Summary
[The biggest of its kind! The A50ETF with a scale of over 10 billion in 4 days of listing is expected to become a ballast stone for equity investment]The A50ETF (159601) listed on Monday continued to be hot, with a turnover of 3.631 billion yuan yesterday, ranking first in similar products and breaking its creation on the day of listing. A record of 3.617 billion yuan, with a total turnover of 14.2 billion yuan in the four days of listing. At the same time, A50ETF (159601) had a net inflow of 546 million yuan yesterday, with a cumulative inflow of 3.53 billion yuan in four days, with a scale of more than 10 billion yuan, which is also the first of its kind. (Broker China)
A50 listed this MondayETF(159601) The transaction continued to be hot. Yesterday’s turnover was as high as 3.631 billion yuan, the first of its kind, and it broke the record of 3.617 billion yuan created on the day of its listing. The total turnover in the four days of listing was 14.2 billion yuan.At the same time, A50ETF (159601) yesterdayNet inflow546 million yuan, with a cumulative inflow of 3.53 billion yuan in four days, with a scale of more than 10 billion yuan, which is also the first of its kind.
Affected by the sharp rebound in real estate finance and other sectors, A50ETF (159601) closed up 1.73% yesterday. Among the constituent stocks,Poly DevelopmentThe daily limit, Vanke rose more than 9%,Conch Cement、Ping An Bank、Chinese Architecture、Oriental wealthThe increase is above 5%,Bank of Ningbo、China Merchants BankwithPing An of ChinaThe increase was also more than 4%.
China Asset ManagementDirector of Quantitative Investment Department, A50ETFfundThe manager expects that A50ETF is expected to become the standard for equity investors. The A50 index stock selection is industry-neutral. It can not only represent the core part of China’s economy, but also achieve equilibrium through decentralized allocation. It is the first choice of the new generation of broad bases.
As for the reasons for the hot deals, she believes:
First, A50ETF has a strong allocation attribute. The constituent stocks are the core leading stocks of A shares, which is in line with the concept of institutional and individual allocation of leading stocks, and the index industry is very balanced. Everyone is willing to buy this leading wide base. ；
The second is that this is also a very good trading product, otherwise the trading volume will not be so large, it is a standard trading tool, and there areHong Kong Stock ExchangeWith the cooperation of futures, it is a very good trading tool. Together, these two attributes collided.
Ning Mao is in hand, gathering “high-achieving students”
Specifically, the MSCI China A50 Connectivity Index is constructed based on the broad-based index MSCI China A Share Index, and includes 50 A-shares that are listed on the Shanghai and Shenzhen Stock Exchanges and can be invested through the Northbound Connectivity Channel (Land Stock Connect). In terms of industry distribution, the top 2 component stocks in the 11 GICS industries are selected by market value, and the remaining 28 component stocks are selected according to market value, thus ensuring a more balanced industry distribution, and new economic industries such as electrical, pharmaceutical, and electronics account for a higher proportion , While the proportion of traditional economies such as finance is even lower.
In terms of constituent stocks, thanks to the special sample selection method, the constituent stocks of the MSCI China A50 Connectivity Index include leading targets in various subdivisions.Its top ten constituent stocks coverNingde era、Kweichow Moutai、Longi sharesThe white horse stocks, the leading high-recognition A-share market, involve many core fields such as industry, consumer staples, information technology, and finance, and have good representation and superiority.The data shows that the number of constituent stocks of the MSCI China A50 Connectivity Index only accounts for 1% of the total market, but the market value, revenue and return to the parentNet profitThe proportions reached 24%, 22% and 34% of the total market respectively. According to the 2020 annual report, the average total operating income and net profit compound annual growth rate of the top ten constituent stocks of the index in the past five years are as high as 31.41% and 36.10%, and the average weighted return on equity (ROE) reaches 21.7%.
The A50ETF (159601) fund manager has 11 years of experience in securities industry, including nearly 6 years of public fund management experience. At present, it has been awarded the management of more than 10 products such as the Science and Technology 50 ETF and the Innovation ETF. As of the end of the first half of this year, the scale of its products under management exceeded 43 billion. Rong Ying believes that the leading effect of the A-share market will be more prominent in the future, and the underlying index covers leading companies in various industries in the industry, with strong market representation and competitiveness. It can be said that Ning Mao is in hand, gathering “high-achieving students”.
Good but not expensive, with both valuation and yield advantages
Shen Wan HongyuanIt is believed that the MSCI China A50 Connectivity Index is scientifically compiled, the industry is balanced, and the performance is eye-catching. The index is compiled using an industry-neutral method to represent the performance of China’s A-shares in the broader market.
Industry-neutral leading indexes are indispensable. Because the market value factor is the most important source of investment income difference in the A-share market, industry rotation in the A-share market is also an everlasting hot topic. Statistics show that since 2005, the difference between the average income of the top three industries in CITIC’s first-tier industry and the average income of the bottom three industries has been 84.50% in the past fifteen years. However, the industry rotation income seems considerable but not easy to obtain. Allocation institutions tend to make subjective adjustments on the basis of industry equilibrium.
“Good but not expensive, with both valuation and yield advantages,” said Rong Ying. Compared with MSCI’s major global market indexes, MSCI China A50 Connectivity Index has a lower valuation, but a higher return on equity (ROE): As of the end of September, the latest valuation of the MSCI China A50 Connectivity Index is 14.99 times, which is lower than the MSCI US, MSCI Japan and MSCI major global indexes, but at the same time the return on equity reached 16.03%, second only to the MSCI US, indicating that the underlying index has both Valuation and yield advantage.
“Ning Mao” in hand, “high-achieving students”GatheredThe constituent stocks of the index have also achieved outstanding performance of the index.According to statistics, since the base date of the index on November 30, 2012, as of September 30, the cumulative increase of the MSCI China A50 Interconnection Index reached 233.5%, which was significantly better than the same period.SSE 50Index 164.3% andCSI 300The index increased by 175.7%. In addition, in the short, medium and long-term dimensions of the past one, two, three and five years, the MSCI China A50 Connectivity Index has also outperformed the Shanghai Stock Exchange 50 and the CSI 300 Index. It can be seen that through the use of A50ETF (159601), China’s core assets can be deployed with one click, and the long-term positive investment opportunities for A shares can be shared.
One-click follow-up investment “smart funds”
MSCI China A50 Connectivity Index is an index that characterizes the trend of foreign investment. At present, the trend of net northbound capital inflow is accelerating, and the proportion of foreign capital has increased. As of September 30, the net inflow of northbound capital was 1,494.3 billion yuan, and the total stock market value was 2541.8 billion yuan. The Northbound Fund holds a total of 2,283 shares. The MSCI China A50 Connectivity Index accounts for 47.57% of the market capitalization ratio with only 50 index stocks, reflecting the extremely high degree of compatibility and representativeness with “smart funds”!
Compared with the FTSE A50 Index, the MSCI China A50 Connectivity Index has a more balanced industry distribution.As of the end of September, the top three industry weights of the MSCI China A50 Connectivity Index werefood and drink(15%), electrical equipment (14%) andBank(13%). Compared with the FTSE China A50 Index, its new economy (electrical, pharmaceutical, electronics, etc.) accounted for a higher proportion, while the financial accounted for a lower proportion, proving its decentralized configuration and balanced industry weight distribution.
Balanced configuration has advantages in the current macro environment
Shen Wan HongyuanIt is believed that the balanced configuration of the MSCI China A50 Interconnection Index is expected to bring advantages to the index: in recent years, both internal and external factors in the market have strong uncertainties, and investors in the market have differences in the choice of investment track, and the market style Switch frequently. After a long period of environmental changes and adjustments, the current market is gradually moving towards equilibrium. MSCI China A50 Connectivity Index may gain advantages in such a macro environment due to its relatively balanced industry configuration.
Since the beginning of this year, due to the strong uncertainty and rapid changes in the domestic and foreign macroeconomic environment, the overall style of the market has switched quickly: the economy has been up in the first and second quarters, the liquidity is tight, the cycle and value are dominant, and the liquidity in the third quarter Turning loose, small market capitalization and growth stocks usher in opportunities, and the market has shown signs of equilibrium in the past month.
From the current point of view, new orders and export ordersSMEsThe pressure on the economy due to insufficient demand continues; and the problem of excessive upstream prices squeezing the mid- and downstream manufacturing industry that we continue to focus The economy is under pressure from transformation; and the liquidity indexcurrencyThe quantity index is tight,interest rateThere has also been a phased recovery, and the margin of liquidity has tightened compared to the previous three months. Although it is unlikely that liquidity will continue to tighten under the current economic data fluctuations, the possibility of substantial easing is also low, and the liquidity level may remain stable near the current position.
On the whole, the macro environment is returning to a relatively low volatility stage. The economy is under downward pressure, volatility is reduced, and monetary policy is moving towards stability. In such an environment, the market is more likely to move towards equilibrium. Compared with other mainstream broad-based indexes, the MSCI China A50 Connectivity Index adopts an industry-neutral approach to stock selection, which can represent the core part of the Chinese economy and achieve equilibrium through decentralized allocation. Index finance accounts for less than 20%, total consumption accounts for about 25%, and emerging industries account for slightly higher than the Shanghai and Shenzhen 300. This more balanced industry ratio is expected to play an advantage in the current macro environment.
Help share China’s core high-quality assets
As early as 2004, China Asset Management launched the first domestic ETF product to promote the development of China’s public equity fund industry into the ETF era. From the SSE 50 to the Kechuang 50, to the Kechuang 50, to the current A50ETF, China Asset Management has been making unremitting efforts to help investors share China’s core high-quality assets.
As the largest domestic managed equity ETF assetsfund company, China Asset Management has been deeply involved in the ETF field for 17 years and has become a well-deserved leader in the public ETF field. After 17 years of actual combat, China Asset Management has continued to innovate and accumulated rich experience. Its management capabilities have been recognized by domestic and overseas institutions, and it has been awarded the “Passive Investment Golden Bull Fund Company” award for six consecutive years. At present, China Asset Management’s passive equity product management scale exceeds 240 billion yuan, and it is the first domestic fund company with equity ETF product scale to exceed 200 billion yuan.
(Article Source:BrokerageChina)
(Original title: The largest of its kind! The scale of listing exceeds 10 billion in 4 days, A50ETF is expected to become a ballast stone for equity investment)
(Editor in charge: DF398)
.