Shenzhen ETF options "upper new" features distinctive multi -level option product system gradually take shape

Recently, the CSRC announced that it will approve the Shenzhen Stock Exchange Listing GEM ETF options and CSI 500ETF options.

The GEM ETF option is the first ETF option in GEM and the first risk management tool for innovative growth stocks. It has achieved a breakthrough in the "zero" of ETF options in the Shenzhen single market. The CSI 500ETF option is the first option product based on the CSI 500, which is conducive to the risk of market value of small and medium -sized market value in market accurately.

Market participants believe that the innovation and growth of two options products and the characteristics of small and medium -sized market value are prominent, and the overlapping and complementary of existing varieties has formed a diverse and mutually supplementary stock option product system, which can better meet the market diversification risk Management needs also help investors to realize diversified investment strategies. We will enhance market toughness, consolidate the results of GEM reform, improve the domestic derivative system, and enrich the "dual zone" (Guangdong, Hong Kong, Macao Greater Bay Area and Shenzhen Pioneer Demonstration Zone) financial formats). It has positive significance.

New product link index mature and stable

Each market characteristics

This time the two new types of Shenzhen options are linked to the GEM index and the CSI 500 Index. After the launch, the coverage of the market value of Shenzhen City options has increased from 42.77%to 59.69%. Integrity product system with multi -level characteristics of growth, small and medium market value, and blue -chip of the broader market.

The GEM index of the GEM options "Excellent Innovation and High Growth" market characteristics are prominent, with strong market demand, and obvious differences from the characteristics of existing varieties.

First of all, the GEM Index ingredients are 100 high -tech enterprises, strategic emerging industry enterprises and growth innovation and entrepreneurial enterprises with high market value and good liquidity, which reflects the market characteristics of GEM "excellent innovation and high growth". About 90 % of the proportion of index strategic emerging industries and high -tech enterprises, innovative growth characteristics. Secondly, the GEM Index is a mature index that has run smoothly for more than 12 years and the scale of related index funds has reached 26.9 billion yuan (as of the end of August), and risk management needs are strong. Again, the GEM Index and the existing ETF options have a significant difference in the blue chip index style. It can provide investors with more diversified and refined risk management tools, and it can also facilitate investors to build a richer current investment strategy.

CSI 500ETF option linked to the CSI 500 index is well -known, the small and medium market value is obvious, and the existing varieties are complementary.

On the one hand, the CSI 500 Index and the CSI 300 Index did not have a coincidence stock stock, which reflects the market performance of A shares SMEs. At the same time, the index industry is relatively balanced, and the proportion of the weight of the single industry is only 20 %, which brings together leading enterprises such as new materials and semiconductor equipment. On the other hand, the CSI 500 Index has run smoothly for more than 15 years, and the scale of related index funds is 58.1 billion yuan (as of the end of August). After the introduction of options, the CSI 500 Index will form an ecosystem of index funds, futures and options, and the index product ecology will be more mature.

Promote the smooth and healthy development of the market

Consolidate the results of GEM reform

ETF options are risk management tools for mature capital markets and plays an important role in the long -term stable development of the capital market.

The Shenzhen Stock Exchange ETF option began on December 23, 2019. It successfully launched the CSI 300ETF options. After nearly 3 years of smooth operation, the market foundation continued to consolidate, and the market function was steadily exerted. The 500ETF option has laid a solid foundation.

Data show that the operational market in Shenzhen City is safe, smooth and orderly. The transaction activity is reasonable. The cumulative transaction volume of Shenzhen options has reached 200 million, with an average daily turnover of 320,000. The average daily positioning is 350,000, and the transaction positions are relatively stable. Investors' rational participation, agency transactions account for 66%.

Analysts believe that the Shenzhen Stock Exchange Listing GEM ETF options and CSI 500ETF options will play the following three aspects: First, to further enrich the capital market risk management tools, which will help institutions to develop diversified products, meet investor risk management and wealth management Need; second, provide insurance for spot, improve the stability mechanism of the spot market, and enhance market vitality and toughness; the third is to help increase funding to increase the corresponding ETF product configuration, promote the development of the ETF market, guide long -term funds to enter the market, help relevant innovation growth, small and medium -sized small and small Listed companies have attracted stable medium- and long -term investment groups to get better growth and development opportunities.

In the long run, on the second anniversary of the establishment of the GEM registered system, the introduction of the GEM ETF options and the CSI 500ETF options will help further consolidate the results of the reform of the GEM, consolidate the foundation of the market stable operation, and for scientific and technological innovation enterprises, strategic emerging emerging Industrial enterprises and growth innovation and entrepreneurs provide a more stable investment and financing environment, help build the capital market ecosystem that matches the "dual zone", enhance the "dual zone" financial service capabilities, and promote the continuous progress of the "dual zone" construction. New results.

Reporter Xing Meng

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