The "bull market flag bearer" explosion, can the brokerage ETF still buy it?

China Fund reporter Wu Jun

The recently known as the "bull market flag bearer" brokerage stocks have risen, driving the performance of related theme funds to warm up. Data show that the average return of 29 securities theme funds in the market has reached 9.12%since June, and some ETFs even increased by more than 10%. Although it is concerned about relevant investment opportunities, investors have inevitably worried about the continuity of the market securities firms. In addition, how to invest as a high fluctuation sector is also more concerned about. The reporter interviewed some fund managers for interpretation.

Low valuation plus multi -business rapid development

Optimistic about investment in the securities firm industry

Wind data shows that as of June 17, 16 brokerage -class ETFs in the market have reached 9.36%since June; there are 13 brokerage theme index funds, with an average income since June of 8.82%. Taking the ETF of the leading variety securities as an example, the increase in the market on June 15 was nearly 7%, and as of the closing of 3.05%, the transaction value was 4.623 billion yuan, a new transaction value of this year.

However, after the big rebound, the brokerage sector fell sharply on this Thursday, which could not help but worry about investors' concerns about the market market. Cathay Fund believes that the policy -side registration system has accelerated, the capital market reform policy is frequent, and the "investment bank+investment" business is expected to usher in opportunities; wealth management has continued, the stable growth policy continues, and the market environment has improved. In the second half of the year, the securities industry is expected to usher in the gradual restoration of brokerage and business. In terms of agencies, securities companies make up for the "solid income+" product line to help enhance competitiveness. At present, the industry valuation is low and elastic, and the index valuation PB is 1.46 times. It is about 11.35%since July 19, 2013, which is a low level of history; followed by relatively loose liquidity and the capital market Under the reform of the reform policy, the securities sector has strong valuation repair power.

Si Fan, manager of the ETF Fund of Huaxia CSI, said that the main driving force of this round of brokerage stocks rebounded: First of all, the market has recovered in the near future, the transaction volume has risen, and the turnover of the two cities has returned to trillion yuan. The foundation; second, social finance data exceeds expectations, credit is loose unchanged, and the industry -level policies have continued to introduce, which has improved the performance space of brokerage firms. Two factors provide conditions and catalysts for valuation repair. "Considering that these three rebounds still exist, especially the valuation of the brokerage industry is still not high, so the market market is likely to continue, but it belongs to the high Beta industry, and the fluctuations will definitely not be small. The leading broker in the business model in the business model Innovation, business professionalism, and wealth management have obvious advantages. In the current economic background, it is a better investment target. "

Feng Chencheng, manager of Huabao Brokerage ETF Fund, said that this round of securities companies' quotation comes from market risk appetite. Because of its low valuation and fewer institutions, the market is also strong. The plate. In mid -to -late May of this year, the CSI Full -Stock Exchange Full Forest Forest Forest Forest Forest Forest Forests PB is 1.28 times. Some head securities firms were even lower than the lowest point in 2018. The security margin is sufficient. Under the expectations of performance restoration, the low valuation restoration of securities firms restore market confidence recovery. This "three repair" combination has become a consensus for investors in the brokerage sector. "There are repeated tactics but not changing the trend of medium -term repair. At present, the market sentiment has bottomed out. In the later period, although there are local epidemic conditions, re -financing, high inflation, have caused the Fed's radical interest rate hikes, and internal and external factors of US debt interest rates. It should be seen that the domestic stable growth policy has been continuously advanced, and the foundation of rebound is relatively solid. Especially the securities firm plate rely on its low valuation repair and performance elastic logic, the investment cost performance in all industries is still obvious. "

Investors with a certain fluctuation tolerance can continue to hold

The more the more you buy a brokerage ETF is a good way of investing

So, how should a high fluctuation securities sector invest? Si Fan frankly said that securities firms belong to industries with high homogeneity, and often the entire sector rose and decline. In the short term, the index rising significantly means that investors recognize the power of the plate. Investors with tolerance can continue to hold the sector. "Huaxia Fund has a long time on the brokerage sector. There are not only ETF funds that are purely tracking brokers, but also the Shanghai Stocks Financial Real Estate ETF containing the brokerage sector. For investors who are optimistic about financial stocks, the former provides investment opportunities for high Beta, and later It is more suitable for investors who prefer low fluctuations. "

Si Fan also said that the goal of investing in ETF is to keep up with the index of bidding. Because the securities dealer index is often not much different, it is recommended that investors should try to choose an experienced fund manager when choosing ETF. It has more advantages in operating normative, and the effect of tracking indexes is better. "The brokerage sector does fluctuate large and is a higher BETA sector than the market. This feature determines that the investment brokerage sector is best to invest in ETF. This way , The probability of reducing transaction errors. In the context of the current valuation of the brokerage sector, it is still a good investment point. "

Cathay Fund believes that the current A shares are at the bottom of emotions and valuations. Most of the securities have reached a low valuation since the end of 2018, and some securities are new in ten years. Considering the function of the securities sector in the direct financing service economy and the role of wealth management to promote internal circulation, it has the value of the left -handed left side of the medium- and long -term investment, and the valuation repair period is available. Interested investors can continue to pay attention to securities ETFs, but also need to be alert to adjustment caused by short -term market fluctuations, pay attention to buying in batches at dips. Feng Chencheng told reporters that, as a elastic variety, the short -term volatility is quite large. The main thing is that the securities firms themselves depend on the popularity of the market. To investor consensus. In terms of transaction strategy, the ETF of the brokerage company, as a basket of investment tools for a brokerage stock, the investment goal is to copy the brokerage index to reflect the overall performance of the brokerage stocks. For customers, securities firms ETF can choose to buy low -selling band operations, or choose to hold for a long time at the right time. According to the customer's own risk tolerance, adopt a suitable transaction strategy, maintain the appropriate investment ratio, rational choice of rational choice Entry rhythm.

Feng Chencheng further stated that if it is for customers who want to grasp the development of the capital market, it is recommended to focus on low -holding costs, focusing on reducing the cost of buying, and the probability of obtaining higher annualized income for a long time. Large. Because the brokerage industry is closely related to the development of the capital market, there will be a large market in China's capital market every three or five years, and there will be some small markets during the period. As long as the cost of holding is low, it is a high probability event when selling at the market with a surge in market turnover. "Investors participating in the left side are mainly bought through sections, the more they fall and buy or use the strategy of building a densely built -in position with a historical point to reduce the cost. Another investment method is to put the securities company stocks. As a BETA tool that reflects the market temperature, it uses short -term operations and profit bands. This requires customers to maintain market attention, especially when market fluctuations increase more frequently to keep an eye on market movement. "

Edit: Captain

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