今年，科创50强成分股将首先调整哪些头寸？ _东方财富网

原标题：今年对科创的50只成份股进行的第一次调整将带来什么？

概括

[Whatwillthefirstadjustmentofthe50constituentstocksofKechuangduringthisyearbring?】TheconstituentstocksoftheScienceandTechnology50IndexusheredinanotherquarterlyadjustmentwhichcameintoeffectonMarch15Theadjustmentratiois10%TianzhunTechnologyFuguangCoLtdExcellentNewEnergyJiuriNewMaterialsandZhiyuanInterconnecthavebeentransferredJunshiBio-UCambrian-UQi’anxin-UFunengTechnologyTrinaSolarwastransferredin(ChinaBusinessNewsDaily)

The constituent stocks of the Kechuang 50 Index ushered in another quarterly adjustment, which came into effect on March 15.

The adjustment ratio is 10%.Tianzhun Technology、Fuguang shares、Excellent new energy、Hisahi new materialversusZhiyuan InternetWas called out,Junshi Bio-U、Cambrian-U、Qi Anxin-U、Funeng Technology、Trina SolarWas transferred in.

From the perspective of industry insiders, the adjustment of Kechuang’s 50 constituent stocks andMarket valueBehind the changes andPerformanceChanges in the growth rate are inseparable, and funds like to chase targets with good economic trends.Considering the weight structure of science and technology themes, this adjustment includes energy-saving and environmental protection and new energy vehicles for the first timeindustryFor the target, the coverage of science and technology 50 topics has been further improved, and the representativeness of the index science and technology innovation has continued to be optimized.

What is the impact of the constant update and iteration of the Kechuang 50 Index? The industry believes that it is expected to continue to improve the quality and performance of the Science and Technology 50 Index.ETFThe investment value of the company will also become more prominent.

　　Central revision of component stock market value

The sample of the Science and Technology 50 Index is adjusted quarterly. The sample adjustment is implemented on the next trading day of the second Friday in March, June, September and December each year. In principle, the proportion of each adjustment does not exceed 10%. .

On February 26 this year, Shanghai Stock Exchange (hereinafter referred to as “Shanghai Stock Exchange”)announcementAccording to the report, starting from March 15th, the sample of the Science and Technology 50 and other indexes will be adjusted, and 5 stocks have been transferred out, 5 stocks have been transferred in, and another 5 stocks are candidates.

The Kechuang 50 Index uses the internationally accepted index compilation method, using market capitalization scale and liquidity indicators as the screening criteria.New crotchIn terms of time, at this stage,Science and Technology Innovation BoardNewly listed securities will be included in the sample space after 6 months of listing, and will be adjusted to include after 12 months of listing when the number of securities listed for 12 months reaches 100 to 150; at the same time, the average daily market value since listing is ranked in Science and Technology Innovation BoardmarketTop 3 and top 5 securities settingsDifferentiationOf time.

Judging from the targets transferred this time, the listing time has reached more than 6 months, and the market value as of March 14MedianIt was 61.215 billion yuan, much higher than the median market value of 4.489 billion yuan of stocks.

Strategies in Guosheng SecuritiesteamIt seems that the adjustment of the constituent stocks of the Science and Technology 50 Index mainly reflects three major points: First, in view of the weight structure of the science and technology theme, this adjustment is included for the first time in the energy-saving and environmental protection and new energy automobile industry standards, and the coverage of the science and technology 50 theme With further improvement, the representativeness of index science and technology innovation continued to be optimized.

Second, considering the distribution of component stock market value scale, compared with the previous quarter, the component stock market value center continued to be revised up this quarter. The proportion of tens of billions and listed value-scale component stocks increased from 70% to 82%, and Kechuang 50 became a blue chip. The characteristics are gradually highlighted, and the important task of “ballast stone” of the science and technology innovation board is continuously consolidated.

Third, considering the distribution of component stock valuation levels, the valuation center is further concentrated in the range of 50 to 100 times. The proportion of constituent stocks with a PE valuation of more than 100 times decreased from 36% in the previous quarter to 28%. The valuation structure Further return to the reasonable valuation range.

Specifically, from the change in the market value of the transferred-in and transferred-out stocks since the fourth quarter of last year, the median increase or decrease of the transferred-out stocks is -22.03%, while the median transfer-in stocks has a 6.95%.

　　Tianfeng SecuritiesThe strategy team believes that this change in market value is inseparable from the performance trend: from the 2020 annual report, the median performance growth rate of the selected stocks in the fourth quarter of last year was 8.29%, and no stock’s performance growth rate exceeded 30%. Only the performance growth rate of individual stocks has expanded; and the median performance growth rate of the transferred individual stocks over the same period is 33.61%, and the performance growth rate of most individual stocks is improving quarter by quarter or is in a relatively high position. This shows that, for the science and technology innovation board targets, funds still like to chase targets with good economic trends.

　　What is the impact?

After the market closed on July 22 last year, the Shanghai Stock Exchange released the historical quotations of the Science and Technology 50 Index for the first time, and officially released real-time quotations on July 23.

Since July 23, the Science and Technology 50 Index has shown a downward trend in shocks, with a cumulative decline of 15.76%. In the week from March 8 to March 12, the Science and Technology 50 Index fell by 5.15%.

“From a global perspective, over the same periodMajor market indexThe ups and downs were mixed, with the Science and Technology 50 Index falling among the top. “The Guosheng Securities strategy team stated that the relative income of the Sci-tech Innovation Board fell in the benchmark domestic market. As of the close of March 12, the Sci-Tech 50 Index/Shanghai Composite Index fell to 0.37; the benchmark overseas technology innovationenterpriseGatheredofNasdaqThe market, as of the close of March 12, the Science and Technology 50 Index/NasdaqRefers to a slight decrease to 0.09.

From a valuation perspective, as of the close of March 12, the Science and Technology 50 IndexP/E ratio(PE, TTM) is 67 times,P/B ratio(PB, LF) is 6.49 times; in terms of relative valuation, the valuation premium of the Kechuang 50 relative to the broader market has fallen. As of the close of March 12, the PE and PB relative valuations of the Kechuang 50 Index/Shanghai Composite Index are both 4.21.

　　Industrial SecuritiesStrategy Wang Delun team believes that the relatively weak performance of the Science and Technology 50 Index is related to its dense industry distribution on the one hand. The Kechuang 50 Index has limited available sample space at the beginning of its establishment. Therefore, the heavyweight stocks are concentrated in the semiconductor industry and the leading stocks account for a large proportion. The index style is not completely similar to the popular consumer growth sector at the beginning of the year, and the relative performance is relatively weak; on the other hand, Some constituent stocks in the index also have a drag on the performance of the index.

“As high-quality companies continue to accelerate their listing on the Sci-Tech Innovation Board, many large market capitalization, high growth, and recent listingsthe companyWill be included in the Science and Technology 50 Index. The continuous update and iteration of the Science and Technology 50 Index is expected to continue to improve the quality and performance of the Science and Technology 50 Index, and the investment value of the Science and Technology 50 ETF will also become more prominent. “Wang Delun team said.

According to the data, based on the 2020 performance after the adjustment of the constituent stocks of the Science and Technology 50 Index, the performance of the constituent stocks of the Science and Technology 50 IndexNet profitYear-on-yearThe median increase was 43.14% (higher than 29.99% before adjustment), with 34 companies’Net profitYear-on-year growth, with 32 companies with an increase of 10% or more (31 before the adjustment), 21 with 50% or more (19 before the adjustment), and 9 with 100% or more (the same as before the adjustment).

After the launch of the Science and Technology 50 Index, the related ETFproductAlso launched one after another. In September 2020, the first batch of 4 products on the Sci-tech Innovation Board 50ETF were approved, namely the China SSE SSE STAR Market 50ETF, E Fund SSE SSE STAR Market 50ETF, ICBC Credit Suisse SSE SSE STAR Market 50 ETF, and Huatai Bai Rui SSE SSE STAR Market 50 ETF. The scales are respectively 12.458 billion yuan, 6.518 billion yuan, 4.921 billion yuan, and 4.984 billion yuan.

January 27, 2021, the firstOverseas listingThe Science and Technology Innovation Board ETF was listed on the New York Stock Exchange; the Southern East British Science and Technology Innovation Board 50 Index ETF and the Bosera Hong Kong Science and Technology Innovation 50 ETF were listed on the Hong Kong Stock Exchange on February 10 and February 18, respectively. According to China Business News, Japan’s Daiwa Asset Management’s first sci-tech 50 ETF in the Japanese market is also scheduled to be officially listed and traded on the Japanese Stock Exchange on April 8. Several large overseas investment institutions are in talks.

(Source: China Business News)

(Editor in charge: DF520)