Main points of investment
The gem is more recommended in the current market environment: at the meeting of the Central Committee for comprehensively deepening Reform on April 27, the "overall implementation Plan for gem Reform and pilot Registration system" was examined and approved, and the gem registration system reform entered the implementation period. to help the long-term development of the board; according to Xingye Metallurgical's Shanghai and Shenzhen 300 and gem rotation strategy, gem is currently recommended The "refinancing rules" are good for the gem, and it is estimated that about 348 companies on the gem may meet the conditions for public offerings under the new rules, of which 49 are constituent stocks, which are mainly distributed in the pharmaceutical and computer industries; the gem refers to the recent strong performance, the fundamentals are expected to be good, and the growth opportunities for great innovation are still worthy of attention; in terms of information disclosure, the gem is more timely and stringent than the main board.
Gem Index (399006.SZ) is one of the core indexes in the multi-level capital market of Shenzhen Stock Exchange. it is composed of 100 representative stocks of companies listed on gem, which gathers the core assets of gem. The growth style of the index is obvious, and the performance elasticity is large. The PE is slightly higher than the median in recent 5 years and much lower than the gem as a whole.
Gather the core leading assets in the gem composite index: 100 stocks with large market capitalization and good liquidity in gem are selected as constituent stocks, and the characteristics of core assets are prominent.
Representatives of growth style, pay attention to R & D investment: the top five industries of the index are medicine, computer, power equipment and new energy, agriculture, forestry, animal husbandry and fishing, electronics, with strong attributes of scientific and technological growth; pay attention to R & D investment. at present, all 100 constituent stocks have R & D expenses, and weighted R & D expenses account for a relatively high proportion.
Strong performance flexibility: when the market rises sharply and money is loose, it usually outperforms the market.
The clearance of goodwill in 2018 contributed to the improvement of performance: the goodwill of the gem index decreased significantly in 2018, the media and computer industries suffered more impairment, and the low base contributed to the performance improvement in 2019.
PE is slightly higher than the median in the past five years and much lower than the gem as a whole.
Yi Fangda gem ETF (fund code: 159915.OF) was established in September 2011, with a scale of 18.017 billion in the first quarter of 2020. It is the largest passive index fund tracking the gem index in the market.
Closely follow the index and rank high in performance: the annual tracking error of the fund in the past year is 0.34%. Among all passive index funds that track the gem index, it ranks 2max 20, and the performance ranks 3max 20 in the past year. Strong investment management ability
Good liquidity: the current scale, the average daily turnover rate in the past year, and the turnover are all the first of the same kind of funds.
Has a convenient over-the-counter cash redemption mechanism: the over-the-counter purchase and redemption business began on July 21, 2014 to facilitate the participation of over-the-counter investors.
Yi Fangda fund deep ploughing index products, rights and interests and commodity index products business scale reached 112.894 billion yuan.
Risk hint: the performance of the sector does not meet the expected risk; the fund is a stock fund with a high level of expected risk and return; the index and the historical performance of the fund do not represent the future.
