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AddSirip、Bank of SuzhouWait for 28 A-share targets and eliminate 19 A-share targets
MSCI’s semi-annual index adjustment takes effect today, “more income and less output” highlights the value of A-share asset allocation
Reporter Zhang Ying Trainee reporter Liu Hui
MSCI’s semi-annual index adjustment for November was implemented after the market closed on November 30 and took effect on December 1. This index adjustment involves A-shares including MSCI China Index, MSCI China A-Shares Onshore Index and MSCI China All-Shares Index. The MSCI China Index, which has received the most attention, has newly added 36 targets. At the same time, foreign institutions are also speeding up research on A-shares, and the domestic capital market is becoming more attractive.
The newly added targets of the MSCI China Index include Sirip, Bank of Suzhou,Steel Research Gona、Yanjing BeerWait for 28 A-share targets; in addition, remove 34 targets, of which 19 are A-share targets.
From the logic of MSCI index compilation rules, the selection of constituent stocks is highly positively correlated with recent changes in market value.straight flushThe data shows that as of the close of November 30, the value of the 28 A-shares newly included in this semi-annual adjustment (including restricted shares, the same below) is between 22.4 billion yuan and 57 billion yuan, all exceeding A-shares The average market value is 16.003 billion yuan. From September 1 to November 30, the total value of the A-share market of the above-mentioned 28 stocks increased from 905.96 billion yuan to 924.49 billion yuan.
From the perspective of market performance, 15 individual stocks achieved range rises.Chinese software、Jichuan Pharmaceutical、Costa、Riverside GroupThe cumulative increase exceeded 20%. Judging from the market performance on November 30, among the above-mentioned 28 stocks, 23 stocks outperformed the Shanghai Composite Index,Bethel、Great Energy、Juneyao AirlinesTop gainers.
Since the beginning of this year, MSCI has adjusted the index three times. The semi-annual adjustment in May is most comparable to this adjustment, and the adjusted sample base is similar in size. Judging from the performance of the 28 A-shares transferred in May, the market performance in the five trading days after the adjustment took effect was better than that on the effective day and the following month.
Guosheng Securities previously stated that there will be obvious fluctuations in foreign shareholding around the announcement date and the implementation date, but the central impact on the stock price of the adjusted constituent stocks is limited.
From the industry point of view, the 28 stocks included in the MSCI China Index this time are still dominated by the power equipment industry. Looking back on the overall adjustment this year, a total of 72 stocks were transferred, involving 22 SWS first-tier industries, among which the power equipment industry led other industries with a proportion of 18.05%.
Regarding the inclusion of the power equipment industry in the MSCI China Index, Ma Cheng, chairman of Juze Investment, told the “Securities Daily” reporter that driven by the “dual carbon” goal, both energy storage, photovoltaic construction and wind energy construction are advancing rapidly, which will bring With the rising demand for power-related equipment, the performance of related listed companies has increased significantly, and there is still a lot of room for growth in the future.
The MSCI China Index ranks among the global high-return indices. According to the data, in November, the return rate of MSCI China Index was as high as 19.21%, which was much higher than the return rate of 4.74% of MSCI Global Index in the same period.
Foreign capital giants are optimistic about A-share investment opportunities.Recently, Goldman Sachs has maintained its Asia asset allocationCSI 300 Indexand MSCI China Index’s “overweight” rating, and expects the return rate of MSCI China Index and CSI 300 Index to be as high as 16% in the next 12 months.
On November 22, Lu Lei, deputy director of the State Administration of Foreign Exchange, said that the current proportion of foreign capital in China’s capital market and bond market is less than 5%, and there is still great potential for further allocation of global capital to my country’s financial assets.
For foreign investors who are optimistic about the allocation value of Chinese assets in the world, Liu Youhua, deputy director of the wealth research department of Paipai.com, said that the allocation of Chinese assets by foreign investors is based on the need for global asset allocation on the one hand, and the recognition of the value of Chinese assets on the other. “There are three specific reasons: first, A-shares have relatively high investment performance-price ratio; second, China is in a period of economic transformation, and more outstanding companies are expected to be born in the future; attractiveness has increased significantly.”
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Editor in charge: He Songlin