China stock market accelerated its return, and ordinary investors seized its return opportunity through the theme fund of Hong Kong stocks? With its relaxed capital control and friendly policy environment, Hong Kong has become the first choice for the listing of China Stock Exchange. The following is the selection and purchase of Hong Kong stock funds compiled by Bian Xiao, for reference only, and I hope it will help you.
What are the Hong Kong stock funds worth buying?
Judging from the primary market, the innovation rate of Hong Kong stocks is much higher than that of A-shares, and the return of China Stock Exchange will provide more innovation opportunities for small and medium-sized investors. The Hong Kong stock market implements a new mechanism of "one household, one sign", and the winning rate in one hand is over 60%. Small and medium-sized investors in the Hong Kong stock market can better participate in the placement of new shares and fully enjoy the new dividends brought by high-quality targets.
From the perspective of the secondary market, the expansion of the base pool of Hong Kong stocks and the relatively low valuation will attract international funds to enter the market. The return of large-scale high-quality companies is conducive to improving the industrial structure of Hong Kong stocks, enhancing the effectiveness of the Hang Seng Index and the room for income growth, and will increase the valuation premium of emerging industries and optional consumer industries.
Ordinary investors can consider grasping the investment opportunities of Hong Kong stocks through investment funds. At present, there are three main types of funds involved in the theme of Hong Kong stocks: QDII funds, funds whose investment scope includes Hong Kong stocks, and mutual recognition funds in Hong Kong.
As for QDII funds, as of August 3, 2020, there were 36 QDII funds with Hong Kong stocks as the main investment direction (the average market value of Hong Kong stocks in each period accounted for more than 50% of the fund's net asset value since the product was established), with a total scale of 32.365 billion yuan, including 33 active products with a scale of164.7 million yuan; 3 passive products, with a scale of 654.38+05.895 billion yuan. QDII funds can invest in both Hong Kong stocks and non-Hong Kong stocks, and can participate in the innovation of Hong Kong stocks, so as to grasp the primary and secondary market opportunities for the return of China Stock Exchange. However, the redemption period of QDII funds is long, the efficiency of fund use is low, and it is limited by QDII quota. In 2020, due to the blowout of investment demand for crude oil and US dollar bonds, many QDII funds have suspended their subscription urgently. Investors can give priority to fund company products with sufficient QDII quota and pay close attention to the use of QDII quota of fund companies.
The investment scope includes funds with Hong Kong Stock Connect. 2065438+June 2007, the CSRC issued the Guidelines for the Examination and Approval of Public Offering Funds' Participation in Hong Kong Stock Market Trading Registration through the Hong Kong Stock Connect Mechanism, which made detailed provisions on public offering funds' investment in Hong Kong stocks through the Hong Kong Stock Connect. Since then, a large number of fund products have been included in the investment scope of Hong Kong Stock Connect. As of August 3rd, 2020, there were 83 funds * * * that can invest in Hong Kong stocks and take Hong Kong stocks as the main investment direction, with a total scale of 38.489 billion yuan, including 54 active products with a scale of 34.456 billion yuan; There are 29 passive products with a scale of 4.033 billion yuan. Such funds can only invest in Hong Kong Stock Connect, and are not allowed to invest in non-Hong Kong Stock Connect, and are not allowed to participate in the innovation of Hong Kong stocks. However, the fund redemption cycle is short, the use of funds is efficient, and the amount of Hong Kong stock connect is sufficient.
With regard to mutual recognition funds in Hong Kong, in May 20 15, the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission signed the Memorandum of Supervision and Cooperation between the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission on Mutual Recognition Arrangements between Mainland and Hong Kong Funds, and issued the Interim Provisions on the Administration of Mutual Recognition Funds in Hong Kong. Since then, the Hong Kong Mutual Recognition Fund has started to sell in the Mainland, giving investors new choices. As of August 3, 2020, there were only 13 mutual recognition funds with Hong Kong stocks as the main investment direction, with a total scale of 1 1 3.05 million yuan, including11active products, with a scale of 848/kloc. 2 passive products, with a scale of 2.825 billion yuan. These funds have a wide range of investments, often not limited to the Hong Kong stock market. According to the fund contract, it can also invest in overseas markets such as Asia-Pacific and the United States, and it is the product with the widest investment scope among the three fund types. However, due to the different regulatory requirements between Hong Kong and the Mainland, the frequency and content of information disclosure of mutual recognition funds in Hong Kong are quite different from those in Public Offering of Fund, and the sales channels of mutual recognition funds in Hong Kong are limited, making it inconvenient to purchase them. Similar to QDII funds, the redemption period is longer and the efficiency of fund use is lower.
Which fund is better for investing in Hong Kong stocks?
H-share ETF
E Fund Hang Seng China Enterprise Trading Open Index Securities Investment Fund, referred to as E Fund Hang Seng State-owned ETF for short, trading name: H-share ETF, code: 5 10900. Founded in 20 12, the current scale is 8.057 billion, and the net value per share is about 1. 18. Mainly invested in hang seng china enterprises index constituent stocks, with outstanding performance. The management fee is six thousandths per year, the maximum subscription fee is eight thousandths, and the redemption fee is five thousandths.
Let's look at the top ten positions:
The top ten accounted for 57.07% of the total positions. It can be seen that the proportion of positions is still very reasonable, and the maximum position will not exceed 10%. Shares are mainly held by domestic well-known local companies, more than half of which are listed in A+H, while the overall premium rate of A shares relative to Hong Kong stocks exceeds 30%. Holding these targets at least has obvious safety margin in valuation.
Hang seng ETF
Hang Seng Trading Open Index Securities Investment Fund, referred to as Huaxia Hang Seng ETF (code 159920), is a Hong Kong stock index fund which will only be used for H-share ETFs. It was established in August 20 12. At present, the scale is 3.586 billion yuan, with assets of about 6.4 billion yuan, less than 9.5 billion yuan of H-share ETF. The rates of the two funds are similar, but the performance benchmarks are different, which leads to positions.
The shareholding details of Huaxia Hang Seng ETF are as follows:
Hang Seng ETF tracks the Hang Seng Index, with a total of 50 constituent stocks, which are adjusted once every quarter. At present, 80% are Hong Kong stocks and 20% are A+H shares, which is the biggest difference from H-share ETFs. Relatively speaking, it is the best variety to track and allocate Hong Kong stocks.
But for A-share investors, it may be more reassuring to invest in domestic-funded enterprises. After all, they are more familiar. Therefore, there are relatively more investors who choose H-share ETFs, as well as in terms of fund size and trading volume. At the same time, the valuation of A+H is obviously there, and H shares are significantly lower. If only H shares or A shares may not be felt, I believe that in the near future, there will be two places.
What about funds that invest in Hong Kong stocks?
The products that use this strategy in the market mainly include Huaxia SSE 50AH Optimization, China Merchants FTSE China A-H50 Index A and Guangfa Hang Seng China Enterprise Intelligence A, tracking three strategic indexes based on SSE 50, FTSE China A50 and Hang Seng State-owned Enterprises Index respectively.
For stocks listed and traded in both A shares and Hong Kong stocks, the index chooses to buy stocks with relatively low prices, which can capture the relative price advantage between A shares and H shares. By switching stock categories regularly, excess returns are obtained. From the historical data, these strategic indexes have good excess returns compared with the basic indexes.
But the amount of excess returns depends on the specific situation of the basic index. From the compilation principle, the basis is that the index excess of A shares will be more significant, because the valuation of A shares is much overestimated. In the case of the same share and the same right, high valuation will lead to more losses.
However, from the actual operation effect of the fund, the excess return of the index fund adopting the AH spread strategy is not obvious, and it is also a case of "ideal backtesting and realistic bone feeling".
Huaxia SSE 50AH managed to lead SSE 50ETF by four or five percentage points, but this upsurge at the beginning of this year was taken back by half. State-owned enterprises have been smart and busy for a year, outperforming ETF by 0.5%, less than one percentage point, which is also embarrassing. In this case, better strategies may be needed to help investors obtain excess returns.
In fact, there are many products on the market that use other strategies to obtain excess returns. For example, Fundamental 50 has a good excess return compared with SSE 50 and FTSE China A50. This kind of product development ETF is a very good product upgrade, and there is no need to go to new places to attract investors. A new index, especially the strategic index, needs to be accepted by investors, which requires a lot of popular science work. I want to do it well, and I have invested a lot. It's really not chaotic.
I often see some feelings: the index fund is so good, but the trading volume or scale is too small to buy.
Who do you think is to blame for this? The cost of fund companies is also limited. Considering the income, few fund companies will explore the market regardless of the cost. Investors should also consider risks and benefits. Many people reject mini-funds. After all, there are many disadvantages. Mini-funds then fell into a vicious circle, so we saw that many index funds were finally liquidated.