After 46 trading days, on February 23, A-shares stood above the 3,000-point mark for the 55th time, and recovered all the losses since the beginning of this year; Subsequently, the Shanghai Composite Index rose gratifyingly, recording eight consecutive yang, although it once encountered a benign divergence, but the market sentiment is gradually picking up.
As the market strengthens, will there be a catch-up? Where are the repair opportunities to be found?
Fixed the "out of the pit" time difference
Growth style exploded
After three and a half years, A-shares reappeared in the eighth consecutive yang, with an increase of 131%, after the Lunar New Year, A-shares ushered in a wave of "bullish" New Year's Eve**.
Reviewing the market performance of A-shares after 13 consecutive days since 2000, the Shanghai Composite Index has a higher winning rate, with a winning rate of 69% on T+5 trading days, and 62% on T+90 and T+180 trading days (Source: Huaxin** Research). A number of institutions believe that the repair since the beginning of February is expected to continue, and they are optimistic about the follow-up investment opportunities.
Source**: Wind Information, Huaxin** Research.
Previously, the Shanghai Composite Index also fell below 3,000 points many times, and then the order of the broad-based index "out of the pit" was not completely synchronized, and there would be "misalignment".
Since this round fell below 3,000 points, as of February 23, it has returned to an important threshold, and the Shanghai 50 Index, A50 and CSI 300 Indices have all "recovered lost ground" during the same period, while the medium- and small-cap and broad-based indices of the growth style category in the repair still have a lot of room to rise from the far point.
Data**: wind, data interval: 202312.12-2024.02.23. The historical performance of the index is not indicative of the future, see the end of the article for detailed notes.
Among the broad bases, the growth style has exploded recently. On February 27, the Science and Technology Innovation 50 Index and the Growth Enterprise Market Growth Index closed up respectively. 67%, leading the broad base. (Data**: Wind, as of 2024.)02.27）
Beyond GEM
Grasp the spear of attack
Analyzing the historical performance of the GEM Growth Index, it is not difficult to understand why it has a strong performance in the world.
Compared with the simple market capitalization benchmark index, which reflects the ** ultra-low allocation, the biggest feature of the growth index is that it is integratedMomentum and growth factors, strengthen the stock selection strategy, and tap the gemMore growth and activityof high-performing stock investment opportunities.
Originated from the GEM and surpassed the GEM, the excess return is significant. Since 2013, the growth index has accumulated **, the GEM index **144 in the same period64%, with an excess return of up to, earning more than the GEM index on average every year
Data**: wind, data interval 200301.01-2024.02.19. Historical performance of the index is not indicative of the future, see the end of the article for detailed notes.
In addition, as far as grabbing ** is concerned, create a growing oneHigh elasticity, strong betaDouble attributes, making it a sharp sword. Judging from the performance of previous bands, in the past 8 bands**,The Growth Index has beaten the ChiNext Index 7 times, the win rate is as high as, the highest excess return in the interim band reached
Data**: Wind, historical performance of the index is not indicative of the future, detailed notes are provided at the end of this article.
Looking forward to 2024, under the influence of a combination of rising profits, declining residual liquidity, and stable risk appetiteOr the year of growing up.
The GEM itself is a sector with strong growth attributes, and creating growth is equivalent to strengthening the growth style. In a growth-oriented market environment, the Growth Index is more resilient than the ChiNext Index.
The wave of artificial intelligence is back
The Growth Index is overweight to AIGC
Last year's ** ignited by ChatGPT is still vivid, and the Wensheng ** model SORA that was born during the Spring Festival this year exploded globally, and the AI wave hit again. Can we grasp this round?
In fact, the Growth Index is compared to the ChiNext IndexIt has overallocated electronics, communications, media and other scientific and technological fields in the pharmaceutical and artificial intelligence industry chains. The launch of the SORA model will promote a deep transformation in the field of AI creation, and the Growth Index is also in line with the current market hotspots.
(Data**: Wind, as of 2024.)01.31
Since its opening more than 14 years ago, the GEM has become an important concentration of scientific and technological innovation enterprises in China, from the initial desire to carry the "Chinese version of NASDAQ".
Since the 21-year high, the main broad-based index of the GEM has experienced **, and the current round of growth style has a time span of more than 2 years, and the time and space are relatively sufficient. After continuous adjustment, the price-to-earnings ratio of the Growth Index has increased from the highest in the past five years to 1047 times back to 2708 times, at the 5-year quantile of 51%, the valuation has been digested, the risk has been released, and it has a high valuation cost performance.
(Data**: Wind, as of 2024.)02.27. Historical performance of the index is not indicative of the future, see the end of the article for detailed notes.
With the promotion of technology policies and industries, technology growth stocks are expected to rise. Grasp the moment of bottoming and pay attention to grabbing the best weapon, you may wish to pay attentionGEM Growth ETF (159967) its link**(A:007474;c:007475）。
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The GEM Growth ETF was listed in 20197.15. Closely tracking the Growth Index, the returns of the index in the past five fiscal years (2019-2023) are. 71%、-28.79%、-25.75%, the historical performance of the index is not indicative of the future performance of the product.
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