A-shares rose 15 minutes in the last trading session. The Shanghai and Shenzhen 300 ETF increased in the late trading for two consecutive trading days, and the familiar funds for protecting the market are coming again.

On April 16, the Shanghai Composite Index bottomed out and rebounded, and the Shanghai Composite Index made seven consecutive increases. The turnover of the Shanghai and Shenzhen stock markets was 1.11 trillion yuan, a slight increase of 34.7 billion yuan compared with the previous trading day.

The increase in volume at the end of the market, such as the Shanghai Stock Exchange 50 ETF, the Shanghai Stock Exchange 50 ETF, drove the entire market to rise. The biggest sight was that in the last ten minutes before the closing, the four Shanghai and Shenzhen 300 ETFs increased significantly, and they turned red first. The total transaction volume quickly exceeded 10 billion, which led to the Shanghai Composite Index turning red, reversing the decline of more than 1% in the afternoon.

The familiar market protection funds are coming, and the late market wide base ETF is released in large quantities

After five consecutive trading days of rebound, some bottom-buy profit-making positions left the market, resulting in significant adjustments in recent strong sectors, dragging down the entire market. After the opening of the market on the 16th, the ChiNext Index fell by more than 2%, and nearly 4,800 stocks fell in the entire market. During the process of the index's obvious decline, many broad-based ETFs increased in volume at the end of the trading session, which led to the upward trend of the index.

As of the closing of the afternoon of the 16th, the transaction volume of 15 broad-based ETFs in the market exceeded 1 billion yuan, of which 4 Shanghai and Shenzhen 300 ETFs had a total transaction volume of 23.6 billion yuan, of which Huatai-Prudential-Speed ​​Shanghai and Shenzhen 300 ETFs had a transaction volume of 8.373 billion yuan, Huaxia Shanghai and Shenzhen 300 ETFs and E Fund Shanghai and Shenzhen 300 ETFs had a transaction volume of 5.914 billion yuan and 5.209 billion yuan respectively. In addition, the transaction volume of Jiashi Shanghai and Shenzhen 300 ETFs also reached 4.077 billion yuan.

In addition, the transaction volume of Huaxia Shanghai Stock Exchange 50 ETF follows Huatai-Prudential Shanghai-Shenzhen 300 ETF, with a transaction volume of 6.254 billion yuan, and the transaction volume of Southern CSI 500 ETF and E Fund ChiNext ETF also exceeds 3 billion yuan respectively.

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It is worth noting that the transaction volume of CSI A500 Index-related tracking ETFs ranks first.

Specifically, the transaction volume of Southern CSI A500 ETF, Huaxia CSI A500 ETF, Jiashi CSI A500 ETF, and Cathay CSI A500 ETF exceeded 2 billion yuan, while the transaction volume of GF A500 ETF exceeded 1.7 billion yuan. In fact, A500-related ETFs have active trading throughout the day. As of the morning's closing, five CSI A500 ETFs have had a turnover of over 1 billion yuan. In the industry's view, there is also a need for individual investors and institutions to borrow A500 to buy at the bottom.

20 years after the release of the Shanghai and Shenzhen 300 Index, the scale of ETF exceeded one trillion yuan

After this round of national team and other funds for supporting the market, the Shanghai and Shenzhen 300 ETF has once again become an important target for capital purchase.

As an example, the net inflow of funds in the entire market received huge purchases, with a total net inflow of funds reaching 169.717 billion yuan, and the net inflow of 7 broad-based ETFs exceeding 10 billion yuan. Among them, the net inflow of funds of four top Shanghai and Shenzhen 300 ETFs ranked first, with a total net inflow of 98.3 billion yuan, accounting for nearly 58%.

The four giant Shanghai and Shenzhen 300 ETFs received over 10 billion yuan in incremental funds in a single week. Huatai-Prudential-Shenzhen 300 ETF had the highest net inflow of funds, at 33.954 billion yuan, E Fund Shanghai and Shenzhen 300 ETF and Huaxia Shanghai and Shenzhen 300 ETF were 24.6 billion yuan and 24.06 billion yuan, respectively, and Jiashi Shanghai and Shenzhen 300 ETF had a net inflow of 15.7 billion yuan.

As the largest broad-based index in the entire market, the scale of ETFs tracking the Shanghai and Shenzhen 300 Index also hit a new high. As of April 15, the overall scale of 24 Shanghai and Shenzhen 300 ETFs in the entire market has reached 1003.867 billion yuan.

On April 8 this year, the Shanghai and Shenzhen 300 Index was released for just 20 years, and the scale of tracked ETFs exceeded one trillion yuan, which also became a benchmark event for the Shanghai and Shenzhen 300 Index.

In the industry's view, after 20 years of changes in the capital market, the Shanghai and Shenzhen 300 Index has become a broad-based index that conforms to institutional aesthetics. An index is not "beautiful for beauty", but "beautiful for beauty".

From the index level, as a broad-based index of the market, the Shanghai and Shenzhen 300 Index has regular and temporary adjustment mechanisms. According to the principle of combining sample stability and dynamic tracking, the index samples are usually adjusted every six months. By including stocks with larger market value and more active trading, we will achieve survival of the fittest, ensuring that the index has long-term stability and vitality, and it will also more accurately reflect the changes in China's economic structure.

From the product level, after the establishment of the first Shanghai-Shenzhen 300 ETF in 2012, the system construction based on the Shanghai-Shenzhen 300 index has become increasingly perfect, and supporting derivatives linked to stock index futures, stock index options and ETF options have been released one after another, and a variety of investment strategies such as allocation, trading, arbitrage, and risk hedging have been rich and mature. The Shanghai and Shenzhen 300 Index has matching benchmark risk control tools, and risk management is more accurate and effective, which helps attract more long-term funds to enter the market.

What do the institutions think about the national team entering the field again?

"The intention of funds to protect the market in the late trading is obvious, which is also a signal that clearly releases the current market bottom." In the view of a public funder, the market trading volume has been shrinking continuously in recent days. In the period when the Shanghai Composite Index is still above 3,200 points, the funds to trade significantly increased in the late trading on the 15th and 16th, which supported the market.

The bottom stage is relatively clear, but in terms of the market conditions in the second quarter, institutions are relatively cautious whether they can repeat the rise in the first quarter.

Huaxia Fund believes that facing two major uncertainties: the intensive release of quarterly reports and the implementation of US tariff policies, the market is more likely to find new anchor points in the process of shrinking its risk appetite. Against this background, the performance of domestic demand at the macro level is more important to the market trend in the next 1-2 months.

Some securities firms also bluntly stated that if there is no new major news stimulation, the market may continue to shrink in the future, and the structural market and hot spot rotation style may continue.

So how to grasp the current market? Huaxia Fund believes that macro shocks are abnormal, and the decline caused by liquidity is often repaired faster. There are a lot of opportunities in the short term, and the allocation protection in complex environments is far better than single bets. Investors may wish to build a defensive portfolio around dividends in the short term, and take stable varieties with high domestic demand and policy correlation as the short term direction to reduce fluctuations. After the macro information is clear, increase positions in the independent direction of technology.

Wang Xiaojing, Director of Quantitative and Multi-Asset Investment at BlackRock Fund, gave investment advice from four perspectives:

First, do not do the extreme. Excessive overall one-way risk exposure is likely to lose when the market is repeated. Add some investment discipline, or consider investing in products such as secondary bond funds that control downside risks.

Second, we should not choose the timing too short and admit that some time dimensions cannot be made. Fixed investment can be used to dilute holding costs, thereby fading timing risks.

The third is to maintain sufficient dispersion, most of the time combinations are sufficiently dispersed, and a few times converge (to a certain extent). Products like funds can be used to increase the diversification of investment target positions and the diversification of investment strategies. Strategic dispersion is very important in a volatile market.

Fourth, increase macro and policy interpretations and keep paying attention.

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[Editor in charge: Ma Yidong PF171]