How to evaluate whether a broad-based index has investment value? We have a detailed understanding from the following four aspects.
The first step is to know the compilation information of the corresponding index.
Knowing the compilation information of the index is the first step before buying the index fund, and the compilation scheme is easy to find. If the index is compiled by China Securities Index Company, the corresponding index compilation scheme can be found in official website, China Securities Index Company; if the index is compiled by Shenzhen Securities Information Company, the corresponding index compilation scheme can be found in official website, China Securities Index Company.
By compiling the scheme, we can know the index code, the frequency of position adjustment and the weighting method of the index.
Taking the Shanghai and Shenzhen 300 Index as an example, it is enough for us to learn the following three information about the Shanghai and Shenzhen 300 Index from the compilation plan:
First, the method of sample selection
According to this sampling method, it is basically to select the 300 stocks with the largest A-share market value. You should know that the Shanghai and Shenzhen 300 Index you bought is to buy the 300 listed companies with the largest market value in the whole market.
Second, the market value weighting method
It is a bit difficult to understand that the Shanghai and Shenzhen 300 adopts free circulation and grading. Simple understanding is one of the market value weighting methods. Generally speaking, the greater the market value of free circulation, the higher the weight.
Third, the frequency and quantity of warehouse adjustment.
Under normal circumstances, the CSI Index Committee meets in May and late June, June165438+1October, and the sample stocks of the CSI 300 Index are adjusted on the next trading day on the second Friday of June and June 65438+February respectively.
When adjusting the index samples regularly, the number of adjustments each time is generally not more than 10%.
The second step is to analyze the market value industries and the top ten heavyweights.
By analyzing the market value of the index, we can know the total market value of the total number of index stocks and the average market value of individual stocks. From the historical data, it is not difficult to find that the CSI 300 is the index of large-cap stocks.
Analyze the industry distribution of the index. These data can be found in some specialized data software libraries, such as wind database software.
From the perspective of industry weight, the financial sector accounts for the largest proportion in the Shanghai and Shenzhen 300 Index, reaching 34%, of which non-bank finance, including securities, insurance and banking sectors, accounts for 17%.
Simply put, if the financial sector performs well on a certain day, then the contribution to the Shanghai and Shenzhen 300 Index on that day will be great.
The third step is to understand the historical trend of the index.
We can find other people's reports online, or we can input the index code into the quotation software ourselves, export the closing point data of the index, and then compare it with other indexes to understand the historical trend of this index.
Help you know under what circumstances this index will perform better, or take the Shanghai and Shenzhen 300 Index as an example. As can be seen from the data, the yield of the Shanghai and Shenzhen 300 Index in the bull market is considerable.
The fourth step is the value analysis of the index.
The valuation of common indexes includes price-earnings ratio, price-to-book ratio, return on net assets and dividend yield, which are all information reflecting the valuation level of an index, and price-earnings ratio is the most commonly used valuation index.
P stands for market value, e stands for company profit index, and PE is the total market value of index constituent stocks divided by the total profit of constituent stocks.
Generally speaking, P/E ratio is divided into static P/E ratio, rolling P/E ratio and dynamic P/E ratio.
Static P/E ratio refers to the net profit of the previous year, rolling P/E ratio refers to the net profit of four quarterly financial reports, and dynamic P/E ratio refers to the forecast. The company's second-year net profit usually rolls to the market profit, and the rolling P/E ratio is used more.
I hope the above contents are helpful to you.