The value of 1 300 is quite coincident with the bank constituent stocks of two index funds of China CITIC Construction Investment Bank. Why do they invest?
2, 300 value can't win the Shanghai and Shenzhen 300?
3. China Securities Bank keeps falling, why do you still invest?
The reason why the 300 value index is selected first is because the 300 value target is the Shanghai and Shenzhen 300 index.
The 300 value is 100 stocks selected from the Shanghai and Shenzhen 300 index, and the 100 stocks with the highest value factor score are used as constituent stocks; The so-called value strategy is to choose stocks according to the valuation values such as P/E ratio and P/B ratio, so it tends to choose varieties with lower P/E ratio and P/B ratio.
The difference between the two: the Shanghai and Shenzhen 300 Index is weighted by market value, regardless of valuation; Value 300 is a low-valued variety selected from Shanghai and Shenzhen 300.
So what is the effect of this 300 value strategy?
Let's compare the historical returns of these two indices:
20 19: CSI 300(36.07%), 300 value (24. 14%)
20 18: CSI 300(-25.3 1%), 300 value (-19.05%).
20 17: CSI 300(2 1.78%), 300 value (32.33%).
20 16: CSI 300(- 1 1.28%), with a value of 300 (-4.74%).
20 15: Shanghai and Shenzhen 300(6.55%), 300 value (4.97%)
Within five years, the return of 300 value is greater than that of Shanghai and Shenzhen 300. If the time is extended for 3-5 years, the return of 300 value is also greater than that of Shanghai and Shenzhen 300.
Therefore, the value of 300 is chosen to replace the Shanghai and Shenzhen 300 Index.
Secondly, the degree of overlap of the bank constituent stocks of the two funds:
Indeed, among the 300 values, the proportion of bank constituent stocks is 48.5%. Why choose CSI Bank Index?
My logic is this:
1, CSI index fund: including 32 listed banking companies including construction, agriculture, industry and communications! Simple logic: choose to deposit money in the bank and get interest; Or buy shares in 30 banks and make a profit from them.
2. At present, the dividend yield of CSI Bank Index is 4.2%, which is better than that of Monetary Fund.
3. As an industry index, the current valuation of CITIC Construction Investment Bank is very low, which is close to the historical bottom area and has the advantage of low price.
As far as the current situation is concerned, compared with other indexes, the valuation is generally normal or high, so CITIC Construction Investment Bank, which is cheap and conservative, is chosen.
The bank index is characterized by defensive investment, not offensive investment. If there are other excellent strategic indexes or industry indexes in the future, such as fundamentals 60, consumption, liquor and medicine, which have cheap buying opportunities, I will choose to replace them.
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Knowledge is wealth.