Recently, the listing of CSI 1 stock index futures and options related contracts triggered the trading of CSI 1 ETFs. The data shows that since mid-July, three CSI 1 ETFs*** in the market have obtained a net subscription of 13.828 billion yuan, and the total scale has soared nearly five times, reaching the latest 16.875 billion yuan. At the same time, four newly issued CSI 1ETF also received 27.5 billion yuan subscription. Why is CSI 1ETF so popular with investors and its scale suddenly increases? Is it still worth investing at present? How to vote for the citizens? Let's analyze it together.
Why is the CSI p>1ETF trading so hot in 1 trading days?
since mid-July, the scale of the three CSI 1ETF has soared, with a total net purchase of 13.828 billion yuan, which has increased the total scale from 2.849 billion yuan on July 15th to 16.875 billion yuan on July 29th, that is to say, the scale has increased nearly five times in just 1 trading days. During this period, the Southern CSI 1ETF obtained the largest subscription scale. Since mid-July, its share has increased by 8.679 billion shares to 11.139 billion shares, and the latest fund size is 11.591 billion yuan, making it the first CSI 1 ETF with a scale exceeding 1 billion yuan. At the same time, the scale of Huaxia CSI 1ETF and Huatai Bairui CSI 1ETF increased by 6.34 billion and 15 million respectively within half a month, and the latest total scale was 5.79 billion yuan and 25 million yuan respectively.
Yu Ji studied and analyzed the reasons for the large inflow of funds. First of all, the CSI 1 Index includes a number of small-cap companies with outstanding growth. Many of them are "specialized and innovative" enterprises, which are in the leading position in the sub-sectors and the company's quality is relatively excellent. Secondly, the mainstream broad-based indices SSE 5, CSI 3 and CSI 5 respectively represent the styles of supermarkets, large markets and medium markets. From the perspective of market value attributes, CSI 1ETF is a good complement to existing investment tools and a good allocation tool in the medium and long term.
Beta Research Institute said that the CSI 1 Index selects 1, smaller and more liquid stocks besides the sample stocks of the CSI 8 Index, which can fully reflect the overall situation of small-cap companies. First of all, from the valuation point of view, the current price-earnings ratio of CSI 1 is 3.73, which is 14.49% of the historical ranking. In an extremely underestimated state, it has the attributes of high growth and low valuation at this stage; Secondly, CSI 1 stock index futures and options have been listed. If investors hold CSI 1 constituent stocks and want to hedge systemic risks, they can choose CSI 1 futures and options to hedge risks. This has also promoted the liquidity of small and medium-sized stocks and increased investors' confidence in the CSI 1ETF.
what is the impact of the upcoming listing of the newly-issued CSI 1ETF with a scale of 27.5 billion yuan?
at the same time, several newly issued CSI 1ETFs have also been actively subscribed by investors. The issuance scales of Guo Fu CSI 1ETF, Huitianfu CSI 1ETF, Guangfa CSI 1ETF and E Fund CSI 1 ETF are 7.95 billion yuan, 3.635 billion yuan, 7.997 billion yuan and 7.924 billion yuan respectively. On August 3rd, Guo Fu CSI 1ETF will be listed.
Sun Guiping believes that the main reason is that there are only three ETFs to track CSI 1, and the total scale is not large. Therefore, the newly issued ETF has been welcomed by investors and raised in a large scale. The total issuance scale of several newly established CSI 1ETF has reached more than 2 billion. "At present, there are 21 ETFs and 23 ETFs tracking CSI 3 and CSI 5 respectively. The recent total scale is 116.2 billion and 57.1 billion respectively, while the free circulation market values of CSI 3, CSI 5 and CSI 1 are 18 trillion, 6 trillion and 6 trillion respectively. It can be seen that the total size of the newly issued CSI 1ETF accounts for a small proportion of the circulating market value of the CSI 1 index. If ETFs are newly added in the same period, incremental funds will have a short-term positive effect on the CSI 1 Index, but the impact is relatively small and unsustainable. "
According to the research, in the short term, the new ETF will bring concentrated capital inflows, which may bring short-term event opportunities to the index. At the same time, a number of CSI 1ETF have been newly issued in the market, and the pace of opening positions is relatively consistent. Since CSI 1 is a small-cap index, the liquidity of constituent stocks is slightly weaker than that of large-cap stocks, and the funds for opening positions may have a certain impact on the index.
is CSI 1ETF still worth investing in?
in fact, the CSI 1 index has risen from the bottom of 5165 on April 27th to the latest 7117. At the same time, Sun Guiping, the CSI 1ETF, said in March < P > that ETF is a tool product that passively tracks the index, and its investment value is mainly determined by the tracked index. Although the CSI 1 index has rebounded strongly recently, its valuation level is still at a reasonably low level, and the CSI 1 index has the characteristics of scattered industries, emphasis on emerging industries and rapid profit growth. It still has long-term investment value. As for the specific choice of ETF, we can comprehensively consider the choice of ETF with small tracking error, good liquidity, low management rate and large scale for investment.
according to Yu's research, the CSI 1 index includes a number of small-cap companies with outstanding growth. Under the background of policy orientation and the continuous efforts of "specialized innovation" and "little giant" enterprises, small and medium-sized stocks have certain long-term allocation value combined with their flexible growth style. At the same time, combined with the current valuation, Wind data shows that the current price-earnings ratio (TTM) of the CSI 1 Index is 3.86, which is 13.28% in the past decade, and the vertical valuation level is at a historical low.
CSI 1 index is the representative of small-cap stocks, which fluctuates greatly. What should people pay attention to when investing? Related questions and answers: How to find stocks that have risen 1 times in 1 years? In addition to the sustained and rapid growth model to create 1 times bull stocks, resource expansion with rising prices is also a more reliable way; Cyclical prosperity and restructuring can also bring about a sharp rise in stock prices in a specific stage, but this exogenous growth model is not the main way. The key is that stocks that have risen tenfold in 1 years have made investors earn a lot of money. It can be said that everyone is very envious of finding such a good investment target. A stock that can rise 1 times will also play a key role in an investor's 1-year investment performance. The famous American investment manager Peter &; middot; In his autobiography "One Up on Wall Street", Lynch said: "In a small portfolio, even if only one stock performs well, it can turn a loss-making portfolio into a profitable one." Therefore, for an ordinary investor, it is of great significance to find 1 times bull stock for its investment results. As we all know, compound interest is the biggest driving force for the stock price to rise. From the American stock market, from 1957 to 22, the annual yield of Buffett's partnership Berkshire Hathaway was about 23.5%, and its book value increased by 14,998 times in 46 years. In the same period, the annual yield of the S&P 5 index was about 9.8%, an increase of about 82 times. It is this 14.7% annual yield gap that leads to the last 1,-fold investment achievement gap. The 1 times bull stock is also created by this continuous high compound growth rate: assuming that the valuation is unchanged, when the annual profit growth rate exceeds 25%, the company's profit and stock price will rise by about 1 times in 1 years. However, the ultra-high-speed growth in two or three years can't create 1 times bull stocks, and only long-term and stable high-speed growth can create a real 1 times bull stocks. Therefore, if you can find a company whose long-term profit grows at an annual rate of more than 25%, you may become one of the greatest investors in 1 years. Three characteristics From the perspective of 1 times of bull stocks in history, these stocks mainly have three characteristics: stable and high-speed performance growth, above-average return on equity (ROE), and industry or industry leader. The reason why the 1 times bull stock became a bull stock is because the company continues to maintain rapid growth and is the champion of long-distance running. The value of the company determines the stock price. In the long run, the market will invest with reference to the growth rate of the company's performance. For companies with high growth rate, the market will give higher expectations, so that the stock price of such companies will increase significantly more than that of companies with low growth rate. The rise of the stock price is the market's expectation of its company's growing income, but the formation of market expectation sometimes takes a long process. It should be noted that once the growth rate of the company's performance slows down obviously, it may mean that there may be some problems in the company's fundamentals, which is often a dangerous signal. Therefore, we should always pay attention to the change of performance growth rate, which may be an inflection point of stock price. ROE level is an important stock selection index. Generally speaking, high-growth bull stocks have a higher ROE level than the industry average. Since ROE represents the company's return on net assets and the efficiency of capital utilization, it can be used to distinguish the good from the bad management level. The connotation of a company that can become a bull stock 1 times must be an enterprising management and a perfect corporate governance structure. The key to the company's sustained and rapid growth is its core competitiveness that is hard to imitate. With sustained growth performance and excellent return on equity, these companies are often the leaders in their industries or industries. Seize the investment opportunity to invest 1 times in bull stocks to get high returns, not only need to choose the right stocks, but also need to buy them at the right time. Too early or too late intervention will bring investment losses. Only when 1 times the bull stock shows the trend of bull stock, can it get perfect income when it loses the trend of bull stock. Therefore, the timing of investing in bull stocks is an important factor for successful investment in bull stocks. In fact, the best time to buy stocks is often when you find stocks with reliable value but low price. You can buy it as long as its share price falls to a reasonable price. The best time is often when the stock market crashes or plummets. If you can be bold and greedy when the market is afraid, you will seize the investment opportunity that you never dreamed of. Of course, the timing of selling is also very important. If the growth stocks are sold too early, they may miss the opportunity of sharp rise in the future. And if a growing company collapses and its income drops sharply, the price-earnings ratio, which was originally driven to a high level by investors rushing to buy, will also drop greatly accordingly, so the opportunity to sell can not be missed.