 billion yuan, accounting for 58% of the secondary market transactions of that product on that day.Additionally, the scale of the Easy Fund CSI 300 ETF and the Huaxia CSI 300 ETF is also among the top six in the entire market's growth.
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At the same time, the scale of the Southern Zhongzheng 1000 ETF, Southern Zhongzheng 500 ETF, and Huaxia Zhongzheng 1000 ETF has also increased significantly, indicating the market's equal emphasis on various styles of broad-based ETFs.
In addition to the products mentioned above, statistics show that the inflow of funds for the Bosera Zhongzheng convertible bonds and exchangeable bond ETF, Penghua CSI 300 ETF, Huaxia Zhongzheng 500 ETF, GF Zhongzheng 1000 ETF, Tianhong CSI 300 ETF, and Huaxia SSE STAR 50 ETF on that day ranged from 400 million to 1.25 billion yuan.
Overall, non-currency ETFs received a comprehensive optimistic outlook from various sources of funds on September 24.
The afternoon is a key inflow period.
Furthermore, observing the secondary market performance of the aforementioned ETFs, it is evident that the speed of capital inflow in the afternoon is higher than in the morning.
Typical is the significant increase in the premium rate of the secondary market prices of the aforementioned ETFs in the afternoon (see the chart below for the intraday performance of the Huatai-Pine Bluff CSI 300 ETF on September 24).
Based on the redemption rules of the primary and secondary fund markets for ETFs, the speed of capital inflow in the afternoon is higher than that in the morning.Subscription funds may be more diversified
It is worth noting that, considering September 24th, the reaction of institutions to the policy effect tends to be consistent, and the subscription that broke out in the afternoon may not be mainly from super-large financial institutions such as the Central Huijin Company as in the past.
The research report released by CITIC Securities in the afternoon of that day showed that several analysts at CITIC Securities believe that the interest rate cut and reserve requirement ratio reduction policy announced on September 24th "exceeded market expectations in terms of timing and magnitude". In terms of capital market policies, the three key policies issued by relevant departments "have clear policy signals and boost market confidence".
Subsequent institutional subscriptions may continue
Although market data has not yet been released, the trend of institutional capital inflow is still intensifying from the performance of related ETFs.
As of the morning closing on the 25th, the Huatai Bai Rui Shanghai-Shenzhen 300 ETF was still in a slightly premium state that day.
This once again confirms that capital is still flowing in, and the market sentiment is still in a passionate and positive state.