The stock market recovered successively, and nearly 80 % of the new funds of equity in the year suffered losses!Organizational voice: The trend of the long -term good for A shares remains unchanged

Last week, A -share adjustments were adjusted for 3 consecutive days. What happened?

The Shanghai Stock Exchange Index has fallen by 4.16%, creating the largest weekly decline since February this year. It is also the second largest weekly decline in the year. Creating the largest weekly decline this year.

From the perspective of specific industries, the cumulative declines in the three Shenwan industries of power equipment, public utilities and environmental protection have reached 9.76%, 8%, and 7.02%, respectively. New energy segments such as photovoltaic, thermal power, wind power, and energy storage have fallen by 10%, and the new energy index has fallen by 9.49%. In the past week, the new energy index has performed the worst week since 2019.

Boshi Fund believes that although the domestic economy is facing multiple pressures, the rhythm of continuing repair has not changed. At present, the overall valuation of A shares is relatively low, and the trend of A shares for a long time is unchanged, but it will still be more twists and turns.

More than 300 equity funds net worth hitting a record low

Public fund products also performed poorly. The total index of Wind stock funds fell 4.55%weekly, the largest week and a half years in the past year and a half, the Wind Mixed Fund Index fell 4.47%weekly. Specifically, the 26 fund products fell over 10%last week, and the net value of 359 equity fund products hit a record low on Friday, of which four of them became newly established funds this year.

Nearly 80%of the equity funds established this year have suffered losses, of which 18 funds have fallen by more than 20%during the year, and one fund with the largest decline is consumer electronics ETF. It has fallen 31.53%in less than a year.

In addition to the consumer electronics theme fund, the Hong Kong Stock Connect Internet and the Medical Theme Fund also performed poorly. The performance of the new energy theme funds with a large number of new energy -themed funds in the near future is relatively different. Essence

The new energy circuit has a huge shock, pushing the active equity fund of the relevant track on the "wind and waves". A new energy theme fund established at the end of July this year fell 17%in less than 2 months.

It is worth noting that the new energy sector fluctuates more violently this year. It fell 40%in the first four months, and then rebounded all the way. From the low position at the end of April, the net value of many new energy funds was quickly repaired, and even a record high in history. Essence The money -making effect of the new energy sector obviously accelerates the congestion of new energy investment transactions. Recently, a global chief strategy officer bluntly said that the proportion of new energy configuration of partial equity funds has reached an amazing 40%of the new energy sources, saying that this is a high point in the history of A shares.

Faint market sentiment or increase market fluctuations

Recently, A shares have been impacted by external negative news, the market emotions are fragile or the main reasons for market volatility.

Boshi Fund believes that first of all, the Federal Reserve ’s interest rate hike boots did not land in September, and the market continued to exist on the Fed’ s concerns about radical interest rate hikes. Secondly, the current emotions of the A -share market are fragile, and the RMB exchange rate on the US dollar has broken 7, which has an impact on investors' emotions.

The new energy vehicle sector has a significant callback. Yan Anqi, the fund manager of the Nord Fund, believes that: 1. At the macro level, after the CPI expected in the United States in August, the expected expectations of great interest rate hikes Formed suppression, domestic liquidity is better, but there is no obvious main line and style in the near future. Some industries have marginal changes or expectations, which is easy to attract capital flows to other sectors. Pay attention to increase. In addition, next year, domestic new energy vehicle subsidies have declined, and the market will have different growth trends in the current high growth.

The fluctuation or retracement will obviously reduce the holding experience of the holder, and it will even cause investor anxiety to perform frequent operations, so that it is difficult for the holder to enjoy the complete fund investment income.

From the perspective of fund managers, many fund managers are still optimistic about new energy, and some fund managers believe that the market style may turn.

Boshi Fund believes that although the domestic economy is facing multiple pressures, the rhythm of continuing repair has not changed. From the perspective of the global equity market, A shares are relatively more investment value. Recently, the market lacks significant incremental funds, and the mood of market watching is slightly stronger. In the short term, the possibility of A -share trend significantly rising is unlikely. At present, the overall valuation of A shares is relatively low, and the trend of A shares for a long time is unchanged, but it will still be more twists and turns.

Yan Anqi, the fund manager of Nord Fund, believes that 1. The industry sector is rotating and funds flow in a relatively high cost. Some stocks are also less than 10%from low. Although the market is still different from the growth rate of next year, it is only a high and high difference, and there is no expectation of low -speed growth or even non -growth in the industry. In general, investment is not lower than other sectors. 2. For the global market, summarize the current overseas new energy vehicle industry information. Foreign or economies are unlikely to establish a complete industrial chain in the short term, and it is difficult to bypass or get rid of China's new energy vehicle industry chain. At the same time, battery and material companies have long plans to produce localized production. They have prepared to set up factories overseas in the early stage. It is expected that the adverse effects of relevant bills can be better avoided. More importantly, the global market is not composed of a few countries. China's competitiveness has strengthened the competitiveness of new energy vehicles that has exceeded most automobile brands. It is expected to open a new growth momentum in other regions. Jingshun Great Wall Stock Investment Department said that on the one hand, in the low -valuation sector, find industries that benefit from wide credit, prosperity marginal improvement, or expected poor; on the other hand Reasonable high -quality growth varieties with medium and long -term prosperity.

Xingyin Fund stated that in terms of industry allocation, it is optimistic about the defense tools in banks, real estate and other high dividend assets.

Structural market intensified fund fluctuation

The rapid development of public funds has encountered the structure of A -share structure, or one of the reasons for the high fluctuations of the fund.

Since the beginning of this year, funds such as pharmaceuticals and new energy have repeatedly recovered, leading to a decline in net value of a large number of fund products.

Some fund managers admitted that some track funds are indeed more crowded, and some stocks have accumulated a large increase in the early stage, and there is a need for adjustment. However, there are not many other sectors except for the growth of new energy.

Large consumption, finance, real estate and medicine have all been invested in public funds. However, in recent years, these industries have not been downturn, and the net value of funds invested in these industries has decreased all the way, while new energy and high -end manufacturing have high prosperity. Naturally, it has attracted the favor of a large number of public funds and caused a large amount of funds to influx.

In fact, a large amount of funds are piled up in a small part of the A -share section, which will naturally increase the fluctuation of the stock price. Behind the structured market of A -share is the era of the scale of public fund -raising and the desire for high -quality targets for the industry.

Responsible editor: Luo Xiaoxia

School pair: Zhao Yan

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