pokervideo2022| Industry voice| Focusing on the Shanghai Stock Exchange leader and striving for excess returns, the Shanghai Stock Exchange 50ETF Enhancement (563093) is on sale

Shanghai 50ETF Enhancement (563093) will officially go on sale on May 9, 2024. The underlying index of the product is the Shanghai 50 Index, which is composed of the 50 most representative stocks with large scale and good liquidity in Shanghai A shares, reflecting the stock price performance of some of the most influential leading companies in the Shanghai stock market.

The proposed fund manager of this index enhancement product is Mr. Zhang Shengji, and the investment strategy is consistent with that adopted by active stock funds, mainly adhering to the concept of value investment, deeply studying the fundamentals of index companies from the bottom up, and predicting the long-term trend of changes in enterprise value.Pokervideo2022To further compare the differences between the market price and the changing trend of enterprise value to make investment decisions and obtain excess returns. Next, this paper introduces the product in detail from the overview of the index, investment strategy, as well as the representative works of fund managers.

Index profile: converging leading industries with multiple yuan

The market style of the index is outstanding. As of May 8, 2024, the average market value of the index stocks is 422.3 billion. The top ten heavyweights include consumer leader Guizhou Moutai, insurance leader China Ping an, bank leader China Merchants Bank and so on. In addition, the index market is representative, with the number of constituent stocks accounting for less than 1% of A shares, but the market capitalization accounts for 23%.Pokervideo2022.96%, accounting for 32% of net profitPokervideo2022.63%, large market capitalization and leading attributes are significant.

Market share of constituent stocks in Shanghai 50 Index

At the same time, the industry distribution of index stocks is balanced and diverse. judging from the distribution of industries at the application level, the top three industries covered by the Shanghai 50 Index are food and beverage, banking and non-bank finance respectively; at the same time, it widely covers many industries, such as power equipment, medicine and biology, non-ferrous metals and so on.

Industry weight distribution

Investment Strategy with enhanced fundamental Index

Mr. Zhang Shengji, the proposed fund manager of this product, is currently the general manager of the fundamental Index Enhancement Department of Yifangda Fund, and the fund manager of Yifangda Shanghai Stock Exchange 50 Enhancement, Yifangda Shanghai and Shenzhen 300 selected Enhancement, and Yifangda Financial Industry Fund Manager. He has 19 years of investment and research experience, including 14 years of investment experience and rich experience.

Mr. Zhang Shengji's investment strategy mainly adheres to the concept of value investment, and believes that sustained growth in performance is the fundamental source of the long-term rise in stock prices, and only enterprises with core competitive advantages can achieve sustained growth in performance. the index stocks are overallocated or underallocated according to the following logic:

Overmatch the constituent stocks with long-term competitive advantage and sustained performance growth

The constituent stocks with weak competitive advantage, fluctuating performance and low profitability in the low-allocation industry

Choose non-constituent stocks that can achieve sustained growth in financial performance, become the most core competitive force in the industry and have a reasonable valuation level in business.

Fully invest in asset allocation, pay attention to long-term allocation and low turnover rate in transactions.

Core competitive advantage of enterprises

The recently released economic data are generally better than expected. at the same time, after a series of measures such as large-scale equipment upgrading and consumer goods trade-in are introduced one after another, it is expected to lead to a pick-up in domestic demand, superimposed external demand, and inflation expectations are expected to pick up. Drive a rebound in corporate profit growth, and provide some support to the equity market from the molecular end. The profit quality of core assets is high, and the valuation is in the bottom range, and the medium-term dimension has a certain performance-to-price ratio. The Shanghai 50ETF enhancement of focus leader (563093) is on sale.

Risk hint: the fund has risks, investment should be cautious, read the legal documents of the fund. The maximum amount of the fund raised for the first time is 8 billion yuan. When the subscription application amount exceeds 8 billion yuan, the fund manager will adopt the method of doomsday proportion confirmation to control the scale and read the fund sale announcement in detail. Investors are invited to pay attention to the specific risks related to the indexed investment of the fund, the specific risks that may be caused by the active enhancement strategy for investment management, the risks of ETF operation, the risks of investing in specific varieties, and the risks of participating in the refinancing securities lending business.Pokervideo2022On the basis of understanding the characteristics of risk and return of the fund, the characteristics of operation and the matching opinions of the suitability of the sales organization, the investment decision is made prudently.

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