In mid-September, Bosera STAR 100 Index ETF (588030) was officially listed, with a net subscription amount of more than 26 during the fundraising period600 million yuan, the first place in the first batch of products. As of December 28, the turnover of Bosera STAR 100 Index ETF** was 147.8 billion yuan, ranking first among ETF products with the same standard!
In addition, the latest share of Bosera STAR 100 Index ETF reached 808.2 billion copies, the latest scale is 752.7 billion yuan, ranking first in the same index products. ①
The success of the ** is just a microcosm of Bosera's deep cultivation of the index and the creation of a product matrix. As a leading company, it seized the opportunity of the great development of indexation investment and created the index brand "Zhihuijia". At present, the company's index product types cover different categories such as core broad-based, featured theme industries, smart-beta, commodity indexes, bond indexes, cross-border indexes, etc., to meet the asset allocation needs of different investors.
Why Bosera Science and Technology100 Index ETF"Gold absorption" is strong
With the advent of the wave of scientific and technological revolution such as artificial intelligence, the strategic position of the Science and Technology Innovation Board, which focuses on the field of "hard technology", has gradually improved in the mainland, and the listed companies on the Science and Technology Innovation Board have benefited deeply.
As a representative index of small and medium-sized caps on the Science and Technology Innovation Board, the market value of more than 8 companies in the Science and Technology Innovation 100 is 50-20 billion yuan. Compared with the broad-based indexes, the market value structure of the STAR 100 is closer to the CSI 1000 (the market value of the underlying 9% is 50-20 billion yuan), which can be described as the "CSI 1000 in the Science and Technology Innovation Board" (data**: wind, as of December 25, 2023).
Compared with the STAR 50 released earlier, the STAR 100 not only has a more mid-to-mid-cap market capitalization, but also has a wider distribution of index constituent stocks. From the perspective of scarcity, the Science and Technology Innovation 100 and Science and Technology Innovation 50 can achieve benign complementarity and lay out small and medium-sized high-tech enterprises together.
Under the general policy of rejuvenating the country through science and technology, the historic opportunities of the Science and Technology Innovation Board are favored by all parties inside and outside the market: on the one hand, the country attaches importance to the development of science and technology, and favorable policies are intensively releasedOn the other hand, the concept of AI continues to be hot, and the domestic chip and technology industries are rising.
Considering the current low valuation of the Science and Technology Innovation Board, it may be in a good allocation window for investors. In particular, the price-to-earnings ratio of the STAR 100 Index has fallen back to a historically low range, and the price-to-earnings ratio (TTM excluding negative values) of the STAR 100 Index is 418 times, quantile 6211% (data**: wind, as of December 25, 2023). In addition, compared with the main board and the growth enterprise board, the science and technology innovation board has the characteristics of strong beta and high elasticity, and often performs better in the first place.
For ordinary investors, the Science and Technology Innovation Board itself has an investment threshold of 500,000 yuan, while the ETF has a relatively low minimum investment amount, and the launch of the Bosera Science and Technology Innovation 100 Index ETF provides investors with a powerful tool for the growth opportunities of small and medium-sized caps on the Science and Technology Innovation Board.
Deconstruct the essence of the product map of Bosera Index Quantitative Team
The success of Bosera Science and Technology Innovation 100 Index ETF is no accident, in fact, Bosera has already built a complete product line on the passive index, in terms of the current company's index and quantitative product positioning, "global vision + Chinese characteristics" can aptly interpret the essence of Bosera passive products.
In terms of Chinese characteristics, not only the two new products of the Science and Technology Innovation Board have become an instant hit, but also products such as the Central Enterprise Innovation Driven ETF, Bosera CSI 5G Industry 50 ETF, and Bosera CSI Dividend ETF have also gained popularity in the circle.
The Central Enterprise Innovation Driven ETF was established on September 20, 2019, and as of September 30, the ETF scale reached 450.8 billion yuan, which is the largest ETF with the same standard, and its ability to absorb gold is highlightedFrom the perspective of valuation, the valuation of central state-owned enterprises under the traditional valuation system is low, and at the end of the third quarter, the price-earnings ratio of the central enterprise ** index was 1069 times, lower than the 1152 times and 23 of the CSI 50043x (data**: wind, as of September 30, 2023) The index belongs to the ** index, and there may be a certain excess return in long-term performance.
Bosera CSI 5G Industry 50 ETF is one of the few in the industry, which was established at the end of the first quarter of 2020, and from the perspective of the corresponding index of the product, it includes the following three points: 1The 5G50 Index focuses on leading companies in the 5G industry chain2.The 5G50 Index can dynamically reflect the changes in the 5G industry chain3.The 5G50 index is liquid and has little tracking error.
Bosera CSI Dividend ETF, which was established a week earlier than 5getf, as the name suggests, its constituent stocks are all related to the word dividend, and the features of the product include: 1The constituent stocks are high-cash dividend companies, which have a stronger ability to resist risks2.The long-term performance of the index has been solid;3.Dividend index, long-term dividends, the ** has accumulated dividends 2 times this year. (Data**: Periodic report).
In terms of global perspective, the products of the Bosera Quantitative Index team are also distinctive and are in a leading position in the industry, including the S&P 500 ETF, Hang Seng Technology ETF, Hang Seng Healthcare ETF, Hang Seng Stock Connect Hong Kong High Dividend Yield ETF and Nasdaq 100 Index. Taking the S&P 500 ETF as an example, the index is a regular investment index recommended by Warren Buffett, representing the core assets of the United States, and the index performance has been bullish, with a growth rate of 152 in the past 10 years63% with an annualized return of 964%。(Data**: Wind, S&P 500 data statistical interval: 2013.)11.25-2023.11.24) Thanks to the outstanding performance of the index, the Bosera S&P 500 ETF continues to gain the favor of investors, and its scale has grown rapidly, becoming the largest ETF tracking the S&P 500 Index on the A** market, with a size of 75 as of the end of the third quarter of 20238.5 billion yuan. (Data**: Third Quarterly Report).
Compared with the company's other benchmark Nasdaq 100 ETF, which is benchmarked against the U.S. stock index, the feature of the product is that it first tracks U.S. stock technology companies with one click, and has outstanding long-term performanceThe second is that the interest rate hike cycle in the United States is coming to an end, and the future interest rate cut environment is more conducive to the asset performance of technology companies. As a new ** that was only established in April this year, as of the end of the third quarter, the cumulative return of Bosera Nasdaq 100 ETF since its inception was 1838%。(Data**: Third Quarterly Report).
The convergence of elites supports the great development of the Bosera Index
So, behind the above series of successful passive indexes, what is the secret of the success of Bosera's index quantification team?
Bosera Index and Quantitative Investment Department is mainly responsible for the research and investment management of the company's various index investments and quantitative products. The department as a whole implements the integration of investment and research and team management system: it is divided into 3 investment groups according to the investment direction, including ETF, index enhancement and active quantificationAccording to the research direction, it is divided into more than a dozen research groups, and the quantitative model covers multiple assets and strategies such as ** (including Hong Kong stocks), bonds (including convertible bonds), *content private placement), commodities, financial derivatives, etc., and its investment philosophy is to integrate alpha and beta.
At present, the team has 19 managers, investment managers and researchers, with an average of 11 years of experience, including 13 managers. All members have a solid professional foundation and complementary professional backgrounds.
Since 2003, the Bosera Index has gone through 20 years and has gone through three generations of development, involving multiple assets and strategies, and has now blossomed everywhere. In June this year, Bosera won the three-year quantitative investment star company award of the 18th China Industry Star Award issued by the Times, which is also an affirmation of the company's index quantitative team.
The Bosera ** behind the team is a veteran head public offering in the mainland, and the hard indicators of a number of data are in the leading position in the industry: after 25 years of investment and research precipitationAs ofOn September 30, 2023, the total assets under management of Bosera exceeded 14 trillion yuan, with a cumulative dividend of more than 188.4 billion yuan since its establishment 25 years ago, and the total number of customers served has exceeded 1600 million people.
Data**: WIND, as of December 27, 2023, there are 7 other ETF products tracking the STAR 100 Index in the market, with a share of 295.9 billion copies, 296.9 billion copies, 731 billion copies, 771.2 billion copies, 34.1 billion copies, 61.8 billion copies, 75.8 billion copies;The scale in the same period was 277.2 billion, 277.3 billion, 682.7 billion, 691.2 billion, 30.6 billion, 55.4 billion, 70.7 billion.
Data**: In the third quarterly report, the scale of the innovation-driven ETF of central enterprises is 450.8 billion yuan, and there are 3 innovation-driven ETFs of the remaining central enterprises in the market, with a scale of 25 in the same period (as of September 30, 2023).3.7 billion yuan, 215.8 billion yuan, 46.4 billion yuan.
Data**: In the third quarter, the size of the Bosera S&P 500 ETF is 758.5 billion yuan, and there are 3 ETF products tracking the S&P 500 index in the market, with a scale of 49.5 billion yuan, 17.4 billion yuan, 10.5 billion yuan.