Dacheng ** announced today that the company's Dacheng CSI A50 ETF (**159595) was officially established. Dacheng** is one of the first companies to issue A50** and take the lead in closing the fundraising ahead of schedule and initiating the proportional allotment.
As one of the most representative core asset indexes, the CSI A50 Index has unique allocation value. Dacheng** said that the CSI A50 Index comprehensively covers the core assets of China's capital market, represents the overall performance of China's economic leaders in various industries, and has excellent long-term vitality.
*The faucet represents strong strength.
First of all, the CSI A50 Index sample has both large market capitalization attributes and industry representation. The CSI A50 Index selects the 50 largest market capitalization** from the leading listed companies in various industries as the index sample to reflect the overall performance of the most representative leading listed companies** in each industry.
According to wind data, in terms of market value coverage, there are currently more than 5,200 A** fields, with a total market value of about 90 trillion, and the 50 constituent stocks in the CSI A50 Index cover about 15 of the A** fields5% market capitalization. (Data**: wind as of 2024-02-28).
CSI A50 portrays the overall performance of the representative leading listed companies in various industries in the A** field from a new perspective. The index covers 25 CITIC first-class industries (except for light manufacturing, textiles and garments, commerce and retail, comprehensive finance and comprehensive), and the industries are widely distributed and comprehensive.
From a structural point of view, the top three weighted industries of CSI A50 are food and beverage, power equipment, new energy, and medicine. In recent years, in China's economic structure, the transformation of old and new kinetic energy has gradually switched, and the related industries of innovative growth and consumption upgrading have gradually replaced financial real estate as the main direction of economic development. The industry distribution of CSI A50 Index is a powerful way to grasp the main line of long-term economic development.
From the perspective of index fundamentals, the CSI A50 has strong profitability. As of the third quarter of 2023, from the comparison of the median ROE of the index constituents, the profitability of the CSI A50 Index is higher than that of the SSE 50, CSI 300 and Wind All A. In the future, if the competition in the industry intensifies, the profitability of core leading enterprises with stronger pricing power may even increase even more.
Over/Under style rotation or provide opportunities.
In terms of market capitalization distribution, the CSI A50 Index is mainly concentrated in ** stocks with a total market value of more than 100 billion yuan. There are basically no constituent stocks below 10 billion yuan, and the constituent stocks span the Shanghai and Shenzhen stock exchanges, which is a veritable representative index of core assets.
The average free-float market capitalization of the index constituents is about $119 billion; The weighted average free float market capitalization was $240 billion. The weighted average free float market capitalization of the SSE 50 and CSI 300 is 270 billion yuan and 150 billion yuan, respectively. The market capitalization structure is relatively close to that of the SSE 50.
From the perspective of market capitalization factor crowding, the current small-cap style has been relatively crowded. The rotation of A-share large and small caps shows obvious cyclical characteristics, and the large and small caps have the characteristics of a 3-4 year switch in the past, and this round of small cap strong cycle has been 3 years so far, during which ** stocks have been strong due to defensive attributes or themes. Due to the rapid rise in small-cap congestion, the small-cap style has become more volatile, and the high congestion of small-cap has provided opportunities for ** stocks.
According to Wind data, the CSI A50 Index currently has a low historical quantile, with the median PB and PE of its constituents at 316% and 142%, with a high margin of safety.
Pay attention to the long-term vitality of CSI A50.
To fill in the gap, the strategic significance of the CSI A50 Index in Shanghai and Shenzhen is self-evident.
Dacheng Index and Investment Department pointed out in an interview that the relatively balanced industry allocation of the CSI A50 Index can not only reduce the risk of fluctuations in a single industry, but also help fully share the development achievements of China's economy at all levels. Compared with other "50 series" indexes, compared with the SSE 50, the CSI A50 has significantly reduced the weight of food and beverage and banks, and increased the proportion of power equipment, new energy and medicine, better reflecting the coverage of new economic directions such as carbon neutrality, new energy and medical innovation in the new stage of economic development. Compared with the SZSE 50, the CSI A50 has reduced the weight of electronics, home appliances and automobiles in the new economy, and increased the proportion of non-bank finance in food and beverage and direct financing in the traditional economy. CSI A50 takes into account the current situation of China's economy in the process of transformation of old and new kinetic energy.
At the same time, CSI A50 attaches more importance to overall liquidity and introduces the concept of ESG sustainable investment. Finally, there is another point that we should not ignore, that is, CSI A50 has introduced Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect at the same time, which shows that it will eventually go to the international stage and is expected to become a heavyweight benchmark index.
Risk Warning: **There are risks, investment should be cautious. Past performance of the Index tracked is not indicative of its future performance, and performance of other indicators managed by the Manager does not constitute a guarantee of performance. **The product has the risk of income fluctuation, and the manager promises to manage and use the ** assets in good faith, diligence and responsibility, but does not guarantee that the **principal will not be lost, does not guarantee that ** will be profitable, and does not guarantee the minimum return. Investors are requested to carefully read the "Contract", "Prospectus" and other documents, and purchase products according to their own risk tolerance. Information.