My New Year's reading plan Recently, ** and small and micro disks have attracted a lot of attention, so, what is the situation in the middle market? Let's break it down.
*In terms of the Big Mac YYDS, there is a new interpretation, YYDS used to be the exclusive label of liquor stocks, and now it has been redefined by 7 "Big Macs": YYDS Yinhang Bank (Agricultural Bank of China, Bank of China) + Yunyingshang Operator (China Mobile) + Dianli Power (Yangtze River Power, Huaneng Hydropower) + Shiyoumeitan Petroleum and Coal (Shaanxi Coal, CNOOC).
In terms of small and micro disks, the pre-holiday rush was fast and fast, and on February 23, Li Bei issued a signal of "don't return to the fire field", expressing a bearish view on the CSI 2000 and smaller caps.
The market's attention to ** and small caps is very high, so what about the mid-cap? Let's take a look at the CSI 500 Index, which represents mid-cap stocks.
1. Definition of the concept
The CSI 500 Index is composed of the top 500 companies in terms of total market capitalization, excluding the constituent stocks of the CSI 300 Index and the top 300 companies in terms of total market capitalization, which comprehensively reflects the performance of a group of medium-capitalization companies in China's A** market.
2. Performance perspective
As of February 23, 2024 (the same below), the annualized return of the CSI 500 Index since the base date (December 31, 2004) is 927%, compared to 6 for the CSI 300 in the same period95%, it can be seen that the performance of the CSI 500 Index in this period is more than that of the CSI 300.
As can be seen from the chart below, the annualized returns of the past three years, the past five years, and the past ten years are also over the CSI 300.
Figure 1: CSI 500 performance.
and the scale of the linked product
It is currently pegged to the CSI 500 (000905SH) has a total of 183.2 billion.
If you only look at ETF products, there are 26 ETFs linked to it, and there are currently 3 tracking CSI 500 ETFs with a scale of more than 10 billion: CSI 500 ETF, ChinaAMC CSI 500 ETF, and Harvest CSI 500. The largest is the CSI 500 ETF, with a scale of 7147.1 billion yuan.
Figure 2: The size of CSI 500-linked products.
4. The situation of the national team
Judging from the situation of the national team, the national team still continues to only buy large-scale products from the existing products, that is to say, the national team only buys large-scale products, and the threshold of the CSI 500 should be more than 6 billion in the existing scale, namely: Southern, Huaxia, and Harvest, especially the Southern CSI 500 ETF.
Judging from the net inflows since January 15, 2024 and February 23, 2024, the net inflows are quite differentiated, and the top three net inflows are CSI 500 ETF, ChinaAMC CSI 500 ETF, and Harvest CSI 500 ETF, with inflows of 264 respectively6.7 billion, 539.5 billion, 485.6 billion, while E Fund CSI 500 ETF, which ranked fourth, had a net inflow of only 30.5 billion.
Figure 3: The situation of the national team **CSI 500.
Finally,The national team has carried out large, medium and small caps, and the ETF characteristics of the choice are that the original ETF scale should be large enough, which may be for the company, but also to do the index scale, so as to undertake the national team's wealth and wealth, this article is a personal point of view, the view is time-sensitive, not as investment advice, past performance does not represent future performance, the market is risky, investment needs to be cautious.