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北京pk赛车注册送彩金:MSCI officially included the first stock list of A shares.

时间:2018/5/8 19:21:42  作者:  来源:  浏览:0  评论:0
内容摘要:MSCI semi-annual adjustment results announced on Tuesday next week that 229 A shares may be included in\u0026nbsp; MSCI will announce the re...

MSCI semi-annual adjustment results announced on Tuesday next week that 229 A shares may be included in

\u0026nbsp; MSCI will announce the results of its semi-annual index adjustment in the early morning of May 15, Beijing time. China National Gold Corporation The research department pointed out that this adjustment is very important to the Chinese market, and may even be the most important one for many years. It is mainly due to the following two key changes: the first company to be included in the A-shares in June for the first time. List; significantly changing the current Chinese MSCI overseas constituents included in the MSCI China Index.

adjustment method according to MSCI indices, as well as special treatment on the A shares included, based on price data and estimates April 30, the gold estimate:

about 229 A shares or included in the MSCI index system, the total There is not much difference between the above and the current 231 samples, but there may be as many as 100 stocks affected by two-way entry and exit. Potentially newly incorporated stocks are mainly concentrated in sectors that have performed well since the beginning of the year, such as health care and consumer products. The rise in stock prices has caused them to upgrade from the original mid-cap stocks to large-cap stocks (we estimate such as , 9_89456_16_65473_9, . Toho , Columbine medicine , etc.); and the potential is removed from the subject are mainly concentrated in the poor performance of the product cycle, brokerage and other plates (we estimate as Xugong Group, Commodity City , Tongling Nonferrous Metals , State Gold Securities , etc.). Overall, it expected to be included in the sample weights heavy top-ranked stocks for the Moutai , China Merchants Bank , Ping , Hikvision and Shanghai Pudong Development Bank and other ; weight than the current maximum rate of increase is right Pien Tze Huang, Tonghua Dongbao, Cologne medicine; diluted most is Maotai, Wuliangye , Yanghe and China Pacific Insurance . Combined with the 2.5% portion of the $ 10.6 billion into the fund as well as the size of the average daily turnover of stocks may bring, the longest to digest cash flow required to include into the subject Haitian flavor industry , China Electric Power Construction , Yangtze power , Lujiazui and so on.

The overseas Chinese shares included in the adjusted new MSCI China Index may expand from the current 153 to approximately 219. As mentioned above, A-shares have been included in the sample selection to reduce the index entry threshold, so that small and medium sized stocks that did not meet the entry index can be included. We expect the largest increase in the weight of the drug stocks, including clear biological , Shoukong Group , Jin Ruisi biology; and the weight may be significantly diluted constituent stocks include Alibaba, Tencent, Baidu CNOOC and and so on. Look at the number of days to digest passive capital flow action required, Qingdao Port , Chinese energy construction , flows into the trading hours Shoukong Group, Guotai Junan and other needed up; but on the contrary Jiangsu Expressway , health , Ali Ali Pictures and out of the trading hours Tsingtao Brewery required the longest.

CICC expects adjusted index results were announced to the formal implementation of this time, and out into the new subject, as well as the inflow and outflow of funds required for the transaction time (compared to the average daily turnover) longer subject may be severely affected, it is worth Closely. A shares into the subject is also expected to become the focus of short-term investors continued attention.

(due to the magnitude and scope of the indexation involved are very large, partially superimposed factors underlying the lack of data, it is very difficult to predict accurately, and therefore the results are only based on the current gold is in the static measurement of existing data.) (Securities Times Online)

JP Morgan Chase: A stock included in MSCI is expected to bring in $ 40 billion inflow of funds

\u0026 nbsp; JP Morgan 7_89456_154_65473_ 95, today announced a global Chinese fourteenth Summit will be opened in Beijing. "China in the new era" as the theme of this two-day summit will be held May 8 officially opened, JP Morgan Chase Bank general manager director, Asia-Pacific vice-chairman Li Jing (Jing Ulrich) said, with sustainable growth and higher quality of China's economic goals, policymakers are by easing access to financial markets, create more attractive and more transparent investment environment and other measures to accelerate China's financial market reform, and to attract more international investment inflows. Global investors are currently focusing on increasing their investment in China, fully prepared for the emerging opportunities in the future.

A stocks into the MSCI is expected to bring in $ 40 billion inflow of funds

deepen the capital market reform and opening up China's financial industry to expand the current round of opening up an important part, Ulrich said, deepen reform and further opening up of China's capital market will will attract more global investors to enter the Chinese market, we believe that China's capital market is still promising long-term. In particular, A shares formally included in the MSCI Emerging Markets Index from June 1st, which will play a significant role in promoting international investors' investment in the A-share market.

It is understood that the inclusion MSCI China A-shares 232 shares, included in the initial factor of 2.5%; September this year, into the factor increased to 5%, A shares accounted for the MSCI Emerging Market Index heavy weight of 0.8%.

"I learned a lot and international investors in the communication process, they are ready to proactively improve the allocation of Chinese A-share market. We believe that after the first MSCI China A shares included in the index, there will be more and more overseas-listed Chinese companies were included, the share of the future will be higher. "Jing said.

JPMorgan expects A shares to be included in the MSCI to drive $6.6 billion in funds to passively configure the stocks covered by the MSCI China Index. The active allocation will bring five times the passive allocation. Therefore, the overall configuration of China's capital stock will reach $ 40 billion.

Li Jing emphasized that with the acceleration of the pace of opening up in the Chinese market, global investors have expressed unprecedented interest in participating in the Chinese market in depth and they are also confident in the development of the Chinese market. They are not only willing to use stocks, bonds and other channels. Investment also pays special attention to the development of non-listed companies in the Internet, technology, new energy, and automotive industries in China. "Investors who participated in our global China summit, almost every organization expressed their willingness to actively deploy the Chinese market."

Looking at China's stock market, especially the financial technology industry

Looking at global asset allocation, JPMorgan said that it is still optimistic that the global stock market is better than the bond market.

Specifically, the US stock market will continue to maintain the game. Positive factors include the favorable profitability of U.S. companies in terms of their profitability, and investment in the tax reform program; at the same time, uncertainties include changes in U.S. trade policy, exchange rate fluctuations, and the pace of Fed rate hike.

JPMorgan maintains a bullish view on stock markets in emerging markets. In emerging markets, accelerating growth in earnings per share is expected to be a major factor in attracting global investors. In addition, JP Morgan Chase believes that the allocation of emerging market stocks to the total share of global mutual fund assets is still in the early stages, with significant room for growth (currently accounting for 8% of total assets).

JPMorgan remains bullish on the Chinese stock market in the future. It is expected that the average price-earnings ratio for MSCI China 2018 is 12.9X, while the overall average price-earnings ratio for emerging markets is 12.3X. It can be seen that the Chinese stock market is in a relatively reasonable valuation range; meanwhile, the 2018 ROE of Chinese stocks is 14.4. The percentages are also higher than those in the emerging markets and some developed markets. Therefore, it is expected that the Chinese stock market will have growth potential in the future.

It is worth noting that in the industry outlook, JP Morgan believes that financial technology will become the next new pillar of the development of Internet business models in addition to advertising, games and e-commerce. "We expect that in the next three to five years, China's financial technology industry will become a market with a scale of several hundred billion yuan. The business opportunities in China's financial technology market are very impressive. The total annual revenue of the Chinese financial technology market will be It will reach RMB 460 billion yuan in 2020. "Li Jing said.

In addition, Li Jing said that consumer and service upgrades, high-tech, artificial intelligence, automation, and manufacturing upgrades will become new growth drivers. The pursuit of quality of life will support health care, , and environmental protection-related industries. (Securities Times Network)

Is MSCI Index Fund Worth Attention? It is more suitable for long-term value investors to hold

\u0026nbsp;Since last year's success of A-shares MSCI, under the expectation of overseas incremental funds allocation, the MSCI theme fund has become a high ground for public offerings. It is now less than two months since the A shares were first included in the MSCI Emerging Markets Index. Since March, the approval rate of the MSCI Thematic Fund has been significantly accelerated.

Kokusai Index

more attention from the target track, these funds primarily includes tracking the MSCI China A Index, MSCI China A Index as well as the international MSCI China A Kokusai index. From the perspective of the number of constituent stocks, there are approximately 460 constituent stocks of the MSCI China A Shares International Index, and more than 700 constituent stocks of the MSCI China A Shares Index, which are less relevant to the “into the Moroccan” process. Among them, the MSCI China A-Share International Index can fully represent the progress of the A-shares being gradually included in the MSCI Emerging Market Index. At present, it only includes large-cap A-shares that are interconnected and inter-connected. It is the most direct A-share “come into Moss” terms. related. Among the products that are currently declared and approved, the International Link Index also accounts for half of the total. Of the 23 declared products, 14 follow this target (including joint funds).

Observing this index alone, from the trend point of view, its similarity with the trend of CSI 300 is very high. Since 2016, the index has performed slightly better than the CSI 300.

According to the latest composition of the MSCI China A Shares International Index, A total of 235 A shares may be included in the index component. Because of the difference in the method of preparation, there is a difference between the index and the CSI 300, but the overall degree of similarity is very high. Judging from the latest ingredients, 209 of the MSCI China A-Share International Index constituent stocks are CSI 300 stocks with a market value weight of 86.93%, and 13 constituent stocks are CSI 500 constituent stocks with a market capitalization weight of 4.22. %. MSCI China A-Share International Index is between SSE 50 and CSI 300 Index in the mainstream broad-based index. The average market value of constituent stocks is lower than that of Shanghai SSE 50, but it is more value style than CSI 300 Index. In terms of industry distribution, the MSCI China A-Share International Index and the Shanghai and Shenzhen 300's heavy-industry industry share the same weights.

Potential problems surfaced

However, the International Connect Index is similar to the Shanghai-Shenzhen 300, focusing on large-capitalization blue-chips and industry leaders, with high value attributes. However, the goal of the Shanghai-Shenzhen 300 setup is to have a high representation of A-shares, not for overseas investors. At present, because some domestic industries are not completely open to foreign capital, the weight of these foreign capital-restricted industries will be reduced in the international exchange index. For example, because of the different degree of foreign capital in the financial industry and consumer industries, the current largest component of the CSI 300 is currently China Ping An (60.890, -2.23, -3.53%), and with heavy weight, Kweichow Moutai ( 662.530, -15.70, -2.31%) became the largest component of the international exchange index. In addition, the International Connect Index only selects related shares of Landlink, and the sample scope does not cover all A-share listed companies' investment opportunities.

From the point of view of the indexing method, IDF also pays great attention to the liquidity of component stocks and maintains the constituent stocks in a timely manner. Compared with the CSI 300 twice a year, the IDF has annual semi-annual review and quarterly review. Two times each; Compared to the number of fixed stocks in the CSI 300, the IDF adopts a standard of 70% of free-market capitalization to select constituent stocks. According to MSCI official information, the free-flow market capitalization ratio of the MSCI China A-Share International Index will gradually expand to 85%, and the style will be closer to CSI 800. Therefore, MSCI's stock picking style is not consistent for a long time. Although this move can increase the operating space of the index enhancement fund, it is doubtful whether the long-term stability of the fund style can be guaranteed.

From the perspective of the public index fund market, the current China market index fund types are rich and can basically meet various investment needs, including various types of broad bases, narrow bases, value styles, growth styles, and index enhancements, which are sufficient for investors. demand. While the MSCI Index is the authoritative global index fields, but lack of effectiveness of China's capital market, policy-driven serious problems still exist.

In addition, the A shares into the MSCI indices, foreign capital will increase with the A-share assets, but little long-term incremental funding a substantial impact on the Chinese stock market. In recent years, the A-share investors to invest in ways to constantly enrich overseas, there are paths include QFII, RQFII, Hong Kong fund mutual recognition, through Shanghai and Hong Kong and Shenzhen and Hong Kong through other channels trillion over the amount of shares, Morgan Stanley brought into the room early the more than one hundred billion yuan incremental funding, and not that much compared to the scale of foreign investment has entered the a shares, at best a useful supplement.

now, Kokusai index provides another option when configuring large-value style, attention to the relevant index fund is more suitable for long-term fundamental value investors hold. MSCI into the A-share is a progressive and dynamic process, the MSCI index of A-share short-term symbolic than practical significance, the index fund products tend to exaggerate the advantages, investors should not follow suit. (Red Journal of Finance)

blue-chip fund

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Fund Code fund referred the past year operating income fee
519772 Bank newborn vitality Flexible Allocation 62.41% 1. 50% 0.15% Purchase Opening Account Purchase
003095 China-Europe Health spa mixing A52.32% 1.50% 0.15% purchase account purchase
260108 Invesco Great Wall of emerging growth mixed 43.99% 1.50 % 0.15% purchase account purchase 43.64%
001717 forefront of medical ICBC stock 1.50% 0.15% Buy an account to purchase 7_89456_322_ 65473_9
519196 ten thousand new Blue Chip Flexible Allocation 39.26% 1.20 % 0.12% purchase account purchase
Source: Oriental Fortune Choice data , Galaxy Securities, as of the date: 2018-05-07





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