"New quality productivity" exploded, and this kind of theme fund followed out of the circle

Xiaobai reads finance and economics

2024-04-08 17:40Published in Guangdong

Since last year, "new quality productivity" has gradually become a high-frequency word in China's economy. In particular, this year's two sessions also included "accelerating the development of new quality productive forces" in the government work report. Undoubtedly, "new quality productivity" will be one of the core focuses of future economic development, bringing attractive investment opportunities.

However, the "new quality productivity" involves a wide range, of which the information creation is the key driving force, which is naturally the "crown jewel", and related theme funds follow out of the circle, such as the information innovation ETF (562570) that Xiaobai pays attention to, is an index fund that focuses on the core leader of the information and innovation industry and grasps the investment opportunities of new quality productivity, which is currently being issued.

To develop new quality productivity, information innovation is the key

What is the new quality of productive forces? The "newness" of the new quality of the productive forces is to promote industrial innovation through scientific and technological innovation; the "quality" of the new quality of the productive forces is the qualitative state; in terms of data, data is fluid and virtual, and the new quality of the productive forces regard data as a new quality factor of production that drives economic operation, thus breaking the qualitative state of the traditional factors of production.

Therefore, to put it simply, new quality productivity is a new growth path that takes scientific and technological innovation as the essence, takes high-quality development as the goal, and integrates new technologies and new elements such as artificial intelligence and big data.

However, as the saying goes, the key thing is not to come, not to buy, not to buy! For example, in order to suppress China's artificial intelligence development, the United States has banned Nvidia and AMD from selling high-end GPU products to China. Therefore, to vigorously develop new quality productivity, it is inseparable from the key promotion of information and innovation.

The full name of Xinchuang is the information technology application innovation industry, and its mission is to solve the problem of "stuck neck" in core technology and key links, change the status quo of "lack of core and soul" in the mainland's information industry, and aspire to realize the complete independence and controllability of the information technology industry.

Data source: iiMedia Consulting, "2023 White Paper on the Development of China's Information and Innovation Industry"

The information and innovation industry is born with a large volume, covering almost all aspects of the information industry. From the perspective of the industrial chain, the information and innovation industry is mainly composed of four parts: basic hardware, basic software, application software, and information security, of which chips, complete machines, operating systems, databases, and middleware are the most important industrial chain links.

The information and innovation industry can be said to be a key link in a new round of scientific and technological revolution and industrial transformation. Through the development of the information and innovation industry, we can promote scientific and technological innovation and product innovation, so as to further promote the development of new quality productivity.

The future space of the information and innovation industry is huge

For the information and innovation industry, the state has proposed a "2+8+N" system, which plans to gradually achieve independence and controllability in order. Among them, "2" refers to the party and government, "8" refers to the eight major industries related to the national economy and people's livelihood, and "N" refers to the comprehensive application of information and innovation products to the consumer market.

Data source: Tianfeng Securities Research Institute

At present, the independent and controllable layout planning of the party and government information innovation has been basically completed, and the industry information innovation has become the key development direction at the current stage, and the localization business of information innovation is being promoted in batches, bringing a larger market demand to the upstream and downstream enterprises of the industrial chain.

Among the eight major industries, finance, telecommunications, electric power and other industries have entered a comprehensive construction period. In particular, the financial progress is the most advanced, after the third phase of financial information innovation construction, most of the leading financial institutions have been covered, and have entered the stage of normalized information innovation construction. In contrast, petroleum, transportation, and aerospace are in the promotion stage of key links, and medical care and education are still in the early pilot stage. In the future, the information and innovation industry will be fully applied to the consumer market, and there will be more room for development, which is worth paying attention to.

Thanks to the rapid development of China's digital economy and the gradual implementation of the "2+8+N" system, the scale of China's information and innovation industry continues to expand, and the scale of China's information and innovation industry will exceed 2 trillion yuan in 2023 and is expected to reach 3.7 trillion yuan in 2027.

Data source: iiMedia Consulting, "2023 White Paper on the Development of China's Information and Innovation Industry"

Optimistic about new quality productivity and information innovation opportunities, how to quickly layout?

Vigorously new quality productivity, the potential investment opportunities of Xinchuang are self-evident. However, in order to prevent the embarrassment of buying the wrong individual stocks in the right direction, investors may wish to lay out through relevant theme funds, such as the China AMC Fund Xinchuang ETF that tracks the CSI Xinchuang Index.

The CSI Information Innovation Index tracked by ChinaAMC's Information Innovation ETF is an index with strong innovation attributes and distinct information innovation themes. Specifically:

The CSI Information Innovation Index selects the securities of listed companies in various subdivisions such as basic hardware, basic software, application software, information security, and peripheral equipment as the sample to be selected, and selects no more than 50 high-quality targets as constituent stocks according to the proportion of R&D market capitalization, net profit growth, revenue growth, gross profit margin and other indicators.

As of the end of March 2024, from the perspective of the industry distribution of constituent stocks, the constituent stocks of the CSI Information Innovation Index are mainly distributed in software development (53.3%), computer equipment (22.4%), IT services II (17.9%) and semiconductors (6.4%).

Source: Wind, Shenwan Secondary Industry Classification, as of 2024.03.29

It is worth mentioning that the R&D investment and R&D intensity of the CSI Information Innovation Index have continued to increase in the past decade, and the R&D intensity has exceeded 12% since 2020, which is higher than the Science and Technology Innovation 50 Index and the ChiNext Index, and has strong innovation attributes.

Data description: R&D intensity = R&D expenditure / operating income; data source: Wind, China Securities Construction Investment

From the perspective of historical performance, since the base date (December 29, 2017), as of March 29, 2023, the annualized return of the CSI Xinchuang Index has reached 1.55%, significantly outperforming the CNI Xinchuang Index (-3.74%) and the CSI 300 Index (-2.08%). Compared with CNI Information Innovation, China Securities Information Innovation has a higher range of return with an annualized Sharpe ratio of 0.16 under the condition of similar volatility.

Data source: Wind, statistical period 2017.12.29-2024.03.29;

The Xinchuang ETF (562570) launched by ChinaAMC Fund is escorted by the strength of ChinaAMC's index investment team. Among the public fund companies, China AMC is a leader. As of the third quarter of 2023, the scale of the company's passive equity products exceeded 370 billion yuan, ranking first in the industry for 18 consecutive years, and it is also the only domestic company that has been awarded the "Passive Investment Golden Bull Fund Company" for 8 consecutive years (award time: 2015-2022, China Securities Journal).

With the accelerated development of new quality productivity and the promotion of a new round of AI, the information and innovation industry is expected to enter a stage of accelerated development. Investors who want to share a new round of growth opportunities in the information and innovation industry with one click, ChinaAMC's information innovation ETF (562570) is being issued, you may wish to pay attention to it.

Note: This material is for reference only and does not constitute a legal document for any business. Mainland funds have been in operation for a relatively short period of time and do not reflect all stages of market development. Funds are risky and should be invested with caution.

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