Yesterday (December 26), the turnover of the two cities was 624.3 billion, which was 39 billion higher than the previous trading day.

Choice data shows that there were 333 million net redemptions of on-market stock ETFs yesterday, of which 148 million were net subscriptions for Shanghai stock ETFs and 481 million were net redemptions for Shenzhen stock ETFs.

Based on the latest net value, the net subscription amount in the market yesterday reached 1.575 billion yuan.

Data from the Photovoltaic 50 ETF Fund shows that among the stock ETFs on the market yesterday, the Photovoltaic 50 ETF Fund, the Photovoltaic ETF Fund and the Photovoltaic ETF Huaan Fund were among the top gainers. Among them, the Photovoltaic 50 ETF Fund increased by 6.87%, ranking first.

The CSI 500 ETF fund had the most subscriptions yesterday, and the CSI 500 ETF fund had the largest net subscription amount, with a net subscription amount of 1.051 billion yuan.

In addition, the CSI 300 ETF Fund and the CSI 300 ETF E Fund also topped the list of subscriptions, with net subscription amounts of 756 million yuan and 501 million yuan respectively.

The GEM ETF redemption data also shows that the on-site stock ETF with the largest net redemption amount yesterday was the GEM ETF fund, with a redemption amount of 462 million yuan, followed by the SSE 50 ETF fund, with a redemption amount of 377 million yuan.

Looking at the market outlook, Guotai Junan believes that the macro environment has moved from uncertainty to certainty, and the investment style has shifted from looking at deterministic growth to looking for changes and flexibility. Stocks that follow the economic cycle and growth stocks are expected to outperform.

Opportunities in the early part of 2023 come from the over-pricing of economic risks and deep adjustment of value stocks in the past two years, and the reversal of market conditions brought about by expectations of expanding domestic demand and post-epidemic recovery, mainly in consumption, real estate chain and finance.

Huafu Securities said that the main line of the current market is still economic recovery or the expectation of economic recovery. Therefore, the main line related to economic recovery, especially the real estate industry chain, is the mainstream direction of investment.

Since the real estate industry chain includes finance, real estate, liquor, home furnishing, building materials and other sectors, and has a high degree of overlap with value stocks and large-capitalization companies, the main line of investment in the future will still be value stocks.