New Economy eline
The strategic position of the index ** is constantly improving
In the context of the reform of public offering rates, innovative indices and innovative products have brought new development opportunities for indexed investment, coupled with the unsatisfactory performance of the excess return of active equity products this year, indexed products represented by ETF products are becoming more and more concerned by investors, and the market trading activity is also increasing.
Wind statistics show that as of the end of the third quarter of this year, excluding ETF connection**, the size of the market-wide non-currency index** (including over-the-counter ordinary index**, ETFs and index LOF) increased from 21,507 at the end of last year3.6 billion yuan bucked the trend and increased to 251882.8 billion yuan, an increase of 3680 during the year9.2 billion yuan, an increase of 1711%。
The new economy e-line has noticed that in terms of subdividing product forms, ETFs have become the undisputed "king" of scale. Among them, the scale of LOF has continued to decline in the past three years, the scale of the ordinary index** is the same as that at the end of last year, and the scale of ETF has continued to set new historical records. As of the end of the third quarter of this year, the size of non-monetary ETFs increased from 134 trillion yuan increased to 178 trillion yuan, an increase of 4,321 from the previous month300 million yuan, with a growth rate of 32 in the first three quarters of this year29%。It can be seen that among all non-monetary indexes**, the scale of ETFs accounts for more than 70%, occupying an absolute dominance.
Since the beginning of this year, the monthly turnover of ** ETFs has been more than 700 billion yuan, and has exceeded 1 trillion yuan in some months. In terms of types, the trading activity of strategic theme ETFs continued to improve, with the monthly turnover increasing from less than 20 billion yuan to more than 40 billion yuan. Broad-based ETFs outperformed sector-themed ETFs in most months. For example, broad-based indices such as CSI 300, STAR 50, and ChiNext have shown a phenomenon of buying more and more as they fall, and investors are enthusiastic**.
In this regard, some market participants believe that the multiple advantages of the ETF itself are the key factors that detonate the ETF. First of all, ETF products have the advantages of low fees and convenient on-exchange transactions. Secondly, as a passive product, ETF products have a stable and clear investment style, transparent positions, and rich varieties, which are suitable for use as a large-scale asset allocation tool. Finally, it has more advantages in terms of scale and capacity, which can meet the allocation needs of large-scale funds.
Differentiated competition blossoms in more places
On the whole, China's ETF** market presents a strong market pattern, with an obvious head effect. Managers with an earlier layout and a wider range of products in the ETF market have quickly occupied a higher market share by virtue of their first-mover advantage. Wind shows that as of the end of the third quarter of this year, the total management scale of the top 20 managers is about 1740,000 yuan, accounting for 975%。However, different managers have different advantages and layout priorities in **ETF, and they are more blooming while differentiating competition.
Among the top managers, some focus on broad-based varieties, some focus on industry-themed varieties, and some first-class managers have created leading products in the subdivision track by virtue of intensive cultivation in the subdivided field. As a leader in public offering in the banking sector, ICBC Credit Suisse is deeply engaged in index investment, has a comprehensive strategic layout, and has carefully built five full-coverage index product lines, with its index** covering five families: broad-based, industry theme, Hong Kong stocks, diversified allocation, and index enhancement, to meet the needs of all kinds of investors.
The new economy e-line learned that ICBC Credit Suisse's index products cover many fields such as **, bonds, commodities, overseas markets, as well as various themes such as consumption, medicine, science and technology, rare metals, lithium batteries, semiconductors and so on. There are not only the first batch of science and technology ETF (588050) that tracks the science and technology innovation 50 index, but also the deep dividend ETF (159905) that lays out high-dividend high-quality enterprises with one click. Among the thematic ETFs, rare metal ETFs** (159671) have new momentum for nuggets and obvious liquidity advantagesThe central enterprise ETF (510060) took advantage of the "special valuation" to lay out the important equipment of the central enterprise and the state;The energy ETF (561260) focuses on the prefix "central" and digits modern energy.
Similarly, the Nikkei ETF (159866) under ICBC Credit Suisse is also the largest ETF tracking the Japanese market index in the whole market. In addition, India**LOF (164824) and Hong Kong Stock Connect High Dividend ETF (159691) are the only Indian index** in the whole market and the only Hong Kong stock high dividend product excluding banks and real estate in the whole market, respectively.
Not only that, ICBC Credit Suisse has also been at the forefront of the industry in terms of compliance, and since 2009, the company has maintained a record of "zero risk events" in its operations. (Note: A "zero-risk event" is defined as not being penalized, regulated, or disciplined by a regulator.) ）
According to wind statistics, as of the end of the third quarter of this year, it was as high as 1Among the 78 trillion yuan of non-monetary ETFs, the total size of ** ETFs exceeds 14 trillion yuan, accounting for about 792%。In terms of subdividing the product structure of non-monetary ETFs, broad-based index ETFs totaled more than 770 billion yuan, accounting for more than 40% or 44%, making them the largest category of products, and the scale of industry and thematic ETFs recorded 2,184 respectively in the same period6.8 billion and 39036.6 billion yuan, with a total of 60883.4 billion yuan, accounting for about 344%。In addition, cross-border ETFs also performed well, with their size increasing significantly to 25927.5 billion yuan, accounting for about 1465%。
Among the broad-based index ETFs, the CSI 300 and STAR 50 ETFs ranked the top two in terms of scale growth. In particular, the STAR 50 ETF has grown rapidly over the past quarter, replacing the CSI 500 as the second-largest broad-based index ETF in terms of tracking size. As of the end of the third quarter of this year, the scale of the science and technology ETF has increased significantly to 864.1 billion yuan, ranking among the top three, compared with 524.3 billion yuan, an increase of 6481%。
Among the cross-border ** ETFs, the scale of ETFs invested in Hong Kong, China and the United States has increased significantly, concentrated in Hang Seng Technology, Hong Kong stock technology Internet, Hong Kong stock innovative drugs, Nasdaq 100 ETF and other varieties, and the ETF invested in Japan has increased significantly due to its low base. As of the third quarter of 2023, the size of the Nikkei ETF has increased from 24.4 billion yuan increased to 43.5 billion yuan, an increase of nearly eighty percent.
Index product innovation is in full bloom
The new economic e-line has noticed that the innovation of index products has also blossomed this year, each with its own tricks. Among the new ETFs, the scale of broad-based ETFs exceeds that of industry and strategy theme ETFs, accounting for nearly 40%, and the scale of new issuance of strategy theme ETFs and industry theme ETFs is comparable.
Among the broad-based ETFs, the new subdivisions of the track STAR 100 and CSI 2000 have been added, and the total share of issuance ranks first. Similarly, the scale of new issuance of small and medium-cap products such as CSI 500 and CSI 1000 is also relatively high. Among the industry-themed ETFs, cyclical, TMT and other industry ETFs ranked first in terms of new issuance, and cyclical products were concentrated in sub-sectors such as power and non-ferrous metals, and **-share ETFs were newly added during the yearTMT products are concentrated in semiconductor chips, communications and other subdivisions. Among the strategic theme ETFs, the new issuance scale of corporate nature and dividend theme ETFs is the highest, such as corporate nature ETFs concentrated in central enterprise theme products.
Wind statistics show that if the statistics are made on a quarterly basis, 108 new indexes** were established in the third quarter of 2023, raising a total of 6035 billion yuan. Compared with the previous quarter, the number of issuances increased by 14, and the scale of fundraising decreased slightly from the previous quarter. Among them, there are 68 newly established products in the **index**, with a total of 305 raised scale2.8 billion yuan, which is larger than other categories. In terms of bond indexes**, 8 bond indexes** raised 1971.3 billion yuan, the average size of the fundraising is larger than the **index**. In addition, the enhanced index** continued to be established in the third quarter, with a total of 18 new index enhancements**, raising a total of 7.6 billion yuan, and the underlying indices are mainly small-cap indexes: CSI 1000 and CNI 2000.
In terms of product form, a total of 49 ETFs were raised in the third quarter of this year, with a total of 3302.9 billion yuan, there are 30 ordinary indexes**, and the total scale of raising is 2584.7 billion yuan, a total of 29 ETFs were raised, with a total of 147.4 billion yuan;From the perspective of the type of underlying index, there are 13 QDII indexes, 18 scale indexes, 6 industry indexes, 8 bond indexes, 35 thematic indexes, 9 strategy indexes, 18 index growth strategy indexes, and 1 commodity index.
Taking ICBC Credit Suisse as an example, as of the end of the third quarter of this year, including 2 connections**, the company has established 8 index products, raising a total of 546.7 billion yuan. Among them, the CSI 1000 ETF Enhanced (561280) and the ICBC CSI 1000 Index Enhanced (A:016942;C: 016943) and other two enhanced indices** were established on August 31 and March 28 this year, respectively. Three ETFs, including Rare Metals ETF** (159671), Hong Kong Stock Connect High Dividend ETF (159691) and Energy ETF (561260), were established on February 17, March 30 and July 27 this year, respectively. ICBC BSE 50 Component Index (Class A: 018112 ;Category C: 018113) was established on April 27, 2023. In terms of issuance size, rare financial ETFs** and energy ETFs reached 183.5 billion yuan and 2 billion yuan.
It is worth noting that in the third quarter of this year, major managers have increased the layout of the CSI 2000 underlying index** and the small-cap enhanced strategy index**. A total of 202 indexes** were approved during the quarter, including 91 ETFs, 47 ETF-linked index-linked indexes, general-purpose enhanced indexes**, and 5 index-enhanced ETFs. Among them, the most is the index enhancement strategy**, followed by the theme**, and the rest are QDII, bonds, sectors, and scale index**.
Compared with the second quarter of this year, the characteristics of the small-cap index increase in the third quarter are distinct. Among the 59 thematic indexes** approved in the quarter, there were 36 index enhancement strategies**. Among the index increase strategies**, the largest number is the general index increase strategy index.
*, a total of 31 ETFs, and the remaining 5 index ETFs. Among the approved index enhancement strategies**, 32 of the underlying indices are small-cap broad-based indices, including the CSI 2000, CSI 1000 and CNI 2000 indicesIn addition to the index increase with the small-cap index as the target**, there are also 4 index increases with the Beijing Stock Exchange 50, the Science and Technology Innovation 50, the CSI 300, and the CSI 500 as the subject respectively.
Among them, ICBC Credit Suisse's ICBC CNI 2000 ETF (159543) was established on November 9 this year. Previously, the ICBC CSI 2000 Enhanced ETF was officially approved on September 18 this year and has yet to be issued. In addition, the application materials for the ICBC CSI Science and Technology Innovation and Entrepreneurship 50 Enhanced ETF were accepted on October 9 this year.
As innovation indexes, innovative products, and innovative channels continue to inject vitality into indexed investment, the era of index investment may have come.
Risk Warning. The manager manages and uses the property in accordance with the principles of due diligence, honesty and trustworthiness, prudence and diligence, but does not guarantee a certain profit, nor does it guarantee a minimum return. Investment is risky, past performance is not indicative of future performance, and other performance managed by the Manager does not constitute a guarantee of performance. Index performance is not indicative of product performance. Investing in ETFs and Feeding** will be subject to unique features such as the risk of fluctuations in the underlying index, the risk of deviation of portfolio returns from the return of the underlying index, and the risk of ETF Connectivity** differing from the performance of the target ETF. Investment equity** has a greater risk of income fluctuations. **Risky, before investors invest in ICBC Credit Suisse ** management *** management *** products, they should carefully read the "** Contract", "Prospectus", "* Product Key Facts Statement" and updates and other relevant legal documents, and on the basis of a comprehensive understanding of the product situation, rate structure, charging standards of each sales channel and listening to the suitability opinions of sales agencies, choose investment varieties suitable for their own risk tolerance for investment, ** investment should be cautious. This product is issued and managed by ICBC Credit Suisse** management, and the sales agency does not assume the responsibility for the investment, redemption and risk management of the product.
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