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What is winning the 300 index?
At present, institutional investors are becoming the mainstream investors in the domestic A-share market, and securities investment funds have made great progress, from the initial closed-end funds to open-end funds, and then to the rapidly developing index funds, which reflects an overall context of the development of the fund market. As an important member of domestic fund management companies, Great Wall Fund Management Company has just been officially authorized by CITIC Securities and Standard & Poor's to launch index funds based on CITIC Standard & Poor's 300 Index, thus becoming one of the few fund management companies investing in index funds in the mainland market.

Looking back on the development history of international index funds, since it originated in the United States in the 1970s, the investment model of index funds has developed vigorously in developed capital markets such as the United States and Britain, and now it is also developing rapidly in Europe and emerging markets. Index funds are becoming a widely recognized investment method for investors. Index funds adopt passive investment mode, choose a stock index as the investment target, construct the same investment portfolio as the target index constituent stocks in the investment process, and track the index.

The success of index fund comes from its effective risk control, low transaction cost and management cost, and the fairness and objectivity of fund evaluation. Generally speaking, the performance of passive investment funds is usually higher than that of active investment funds. According to global statistics, during the period from 1977 to 1999, the return rate of global index funds is better than that of 70% active investment funds. At present, the stock assets of indexed investment account for about 12% of the stock assets of American institutional investors. In addition, low management fees and investment costs are also important reasons why index funds are widely favored by investors. Because index funds mainly track the target index after opening positions, management fees, custody fees, subscription fees and redemption fees are generally lower than those of ordinary stock funds. The annual management fee of index funds is generally lower than 1%, which is lower than that of general equity funds 1/3. Custody fee is 0.20%, which is lower than 0.25% of common stock open-end funds 1/5. Obviously, while investors share the stock growth, index funds can enjoy more favorable rates. Therefore, for most institutions and investors, investing in low-cost index funds is the best way to invest in stocks. Because index funds adopt the investment strategy of buying and holding, the transaction cost of buying and selling securities is much lower than that of active investment funds.

Judging from the experience of international mature markets, whether the macro-economy and securities market represented by the index can operate healthily and whether the financial situation of listed companies covered by the index is good is an important prerequisite for the existence and effective operation of index funds. As far as the Chinese mainland market is concerned, the basic conditions for launching index funds have been met. The sustained economic growth of China in the future is the most powerful guarantee for the development of the securities market, and a good macroeconomic foundation is the basic condition for index funds to obtain long-term stable returns. At the same time, after more than ten years of development, China's securities market has entered a stage of sustained and rapid development, which can fully share the fruits of macroeconomic development and has the unique high growth characteristics of the vast number of emerging markets. The demand of individual residents and insurance funds for index funds also provides a broad development space for China to vigorously develop index funds.

For index funds, a good index target is the most important factor for the success of fund investment. The cumulative rate of return of the index, the profitability of sample stocks, operating performance and liquidity are important factors in selecting the underlying index. China's stock market includes two exchanges, Shanghai and Shenzhen. The comprehensive index launched by a single exchange can only reflect the trend of a single exchange and cannot reflect the overall situation of the domestic A-share market. For this reason, CITIC Securities released the CITIC Index Series as early as 65438+20001October 4, and its main index, CITIC Index, selected large-cap stocks in Shanghai and Shenzhen stock markets as samples, so it can reflect the overall trend of the domestic A-share market and solve the market segmentation problem in domestic index products. On March 1 2004, CITIC Securities and Standard & Poor's jointly launched the first batch of CITIC S&P Index Series, namely CITIC S&P 300 Index and CITIC S&P 50 Index. CITIC S&P 300 Index is the benchmark index, which was reformed from CITIC Index, and adopted the internationally widely used global industry classification standard (GICS) to select China A-share market with large market value, strong liquidity and fundamentals.

Table 1: correlation analysis of citic S&P 300 (2003. 1-2004.3)

Shenzhen Composite Index The Shanghai Composite Index won the bid for the 300 CITIC Composite Index.

Shenzhen Composite Index 1.00

Shanghai Composite Index 0.80 1.00

The bid is 300 0.94 0.95 1.00.

Citic composite index 0.99 0.80 0.93 1.00

It can be seen from table 1 and figure 1 that the correlation coefficient between CITIC S&P 300 index covering sample stocks in Shanghai and Shenzhen stock markets and CITIC Composite Index representing the overall trend of A-share stocks in the whole market is as high as 0.937, so CITIC S&P 300 index can be used as the benchmark index of mainland A-share market.

Figure 2 compares the cumulative yield of CITIC S&P 300 index with other market indexes. It can be seen that in the statistical interval, the cumulative yield of CITIC S&P 300 Index is significantly higher than that of CITIC Composite Index as an overall market indicator, which shows that if the sample stocks of CITIC S&P 300 Index are used as investment targets, their yield will exceed the overall market yield level.

Table 2: Market share of financial indicators of CITIC S&P 300 Index

Market share of CITIC S&P 300

Total assets (100 million yuan) 332,565,438+0 66.1%

Main income (100 million yuan) 122 14 70.63%

Main profit (100 million yuan) 2552 74.29%

Total profit (100 million yuan) 1209 82.02%

Net profit (100 million yuan) 826 8 1.46%

Total dividends (100 million yuan) 363 67.66%

The above table analyzes the proportion of sample shares of CITIC S&P 300 Index in the A-share market from the aspects of total assets, main income, main profit, total profit, net profit and total dividends. As can be seen from the data in the table, these ratio indexes are basically between 60% and 80%, indicating that the sample stocks of CITIC S&P 300 Index can basically reflect the overall situation of domestic A-shares.

Table 3: Profitability of sample stocks of CITIC S&P Index

Citic Standard & Poor's 300 All-Market A Shares

Average net profit (100 million yuan) 2.47 0.8 1

Earnings per share (RMB/share) 0.2 1 0. 16

Net assets per share (RMB 2.7-2.54 yuan/share)

Return on net assets (%) 7.78% 6.30%

Average daily turnover (100 million yuan) 72.34 132.48.

Average daily stock turnover (ten thousand yuan) 24 1 1 1053

The above table analyzes the profitability of sample stocks of CITIC S&P 300 Index. Judging from the average net profit, earnings per share, net assets per share, return on net assets and other indicators, the overall level of CITIC S&P 300 index sample stocks is obviously better than that of A shares in the whole market, indicating that investment in CITIC S&P 300 index sample stocks can obtain higher returns, while judging from the daily average trading volume and daily average stock trading volume in the table, CITIC S&P 300 index has higher liquidity.

It is precisely because CITIC S&P 300 Index can accurately reflect the overall trend of the domestic A-share market in the past, and its sample stocks are superior to the overall level of the whole market in terms of profitability, operating performance and liquidity. In addition, the sample stock coverage of CITIC S&P 300 index fund is the largest among index funds so far, with market value and total market value accounting for 56% and 62% of the whole market respectively, which fully represents the market. Therefore, it is believed that the index fund based on CITIC S&P 300 index will be recognized by the market.