How many kinds of stock index futures are there in China?
The relationship between the three varieties of futures refers to the following five aspects:
1. Exponents. The 50 stocks with the largest market value among the Shanghai and Shenzhen 300 stocks are selected as the 50 constituent stocks of the Shanghai Stock Exchange 50 Index, that is, the constituent stocks of the Shanghai Stock Exchange 50 Index are completely included in the Shanghai and Shenzhen 300 Index. The CSI 500 Index does not include the constituent stocks of the CSI 300 Index, that is, there is no intersection between the constituent stocks of the CSI 500 and the CSI 300 Index.
2. Market value distribution. 50% of the stocks in the Shanghai Stock Exchange are super-large market capitalization stocks, with an average market capitalization of over 654.38 billion yuan. The core range of the market value distribution of the constituent stocks of the CSI 500 Index is 654.38+00 billion? 30 billion, mainly medium-sized stocks. The constituent stocks of the Shanghai and Shenzhen 300 Index are mainly medium and large-cap stocks. In short, the order of average market value is as follows: SSE 50> CSI 300> CSI 500. 3. Industry distribution. The constituent stocks of the SSE 50 Index are concentrated in the financial sector, and non-bank financial and banking stocks account for more than 65% of the SSE 50. The constituent stocks of the Shanghai and Shenzhen 300 Index are mainly concentrated in cyclical stocks such as finance and manufacturing, among which the financial sector has the largest weight, accounting for 36%. The industry distribution of CSI 500 index stocks is relatively uniform, and there is no case that the weight of a single industry exceeds 10%. The two industries with the greatest weight are pharmaceutical biology 9. 17% and real estate 8.89%. In short, the order of industry dispersion is: CSI 500 > CSI 300 > SSE 50.
4. Index valuation. The valuation of SSE 50 index has been at a low level for a long time, which is mainly reflected in the characteristics of value stocks. The valuation of CSI 500 is significantly higher than that of SSE 50 and CSI 300, which is mainly reflected in the characteristics of growth stocks. The Shanghai and Shenzhen 300 Index is somewhere in between. In short, the order of index valuation is: CSI 500 > CSI 300 > SSE 50.
5. resist manipulation. Index anti-manipulation can be measured by the impact cost index, which is mainly affected by market size, concentration of constituent stocks and other factors. After calculation, the order of index anti-manipulation is: Shanghai and Shenzhen 300> CSI 500> SSE 50.
Judging from the impact of the listing of new varieties on the market, after the listing of 10 Shanghai and Shenzhen 300 stock index futures in April, the index has been greatly adjusted. At this point, the market has produced the view that the listing of short-selling tools will lead to a decline in the market. But is this really the case? To this end, we have counted the performance of the securities indexes in the major capital markets around the world before and after the listing of stock index futures. The results show that after the first stock index futures product is listed, most indexes show a rise before the launch and a short-term decline after the launch. In the medium and long term, the trend of the index is more differentiated, which mainly depends on the overall fundamentals of the securities market. Combined with the actual situation in China, the listing of Shanghai and Shenzhen 300 stock index futures has been basically confirmed? Up before listing, down after listing? Conclusion. However, when it comes to SSE 50 and CSI 500 stock index futures, it cannot be directly concluded that the index will definitely fall in the short term. A typical example is that after the SSE 50ETF option was listed, both the call option and the underlying ETF recorded a considerable increase.
The relationship among the three futures index varieties in China.
The relationship between the three varieties of futures refers to the following five aspects:
1. Exponents. The 50 stocks with the largest market value among the Shanghai and Shenzhen 300 stocks are selected as the 50 constituent stocks of the Shanghai Stock Exchange 50 Index, that is, the constituent stocks of the Shanghai Stock Exchange 50 Index are completely included in the Shanghai and Shenzhen 300 Index. The CSI 500 Index does not include the constituent stocks of the CSI 300 Index, that is, there is no intersection between the constituent stocks of the CSI 500 and the CSI 300 Index.
2. Market value distribution. 50% of the stocks in the Shanghai Stock Exchange are super-large market capitalization stocks, with an average market capitalization of over 654.38 billion yuan. The core range of the market value distribution of the constituent stocks of the CSI 500 Index is 654.38+00 billion? 30 billion, mainly medium-sized stocks. The constituent stocks of the Shanghai and Shenzhen 300 Index are mainly medium and large-cap stocks. In short, the order of average market value is as follows: SSE 50> CSI 300> CSI 500.
3. Industry distribution. The constituent stocks of the SSE 50 Index are concentrated in the financial sector, and non-bank financial and banking stocks account for more than 65% of the SSE 50. The constituent stocks of the Shanghai and Shenzhen 300 Index are mainly concentrated in cyclical stocks such as finance and manufacturing, among which the financial sector has the largest weight, accounting for 36%. The industry distribution of CSI 500 index stocks is relatively uniform, and there is no case that the weight of a single industry exceeds 10%. The two industries with the greatest weight are pharmaceutical biology 9. 17% and real estate 8.89%. In short, the order of industry dispersion is: CSI 500 > CSI 300 > SSE 50.
4. Index valuation. The valuation of SSE 50 index has been at a low level for a long time, which is mainly reflected in the characteristics of value stocks. The valuation of CSI 500 is significantly higher than that of SSE 50 and CSI 300, which is mainly reflected in the characteristics of growth stocks. The Shanghai and Shenzhen 300 Index is somewhere in between. In short, the order of index valuation is: CSI 500 > CSI 300 > SSE 50.
5. resist manipulation. Index anti-manipulation can be measured by the impact cost index, which is mainly affected by market size, concentration of constituent stocks and other factors. After calculation, the order of index anti-manipulation is: Shanghai and Shenzhen 300> CSI 500> SSE 50.
Judging from the impact of the listing of new varieties on the market, after the listing of 10 Shanghai and Shenzhen 300 stock index futures in April, the index has been greatly adjusted. At this point, the market has produced the view that the listing of short-selling tools will lead to a decline in the market. But is this really the case? To this end, we have counted the performance of the securities indexes in the major capital markets around the world before and after the listing of stock index futures. The results show that after the first stock index futures product is listed, most indexes show a rise before the launch and a short-term decline after the launch. In the medium and long term, the trend of the index is more differentiated, which mainly depends on the overall fundamentals of the securities market.
Combined with the actual situation in China, the listing of Shanghai and Shenzhen 300 stock index futures has been basically confirmed? Up before listing, down after listing? Conclusion. However, when it comes to SSE 50 and CSI 500 stock index futures, it cannot be directly concluded that the index will definitely fall in the short term. A typical example is that after the SSE 50ETF option was listed, both the call option and the underlying ETF recorded a considerable increase.