Freshmen in the investment industry gathered in the future blue chips

The GEM ETF options were listed on September 19th. The GEM Index has attracted the attention of investors due to its high growth and high income elasticity. The GEM ETF is a fund that closely tracks the GEM index, and it is also the main way for investors to participate in GEM investment.

GEM ETF options, collecting GEM, ETF and options. From the perspective of disassembling layers, the main service growth and innovation enterprises of the GEM, supporting traditional industries with new technologies, new industries, new formats, and new models in depth. It is a right to choose the GEM ETF as the target, giving options buyers the right to buy or sell GEM ETF at the agreed price at the expiration.

There are as many as 10 ETF ETFs on the market. Its ETF options will bring investors a richer asset allocation and risk management tools, such as using the GEM ETF option for low capital costs to allocate spot stocks, using the GEM ETF options options Calle the risk of high fluctuations in cash withdrawal, making investors' transactions more flexible.

1. GEM refers to investment value analysis and investment outlook

The original intention of the GEM is to create the Chinese version of "Nasdaq". Through market mechanisms, effectively evaluate the value of entrepreneurial assets, promote the combination of knowledge and capital, promote the development of the knowledge economy, and promote the virtuous circle of high -tech investment, improve the flow and use efficiency of technology investment resources, and provide financing channels for high -tech enterprises.

After the launch of the GEM, differentiated issuance and listing conditions have enhanced the capital market to enhance the direct financing function of service innovation and entrepreneurship enterprises, promote the rapid development of innovation and entrepreneurship enterprises, and stimulate economic development vitality.

After ten years of development, the GEM has achieved the goal of becoming an important platform for service technology innovation and strategic emerging enterprises. At present, GEM has reached 776, accounting for 20.96%of the total number of A -share listed companies, with a total market value of 5.71 trillion yuan, accounting for 10%of the total market value of A shares. More than 90 % of the enterprises are high -tech enterprises, and more than 70 % are strategic emerging industries. The industrial aggregation effect represented by new generation of information technology, biomedicine, and new materials is obvious.

The average annual R & D intensity of these companies exceeds 5%and has more than 35,000 invention patents. Of these, 103 companies have won the National Science and Technology Progress Award, and 117 companies have major national science and technology special projects. GEM IPO financing cumulative 405.3 billion yuan, re -financing of 343.7 billion yuan, cumulative equity financing of 749 billion yuan.

Data source: Shenzhen Stock Exchange, Deadline: 2019.10.30

(1) GEM refers to preparation ideas

The GEM refers to the 100 stocks with a large market value and good liquidity in the GEM, which reflects the operation of the GEM market.

Data source:

(2) GEM finger

· The leader index of the GEM:

Compared with the GEM composite index, the market value of the GEM refers to the relatively large market value of the ingredient stocks is relatively large. At the same time, the net profit, operating income, and R & D expenses of the GEM index accounted for 56%, 44%, and 43 of all GEM stocks, respectively. %, Has a typical leading effect.

The market value distribution of GEM fingers

GEM refers to the leading effect of the GEM

Data source: Wind, Boshi Fund, deadlined date: 2022.08.31, financial data as of the half -annual report of 2022

· GEM: High -tech attribute index

The GEM refers to the main concentration of component stocks in the high -tech industry of pharmaceuticals, electronics, media, computers, and communications. The high -tech industry accounts for more than 65%. Yu Zhongzheng 500 and CSI 300.

The industry distribution of the GEM index and other mainstream indexes

The growth rate of R & D expenses of the GEM index and other mainstream indexes

Data source: Wind, Boshi Fund, deadline: 2022.08.31

· GEM Index: High growth attribute index

Whether it is operating income or a net profit growth rate of year -on -year, since 2018, the growth rate of the GEM finger is higher than the CSI 300 and CSI 500, and the consistent expected growth rate is significantly higher than that Essence

Operating income year -on -year growth rate

Net profit growth rate year -on -year growth rate

Data source: Wind, Boshi Fund, deadline: 2022.08.31

(3) The technical characteristics of the GEM finger

Since 2011, the GEM index reached 125.9%, significantly ahead of other mainstream indexes, especially in large -scale bull market markets, the GEM index performed very strong. But the GEM is also an index with a relatively large volatility.

Data source: Wind, Boshi Fund, deadline: 2022.08.31

The valuation of the GEM finger has recently increased significantly. The current valuation is 48.62 times. From the perspective of the long -term trend of history, the valuation has increased, but it is not high for a long time.

Data source: Wind, Boshi Fund, deadline: 2022.08.31

(4) GEM refers to investment outlook

The GEM investment outlook can focus on the new scientific cycle and further promote the continuous improvement of GEM's performance. At the same time, due to the issuance of the registration system, it reflects the supervisory layer's survival system arrangement of GEM stocks to "strictly enter the wide out" and promote the healthy development of GEM.

With the progress of carbon emission reduction plus the energy revolution, a new round of scientific and technological cycle has arrived. Carbon reduction is long -term, and the energy revolution is urgent.

· Carbon reduction is long -term, and the energy revolution is urgent in terms of photovoltaic. It is expected that the global photovoltaic installation may exceed 400GW in 2025, and the average growth rate will be about 20-30%. In terms of wind power, the domestic sea wind is the main direction of the development of wind power in the future, with great growth potential. In the energy storage side, electrochemical energy storage has been commercialized, or it has become the focus of future development. Lithium -phosphate iron battery potential has great potential. At the same time, lithium battery, global new energy vehicle development+China's lithium battery industry chain.

· Digital infrastructure empowering industrial development

In terms of digital infrastructure empowerment industry development, 5G networks, data centers, cloud computing, artificial intelligence and other technologies are the most typical core technologies in digital infrastructure. As the fifth -generation mobile communication technology, 5G has the characteristics of high data rates, low latency, and large capacity, which effectively guarantees the transmission of big data.

Data centers and cloud computing provide a platform for big data storage and computing. Data centers, as the core node of data transmission, can not only store massive data, but also use the cloud computing platform to provide computing power for data processing. The device (CPU, GPU), server and basic software is the basis for constituting cloud computing platforms.

Artificial intelligence technology can use massive data for training and learning to achieve the goal of optimizing its own model, making application services more intelligent and improving efficiency. With the help of 5G, data centers, cloud computing artificial intelligence and other technologies, human life and working methods will bring far -reaching changes in the future. In the future, the application scenarios of science and technology empowering all fields are:

(1) In terms of industry, robots, industrial Internet, etc.

(2) In terms of life, AR/VR, the Internet of Things, Internet of Things, Internet of Vehicles, smart driving, etc.

(3) In terms of medical care, Internet medical care, remote diagnosis, remote surgery, etc.

(4) In terms of agriculture, no one spray, no one harvest, smart irrigation, etc.

· Great country competition, autonomous control can be controlled

China's leading 5G technology and the significance of the 5G era will lead China into a new round of scientific and technological cycle.

· Registration system interpretation

On April 27, 2020, the relevant departments publicly solicited opinions from the public system rules for the reform of the GEM and piloted the registration system. On the whole, the reform of the GEM registration system mainly reflects three points:

(1) The listing conditions are obviously relaxed. The GEM registration system comprehensively considered the expected market value, income, net profit and other indicators, and formulated diversified listing conditions. Support special equity structure enterprises and red -chip enterprises that have profitable and have a certain scale. Unspeitable enterprises can apply for listing after one year after the reform is implemented.

(2) Improve the delisting mechanism and accurately clear out. It is mainly reflected in three aspects: (a) to improve the delisting indicators and increase the clearing of "zombie" enterprises and shell companies. (b) Simplify the delisting process, cancel the suspension of listing and restoration of listing, and no longer set up a delisting period for transaction delisting to improve the efficiency of delisting, optimize major illegal forced delisting and suspension arrangements, and ensure investor transaction rights. (C) Strengthen risk warning, set up a delisting risk warning system for financial, standardized, and major violations.

(3) Optimize the trading system. It is mainly reflected in: (a) relaxation and decline restrictions, and increase the ratio of the rise and fall of GEM from 10%to 20%; Limitations, and set up 30%and 60%suspension indicators for stable prices; (C) introducing post -disc pricing methods; (D) Optimizing the arrangement of the two integration systems and other micro mechanisms.

The registered system facilitates the GEM finger, and the registration system has strengthened the survival of the fittest mechanism and enhanced the investment value of the GEM finger.

First, the leading index GEM indexes have a long -term advantage. The GEM refers to adjusting the ingredients stocks every six months, the poor quality stocks, and the adjustment of good quality stocks. The launch of the GEM registration system is conducive to expanding the sample space of the GEM. In a wider space, the long -term performance of the GEM finger with the survival of the fittest mechanism is more advantageous. Second, the new trading mechanism is conducive to value discovery. The relaxation of the rising and falling stops can reduce stock price manipulation to a certain extent. The full fluctuation range can also make the power of the two -short part of the power fully game, and the company's stock pricing is more reasonable.

2. Introduction to Boshi GEM ETF Fund and connection fund introduction

(1) The investment advantage of ETF fund

Because the ETF fund has low management costs, flexible transactions, high transparency, good liquidity, and can also achieve decentralized investment, it has an investment advantage.

(2) The configuration function of the ETF fund

Because the ETF fund spans the two markets of China and the United States, covering stocks, bonds, and commercial assets, the familiarity of the dividend strategy and ESG strategy make the configuration function of the ETF fund.

(3) The operating principle of the ETF fund

When the ETF fund was initially issued, it was subscribed by single and multiple indexes or cash. Through the operation and management of fund companies, the net value performance and tracking index were two important indicators of ETF funds. You can use a basket of stocks for stock Subscribe to the secondary market, and continue to participate in ETF funds in the secondary market.

(4) ETF fund product overview

The ETF fund is mainly invested in the target index ingredient stocks and alternative ingredients stocks.

(5) ETF fund rate structure

When the fund's purchase and redemption fee, when investors purchase or redeem the fund's share, the purchase and redemption agent broker can charge commissions in accordance with the corresponding standards, including the relevant expenses collected by the stock exchange, the registration and settlement institution, etc. The maximum does not exceed 0.5%. The fund's management fee and custody fee rates are 0.50%and 0.10%, respectively.

(6) Liaison of Boshi GEM ETF Fund connection fund and Boshi GEM ETF Fund

Boshi GEM ETF is the main investment target of this fund. The asset ratio invested in Boshi GEM ETF is not less than 90%of the fund's net asset value. The investment targets are closely tracking the target index, that is, the market performance of the GEM index, pursue the minimization of tracking deviation and tracking errors.

(7) The difference between Boshi GEM ETF Fund connection fund and Boshi GEM ETF Fund

In the investment management method, Boshi GEM ETF directly tracks the copy of the target index through the index stock of the index of direct trading. The Boshi GEM ETF connection fund is indirectly tracking the target index through the purchase and selling the ETF. There are also differences between the redeeming method, the minimum purchase threshold, the purchase of redemption procedures, whether it is listed, and the price disclosure mechanism.

(8) Connect the product overview

Boshi GEM transaction -type Open Index Securities Investment Fund connection fund, mainly invests in target ETF, target indexes, GEM index ingredient stocks and alternative ingredient stocks, bonds, currency market instruments, claims, stock index futures, options, asset support securities And other financial instruments of laws and regulations (but must comply with relevant Chinese regulations). For example, other varieties that are allowed to invest in fund investment in laws and regulations or regulators, the fund manager can incorporate it into the scope of investment after performing appropriate procedures.

(9) Connecting fund fee structure

The specific fund rate structure can be refer to the figure below:

1. Sub purchase fee

2. Return fee

3. Management fee, custody fee and sales service fee

3. Boshi Fund is trustworthy

(1) Fund manager

Yin Hao, the fund manager of the ETF fund, has CFA 10 -year securities experience and master's degree. Since 2012, he has worked in Huabao Securities and Guojin Securities. He joined Boshi Fund Management Co., Ltd. in 2015 and served as senior researcher, senior researcher and fund manager assistant. He is currently a fund manager of 16 funds including Boshi GEM ETF Fund and Boshi GEM ETF Fund.

(2) Boshi Index and Quantitative Investment Team

The Boshi Index and Quantitative Investment Team were established in 2009. They are composed of 20 full -time professional research and investment personnel. They are one of the earliest quantitative teams formed by the domestic public fund industry. , Finance, accounting, physics and other discipline backgrounds.

The main person in charge of the team has 18 years of quantitative research and investment experience in China A -share, and the average period of employment years of fund managers is 9 years. The size of the team management of public offering and other products exceeds 80 billion yuan, which can provide customers with a variety of asset management solutions, such as pure passive investment strategies, Smart

Beta strategy, index enhancement strategy, active quantitative strategy, CTA strategy, FOF configuration strategy, absolute income strategy, etc.

The above data source: Boshi Fund, as of 2020.12.31

(3) Development process

Boshi Fund Management Co., Ltd. is the first large -scale fund company for full -brand licenses. The registered capital is RMB 250 million. Establishment time: July 13, 1998, is one of the first five fund companies established. It is headquartered in Shenzhen, with branches in Beijing, Shanghai and other places, and subsidiaries in Hong Kong and Shenzhen.

(4) Shareholder structure

Its shareholder structure is a mixed ownership structure. The largest shareholder of Boshi is China Merchants Securities, accounting for 49%of the shares. The first and second largest shareholders of China Merchants Securities and Great Wall assets were initiated shareholders at the beginning of the company's establishment. The total shareholding ratio of the two always accounted for more than 50%of the total share capital. In the 20 years since its establishment, the major shareholders of Boshi have shown high stability, and have never produced any conflict caused by the structure of the equity and the constitution of shareholders.

(5) Asset size

Boshi GEM ETF Fund is at the forefront of the industry in various types of commissioned assets. As of the end of March 2022, the scale of various commissioned assets of Boshi exceeded 1583 billion yuan. The scale of public funds reached 993.2 billion yuan, and the net asset value of the currency fund and the short -term wealth management bond fund was more than 514.4 billion yuan (data source: Boshi Fund). Social security funds, corporate annuity, parent company specific asset management plan and other special accounts have exceeded 580 billion yuan.

Data source: Boshi Fund; Data as of: March 31, 2022

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