Last week, the overall market of the gem was repaired, and the gem index rose 3%.Zerogameroulette.9%, the gem mid-market 200 index rose 5.8%, and the gem growth index rose 4.2%, attracting market attention.
Gem focuses on serving growing innovative and entrepreneurial enterprises, highlighting the characteristics of "excellent innovation and high growth". It has become a gathering place of strategic emerging industries, covering advanced manufacturing, digital economy, green, low-carbon and other key areas of innovation.ZerogamerouletteHigh-tech enterprises.
So, what are the differences and characteristics of gem index, gem 200 index and gem growth index, which belong to the gem index system? This article will be analyzed in detail for you.
What is the difference in index positioning?
The gem index focuses on the large market capitalization stocks in the gem. When selecting samples, after excluding 10% of the stocks after trading volume, select the composition index samples with the total market capitalization in the top 100.
On the other hand, the gem mid-market 200 index focuses on the stocks with medium market capitalization on the gem, excluding the stocks in the bottom 10% of the turnover, and the stocks in the top 70 in the total market capitalization of the gem index sample stocks, and then select the stocks in the top 200 in total market capitalization to form the index sample.
Therefore, in the positioning, the gem index and the gem 200 index form an obvious stratification of market capitalization scale, which is complementary to a certain extent.
Unlike the previous two indexes, the gem growth Index is a style strategy index, which focuses on the stocks with outstanding growth style in the gem.
When selecting samples, the growth index of the gem will be positioned according to the "three innovation" and "four new" sectors of the gem, excluding the negative list industries, and the stocks with the average daily turnover of 30%, and then according to the two dimensions of performance growth and expected earnings, a total of four growth factors are calculated to calculate the comprehensive score, so as to select 50 stocks with outstanding growth style, high performance growth, good expected earnings and good liquidity.
The scale of market capitalization is stratified.
From the perspective of market value distribution, corresponding to the index positioning, the gem index tends to the large and medium-sized style, and the gem mid-200 index small and medium-sized style is outstanding.
According to Wind data, as of the end of March, the average market capitalization of stocks in the gem index was 47.4 billion yuan, of which the combined weight of stocks with a value of more than 100 billion yuan was more than 50%. The component stock market value of the gem 200 index is less than 50 billion yuan, with an average of 9.2 billion yuan, of which the total weight of the component stock market value below 20 billion yuan is more than 90%.
The market value distribution of gem growth index is similar to that of gem index, the average market value of constituent stocks is close to 70 billion yuan, slightly higher than gem index, and the total weight of market capitalization of 50 billion yuan and more than 100 billion yuan is also a little higher than gem index.
Note: data source Wind, statistics as of 2024-3-29.
Lianliankan on the Distribution of Industry
The gem supports the development of strategic emerging industrial enterprises and high-tech enterprises, and its plate positioning determines that the three gem series indexes have the characteristics of high proportion of emerging industries and outstanding growth and innovation. focus on serving key areas such as advanced manufacturing, digital economy, green and low carbon.
On the whole, the industry distribution of the gem index is the most concentrated, with the power equipment industry dominated by new energy accounting for more than 30%, followed by pharmaceutical biology, accounting for 18%. Affected by the performance growth and expectations of the industries weighted by the gem, the industry composition of the gem growth index is somewhat similar to that of the gem index, and the first two major weighted industries are also power equipment and pharmaceutical biology, accounting for 25% and 22%, respectively.
The industries of the gem 200 index are relatively balanced in these three indices, and cover the largest number of industries. The weights of the first three major industries, computer, electronics, pharmaceutical biology, are relatively close, accounting for more than half of the total.
Specifically, compared with the gem index, the gem 200 index covers seven industries: automobile, building decoration, business retail, household appliances, public utilities, building materials, petroleum and petrochemical; compared with the gem growth index, the gem growth index does not cover three industries: environmental protection, textile and clothing, and non-ferrous metals.
Distribution of industries in case-by-case index
Note: data source Wind, as of March 29th, 2024. Industry classification according to the application level industry classification, lower weight industry only graphic display, unidentified industry name and proportion. Among them, the gem index does not identify social services (1.3%), basic chemical industry (0.7%), food and beverage (0.6%), non-ferrous metals (0.4%), environmental protection (0.4%), textile and clothing (0.4%) industries. The gem 200 index does not identify non-bank finance (0.6%), agriculture, forestry, animal husbandry and fishing (1.0%), beauty care (0.8%), social services (0.9%), food and beverage (0.8%), environmental protection (0.4%), textiles and clothing (0.1%), cars (0.9%), building decoration (0.8%), trade and retail (0.7%), household appliances (0.6%), Public utilities (0.4%), building materials (0.3%), petroleum and petrochemical (0.2%) industries The gem growth index does not identify agriculture, forestry, animal husbandry and fishing (1.1%), social services (1.0%), basic chemical industry (0.7%), and food and beverage (1.0%) industries. The above is only an objective display of the industry distribution of index stocks, and does not serve as any investment income guarantee or investment advice. Index companies may adjust the index compilation plan in the future.
What are the index heavyweights?
Furthermore, from the point of view of the composition of constituent stocks, due to the differences in the establishment and positioning, there is no overlap between the gem index and the 200 index stocks in the gem; among the 50 stocks in the growth index of the gem, 44 coincide with the constituent stocks of the gem index and 5 coincide with the constituent stocks of the gem 200 index.
In addition, the gem index and the gem growth index are moderately high, with the weight of more than 10% of the constituent stocks, and the combined weight of the top 10 stocks account for more than half of the total weight; while the gem midmarket 200 index with the largest number of constituent stocks, the equity weight of individual stocks is also relatively scattered, with a single component equity weight of less than 2%.
Top ten constituent stocks of the index
Note: 1. Data from Wind, statistics as of 2024-3-29
2. The above is only an objective introduction to the top ten constituent stocks of the underlying index, does not constitute any investment advice, and does not serve as a guarantee of income. Index companies may adjust the index compilation plan in the future, and the composition and weight of index stocks may change dynamically. Please pay attention to the risk of higher equity weight and higher concentration of some index components.
The outstanding growth and innovation characteristics of gem also make the three index stocks show high performance growth potential. The three indices are all expected to have a return on equity of more than 10 per cent in 2024 and 2025, and net profit growth forecasts of more than 20 per cent in all three indices, according to Wind.
Performance Forecast of Index component stocks
Note: data source Wind, statistics as of 2024-4-27. The above only serves as an objective display of index-related data, does not represent future performance, and does not serve as investment income guarantees or investment recommendations.
Generally speaking, the three indexes of gem are different and complement each other. Investors can fully consider their own risk tolerance according to their own investment purpose, investment period, investment experience, asset status and so on. on the basis of understanding the relevant characteristics of the index and the level of valuation, we choose to allocate one or more of them.
At present, there are gem ETF (159915), gem 200ETF Yifangda (159572), gem growth ETF Yifangda (159597) and other products to track these three indexes.
Valuation of three Indexes on growth Enterprise Market
Note: the rolling price-earnings ratio of the index and its quantile as of April 25, 2024. Rolling P / E = total market capitalization / ∑ 's net profit attributable to parent shareholders for the last four quarters, this valuation indicator is closely related to corporate earnings and is suitable for industries where earnings are relatively stable and less affected by the cycle. The quantile of the index's rolling price-to-earnings ratio refers to the percentage of time in which the index's historical rolling price-earnings ratio is lower than the current rolling price-earnings ratio, and a low quantile indicates relative cheapness. The quantile range is from the release date of the index to April 25, 2024, in which the gem index was released on June 1, 2010, the gem 200 index was released on November 15, 2023, and the gem growth index was released on January 7, 2013. The above data only serve as an objective display of the rolling price-to-earnings ratio of the index and its quantiles, do not represent future performance, and do not serve as investment income guarantees or investment recommendations.