中央汇金增持解读：以我为主显定力，外部扰动不足惧

Core Viewpoints - Central Huijin's recent announcement of increasing its holdings in ETFs reflects a strong confidence in the development prospects of the Chinese capital market and acknowledges the current value of A-shares [2][3] - The move is seen as a stabilizing force for the capital market, especially in light of external disturbances such as the ongoing trade tensions and market volatility [3][8] Market Performance - On April 7, the A-share market experienced significant declines, with the Shanghai Composite Index dropping by 7.34%, the CSI 300 by 7.04%, and the All A-shares by 9.26% [3] - Central Huijin's announcement came at a critical time when the market was down nearly 9% during intraday trading, indicating its role as a stabilizer [3] Central Huijin's ETF Holdings - As of the end of Q4 2024, Central Huijin holds over 1.05 trillion yuan in ETFs, with significant positions in the CSI 300 (approximately 690.5 billion yuan) and other major indices [3][7] - The holdings are diversified across various sectors, including financials, non-ferrous metals, semiconductors, pharmaceuticals, and telecommunications [3] Economic Outlook - The report suggests that the fundamentals of the A-share market are on a recovery path, supported by long-term capital inflows and state-owned enterprise buybacks, which enhance risk appetite [8] - Upcoming economic data releases and corporate earnings reports are expected to validate the improving macroeconomic conditions [8] Sector Allocation - The technology sector is identified as a key focus for the year, with an emphasis on "self-controllable" industries and AI-driven opportunities [9][10] - The report highlights the resilience of strategically important industries amid external uncertainties, particularly in advanced materials, manufacturing, and communication technologies [9] Valuation Metrics - The overall valuation levels of A-shares are considered attractive compared to global equity markets, with the CSI 300's price-to-earnings ratio falling to around 11 times, which is significantly lower than that of markets in the US, Europe, and Japan [8][11] - The report provides detailed valuation metrics for various indices, indicating a general decline in valuations across the board, which may present buying opportunities [11]