This paper analyzes the investment value of Yifangda gem ETF (fund code: 159915). The main conclusions are as follows:
Since the establishment of gem in 2009, with the development of innovative enterprises, the number of individual stocks and the total market capitalization of gem have increased by nearly 40 times and 80 times respectively. In the long run, a series of reform policies of gem will help to improve market vitality, help to better serve the real economy, and promote the development of science and technology industry. at the same time, the introduction of the gem registration system and the survival of the fittest will help to enhance the long-term investment value of the gem.
From the perspective of long-term absolute income, gem ROE shows a fluctuating upward trend in recent years, the profit quality of constituent companies tends to improve, investors give the index a strong expectation of profit growth, and horizontal comparison with the profitability of the representative index also occupies an advantage. Since Q2 in 2022, the consistent forecast profit growth rate of gem has shown significant signs of rebound, with its consensus forecast net profit growth rate of 44.9% and 43.8% year-on-year, respectively, up 23.3% and 11.8% compared with 21.6% and 32.1% of Q1 in 2022. From the perspective of horizontal comparison, the current profit expectation level of gem is also higher than other mainstream wide-base indexes.
From the perspective of relative value, the gem index ERP has continued to climb since Q1 in 2021, and is currently at a relatively high level in history, highlighting the advantage of equity allocation. From the perspective of stock internal style, gem is a typical growth style. Under the background of abundant liquidity, low interest rate is good for growth style.
Gem Index (399006), issued by Shenzhen Stock Exchange, is one of the core indexes of multi-level capital market.
The index is composed of the stocks of the 100 most representative companies listed on the gem. Among the constituent stocks, emerging industries and high-tech-related enterprises account for a relatively high weight and outstanding growth. Index constituent stocks as a whole take into account the dual attributes of growth leader and growth cutting edge, so that investors can fully share the dividend of growth stock investment.
ETF (159915) is a representative ETF product of Yifangda Fund Management Co., Ltd., which is linked to the gem index, closely tracks the trend of the index, and pursues the minimization of tracking deviation and tracking error. The liquidity of the fund is good, and it is the gem ETF product with the largest scale in the market at present, with a tracking error of only 0.23% in the past three years. It is a high-quality tool-based passive product.
Yi Fangda Fund is a veteran public offering fund team in China, which has been widely recognized by all sectors of society, and has firmly established a brand image of "professional, standardized, robust and excellent performance" in the market. Fund companies have a complete ETF product line and a full range of products, which can meet the diverse investment needs of different investors.
Mr. Cheng Xi and Mr. Liu Shurong, fund managers, have 6.3 and 5.1 years of fund manager experience respectively, with a total of 35 and 28 products, and are currently managing 21 and 17 products respectively, with rich experience in passive product management.
Risk Tip: this report is based on the analysis of historical data and there is a risk of failure when the market environment changes.