展望后市，国企共赢ETF基金经理成钧表示，央国企改革无疑是2023年市场重要的主线之一。首先，央国企作为国家经济的排头兵，有望承接更多的国家级项目，在稳增长政策下发挥重要的作用。其次，探索中国特色估值体系已经提上证监会的日程，未来有望降低央国企股权融资成本，驱动央国企"再加杠杆"。1月社融数据显示，央国企中长期贷款占比明显提升。最后，在相关政策落地之后，企业盈利与估值或将迎来戴维斯双击。Zhitong Financial APP learned that on March 9, Ping an FTSE China's open and win-win trading index securities investment fund was changed from "open and win-win ETF" to "state-owned enterprise win-win ETF" (trading code: 159719).
State-owned enterprise win-win ETF closely tracks the FTSE China State-owned Enterprise Open win-win Index, which is composed of 100 constituent stocks, covering 80 A shares and 20 Hong Kong stocks. The screening condition is to focus on the representative companies in the areas of globalization, sustainable and high-quality development among central enterprises. The index includes energy, infrastructure and new infrastructure, self-controllable, stable growth, east and west, double carbon and other key investment lines of the market.
At present, China is in the process of deepening and upgrading a new round of reform of state-owned enterprises, the modern corporate governance of state-owned enterprises with Chinese characteristics is accelerating, and the overall orientation of state-owned enterprises of central enterprises is basically good. The level of index valuation is expected to be improved under the valuation system with Chinese characteristics. According to the four Seasons report of Ping an Fund, when the CSI 300 index fell 21.63% in 2022, the win-win ETF of state-owned enterprises recorded a positive return of 6.21%. As of March 3, the tracking index rose 15.42%, according to wind data.
Looking to the future, Cheng Jun, a win-win ETF fund manager for state-owned enterprises, said that the reform of central state-owned enterprises is undoubtedly one of the important main lines of the market in 2023. First of all, central state-owned enterprises, as the vanguard of the national economy, are expected to undertake more national projects and play an important role under the policy of stabilizing growth. Second, exploring the valuation system with Chinese characteristics has been put on the agenda of the CSRC, which is expected to reduce the equity financing costs of central state-owned enterprises and drive them to "add leverage" in the future. Social finance data in January showed that the proportion of medium-and long-term loans to central state-owned enterprises increased significantly. Finally, after the implementation of the relevant policies, corporate earnings and valuations may usher in Davis double-click.
