CCTV Beijing, December 4 (Reporter Sun Ruxiang) In the context of supply innovation to promote demand improvement, industrial upgrading and economic structural transformation, the investment value of the GEM is becoming increasingly prominent. Following the ChiNext Index and the ChiNext 50 Index, the ChiNext 200 Index, an innovative investment target, has been released recently, which has improved the broad-based system of the ChiNext and attracted great attention from the market. The reporter learned that as the first batch of ETF products linked to the GEM 200 index, the GEM 200 ETF Yinhua (159575) will be issued today to provide investors with differentiated investment tools for the small and medium-sized caps of the ChiNext Board.
According to the information on the official website of the CNI Index, after excluding the top 10% of the turnover, the ChiNext 200 Index selects the 200 stocks with the largest market capitalization after excluding the ChiNext index and the top 70 in total market capitalization, mainly covering the mid-cap stocks in the ChiNext market. Wind data shows that as of November 27, 2023, 95% of the samples with the constituent value of the ChiNext 200 Index are less than 20 billion yuan, and the median market value of the sample is about 8.9 billion yuan, which is close to the median market value of the CNI 2000 Index of 6.6 billion yuan, and is significantly different from the median market value of the ChiNext index sample of 24.4 billion yuan, with a distinctive style of small and medium-sized caps.
At the same time, the ChiNext 200 Index mainly covers the leaders and backbones of high-growth strategic emerging industries.
From the perspective of industry distribution, the GEM 200 Index is concentrated in the three key areas of advanced manufacturing, digital economy, and green and low-carbon, including pharmaceutical and biological, computer, electronics, mechanical equipment, power equipment, communications and other industries. At the same time, the ChiNext 200 Index has a low industry concentration, of which the largest weighted industry accounts for no more than 20%, which is less affected by a single industry, or a powerful tool for investing in the overall performance of the ChiNext Board. (Data**: Wind, as of 2023.)11.30, Shenwan first-level industry classification).
In terms of risk-return characteristics, the historical performance of the GEM is outstanding. Wind data shows that as of November 27, 2023, the historical annualized return of the ChiNext 200 Index since the base date of June 29, 2012 is 1138% with a historical volatility of 425%。(Past performance is not indicative of the future).
In the long run, the ChiNext 200 Index also shows the characteristics of "innovation excellence and high growth". From June 30, 2021 to June 30, 2023, the R&D investment of the sample companies has increased steadily in the past three years, and the proportion of R&D investment has increased from 77% to 95%。According to the wind consensus forecast, as of November 27, 2023, the year-on-year net profit growth rate of the sample companies of the ChiNext 200 Index in the coming year is expected to be as high as 5691%, and the compound growth rate of net profit in the next two years is expected to be as high as 5308%, which is significantly higher than that of the GEM as a whole.
At this point in time, against the backdrop of a weak economic recovery and a loose liquidity environment, small-cap stocks may usher in a good opportunity for development. The GEM 200 ETF Yinhua, which is planned to be jointly escorted by Zhang Yichi and Tan Yuefeng, may be a powerful tool for investors to dig into the small and medium-sized caps of the GEM.
As the first echelon of public ETF investment, Yinhua's strong investment and research system will also provide support for new products. As of the end of the first half of this year, Yinhua** has established 36 non-monetary ETF products, with a complete product layout, and its ETF product investment areas span A-shares, Hong Kong stocks and other markets, covering broad-based, industry themes, smart beta, cross-border and other fields, many of which are the first or first batch of ETFs in the industry. After 22 years of intensive cultivation, the company's investment and research strength has been repeatedly recognized by authorities, not only won the "Golden Bull ** Management Company" for nine times, but also won the only "Quantitative Investment Golden Bull ** Company" award in the industry in 2020.
Data**: Yinhua**, 20236.30。Nine Golden Bull Award Winning Institutions: China ** News;Yinhua ** Nine Golden Bull Award Year ;Quantitative Investment Golden Bull ** Company Award Agency: China ** News, Award Time: 20219) (CCTV Capital Eye).
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