When the market closed in April, the Prev stood above 3100 points, and the market as a whole showed a box shock pattern.

The new fund issuance market maintained the heat of last month. In April, the number of funds issued exceeded 100, and the issuance share once again exceeded the 100 billion mark. Compared with March, the total share of new fund issuance decreased slightly, but the average share remained on the rise.VideopokertableBond funds are popular, with six funds reaching the upper limit of 8 billion yuan.

In May, a number of public offering institutions said that the follow-up A-share index may maintain a narrow range of shocks, the need to seize structural opportunities. Subdivided into areas, boosted by the new "National Nine articles", dividend strategy and diffusion market may be worthy of continued attention.

Bond funds take the lead.

Wind statistics show that in terms of the date of establishment of the fund, a total of 120 funds were established in April this year, with a fund issuance share of 1410.Videopokertable89 million copies, with an average issuance share of 1.176 billion copies. Compared with March, the total share of fund issuance in April decreased by nearly 6%, but the average share increased from 1.1 billion yuan in March. It is not difficult to find that the average share of new fund issuance has rebounded for many months in a row so far this year.

According to the type, among the newly established funds in April, bond funds played a leading role, issuing 117.916 billion shares, accounting for 83.58%. The number of new equity funds issued has decreased, of which the proportion of mixed funds has decreased from 6.25% to 5.53%, while that of equity funds has decreased from 16.37% to 8.59%.

From the perspective of individual funds, the share of funds set up in April did not exceed 10 billion yuan, while the share of most active equity funds was less than 1 billion yuan. The top issuance scale is all covered by bond funds, and popular style products continue.

Among them, six funds, such as 0-3 year policy financial debt An of Xing Zheng Global China Bond, 0-3 year policy financial bond An of Taikang China Bond, 0-5 year policy financial debt of Fuguo Ruixia Bond, 0-5 year policy financial debt of Dacheng Jingshuo, and Hui Tianfu Investment Grade Credit debt Index A, reached the ceiling of 8 billion yuan.

In fact, since the beginning of this year, bond funds have been the main force for the issuance of new funds. Data show that since the beginning of this year, 131debt-based funds have been issued, with a total issuance share of nearly 300 billion, accounting for 77.95% of the total fund issuance. All the funds that have raised more than 2 billion yuan so far this year are bond funds.

Recently, the market once again staged a "stock and debt seesaw" market, the stock market ushered in a small rebound, but the bond market has been in a continuous correction. With regard to the recent adjustment of the bond market, some institutions believe that the trigger of the recent bond adjustment is the central bank's continuous reminder of the risk of long-term interest rate limits, which is in line with the concentrated release of the demand for stopping profits accumulated by the rapid decline in interest rates, as well as the aggravation of "stagflation" in the United States in the first quarter and concerns about the resonance of RMB exchange rate pressure, aggravating market volatility.

The China-Canada Fund believes that the volatility of 10-year and 30-year treasury bonds is basically similar to the decline in early March. We believe that the fundamental state of the real estate cycle still bottoming out and weak inflation does not support a sustained rise in interest rates. There is still underallocated demand for funds, and the medium-term trend of bonds has not changed, and moderate adjustment will lead to better investment opportunities.

The establishment of 8 CSC A50 connection fund officers

In addition to bond funds, ETF is also a major direction of market concern. Judging from the newly established ETF this year, the theme of technology and bonus has become a hot track for ETF to release in a cluster, including chips, semiconductors, robots and computers.

According to the newly established ETF in April, the scientific and technological themes include Castrol's integrated circuit ETF, Boshi CSI semiconductor industry ETF, Hai Futong CSI auto parts theme ETF, Castrol CSI robot ETF, etc., while the dividend theme includes Dacheng CSC dividend low volatility 100ETF, Cathay Pacific SSE state-owned enterprise dividend ETF and so on.

In recent years, public offering funds continue to increase the layout of ETF funds. Since the beginning of this year, the total number of new ETF has reached 55, the total share of issuance has reached 34.814 billion, and the average share of issuance is 633 million. Among them, there are 48 stock ETF, with an average issuance share of 594 million, accounting for about 82%. Although there is only one bond ETF, its issuance share reaches 4.812 billion, accounting for nearly 13% of the total of 6 TQDII ETF, with an issuance share of 1.502 billion, accounting for 4.79%, and an average issuance share of 250 million.

From the venue to the outside, in April, the newly issued fund, the China Securities A50 linked fund has also become a bright spot in the new fund issuance market. On April 30th, Castrol China Securities A50 connection Fund was announced to be established, with an initial public offering of nearly 366 million yuan.

On April 24th, Huatai Perry Fund, Ping an Fund, Wells Fargo Fund, Yi Fonda Fund and Dacheng Fund announced the formal establishment of the CSI A50ETF connection Fund under the same day, with a total of 3.614 billion yuan raised by the five funds, of which the issuance scale of the Yi Fang Da China Securities A50ETF connection Fund has exceeded the latest scale of the Yi Fang Da China Securities A50ETF. In addition, Morgan Securities A50ETF connection Fund, Warburg Securities A50ETF connection Fund have been established one after another.

Up to now, 8 of the 10 A50ETF linked funds have been announced, while Yinhua CSC A50ETF linked funds and ICBC A50ETF linked funds are being issued.

Recently, the new "National Nine articles" clearly proposes to vigorously develop equity public offering funds and greatly increase the proportion of equity funds. The establishment of ETF rapid examination and approval channels to promote indexed investment development is also expected to promote more incremental funds to increase the layout of A-shares.

Morgan Asset Management believes that in the future, with the improvement of the approval speed of ETF and the abundance of product supply, it will further promote the long-term and healthy development of ETF, and will also be conducive to the continued high-quality development of China's capital market.

High dividend and resource sectors get attention

In April, most broad-based indices of A-shares showed a trend of first suppressing and then rising, and the market was still investing around various themes; with the introduction of the new "National Nine articles", the market style fluctuated greatly, and there was an obvious differentiation between large and small-cap indexes. investors in A-shares began to pay more attention to the style and plate of sound management and steady development, while the small and micro style represented by the National Securities 2000 continued to decline.

For the judgment of the market trend in May, many fund managers believe that the follow-up A-share index may maintain a narrow range of volatility, the need to seize structural opportunities. Subdivided into areas, boosted by the new "National Nine articles", dividend strategy and diffusion market may be worthy of continued attention, at the same time, the upstream resources sector is still worthy of attention.

　　中信保诚基金基金经理孙惠成表示，市场在消化了一季报后预计将选出全年的主线，考虑到前期资源品、红利，以及出海方向均涨幅较大，二季度又是传统经济的淡季，将继续以高分红上游资源品种为重点关注方向。

　　金鹰基金表示，展望2024年5月，预计A股有望呈现震荡上行，重点关注结构层面机会，密切跟踪经济预期和重要产业的变化。进入5月，短期政策端虽难有增量政策加码，但也并不意味着政策端会快速进入收缩。一季度超预期部分主要来自制造业和出口对应方向，地产、基建等内需方向依然偏弱，短期未有必要进行政策方向性的收缩调整，后续经济修复的持续性仍有待观察。

　　行业配置上，金鹰基金表示，市场轮动过程中，短期低位成长补涨品种有阶段机会，但价值方向依然可为。指数震荡期，市场风偏或有反复，而低风偏更利于高股息资产，高股息行业在市场风偏较低和政策鼓励提高分红下具有相对配置价值。