Yesterday (November 3th), the turnover of the two cities was 931.7 billion, a decrease of 36.4 billion compared with the previous trading day. Choice data shows that there were 118 million net redemptions of equity ETFs in the market yesterday, including 56 million net redemptions of equity ETFs in Shanghai and 62 million net redemptions of equity ETFs in Shenzhen. Based on the latest net value, the net redemption amount in the market yesterday reached 479 million yuan.

Growth Enterprise Market ETF Financing Fund led the gains

According to the data, among the stock ETFs in the market yesterday, Growth Enterprise Market ETF Financing Fund, Automobile ETF Fund and Hong Kong Stock Consumption ETF Fund were among the top gainers, among which Growth Enterprise Market ETF Financing Fund rose by 8.47%, ranking first.

kechuang 5ETF has the largest subscription

yesterday, the largest net subscription amount was kechuang 5ETF, with a net subscription amount of 442 million. In addition, SSE 5ETF fund and semiconductor ETF fund were also among the top subscribers, with net subscription amounts of 167 million yuan and 166 million yuan respectively.

Securities ETFs were redeemed

The data also showed that the ETF with the largest net redemption amount yesterday was the securities ETF fund, with a redemption amount of 286 million yuan, followed by the CSI 1ETF fund with a redemption amount of 282 million yuan.

institutions look at the market outlook

Guotai Junan Securities believes that investment focuses on growth, and the medium-term growth advantage of the leading white horse returns. At present, the pricing environment faced by A-shares is the recovery of short-term uncertainty and the decline of medium-term uncertainty, that is, the specific path of economic recovery is vague, but the direction of recovery is very clear, and the investment style should shift from high immediate prosperity to medium-term repair growth space.

looking forward to 223, under the background of convergence of growth differences among industries, the re-differentiation of growth rates of large and small companies in the industry will become a new focus. In 223, Baima, the leader, unanimously expected that the growth rate of net profit would reach 26.7%, which widened the gap compared with non-leaders. We believe that the pessimistic expectations of the leading white horse have been fully accounted for after nearly one year of adjustment, and its valuation has dropped to the historical median level in 219, which is significantly convergent compared with the non-leading premium. The congestion of positions has also eased significantly, and the over-allocation ratio has dropped back to the beginning of 218. Low valuation, low expectation and high elasticity of medium-term recovery will open a new stage of valuation and profit repair.