The CNI Leading Private-Owned Enterprises 100 Index (CNI Leading Private-Owned Enterprises 100 Index, index code: 399362, index abbreviation: private enterprise 100) selects the actual controllers of listed companies to compile securities of wholly non-state-owned, non-state-owned, and non-foreign-owned securities. The purpose of compiling this index is to reflect the trend of changes in securities prices of private enterprises. As of July 5, 2024, China Securities Private Enterprises led the 100 Index with a total of 100 constituent stocks, with an average total market capitalization of 98.94 billion yuan and a median total market capitalization of 58.907 billion yuan. The market value of the constituent stocks was in the medium to large market style.
The private economy has made great contributions to steady growth, promoting innovation, creating jobs, and improving people's livelihood.
In recent years, policies relating to private enterprises have continued to be implemented. The development of private enterprises has ushered in a period of historical opportunity, and going overseas has become a way for more and more enterprises to find growth points. Policies such as the 31 measures in the “Opinions on Promoting the Growth of Private Economic Development” show policy support for the private economy. From January 2014 to June 2024, the share of private enterprises in the import and export value of goods trade continued to rise from 35% to 55%. The private enterprise 100 index constituents account for relatively high overseas business revenue, and it is expected that they will fully enjoy the benefits brought by the overseas market.
The index is in the medium to large market style, and the constituent stock industry is scattered. The total share weight of the top ten components of the China Securities Private Enterprise Leading 100 Index is 37.94%, and the shares of the index components are relatively scattered. The top ten major stocks in the index are distributed in household appliances, agriculture, forestry, animal husbandry and fishery industries, electrical equipment, pharmaceutical/biological, automotive, electronics, non-bank finance, and communications industries, and the industry concentration is low.
The risk-return performance of the China Securities Private Enterprise Leading 100 Index was superior compared to the same-themed index. From 2019/01/01 to 2024/07/05, the cumulative yield of the China Securities Private Enterprise Leading 100 Index was 27.06%, and the earnings performance was significantly superior to the main broad-based indices in the market. Compared with the same thematic index, the private enterprise 100 also has a stronger risk-return performance.
The valuation of the National Securities Private Enterprise Leading 100 Index is at a historically low level, and the allocation value is prominent. As of July 5, 2024, the price-earnings ratio of the China Securities Private Enterprise Leading 100 Index was 22.38 times, and the net price-earnings ratio was 3.08 times. The price-earnings ratio of the China Securities Private Enterprise Leading 100 Index is 19.10 percent since 2019, and the net market ratio is 5.60 percent.
Hongyi Yuanfang Guosheng Private Enterprise Leading 100 ETF (fund code: 159973, market abbreviation: private enterprise ETF) was established on July 16, 2019 and listed on August 9, 2019. The fund manager is Ma Jia. The fund closely tracks the China Securities Private Enterprise Leading 100 Index (index code: 399362) to minimize tracking deviations and tracking errors. The fund management rate is 0.30%, and the custodian fee rate is 0.20%. As of July 5, 2024, Hongyi Yuanfang Guosheng Private Enterprise's leading 100 ETF size was 0.218 billion yuan.
Risk warning: The research and analysis of fund products and indices in this report is based on historical public information, which may cause certain analytical biases due to changes in index sample stocks; in addition, the historical performance and performance of fund managers does not represent the future; future performance of the index is affected by multiple factors such as the macro environment, market fluctuations, and style changes, and there is a certain risk of fluctuation.