After the eight -year rising record, the Indian stock indexes welcomed the ＂opening of the door＂ this year. Can the funds invest in India still buy？

In 2023, in the context of stronger US dollars and the general pressure of emerging market stock markets, the Indian stock market set a record eight -year rising record and hit a record high.
In 2023, the Indian Sensex30 Index rose nearly 19%, the Indian NSE Nifty50 Index soared by more than 20%, and the Capital International Emerging Market Markets INDEX rose 7%in 2023. India performed in a crowded emerging market.protrude.
From the perspective of market value, the market value of the Indian stock market in 2023 exceeded the $ 4 trillion mark.
In fact, the Indian stock market has performed well in the past ten years. From the end of 2013 to the end of 2023, the Indian Sensex30 Index has increased by more than 270%.
In 2024, the Indian stock market ushered in a "opening of the door" and had a new year of innovation.
Data show that on January 16, 73427.59 points were touched in the Sensex30 of India, and 22124.15 points were rushed to India’s Nifty50 disk, and the dual refresh history.As of January 18, India’s two major indexes fell slightly.
In 2024, can you still chase high -investment funds in India?
Large -scale technology stock booster
The high -expected financial report of large technology stocks has boosted the recent Indian stock market.
Since the beginning of the new quarter of India in the first quarter of the financial report, the market value of India’s four major software companies increased by about $ 22 billion on the 11th and 12th.
Before this financial report, the market was quite concerned.According to the First Financial Report, because of the market’s view, the valuation of Indian technology stocks is already in a high level. It is expected that the revenue of Indian leading software companies in the fourth quarter of last year will only be the same month -on -month, and it is difficult to continue the upward trend.
The industry leader Tata Consulting Service Company (TCS) and Infosys announced the income growth that exceeded expected, indicating that the overall demand of consumers has not deteriorated further, which relieves market concerns.People in the industry commented that TCS and Infosys is better than expected performance and their positive prospects, which boosted the emotions of the entire Indian market after the start of the financial report season.
On January 15th, the brokerage rating that benefited from the income growth exceeded expectations was raised, and Wipro LTD., which is also an Indian software giant, also rose 14%, the largest increase in the largest market since July 2020, 2020EssenceThanks to the prediction of income growth, the stock price of HCL Technologies Co., Ltd. (HCL Technologies LTD.) has also soared to a record high.
"Personal growth" is the core of India’s economic policy in 2023
India is expected to be elected from the House of Commons (People’s Court) from April to May 2024.
Northeast Securities pointed out that as a critical year of Indian politics in 2023, all parties were sprinting for the 2024 election, and "spelling growth" was the core of India’s economic policy in 2023.
According to the Financial Association, driven by the growth of manufacturing and government expenditure, within the three months of September 2023, the GDP of India (GDP) increased by 7.6%year -on -year, which was much higher than the expectations of economists.At the same time, India is expected to record an annual growth rate of 7.3%in the fiscal year as of March 2024.
According to reports, international authoritative economic institutions’ predictions on India’s medium and long -term potential economic growth rates are generally more than 6.2%.
Compared with the previous forecast, the United Nations lowered the forecast of the Indian economy in 2024 by 0.5%.According to the "World Economic situation and outlook of 2024" released by the United Nations recently, the Indian economy is expected to grow by 6.2%in 2024.
This prediction of the United Nations is roughly consistent with the forecast of other institutions. Previously, for fiscal 2023/2024 (that is, April 1st, 2023 ~ March 31, 2024), the Bank of Asia’s prediction of India’s economy would increase by 6.7%, and the international internationalMonetary Fund (IMF) and WorldBank are all predicted 6.3%.
Can India funds still buy in 2024?
From the perspective of market value, the current market value of the Indian stock market exceeds the $ 4 trillion mark.
Northeast Securities pointed out that India, as a domestic demand -based economy, relying on its strong domestic demand in the context of weak global trade, the economic growth rate in the world in 2023 is the world’s first.A solo economic performance also made the Indian capital market perform well in 2023.
In 2024, can you still chase high -investment funds in India?
First of all, the hard nuclear selection base inventory the fund that can invest in the Indian stock market in China.The main stock funds in the Indian market in the domestic investment include:
ICBC Creditkin India Market Securities Investment Fund (LOF) Fund (164824, hereinafter referred to as Indian Fund LOF)
Manuri Indian Opportunities Stock Securities Investment Fund (QDII) [006105, hereinafter referred to as Manilia’s Indian Stock (QDII)]
It is worth mentioning that the ICBC India Fund (005801) is a subordinate fund of the Indian fund LOF. This article does not discuss in detail.
1. Two investment in the Indian market fund in 2023 rose sharply
In 2023, the two fund assets increased significantly, and even the influx of funds caused the fund QDII quota to "emergency".
The Indian Fund LOF Fund was established in 2018. It is the first QDII product in China to launch an emerging Asian emerging market. The first fund -raising scale is only 254 million yuan. As of the end of the third quarter of 2023, the fund’s asset scale was 1.142 billion yuan, which increased to 1.521 billion in the 4th quarter.Yuan.
In December 2023, the Indian Fund LOF issued an announcement saying that since December 21, the fund’s RMB shareholding investor in a single -day single -day large account purchase and a regular amount investment business limit is 100 yuan, and the US dollar share limit is 15 US dollars.According to Red Star News, it is learned from the ICBC Credit Suisse Fund that the reduction limit of this time is not related to the QDII quota.
Also, there are Huili Indian Stocks (QDII) funds. As of the first quarter of 2023, the fund was less than 100 million yuan in various quarters, and the scale of the end of the fourth quarter climbed significantly to 737 million yuan.
It can be seen that the international funds are optimistic about the Indian market from domestic investment in Indian market fund assets.According to the Finance News Agency, in 2023, the net inflow of ETF in India’s stock reached a record high, reaching $ 8.6 billion.Varanasi Investment
2. Investment method
Although both funds invest in the Indian market, the performance comparison is different, and the way to invest in the Indian market is different.
Indian Fund LOF is a fund in the fund, mainly investing in related funds (including ETF) that tracks the Indian market abroad. Its tracking index is CITIC Securities India ETP index yield × 90%+RMB current deposit yield (after tax) × 10%Essence
Maniu India’s stock (QDII) is mainly invested in the overseas securities market. The performance benchmark is the MSCI India Index yield (adjusted through the RMB exchange rate) × 90%+RMB current deposit interest rate (after tax) × 10%.
The Manuri Indian Stock (QDII) pointed out in the fourth quarter report that in terms of fund operations, it still maintains the investment strategy of concentrated individual stocks. We have not changed the long -term sector preferences in the Indian market.Continue to maintain the configuration strategy in the third quarter, and at the same time fulfill the profitable stocks that have a high valuation. The sector is still optimistic about finance, industrial and consumer stocks that benefit from domestic demand recovery, increasing technology sectors with more early valuation adjustments.
3. High management fee
Both products are QDII, which costs higher.
Indian Fund LOF:
In terms of sales related fees, the purchase fee is decreasing according to the subscription amount. The purchase rate of 200,000 yuan is the first gear. The redemption fee is reduced according to the holding time. The holding time is more than two years later.
Fund operation -related expenses, fund operation -related costs include 1.60%/year management fee and 0.20/year custody fee, excluding other expenses, the one -year management rate and custody rate are as high as 1.80%.
The cost of Manuri India (QDII) is higher:Jaipur Stock
In terms of sales related fees, the purchase fee is decreasing according to the purchase amount. The purchase rate of 1 million yuan is the first gear. The redemption fee is reduced according to the holding time. The holding time is reduced after 366 days.Bangalore Stock Exchange
Fund operations related costs include 1.80%/year management fee and 0.30/year custody fee, excluding other expenses, and annual management fees and custody rates are as high as 2.10%.
Based on one ordinary investor invested 100,000 yuan to buy two funds to hold 366 days, roughly calculated (X is the rate of return):
If you buy Indian fund LOF, the yield during this period is at least more than 3.4%to cover the handling fee:
100000 × 1.2%+98800 (actual purchase amount)*1.8%*366/365*(1+x)+[98800 (1+x) -98800*1.8%*366/365*(1+x)〕*0.35%≤98800*x
If you buy Manilia’s Indian Stocks (QDII), the yield is at least above 3.6%to cover the handling fee:
100000 × 1.5%+98500 (actual purchase amount)*2.1%*366/365*(1+x) ≤98500*x
It is worth mentioning that the holding period is less than 366 days, and the Huili Indian stock (QDII) also has a redemption fee. If the holding rate is 0.1%if it holds 365 days, the income during the period will be at least more than 3.8%before it can be covered by covering more than 3.8%.Fee fee, a one -day difference is reduced by 0.2%.
100000 × 1.5%+98500 (actual purchase amount)*2.1%*(1+x)+[98500 (1+x) -98500*2.1%*(1+x)〕*0.1%≤ 98500*x
4. Performance
As of the end of December, the net value growth rate of Walm India (QDII) in the past year was 18.30%, which was slightly lower than the performance of 19.25%.
Indian fund LOF’s net value growth rate in the past year was 16.66%, which was 20.05%below the performance comparative benchmark.The fund pointed out in each quarterly report in 2023 that the main source of the fund tracking error is the impact of the redemption and redemption.
5. High -valuation risk
From the perspective of market value, the market value of the Indian stock market exceeds the $ 4 trillion mark.
The Manager of Manuria India (QDII) pointed out in the four quarterly reports that the Indian market still performed well in the fourth quarter, benefiting from the improvement of the US dollar liquidity, the global stock market was recorded significantly positive income, and the Indian stock market continued its strong performance since the second half of the year.The increase is significantly better than the global and developed markets.
In 2024, can you still chase high -investment funds in India?Jaipur Stock
According to the First Financial, Chen Dong, the chief strategist and research director of the Swiss Patek Wealth Management, recently stated that due to the long -term high, the valuation of the Indian stock market is the highest among all emerging market stock markets. "We believe that the Indian stock market is still this year.It will remain at a high level, but because its valuation level is so high, we now adopt a neutral configuration for the Indian market.Keep a neutral configuration "."
Brian Burrell, the fund manager of Shangbo Investment Management Company, also told reporters: "India has very good potential, but valuation is not necessarily so attractive than other emerging markets. Therefore, I expect the Indian stock market to meet this year.There are some fluctuations. "However, he also added that for long -term investors, the prospects of some high -quality companies in the Indian stock market are still very optimistic.
Sammy Suzuki, head of the emerging market, also warned the high valuation of the Indian stock market, and it is recommended that investors more selectively invest in "companies that can win profit -making expectations".
However, some agencies are optimistic about the future of the Indian stock market.
According to reports, on January 4, Nomura Bank analysts issued an entitled "Looking for India 2024". Nomura said that the optimistic expectations of India’s economic growth prospects and corporate profits, the expansion of domestic market participants and the continuous inflows of foreign capital, the central bankThe possibility of re -election in Modi has contributed to investors’ expectations for the continued rise of the Indian stock market.
Northeast Securities stated that India is expected to remain tough in 2024. Prior to the May 2024 election, the government’s transfer payment and fiscal expenditure will continue to promote economic growth. After the electionIndia’s credit growth and capital expenditures are expected to maintain high growth, and expenditures in the private sector will continue to support India’s economic performance.
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