On the 10th, the scale soared 5 times, and the CSI 1000ETF of the fire was worth voting?

China Fund reporter Wu Jun

Recently, the CSI 1,000 stock index futures and option -related contracts were listed on the market, bringing a transaction of 1000ETF of CSI. The data shows that since mid -July, three CSI 1000ETF received 13.828 billion yuan in funds. It increased by nearly 5 times to reach the latest 16.875 billion yuan. At the same time, the four newly issued CSI 1000ETF also received 27.5 billion funds. Why is the CSI 1000ETF being popular with investors, and the scale suddenly increases? Is it worth investing? How to vote for the citizen? Let's analyze together.

Ten trading days received 13.8 billion yuan in net purchase

Why is the CSI 1000ETF transaction so hot?

Since mid -July, the scale of 1000ETF of the three sectors has increased, and a total of 13.828 billion yuan in funds has been obtained, which has increased its total scale from 2.849 billion yuan on July 15 to 16.875 billion yuan on July 29. In other words, the scale of just 10 trading days has increased by nearly 5 times. During this period, the Southern China Stock Exchange 1000ETF obtained the largest purchase scale. From mid -July to the present, the share increased by 8.679 billion to 11.139 billion yuan. 1000ETF; at the same time, the 1000ETF of 1000ETF and Huatai Berry 1000ETF in half a month of Huaxia increased by 6.340 billion yuan and 105 million, respectively, with the latest total scale of 5079 billion yuan and 205 million yuan, respectively.

Sun Guiping, an analyst at the senior fund analyst of Shanghai Securities Fund Evaluation Research Center, believes that the recent listing of 1,000 stock index futures and options of CSI has enhanced the market's attention to the CSI 1,000 index. As a wide -foundation base composed of small -cap stocks, compared to large and medium -cap stocks, small -cap stocks have the characteristics of small market value, poor liquidity, and large volatility. It is not conducive to long -term participation in value investment. Index derivatives have enriched the risk hedge tools of investors, and will improve the investment ecosystem of China CSI 1,000 as a whole. The relevant investment strategies will be greatly enriched and will be favorable for the long -term performance of small -cap stocks. "ETF has the advantages of convenient transactions, decentralized investment, low management rates, and small tracking errors. It is a direct target for investment in the CSI 1000 index. We ushered in a significant growth. In addition, since the end of April this year, the China Securities 1000 Index has a strong rebound, the risk preferences of investors have increased, and the money -making effect brought about by the rising index also drives the inflow of funds into related ETFs. "

Regarding the reasons for the inflow of funds, Jiyu studied and analyzed. First of all, the CSI 1000 index included a group of small market value companies with outstanding growth. The texture is better. Secondly, the mainstream wide -foundation index Shangzhi 50, CSI 300 and CSI 500 represent the large market, large market and mid -market style, respectively. From the perspective of market value attributes, the CSI 1000ETF is a good supplement to the existing investment tools. It is a better configuration tool in the middle and long term.

According to the Beta Research Institute, the CSI 1000 Index is a small and liquid 1,000 stocks with a small scale beyond the Sino -CSI Index sample stock stock, which can comprehensively reflect the overall situation of small market value companies. First of all, from the perspective of valuation, the current price -earnings ratio of 1,000 CSI is 30.73, which is 14.49%of the historical ranking. It is in an extremely underestimated state. At the current stage, it has the attributes of high growth and low valuation. Second Options have been listed on the market. If investors hold 1,000 ingredients stocks of CSI and want to hedge systemic risks, they can choose CSI 1,000 futures and options to hedge risk. This also promotes the liquidity of small and medium -cap stocks, increasing investors' confidence in CSI 1000ETF.

New issuance CSI 1000ETF raised scale of 27.5 billion yuan

What impact will it be about to go public?

At the same time, the recent newly issued CSI 1000ETF has also been actively subscribed for investors. 100 million yuan, 7.997 billion yuan, 7.924 billion yuan. On August 3rd, 1000ETF was listed.

Sun Guiping believes that the main reason is that there are only three ETFs that were previously established and tracked 1000 CSI, and the total scale was not large. As a result, the newly issued ETF was welcomed by investors. The total distribution scale of 1000ETF reached several billion. "At present, there are 21 ETFs that follow the CSI 300 and CSI 500, respectively. The total scale of the most recent scale is 116.2 billion and 57.1 billion, while the Shanghai and Shenzhen 300, CSI 500, and CSI 1,000 ingredients have the market value of the free circulation market value of the free circulation stocks, respectively. It is 18 trillion, 6 trillion, and 6 trillion. It can be seen that the total scale of the newly issued CSI 1000ETF accounted for the market value of the CSI 1000 indexes. Fund will have short -term favors for the CSI 1000 index, but the impact is relatively small and does not have sustainability. "

Ji Yu's research said that in the short term, ETF's newly issued capital inflow may bring short -term event opportunities to the index. At the same time in this market, there are many new CSI 1000ETFs, and the rhythm of the establishment of the position is relatively consistent. Because the CSI 1000 is a small disk index, the liquidity of the ingredients stock is slightly weaker, and the capital funds may have a certain impact on the index. Is the CSI 1000ETF worth voting?

In fact, the CSI 1000 index has risen from near the bottom 5165 on April 27 to the latest 7117 points. At the same time, the increase in the CSI 1000ETF in the venue also reached about 21%and 22%during this period. In this case, is the CSI 1000ETF worth investing?

Sun Guiping said that ETF, as a tool -based product of a passive tracking index, the investment value of ETF is mainly determined by the tracking index. Although the recent bombardment of the CSI 1000 index has a large rebound, the valuation level is still at a reasonable low level, and the CSI CSRC The 1000 index has the characteristics of covering the decentralization of the industry, the focus of the industry, and the rapid profit growth rate. It still has long -term investment value. In terms of specific ETF selection, you can consider comprehensive considerations. Select the tracking error, good liquidity, low management rate, and large -scale ETFs for investment.

Jiyu's research believes that the CSI 1000 index includes a group of small market value companies with outstanding growth. In the context of continuously directed the policy of "specializing in new" and "little giant" enterprises, small and medium -sized stock stocks combine them in combination with them. The characteristics of sufficient elasticity of growth style have a certain long -term configuration value. At the same time, combined with the current valuation, Wind data shows that the current P / EP P / E ratio (TTM) of CSI 1,000 is 30.86, which is at 13.28%of the historical division in the past ten years.

The CSI 1000 index is the representative of small -cap stocks, which is relatively large. What should be paid attention to in investment for the citizen?

Sun Guiping admits that for ordinary investors, the risk of directly choosing small -cap stock investment is greater, while index investment can decentralize risks and increase investment cost -effective. Investors should also pay attention to the balance of investment portfolios, and can properly match the large -scale value -style fund for investment style balance. In addition, the emergence of CSI 1000 index derivatives will be enriched with related investment strategies. Investors can pay attention to investment opportunities for the CSI 1000 Index Enhancement Fund.

Edit: Captain

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