There have been only 2 trading days in the past week (April 29-April 30)BlackjackbonuspokerThe overall market has picked up.BlackjackbonuspokerThe Shanghai Composite Index rose 0.Blackjackbonuspoker.52%, the Shenzhen Composite Index rose 1%.Blackjackbonuspoker.30%, the gem 50 index rose 2.01%. The trading mood in the market continued to be hot, with the total turnover in the two cities exceeding 2 trillion yuan a week, with an average daily average of nearly 1.13 trillion, up from the previous week's level of 850 billion. In terms of capital flow, there was a net inflow of 2.276 billion yuan northward, indicating that China's assets are more attractive.

In terms of industry, 23 of the 31 first-tier industries in Shenwan rose. Among them, real estate, household appliances, pharmaceutical biology, trade and retail and other consumer real estate-related industries increased at the top. Traditional energy sectors such as non-ferrous metals, architectural decoration, petroleum and petrochemical, and iron and steel lagged behind.

In terms of the market, the recent high-risk asset shortage in overseas markets has led to a good rise in "US-listed stocks". As a result, Hong Kong stocks benefited, and the A-share market rose at the same time. AI technology industry superimposed "low-level economy" sustained efforts, "light recovery" trend is more obvious. In the current situation of loose market liquidity, superimposed northward capital inflows, as well as the new "national nine" policy guidelines, the market risk appetite has increased.

Hua'an Fund Index and quantitative Investment Department believes that with the full adjustment of the A-share market economy structure in April, superimposed valuation advantages, the stock market follow-up financial expectations are strong. Under the call of the new quality productive forces, the domestic scientific and technological innovation and industrial support have been strengthened, and the investment opportunities of the high-tech sector represented by the gem have further emerged. The new energy of power equipment in the weight plate has benefited from the tenacious performance of the core leader and the continuous innovation and iteration of downstream cars, and the recent increase in market attention. The current gem 50 index is valued at 25.6 times, which is in the 4.6% historical quantile of the past decade. Gem 50ETF (159949) has better investment value (data source: Wind, as of 2024.4.30).

Gem 50 Index (399673.SZ) weighted Industry observation:

New energy for power equipment

New energy vehicles: according to the Federation of passengers, the retail market for narrow passenger vehicles in April is about 1.6 million,-1.5% year-on-year and-5.3% month-on-month, of which new energy retail is about 720000, unchanged from the previous month, + 37.1% year-on-year, and the penetration rate can reach 45.0%. The decline in the fuel vehicle market is mainly due to: on the one hand, there is a Qingming Festival holiday this month, and there are two more days than the same period last year, which affects the pace of consumers' car purchases; on the other hand, consumers have expectations about the subsidy of the old-for-new policy this month. The mood of holding money has rebounded, and the sound performance of the new energy market has benefited from the considerable on-hand orders and orderly delivery of new products accumulated by car companies in the early stage. Looking forward to the future, the policy and the Beijing auto show will become the core driving force for the auto market to enter the peak consumption season. on the one hand, the details of the central government's trade-in policy will be issued, and local governments and mainframe factories will follow up one after another to increase subsidies to consumers. On the other hand, major auto companies display their main sales products throughout the year at the Beijing Auto Show, consumers are expected to basically land on the release of new products, and car demand enters the cash period, supporting the car market into the peak consumption season.

Photovoltaic: the head of the main photovoltaic industry chain showed a small profit or even loss in the first quarter. Looking forward to Q2, as the price of the industrial chain is still in a downward trend in April, it is expected that Q2 will report or continue Q1; but in May, it may stop falling from the silicon wafer link, which in turn will drive the price of other links to stop falling, while the improvement of the reporting side may be reflected from Q3. On behalf of the sector, the current PB valuation of the company is below 2% of the range over the past decade (close to the post-531 valuation low of 2018), reflecting that the market's pessimistic expectation of the industry has been fully released, and the post-season sector is expected to usher in a beta repair market. It is recommended to pay attention to the plate opportunities brought by the price of the main photovoltaic industry chain or stop falling in May, as well as the progress of new technologies such as perovskite.

medicine

Industry performance: pharmaceutical companies' 2023 report and 24Q1 quarterly report were disclosed, chemical drugs and consumables performed better, APIs showed month-on-month improvement: with the exception of Puli Pharmaceuticals, listed companies' 2023 report and 24Q1 quarterly report have been disclosed. 2023 and 24Q1 as a whole realized operating income of 2.5823 trillion yuan and 656.3 billion yuan, up 0.9% and-0.3% respectively over the same period last year, and realized a net profit of 162.3 billion yuan and 56.5 billion yuan, up-20.0% and 3.8% respectively over the same period last year. The sub-sectors with better performance are: chemical preparations, medical consumables, blood products, in addition, the performance of the raw material medicine sector 24Q1 has been significantly improved.

Innovative drugs: affected by the Biosecure proposal and the overall market mood at the beginning of the year, innovative drugs were deeply adjusted in the early stage. With the continuous improvement of the fundamentals such as the draft of the full-chain innovative drug support policy, the Medical Insurance Bureau actively exploring the pricing mechanism of innovative drugs, and the fact that innovative drugs have gradually become the norm, and the academic conferences in the first half of 2024 (such as SGO, AACR, ASCO, etc.) are approaching, the overfall in the early stage is expected to bring higher performance-to-price ratio for the innovative drug sector.

Medical devices: on April 30, the State organized the Joint Procurement Office of High-value Medical consumables to issue the notice of continuous purchase at the expiration of the artificial joint centralized volume procurement agreement (No. 2). For the first replacement of artificial hip joint, the first replacement of artificial knee joint products, including material-added manufacturing technology (3D printing) products, customized material-added manufacturing technology products section voluntarily participated, and the procurement cycle is 3 years. The tender will be opened in Tianjin on May 21. The artificial joint industry has significantly benefited from the trend of an aging population, the number of operations is expected to maintain a steady growth trend for a long time, and the contract renewal is expected to stabilize the price expectation.

Electrons

Consumer electronics: on may 3, apple disclosed FY2Q24 (January-march 2004) results, affected by a 9.5% decline in hardware sales such as the iPhone, the company's overall revenue fell 4.3%, net profit fell 2.2%, revenue and profit slightly higher than Bloomberg consensus forecast. During the performance call, investors focused on the development strategy and progress of the company's AI model-related business, and suggested to pay attention to the progress of AI at the special event to be held in London on May 7th and the WWDC 2024 conference on June 11th. According to the fact that IDC,1Q24 Apple shipments fell 9.6% year-on-year under the influence of competitors such as Huawei, we believe that the CY2Q24 pulling power of Apple chain has hit bottom. We suggest that we should pay attention to whether the relevant layout of AI can promote product innovation and the performance growth of industrial chain companies.

Semiconductor: the autonomy of semiconductor equipment is accelerated, and the performance is outstanding. The revenue in 2023 was 50.7 billion yuan, an increase of 138.3%, and the net profit was 9.7 billion yuan, an increase of 188.9%. 24Q1's revenue was 13 billion yuan, an increase of 42.4%, and its net profit was 1.99 billion yuan, an increase of 86.9%. The escalation of external sanctions catalyzes the process of autonomy, and AI leads a new round of innovation cycle, driving the expansion of AI chips, memory chips (including HBM) and advanced packaging (including COWOS), etc., overlay cycle recovery is expected, domestic wafer expansion is expected to be strong, and it is expected to continue counter-cyclical production expansion and promote the construction of key core production lines and equipment localization.

Performance of the top 10 heavyweights in the gem 50

Risk hint: the above is only an objective introduction of the current distribution of constituent stocks in the underlying index, does not constitute any investment recommendations, and does not serve as a guarantee of investment income. Index companies may adjust the index compilation plan in the future, and the composition and weight of index stocks may change dynamically. Please pay attention to the risk of higher equity weight and higher concentration of some index components. The fund management company does not guarantee that the fund will be profitable, nor does it guarantee the minimum return. The past performance of the fund does not predict its future performance, and the performance of other funds managed by fund managers does not constitute a guarantee of fund performance. There is a risk of fluctuation in the return of fund products, so you should be careful in investment. for details, please carefully read the fund contract, recruitment prospectus and other fund legal documents.