As the trading target of the upcoming stock index futures, Shanghai and Shenzhen 300 has attracted more and more attention from the market. At the same time, its good market performance also makes the performance of index funds with it as the investment target more prominent. As an index that emphasizes trading and investment, the fundamental characteristics of its constituent stocks are mainly based on financial indicators such as profitability, growth ability, dividends and valuation. , make a simple analysis of the changes of its fundamental characteristics since the introduction of the Shanghai and Shenzhen 300 Index.
First, the profitability of the Shanghai and Shenzhen 300 constituent stocks is outstanding. Profitability directly reflects the basket-making characteristics and long-term return ability of the index, and can understand the after-tax profit and market share of four batches of Shanghai and Shenzhen 300 constituent stocks and the market share of main income.
According to the research, the market share of the main income of the 300 constituent stocks in Shanghai and Shenzhen is basically stable at around 70%, while the market share of their net profit remains above 85%, which also shows a certain upward trend. Judging from the distribution of the net profit of the constituent stocks of the Shanghai and Shenzhen 300 Index, the proportion of the constituent stocks of the Shanghai and Shenzhen 300 in the net profit of the whole market at the end of 2006 was 92.2%.
Then, the ratio of its net profit to the market is analyzed as follows: the weight concentration of the net profit of the constituent stocks of the Shanghai and Shenzhen 300 Index is relatively high, and the total net profit of its 300 constituent stocks accounts for 92.2% of the market, but the top five contributed 43.56% of the net profit of the whole market, accounting for half of the net profit of the whole Shanghai and Shenzhen 300 constituent stocks, and the net profit of the top 40 constituent stocks contributed as much as 70% to the market.
The same statistics show that the long-term return characteristics of the basket raising of the Shanghai and Shenzhen 300. According to statistics, the weighted EPS and ROE of the constituent stocks of the Shanghai and Shenzhen 300 Index are basically above the market level of 1.2 times.
The above analysis shows that the Shanghai and Shenzhen 300 constituent stocks have basically included all the most profitable companies in the market. Generally speaking, their constituent stock assets are of excellent quality and strong profitability, which can be called the mainstay of the whole market.
Second, the Shanghai and Shenzhen 300 constituent stocks have good growth. Further, the growth characteristics of Shanghai and Shenzhen 300 Index constituent stocks are investigated by using the weighted average growth rate index of main business income and net profit, and the results are as follows:
Except for the weighted net profit growth rate of Shanghai and Shenzhen 300 constituent stocks in 2006, which was slightly lower than the market average, its growth index in other periods was obviously higher than the market average. Generally speaking, although the Shanghai and Shenzhen 300 Index is not a growth index, the characteristics of its constituent stocks still reflect good growth characteristics.
Third, the dividend and dividend income of Shanghai and Shenzhen 300 constituent stocks are higher than the market average. Dividend income reflects the stable return of the market and is the expected return of investors at a lower risk level. The following table shows the cash distribution ability of the constituent stocks of the Shanghai and Shenzhen 300 Index.
Relevant research shows that the total cash dividends of the constituent stocks of the Shanghai and Shenzhen 300 Index reached 63.064 billion yuan in the year of launch, accounting for 72. 1 1% of the whole market. In 2006, the cash dividend of its constituent stocks increased by144 billion yuan, a year-on-year increase of 22%. At the same time, its market share continues to show an increasing trend.
The dividend yield statistics also show that the dividend yield of investing in CSI 300 is significantly higher than the overall market level. In 2005, the dividend yield of Shanghai and Shenzhen 300 constituent stocks was 2.53%, which was higher than the bank deposit interest rate in the same period. However, due to the strength of the market in 2006, the stock price rose sharply and the dividend yield also dropped sharply. However, the dividend yield of Shanghai and Shenzhen 300 constituent stocks is still higher than the market level.
Shanghai and Shenzhen 300 index
Fourth, the valuation level of Shanghai and Shenzhen 300 constituent stocks is lower than the market average. Taking P/B ratio and P/E ratio as evaluation indicators, this paper compares the valuation level of Shanghai and Shenzhen 300 constituent stocks with the market average level at five points from mid-2005 to 2007 1 quarter. The results are as follows: With the improvement of the market valuation level in the past two years, the valuation level of CSI 300 has also improved simultaneously, but it is obviously lower than the market average, which has certain valuation advantages.
Fifth, the Shanghai and Shenzhen 300 constituent stocks represent institutional investment orientation. As mentioned above, the Shanghai and Shenzhen 300 constituent stocks have attracted widespread attention in the market because of their good fundamentals, and also represent the investment orientation of mainstream institutions in the market.
This paper analyzes the statistics of WIND information on the ratings of listed companies by major research institutions. Of the 300 sample stocks, more than 290 have been rated by major institutions, accounting for 97%, while only 64% of all A shares have been rated by institutions. Judging from the rating results, among the constituent stocks of the Shanghai and Shenzhen 300 Index, there are 222 sample stocks rated by 1 major institutions, and 263 sample stocks rated by 1 major institutions, accounting for 55% of the stocks rated above, while only 36% of the stocks in the whole market have increased their holdings.
This shows that the Shanghai and Shenzhen 300 constituent stocks are highly concerned by the market and their investment value is widely recognized by the market. This feature can also be seen from the actual operation of institutional investment. Take the quarterly fund report of 2007 1 quarter as an example. Among the 373 heavyweight stocks, 186 is only a constituent stock of the Shanghai and Shenzhen 300 Index, accounting for 50% of the whole heavyweight stock, and its total market value accounts for 52.72% of its total market value. This shows that the Shanghai and Shenzhen 300 Index has become the benchmark for institutional investment orientation.
To sum up, from a fundamental point of view, the constituent stocks of the Shanghai and Shenzhen 300 Index have shown good profitability, growth and dividend-paying ability in two years of operation. At the same time, compared with the market average, their valuation advantages are also obvious, and they have gradually become the investment-oriented benchmark for institutional investors and even the whole market. Then, as far as stock index futures are concerned, the Shanghai and Shenzhen 300 Index is conducive to gaining the attention of more institutions, and is more conducive to forming an investor structure dominated by institutional investors.