According to American standards in mature markets, broad-based index has the following characteristics:
Shanghai and Shenzhen 300 refers to the index composed of 300 constituent stocks with the best liquidity and the largest scale in the Shanghai and Shenzhen markets, and the funds following this index become the Shanghai and Shenzhen 300 index funds. The industry distribution is relatively balanced, basically including first-and second-tier blue chips in various industries, accounting for about 57% of the market value.
In the A-share market, the index composed of 500 stocks with market value after the Shanghai and Shenzhen 300, and the fund that also tracks the index becomes the CSI 500 index fund, accounting for about 15% of the market value.
Hang Seng SOEs refer to the performance of large-scale H shares listed on the Hong Kong Stock Exchange. The maximum weight of the financial industry exceeds 70%, the weight of energy exceeds 10%, and the weight of other industries exceeds 10%. On the whole, China is the main state-owned super-large central enterprises, mainly in energy and finance, such as China Petroleum.
Nasdaq 100 refers to the 100 company with the highest market value among all companies listed on NASDAQ in the United States, and the fund tracking this index becomes the NASDAQ index fund. The companies with the highest proportion are well-known top technology companies in the world, such as Amazon, Microsoft, Apple, Google and Facebook.
If I were you, I would allocate 40% CSI 300, 40% CSI 500, and the remaining 20% Nasdaq 100. As for the Hang Seng Index of state-owned enterprises, I gave it up directly. Note: CSI 500 and NASDAQ 100 will be adjusted in stages according to the overall valuation of the two markets, and will not always maintain the same allocation ratio. For example, at present, I think the valuation of NASDAQ 100 is on the high side, and the configuration will be greatly reduced.
The reason is:
1. The reason why Hang Seng State-owned Enterprises are not allocated is because the CSI 300 Broad Base almost contains the constituent stocks of Hang Seng State-owned Enterprises. If allocated, it will obviously be duplicated and does not meet the definition of portfolio investment.
2. The allocation weight of CSI 300 is the largest, because CSI 300 has delineated almost all well-known domestic large companies and industry leaders, and there is no lack of growth. For example, Hengrui Pharma, the first Haitian flavor industry in soy sauce, is the leading pharmaceutical company. These companies have withstood the test of capital market and actual operation, and are basically trustworthy, which is the cornerstone of the entire portfolio.
3. CSI 500 is a group of listed companies that may become industry leaders in the future, but are still in the growth stage, occupying a leading position in their respective sub-industries.
4. Nasdaq 100 is simpler. No matter how evil the United States is, the objective fact is that Nasdaq is indeed the market with the highest scientific and technological content in the world at present and represents the future economic development direction. But these companies are also the most likely to go bankrupt in the future.
In a word, Shanghai and Shenzhen 300 guarantees basic income, CSI 500 enjoys growth, and Nasdaq 100 attacks, which is the key to obtaining excess income.
What do you often hear about "wide base" and "narrow base"?
In the article "Active Fund vs Passive Fund", we mainly mentioned index funds. The so-called "index fund" refers to a passive fund that chooses the same asset allocation method to invest according to the proportion of constituent stocks of the selected index in order to obtain the income synchronized with the broader market.
For investors, the advantage of index funds is that they are widely dispersed and have the lowest combination adjustment cost and transaction cost.
Before investing in index funds, we have to face two concepts-broad base index and narrow base index.
Broad base index and narrow base index are a set of relative concepts.
1 broad base index Generally speaking, the broad base index refers to a fairly representative index fund, covering a wide range of constituent stocks, generally including many industries, such as the well-known Shanghai Composite Index, the Shanghai and Shenzhen 300 Index, the China Securities 500 Index, and the Growth Enterprise Market Index. Based on this feature, the number of constituent stocks of broad-based index is often large, the weight of a single stock is low, and the investment target is wider.
Shanghai Composite Index: It includes all stocks listed on the Shanghai Stock Exchange, including A shares and B shares, reflecting the price changes of stocks listed on the Shanghai Stock Exchange. It was officially released from July 199 1 to July 15. The Shanghai Composite Index is usually called a barometer of the A-share market, but because of the large number of stocks it covers, it has not participated as the underlying index in fund products.
Shanghai and Shenzhen 300 Index: It is the weighted average of the 300 largest and most liquid stocks selected from Shanghai and Shenzhen stock markets, and it is re-selected twice a year, so the Shanghai and Shenzhen 300 Index mostly reflects the market level of large-cap blue-chip stocks.
CSI 500 Index: Excluding the sample stocks of CSI 300 Index and the top 300 stocks with average daily market value in the latest year, the remaining stocks are sorted from high to low according to the average daily turnover in the latest year (since the listing of new shares), excluding the bottom 20% stocks, and then sorting the remaining stocks from high to low according to the average daily market value, and selecting the top 500 stocks as the sample stocks of CSI 500 Index to comprehensively reflect the small-cap companies in Shanghai and Shenzhen stock markets.
Growth enterprise market index: select some constituent stocks for calculation, and select 100 sample stocks as the index target. The sample selection index is the ratio of the average circulating market value to the average transaction amount within six months, which reflects those entrepreneurial enterprises, small and medium-sized enterprises and high-tech industrial enterprises with short establishment time and small capital scale.
2 The narrow base index is compared with the more comprehensive and diversified broad base index. The so-called narrow-base index refers to some related indexes focusing on specific strategies, styles, industries and themes of investment. The index style is very distinctive, so people can know at a glance what kind of industry or theme the constituent stocks are. Because only relevant industries or themes are selected, other stocks are excluded, so its optional range is relatively small, so it is also called narrow base index.
Common narrow-base indexes such as CSI industry index, CSI style index, CSI theme index, CSI strategy index, etc. Specific examples are: CSI Energy, CSI Consumption, 300 Growth, 300 Value, CSI Dividend, Fundamental 50, etc.
3 wide base or narrow base understand the difference between wide base index and narrow base index. Many friends will definitely ask, when it comes to investment, how should we choose?
The answer is symptomatic choice.
The so-called "symptomatic" refers to your own investment purpose or investment demand.
Judging from the properties of broad base index and narrow base index, broad base index is mostly suitable for fixed investment or long-term holding, while narrow base index is suitable for irregular and non-directional investment with certain timing and fundamental judgment.
For example, the SSE 50 index in the broad-based index is composed of 50 most representative stocks with large scale and good liquidity in Shanghai stock market. The industries are concentrated in industries with relatively stable valuation, high dividend ratio and high safety margin, such as banks, insurance, brokerages, petroleum and petrochemical, real estate and so on. Funds represented by the above 50 high-quality index are often suitable for long-term holding or fixed investment.
The semiconductor industry, which has been sought after by investors in recent two years, has strong short-term explosive power and good sustainability, and is more suitable for holding irregularly according to the timing and industry prosperity, and enjoying the absolute and excess returns of this industry compared with other industries.
For investors who want to be "lazy" investors, broad-based index funds are often an excellent choice; For friends who like to study industry direction, policy hotspots and even stock/industry fundamentals, they can easily invest in narrow-base index funds on a certain professional basis.
Broad-based index: Generally speaking, broad-based index refers to a fairly representative index fund, and its constituent stocks cover a wide range, generally including many types of industries, and most of them are leading enterprises in this industry. For example, the well-known Shanghai Composite Index, Shanghai and Shenzhen 300 Index, China Securities 500 Index, Growth Enterprise Market Index, etc. Based on this feature, the number of constituent stocks of broad-based index is often large, the weight of a single stock is low, and the investment target is wider. The broad-based index is mainly relative to the narrow-based index, which is mainly aimed at investment policies, whether long-term or short-term.
There are two criteria for broad-based index: broad-based index is defined as: 1. Including 10 or more stocks; 2. The weight of a single constituent stock shall not exceed 30%; 3. The cumulative weight of the five stocks with the greatest weight shall not exceed 60% of the index; 4. The cumulative average daily trading volume of the constituent stocks with average daily trading volume in the latest quarter exceeds USD 50 million, and the index contains at least 15 stocks, exceeding USD 30 million;
The broad base index can also be defined as: 1. Including 9 or more stocks; 2. The weight of a single constituent stock shall not exceed 30%; 3. Each constituent stock is a large-cap stock (ranked in the top 500 by market value and average daily turnover). An index that does not meet the above two conditions is considered as a narrow base index, and the narrow base index and single stock futures are defined as stock futures, which are jointly supervised by CFTC and SEC.
The specific configuration also depends on your focus, whether to pay more attention to robustness or growth, or to give consideration to both robustness and growth. If you pay attention to stability, you can choose the SSE 50 Index, whose constituent stocks are the 50 most representative stocks with large scale and good liquidity in Shanghai. Industries are concentrated in industries with relatively stable valuation, high dividend ratio and high margin of safety, such as banking, insurance, brokerage, petroleum and petrochemical, real estate and so on. Funds represented by the above 50 high-quality index are often suitable for long-term holding or fixed investment.
If growth is considered, the scope can be extended to CSI 500 Index, CSI 300 Index and GEM Index. If conditions permit, it can even be extended to Hang Seng Index, Nasdaq 100 Index and Standard & Poor's 500 Index.
Broad-based index is divided into market value-weighted index fund and strategy-weighted index fund according to market value weight and strategy weight. So what is the market value weight? What is strategy weighting? The market value weight is easier to understand, that is, the larger the stock size, the higher the weight. Strategic weight is to determine the weight of individual stocks in other ways, also called Smart-Beta index. Usually, some investment strategy will be adopted to select stocks, and stocks will no longer be selected according to the market value of listed companies. Common strategic weight indexes include dividend index, fundamental index, value index and low volatility index. Strategic weighted index funds may have better returns, but they can't carry too much money, and they are small and beautiful varieties.
Only make a fixed investment in broad-based index funds? If it is broad-based index fixed investment+industry fund timing, it will be a better optimization of portfolio allocation. It is suggested that if it is an optimized portfolio, 30%-40% of the positions will be used for the fixed investment of the Shanghai and Shenzhen 300 Index Fund, which will be divided into 36 periods and will be fixed every month. Industry index funds are analyzed and laid out according to the development of industry themes in the market. It is suggested that each industry should allocate positions in a timely manner according to market conditions. The overall industry theme configuration is more appropriate in 2-3.
You need to choose according to your risk preference:
Growth enterprise market is equivalent to a pancake stall on the street. When the business is good, it is not difficult for the revenue to rise from 1 10,000 to 20,000. But when you are unlucky, you may be taken away by the city management and the car. This is highly unstable and risky.
CSI 500 is like a roadside restaurant. When business is good, it is not difficult for the revenue to rise from 65438+ 10,000 to1.5,000. But when you are unlucky, you may be suspended for some problems. Although there will be fluctuations, at least one storefront will be left, so it won't be all over the place. This is highly unstable and risky.
Shanghai and Shenzhen 300 is like a three-star hotel alliance in the city. When the business is good, the revenue rises from 1 10,000 to1.20,000, which is not bad. Even if you are unlucky, the situation will be better than street stalls or shops. At the same time, it has certain growth and stability.
SSE 50 is like the top five-star hotel in this city. It has basically reached the peak in reaching customers, and it is unlikely that the performance will increase significantly. The increase in revenue from 5 million to 5.5 million is a good growth. Hotels of this level can borrow money from banks even if they encounter some problems, and their stability is greater than their growth.
Let's make a ranking according to the characteristics of these four indicators:
Growth: GEM > CSI 500 > CSI 300 > SSE 50 \ Stability: SSE 50 > CSI 300 > GEM.
Finally, suggestions: when the market temperature is similar, choose your favorite style, and when the temperature difference is large, choose a relatively underestimated style.
Whether to make a fixed investment, first understand the applicable conditions of fixed investment:
1) index is at a low level, although I don't know how much it will be, but the significance of fixed investment is to dilute the cost;
2) Short positions in the market may continue to decline;
2) If you buy a fund through salary, you can only make a fixed investment every month.
Fixed investment generally takes one to two years as a cycle, with a fixed monthly share.
Let's take the entrepreneurial edition as an example. On June 20 17, it was found that it entered the empty warehouse again. Judging from the historical performance, the P/E ratio of GEM at this time is lower than the historical median, which means it is underestimated. At this time, it is the best time to start a fixed investment. Set a 2-year cycle and invest equally every month. After 20 18, it was found that the decline began to accelerate. At this time, we should speed up the purchase. Originally expected to run out of bullets in two years, it should run out in one and a half years now. After re-adjusting the rhythm, we will continue to vote.
Because the market is uncertain, you know it is undervalued, but you don't know how deep and how long it will fall. At this time, you need to share the cost with the strategy of fixed investment. Therefore, fixed investment is the best strategy at this time.
Now the market is obviously doing more. Judging from the historical price-earnings ratio of All-A, it is also around the median, neither high nor low. At present, the SSE 50, SSE 300 and GEM indexes are all divided with a standard deviation of about 50%. The standard deviation of Hang Seng State-owned enterprises is 64%, which is slightly higher and should be eliminated. At present, only the CSI 500 index is relatively undervalued, and it only outperforms its own history by 23%, which is divided into 23% standard deviation.
Therefore, it is definitely not worthwhile to start a fixed investment now. It is very likely that you just started to vote for the index, and the index went up again. What should be done now is asset allocation.
Divide your assets into two parts, each accounting for 50%. The first one is to do this: 40% GEM index, 40% CSI 500 index and 20% CSI 300 index. The second allocation is as follows: 40% ultra-short debt, 40% money fund and 20% gold ETF fund.
In this way, the strategy of advancing, attacking and retreating has been formed. Why not configure SSE 50, because there are many big banks in it, and bank profits will be compressed in the low interest rate cycle, and unless there is a big bull market, it is difficult for bank stocks to rise sharply.
Finally, I will give you a 20 14 growth enterprise market trend chart. The situation now is very similar to that at that time.
20 14, 1 hit a new high, and then call back, 20 14, 12 hit a new high, or call back, and hit a new high at the end of 20 15, so you won't be given the chance to get on the bus again. So don't make a fixed investment now, just sit on the ground and start configuration. If the index is adjusted back, it is time for you to redeem the bond money fund and increase the allocation of stock funds!
Due to the dynamic nature of China's securities industry. That is the broad-based index of the market, the Shanghai and Shenzhen 300. In the small and medium-sized board, CSI 500. And the Growth Enterprise Market. Do a spin. Then this year and the second half of last year are CSI 500 and Shenzhen Component Index. A small bull market on the growth enterprise market. For SSE 50 and CSI 300, the trend is obviously in a small bear market. Far weaker than the above three broad-based indices. When you make an investment, you must follow the characteristics of China plate rotation.
Broad-based index,
Representatives of 300 and 30% large companies in Shanghai and Shenzhen.
Representatives of CSI 500 and 20% medium-sized growth companies
Hang Seng State-owned Enterprises, representatives of large quality companies with 20% Hang Seng Index listed in Hong Kong.
Nasdaq 100, 20% representatives of overseas technology companies.
Plus 10% China has about Internet company representatives.
Please give reasons for the proportion of fixed investment and the number of bottom warehouses.
Underestimate the bottom position by 30%, and other remaining positions are fixed.
Thank you for inviting me, such as the broad-based index SSE 50, CSI 300 and CSI 500. Pick any one. I like SSE 50.
Nasdaq deserves less. The reason is also very clear. With the end of the epidemic, the economic growth of the United States will decline this year.
Germany's index is still worthy of attention.
Suggested operation plan. The premise is that the spare money that can't be used up in three or five years. For the long-term optimistic index, buy the bottom position first, and the rest of the money is divided into 10 shares. This 10 point is to deal with the decline. Add positions after the plunge. Make your own trading plan. Profit 12- 15%. Don't sell the bottom layer, continue the second round. Make your own trading plan, don't add positions before falling, and wait until there is no bullet when it falls sharply. Personally, investment accounts for 50% of your assets.
How to configure broad base index
Judging from the ecological changes in the market, head companies will be more popular. It is a high probability that the strong will be strong and the winner will take all. The future is bound to be an index bull market, so it is also the right choice to allocate funds based on broad base.
Allocation suggestion: Shanghai-Shenzhen 300 Index accounts for 50% (163407), NASDAQ can allocate 20%, other suggested medical funds allocate 20% (00485 1 Guangfa Medical, 003096 CEIBS Medical can choose one), and finally 10% can allocate 00.
Allocation logic: The best investment opportunity in the future is still in China, so the Shanghai-Shenzhen 300 Index with the most head companies and the best liquidity accounts for 50% of the positions. The allocation refers to the allocation of top technology companies in the United States, and the medical fund is to cope with the aging of China. Harvest Global Internet is only a more robust global Internet fund than China Unicom (5 13050).
The above refers to the distribution on the basis of existing funds. If the monthly fixed investment is based on wages, it is recommended to invest only in the Shanghai and Shenzhen 300 Index. If the capital is small, you can only focus on the main line. Fixed investment may not be fixed for one day every month, but you can take the initiative to buy at the low point of the month through the trend chart of index funds, and you can increase your position appropriately in case of a big drop or continuous decline for several days. Fund allocation is held for a long time, and sometimes you may not see much income in the short term. Consider it a deposit. If you keep a good attitude, you will be enriched in the end.