The biggest involution in the recent circle is undoubtedly the simultaneous launch of eight carbon-neutral ETFs. The noisy gongs, drums, and firecrackers can’t help but remind people of the spectacular landing of the Hang Seng Technology Index ETF and the MSCI A50 Index last year. (How much have these things fallen since then???) Especially in the MSCI A50 index, there are three major equity companies fighting in a melee. Various resource positions are stuck, and one company has even reserved the public accounts of major media in the industry for several days in a row. The second location. Behind the fierce competition is the battle for position on the ETF track.
wind Important positions are all carbon-neutral ads
Unlike active rights and interests, the ETF track has additional constraints. On-market ETFs have an obvious Matthew effect . The better the liquidity, the easier it is to grow in scale. In addition, ETFs also need to compete for names. For ETFs in the same index, it is important for the names to dominate. It also tracks the Mass Entrepreneurship 50 Index. Whether it is called the Mass Entrepreneurship 50 ETF or the Mass Entrepreneurship Leading ETF has an absolute impact on the scale. As for ETF products, there is actually not much difference. The yields of the CSI 300ETF of the two fund companies will not be very different. The competition of
ETF actually emphasizes pre-emption, and competition at the beginning is particularly important. Therefore, it is not difficult to understand why every time a relatively important index is wholesaled, major fund companies devote all their efforts to publicity. As far as I know, this time the eight fund companies have given sufficient incentives to each channel for the sales of carbon neutral and ETF, and each channel group is giving out red envelopes every day. A large manufacturer with a blue icon also offered a policy of rewarding luxury hotel tours in famous scenic spots for every 2 million products sold.
The index tracked by the eight carbon neutral ETFs this time is called the CSI Shanghai Environmental Exchange Carbon Neutral Index. Take out our three pillars of index fund analysis: index compilation mechanism, index current component weight analysis, and index valuation observation, and make a quick report on this index.
This index mainly selects samples from two major areas: deep low-carbon and high-carbon emission reduction. The former is mainly the photovoltaic and new energy vehicle sectors, while the latter is mainly traditional industries such as thermal power, hydropower, and cement.
It is worth noting that there are actually some carbon-neutral index funds on the market, such as the Shanghai Stock Exchange carbon-neutral ETF (159790), which actually tracks the CSI Mainland low-carbon economy theme index, which is related to the Environmental Protection Agency Compared with the carbon neutrality index, this index lacks some configuration in high-energy-consuming industries, including thermal power and building materials.
Feedback Based on the current composition, the ratio of the two directions of new energy and traditional energy emission reduction is 2:1, 66% of the weight is new energy, and 33% of the weight is traditional energy emission reduction. The index also gives an annual contribution. In general, it is an index of increasingly new energy sources.
New energy is so hot right now, so the inevitable valuation will not be cheap. is a simple investment vision to buy when the index valuation is low and sell when the index is overvalued. But in fact, valuation is not a forward-looking indicator. Valuation is more the market’s feedback on fundamental expectations. High-quality assets are prone to be given higher valuations, and undervalued assets must also have their fundamentals. of flaws. It is true that the new energy industry is booming, but its valuation is not cheap. In fact, the core weights of this index are not good. This is the aspect that I am more cautious about this index.
Judging from the current absolute valuation of and , the index has a price-to-earnings ratio (ttm) of 25 and a price-to-book ratio of 3.5. It's not cheap at all levels. The market is so hot, and swarms of people are launching products around new energy, which is also a signal in itself.
However, from the perspective of fund companies, this strategy is not wrong. After all, investors who buy initial ETFs now also have scarce resources. This has to remind me of Huo Jingliang's famous saying, to paraphrase: Oh, ETF, ETF is swarming. Retail investors save money and buy stocks in the hope of getting rich. They have no idea who the real big winner is.
The market originally said that these products were fully allocated when they were released, which was another wave of incremental funds for Ning Wang, but I heard that today Fuguo sold less than 800 million through all channels, which is not particularly popular.
I understand the original intention of various fund companies to develop the ETF business, but it is not necessarily a good choice to rush to the popular track during the hot market stage. On the one hand, it is difficult for large manufacturers to compete with them due to their great business. On the other hand, many times this behavior hurts investors. Every time investors lose money, it is a loss to the brand image. It may be the right way to lay out some subdivided tracks as early as possible and then maintain operations well.
The most terrifying thing about business competition is actually the attack on dimensionality reduction. Tibet Dongcai Fund is now also paving the index track. In the future, such shareholders will have strong channels. Raising the handling fees to the end may be the real killer move.
Finally synchronize today’s fixed investment ING.
fixed investment in ING is the public fixed investment record I started in early March this year. This round of fixed bidding is for the Shanghai-Hong Kong-Shenzhen 500. I will invest 2,500 yuan every week. I plan to invest for about two years. It is expected to invest 250,000 yuan. The maximum overall loss is expected. At 20%. The company will suspend fixed investment when the P/E ratio of the Shanghai-Hong Kong-Shenzhen 500 exceeds 13.5, and will consider selling when the P/E ratio exceeds 17.5. As of July 1, the P/E ratio of the Shanghai-Hong Kong-Shenzhen 500 is 12.53. Currently, 52,500 yuan has been implemented, and 21% of the fixed investment plan has been completed. As of today, the profit is about 3,900 yuan.
The industries of the Shanghai-Hong Kong-Shenzhen 500 are very evenly distributed. Finance, the Internet, consumption, industry, medicine... can provide feedback on all aspects of the Chinese economy, and the companies involved are absolute leading companies in various industries. It is not easy for huge changes to occur in a short period of time, which means that the long-term valuation center is relatively stable.
From a valuation perspective, the Shanghai-Hong Kong-Shenzhen 500 is currently at the lower 20% of the market valuation level in the past five years. When market investment enthusiasm picks up, the valuation level will increase.
