Yesterday (November 22nd), the turnover of the two cities was 884.6 billion, 35.4 billion more than that of the previous trading day. Choice data shows that there were 747 million net redemptions of equity ETFs in the market yesterday, including 745 million net redemptions of equity ETFs in Shanghai and 2 million net redemptions of equity ETFs in Shenzhen. Based on the latest net value, the net redemption amount in the market yesterday reached 3.56 billion yuan.

open * * * ETF funds led the gains

Data show that among the stock ETFs on the market yesterday, open * * * ETF funds, 18 governance ETF funds and infrastructure 5ETF funds were among the top gainers, among which open * * * ETF funds rose by 5.48%, ranking first.

kechuang 5ETF has the largest subscription

yesterday, the largest net subscription amount was kechuang 5ETF, with a net subscription amount of 297 million. In addition, the top 5 quality growth ETF funds and chip ETF funds were also subscribed, with net subscription amounts of 189 million yuan and 151 million yuan respectively.

CSI 1ETF was redeemed

The data also shows that the ETF with the largest net redemption amount yesterday was CSI 1ETF Fund, with a redemption amount of 1.432 billion yuan, followed by CSI 1 ETF Fund with a redemption amount of 591 million yuan.

institutions look at the market outlook

Northeast Securities believes that A shares will be disturbed by the tightening of interbank liquidity in the short term, and the medium term still depends on fundamentals. Looking at the resumption of trading:

As for the trigger factors, it can be divided into two categories: one is the liquidity tightening under the change of fundamental expectations; Second, the fundamental expectations have not changed, but the mismatch of funds in financial institutions has led to short-term structural tension in liquidity.

In terms of market trends, in the short term, liquidity tightening has a negative impact on A-shares. For example, there were two "money shortages" in 213, and the economic and profit expectations did not change significantly, but A-shares were adjusted due to short-term liquidity; In the medium term, the trend of A-shares depends on the fundamental trend. For example, in 21 and 211, the performance was weak under the high inflation and the downward trend of economic and corporate profits, and in 22, the performance was strong under the effective epidemic prevention, economic recovery and upward trend of profits.

in terms of industry style, firstly, the tightening of interbank liquidity does not change the short-term and medium-term style performance, mainly because the short-term and medium-term profit growth rate is higher or the obvious style performance is better; Secondly, in the short term, industries with high prosperity or policy-oriented industries perform relatively strongly during the liquidity tightening period. At present, short-term interbank liquidity tightening has limited impact on A-shares, and growth industries are dominant.