Reporter: Huang Xiaocong Editor: Xiao Ruidong
Recently, some central enterprise theme ETFs have been increased by "national team" funds. In addition to the theme of central enterprises, the reporter noticed that there are also ETFs with the theme of state-owned enterprises.
So, what are the differences between these state-owned enterprise-themed ETFs, and what are the differences in the indexes tracked behind them? In this issue, let's focus on combing.
1. 5 state-owned enterprise theme ETFs with a scale of more than 200 million yuan
Wind data shows that as of now, there are 10 ETFs with "state-owned enterprises" and "state-owned enterprises" in their names. Among them, there are 5 with a scale of more than 200 million yuan. The details are as follows:
From the perspective of these 5 products, there are three main indexes tracked, namely the CSI Shanghai State-owned Enterprises Index, the CSI State-owned Enterprises Belt and Road Index, and the FTSE China State-owned Enterprises Open and Win-Win Index.
2. The sources of index constituents are different
Specifically, from the perspective of these three indexes, the CSI Shanghai State-owned Enterprises Index is based on the securities of listed state-owned enterprises in Shanghai (including districts and counties) as the sample to be selected, and the samples are selected and weighted in combination with market capitalization, state-owned shareholding ratio, dividend ratio, market expectations, etc. There were 76 samples, with an average circulating market value of about $12.2 billion.
The CSI State-owned Enterprises Belt and Road Index is based on the comprehensive evaluation of the market capitalization, participation in the Belt and Road business, the quality of earnings, shareholder returns, and social responsibility of state-owned enterprises participating in the construction of the "Belt and Road" in the Shanghai and Shenzhen markets, and selects 100 representative securities of listed companies as index samples. At present, the average circulating market value is about 51.9 billion yuan.
The FTSE China SOE Open and Win-Win Index is composed of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong.
According to the data, the securities eligible for inclusion in the FTSE China State-owned Enterprises Open and Win-Win Index include: 1) state-owned enterprises under the State-owned Assets Supervision and Administration Commission of the State Council among the constituent stocks of the FTSE China A-share Free Float Index;
It is important to note that the weighting of the constituents is determined by adjusting the weight of total revenue, and is skewed towards overseas revenue and green revenue, as well as the three style factors (i.e., quality, low volatility and dividend yield).
3. There is a big difference between the top ten heavyweight stocks
Looking at the top 10 weighted stocks of the three indexes, there are actually big differences.
The first is the CSI Shanghai State-owned Enterprises Index, the top 10 weighted stocks are mainly concentrated in transportation, insurance, banking, real estate and other sectors, with a cumulative weight of 53.46%.
Secondly, the top 10 weighted stocks of the CSI State-owned Enterprises Belt and Road Index have a relatively low weight proportion of a single stock, which makes the cumulative weight account for only 23.84%.
Looking at the FTSE China State-Owned Enterprises Open and Win-Win Index, although there are 100 constituent stocks in the index, the top 10 weights account for a very high proportion, exceeding 64%. Among them, PetroChina and Sinopec both accounted for more than 14%.
It can be seen that the three indices are not only very different in their constituents, but also in terms of concentration, with the FTSE China State-owned Enterprises Open and Win-Win Index having the highest concentration of weighted stocks.
4. The FTSE China State-owned Enterprises Open and Win-Win Index has outstanding performance, but it is closely related to the "two barrels of oil".
Also, let's look at the past performance of these three indices. Since the beginning of this year, there is not much difference between the two indexes of the CSI Shanghai State-owned Enterprises Index and the CSI State-owned Enterprises Belt and Road Index, but if it is the annualized return of the past year, the past three years and the past five years, it can be found that the performance of the CSI State-owned Enterprises Belt and Road Index is better.
Of course, in terms of volatility, the CSI Shanghai State-owned Enterprises Index is lower than the CSI State-owned Enterprises Belt and Road Index.
However, if compared with the FTSE China State-owned Enterprises Open and Win-Win Index, whether in terms of the past three years or the past five years, the performance of the CSI Shanghai State-owned Enterprises Index and the CSI State-owned Enterprises Belt and Road Index are significantly lagging behind. The main reason is that the top two weighted stocks of the FTSE China State-owned Enterprises Open and Win-Win Index have performed well in recent years.
In general, among the three indexes, if you look at the performance of the past three years and the past five years, the FTSE China State-owned Enterprises Open and Win-Win Index is the most prominent, but investors should also note that this is mainly because it is inseparable from the relatively good performance of the "two barrels of oil" in recent years, and investors also need to pay attention to the performance of these two heavyweight stocks before choosing.
National Business Daily