Cailian, May 24 (Editor Hu Jiarong) Recently, Hong Kong stocks have seen a lotilluviumcryptobuyThe adjustment, while the share of ETFs related to the technology index fell after the end of April, such as the Hang Seng Internet ETF (513330illuviumcryptobuy.SH), Hang Seng Technology Index ETF (513180.SH), China Internet ETF (513050.HK).
Take the Hang Seng Internet ETF (513330.SH) as an example. According to choice data statistics, the index dropped from 86.433 billion on April 25 to 77.193 billion on May 23, a total decrease of 9.24 billion during the period.
Note: Performance of the Hang Seng Internet ETF since April 1
Take the Hang Seng Technology Index ETF as an example. The index fund dropped from 46.263 billion on April 26 to 43.090 billion on May 23, with a total decline of 3.173 billion during the period.
Note: Performance of the Hang Seng Technology Index ETF since April 26
Taking the China Internet ETF as an example, the index fund dropped from 36.762 billion on May 6 to 35.313 billion on May 23, a total decline of 1.449 billion during the period.
Note: Performance of China Internet ETF since May 6
It is worth noting that the rebound of the Hang Seng Technology Index started on April 19, with a low of 3,233.76 points that day. Then, after hitting a short-term high of 4,155.87 on May 17, the index showed a decline. As of yesterday's close, the index was still up 16.07% from its low point in this round.
Note: Hang Seng Technology Index Note: Performance of the Hang Seng Technology Index since April 18
Who is the driving force behind this round of rebound in the technology index?
A report released today by China-Thailand International analyzed the upward trend of Hong Kong stocks since late April and believed that this was mainly driven by valuation repairs and improved risk appetite. The report pointed out that trading funds, short position covering and the return of some foreign capital provided support for the market. However, although the decline in Hong Kong stock earnings forecasts has slowed down, the overall downward trend has not yet been completely reversed.
CICC also expressed similar views in its latest report, believing that the rise in the Hong Kong stock market was mainly due to the inflow of trading funds and regional allocation funds. These funds include hedge funds that move quickly, trading funds that carry out short covering, and local and regional funds that reallocate funds back to the Chinese market after fluctuations in external markets such as Japan.
CICC further emphasized that the reallocation of funds in the medium and long-term terms requires significant improvements in fundamentals, which involves the positive impact of fiscal policies to cope with the current decline in inflation and credit tightening problems. Recently, a series of policy measures, including support for the real estate market and the issuance of ultra-long-term government bonds, have raised market expectations in a short period of time. However, the effectiveness of policies, especially their long-term impact on fundamentals, will depend on the intensity and speed of policy implementation, which is more important than short-term goals.