According to Dongcai Choice data, there are 28 core indexes in the A** field, and I manually added the STAR 100 Index to display some of their recent data as follows: showing the year-to-date rise and fall, the largest decline in the range, the 2024 PEG, price-earnings ratio, price-to-book ratio, and total market capitalization.
Data**: Dongcai Choice data, data as of November 28, 2023.
A few quick reminders:
1. From the perspective of market capitalization, as of September 30, 2023, the Science and Technology Innovation 100 Index and the Science and Technology Innovation 50 Index are the two smallest indices in terms of total market capitalization, with an average market value of 26,74176/50=534.8.4 billion yuan;The average market capitalization of the STAR 100 Index is 1497831/100=149.7.8 billion yuan. The STAR 100 Index is a small-cap technology growth style.
2. Judging from the decline since the most advanced period of the index base period, halves abound, and even the maximum drawdown reaches more than -70%, and if you want to obtain high returns in the capital market, you must bear the risk of high drawdown.
3. Aside from growth, valuation is easy to fall into valuation traps, and PEG valuation takes this into account. From the PEG valuation data, PEG will be less than 0 in 2024There is an exponent of 5SME Composite Index, CSI 1000, STAR 100, CNI 2000, SME 100, SZSE A Index, SZSE Composite IndexPersonally, I think they deserve to be looked at.
I'll mention it a little bit more hereSTAR 100 Index- According to wind public data,In 2023, there will be only 9 ETFs that will continue to grow in share after listing, and the first batch of 4 STAR 100 will be among them。(Data as of November 15, 2023).
This first four science and technology 100, I personally recommend paying attention to itSTAR 100 ETF (588190)., you can lay out the small-cap "hard technology" index with one click.
Data**: Dongcai Choice data, data as of November 29, 2023.
Compared with the Science and Technology Innovation Board as a whole, the industry distribution of the Science and Technology Innovation 100 is more balancedPharmaceutical biologyThe market capitalization accounted for the highest proportion of 3116%, followed byElectronicsAccounting for 1978%，Electrical equipmentAccounting for 1953%，Machinery and equipmentAccounts for 1048%，ComputersAccounted for 914%……
The STAR 100 has excellent growth and high R&D attributes, and higher performance growth also brings higher revenue elasticity to the STAR 100.
In terms of how to configure the Science and Technology Innovation 100 Index, in the research report of Huabao **, in addition to mentioning the grid strategy, it also mentioned the "dumbbell configuration" strategy, which I personally think is worth sharing with you:
We believe that in the short term, A-shares will re-enter a state of consolidation after overshooting**, waiting for the confirmation of various positive factors to reverse the market's pessimistic expectations. It can be focused on the layout through the configuration structure of the dumbbell typeThe two ends of the "dumbbell" are the low-valuation, high-dividend varieties represented by the dividend index and the technological growth varieties represented by TMT.
Among the growth varieties at one end of the dumbbell, we first conform to the industry trend and allocate sectors related to the digital economy in the long term, especially in the subdivisions of intelligent driving, artificial intelligence, robots, and data elementsSecondly, the layout of sectors that may recover growth in the coming year, mainly focusing on the semiconductor and pharmaceutical sectors. The semiconductor industry is approaching an inflection point in the industrial cycle, the inventory cycle has bottomed out, and in the near future, it is catalyzed by Huawei's new products and AI intelligence, and the sector is expected to enter the layout period.
In addition, the profitability and inventory downtime of the innovative drug industry chain have fallen to a historical low, the overseas tightening cycle is close to the top and the suppression of the valuation of the sector is nearing the end, coupled with the stable and improving demand side of the industry fundamentals, the continuous optimization of the industry ecology, and the continuous progress of global pharmaceutical innovation, the bottom of the pharmaceutical industry is constantly consolidated, and it is expected to usher in a trend reversal. Combined with the above analysis,The industry distribution and constituent stock characteristics of the STAR 100 ETF are relatively consistent with our strategy, and can be used as an allocation variety at the dumbbell end。(Source**: Huabao**, November 17, 2023, "Aiming at Hard Technology, Laying Out High Growth - Analysis of the Investment Value of Kechuang 100 ETF").
After talking about the Science and Technology Innovation 100, let's focus nextCSI 1000 IndexwithCNI 2000 Index, to give you a brief pull of the data, to see which institution holds more.
Let's start with thatCSI 1000 IndexAs of June 30, 2023, there are a total of 20 CSI 1000 Index (Enhanced)** held by institutions with more than 100 million yuan.
Data**: Dongcai Choice, data as of November 29, 2023.
The larger ones and the lower rates are:E Fund's CSI 1000 Index ETF (159633)., the management fee rate is only 015%, which is really full of sincerity, and the hosting rate is also cheap.
Look at it nextCNI 2000 IndexAs of June 30, 2023, the largest number of institutions held is the CNI 2000 ETF (159628) of Wanjia**, which has the largest scale of 167 billion yuan.
Data**: Dongcai Choice, data as of November 29, 2023.
It is worth mentioning that in September this year, Wanjia ** established the CNI 2000 indexEnhanced**, the manager isQiao Liang, its appeal is still okay, and the current scale combined value has been 111.7 billion yuan.
Write at the end:The three indices that are simply expanded in today's article are all indicesSmall plate styleIf you recognize the logic of a class of assets, you can allocate them in your own asset portfolio and set a certain proportion of positions.
Recently, I plan to mention the following text in several consecutive issues - just to recommend everyone to read this article, I think this article is worth reading in depth for friends who are willing to learn Xi **, and understand it well:
It is recommended that you find it for yourself and read this article (from Huaxia**).Tangled "grinding period", how to do a good job in asset allocation and managementAlthough it is important to choose which one, I think it is also important to have a mentality, as well as to do a good job in asset allocation and management
My article is basically ** combing notes, the amount of information is still relatively large, thank you for your patience to read, all content is personal research, does not constitute investment advice, please pay more attention to objective data.
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