The trading volume of eight CSI A50 ETFs exceeded 6 billion yuan on the first day of listing
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Following the Morgan CSI A50 ETF and Ping An CSI A50 ETF, on March 18, the CSI A50 ETF owned by eight public fund companies including E Fund, Harvest, and Huatai-PineBridge were also officially listed for trading. Wind data shows that as of the close of the day, the CSI A50 Index rose 0.74%, and the total transaction volume of the eight CSI A50 ETFs listed in the centralized market exceeded 6 billion yuan. Industry insiders said that the release of CSI A50 index products will help guide funds to further invest in A-share core assets, attract medium and long-term funds to enter the market, and will also facilitate investors to allocate high-quality leading companies in various industries with one click.
The first batch of CSI A50 ETFs are all listed
Since the launch of fundraising, the CSI A50 ETF products of various fund companies have received enthusiastic subscriptions from market funds. After being listed for trading, each product is currently showing active trading. Specifically, as of the close of trading on March 18, Dacheng CSI A50 ETF took the lead, with a turnover of over 1.3 billion yuan; Huatai-PineBridge CSI A50 ETF, and ICBC CSI A50 ETF followed closely, with a turnover of over 800 million yuan; The turnover of the CSI A50 ETF under Yinhua Fund and Harvest Fund was around 600 million yuan. Previously, the cumulative trading volume of Morgan CSI A50 ETF also reached 1.55 billion yuan in just 4 trading days after its listing, with the average daily trading volume exceeding 380 million yuan.
Public information shows that in early January this year, the CSI A50 Index was officially released, and 10 public fund companies immediately applied for related products and were quickly approved; on February 19, 10 public fund companies announced the sale of their A50 ETFs; on March 1, The first batch of 10 CSI A50 ETFs has been raised, with the cumulative issuance share exceeding 16 billion.
According to CSI Index Co., Ltd., the CSI A50 Index uses the securities of leading listed companies in various CSI three-level industries as candidate samples, and then selects 50 securities as index samples from high to low according to free float market value, and maintains a single second-level At least one company in the industry is selected. The industry distribution of the index samples is relatively balanced, covering a total of 30 CSI secondary industries and 50 CSI tertiary industries. While maintaining the attribute of “large market capitalization”, it also includes more leading companies in the new economic field to facilitate investors’ “one-click” “Configuring” the most representative high-quality leading enterprises in various industries.
It is worth noting that the index sample selection also introduces elements such as ESG sustainable investment concepts and interconnection screening to facilitate the allocation of A-share core assets by domestic and foreign medium- and long-term funds. For example, the index selection method eliminates the securities of listed companies with CSI ESG evaluation results of C and below, which helps reduce the probability of major negative risk events in the sample. More than 80% of the samples have ESG ratings of A and above, which better protects the rights and interests of investors. . CSI Index Co., Ltd. also stated that the performance of the product index samples in terms of profitability, growth and other fundamental dimensions ranks among the best in various industries. Among them, nearly half of the samples have a return on net assets ranking in the top 10% of the same industry, and nearly four The revenue growth rate of the completed sample in the past ten years ranks in the top 10% of the same industry.
The fundamentals of the CSI A50 index samples are also excellent overall. The characteristics of high dividends are more eye-catching, which is more consistent with the medium and long-term capital investment style. As of the end of 2023, the average dividend rate of the index was 2.7%, and the average dividend payout rate for fiscal year 2022 was 42.4%, both significantly higher than the overall market level.
Conducive to attracting medium and long-term funds to enter the market
Industry insiders believe that the release of CSI A50 index products will help guide funds to further invest in A-share core assets, share the development results of leading listed companies, and attract medium and long-term funds to enter the market. For investors, they can allocate high-quality leading companies in various industries with “one click” to increase their investment convenience.
CDB Securities believes that the CSI A50 Index has filled the gap in the 50 index in the entire market and further enriched the establishment of the index system. CITIC Securities stated that the constituent stocks of the CSI A50 Index cover leading A-share listed companies, introduce ESG, interconnection and other standards for screening and have a balanced industry layout, which can comprehensively reflect the core assets of the A-share market and the overall performance of the most representative leading companies. The current dynamic price-to-earnings ratio of the CSI A50 Index is at a historically low level, and the index performance is expected to benefit from the turning point of global liquidity and the domestic economic recovery process. From an allocation perspective, the CSI A50 Index has more distinct core asset attributes than the CSI 300 Index and is a good tool for building style allocation strategies.
In the view of Harvest CSI A50 ETF fund manager Shang Ke, the current economy is still in the recovery stage, and policies to stabilize growth are expected to be stepped up in the later period. At the same time, after nearly three years of adjustments, combined with low equity market valuations and loose overseas liquidity expectations, the large-cap growth style allocation represented by CSI A50 has become more cost-effective. Han Xiuyi, fund manager of Morgan CSI A50 ETF, also said that after a period of adjustment, the valuation of A-share core assets may have reached a historical bottom area. In the future, more funds are expected to flow into the market through broad-based ETFs. The CSI A50 Index is expected to become the “new business card” of A-shares. While enhancing the pricing capabilities of A-share core assets, it will also become another important way for domestic and foreign funds to allocate A-share core assets. target.
China Securities Index Co., Ltd. said that as the construction of the multi-level capital market system continues to improve, the concept of passive investment has further gained popularity, the development of domestic index investment has entered the fast lane, and index products have continued to receive net inflows of funds, gradually becoming an important foundation for the market. Tools and sources of living water. In recent years, CSI Index Co., Ltd. has continued to enrich the broad-based index system and continue to provide high-quality index supply to guide medium and long-term funds to enter the market. As of the end of December 2023, the scale of public offering products of the CSI A-share cross-market broad-based index series will be tracked has exceeded 600 billion yuan.
The ETF market continues to expand
Wind data shows that as of press time, more than 20 ETF products have had net inflows of more than 1 billion yuan this year. The top three are E Fund CSI 300 ETF, Huatai-Berry CSI 300 ETF and Harvest CSI 300 ETF. The net inflows this year have been The inflow amount has reached tens of billions of yuan, and the net inflow amount of ChinaAMC CSI 300 ETF and Southern China Securities 500 ETF this year has also exceeded tens of billions of yuan. However, there are also some ETF products with negative net inflows, mainly themed index ETFs.
It is worth mentioning that as of March 12, the management scale of Huatai-Berry CSI 300 ETF has exceeded 200 billion yuan. Looking back at the changes in its management scale, Wind data shows that as of the end of 2019 and 2020, the fund’s management scale was less than 50 billion yuan; and as of the end of the third quarter of 2023, the fund became the first ETF product on the market to exceed 100 billion; as of At the end of 2023, its management scale reached 131.087 billion yuan.
As of press time, there are more than 900 ETF products in the market, including more than 700 stock ETFs. Wind data shows that based on the current disclosure situation, there are still 20 ETF products being issued. Currently, China Asset Management ranks among the top in number and scale of ETFs managed. The company has 85 ETF products with a cumulative scale of over 400 billion yuan. Followed closely are E Fund, Huatai-PineBridge Fund, Huabao Fund, Yinhua Fund, etc., with relevant management scale exceeding 100 billion yuan.
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