The MSCI China Index adjusted the quarterly adjustment of the industry on September 1 that the industry believes that foreign investment will continue to flow into A shares in the year

MSCI (Mingsheng )'s quarterly adjustment will be implemented after closing on August 31, and it will take effect on September 1. According to historical experience, in order to reduce the index tracking error, passive funds are usually adjusted on August 31.

Since the beginning of this year, the capital market has continued to advance to the outside world, and foreign investment has also taken the initiative to increase A shares. Wind information data shows that as of August 30, the cumulative net inflow of the northbound funds was 55.542 billion yuan. Foreign -funded institutions interviewed by a reporter from the Securities Daily believe that in the remaining time of this year, the northbound funds are still expected to continue to inflow.

The new energy industry chain continues to be favored

15 have been included in the year

The adjustment of the index this time is the MSCI China Index, the MSCI China A shares on the shore index, and the MSCI China stock index. Among them, the adjustment of the MSCI China index is the most concerned. Because the MSCI China index is currently included in the MSCI emerging market index system, once the stock enters the MSCI China index, it means that it has entered the MSCI Global Standard Index series, and it is expected to usher in a large number of overseas passive funds.

Specifically, the MSCI China Index has added 7 A -share labels. Tongrentang, China Merchants Ship, Paineng Technology, Salt Lake Co., Ltd., Tianqi Lithium Industry, Yuntianhua, and Tibet Mining, and A shares are eliminated. In principle, MSCI will choose stocks in accordance with the liquidity, company market value, and industry representative elements. Among them, liquidity is the most concerned indicator.

"The adjustment of MSCI this time represents the company's market liquidity, market value level, industry representativeness, etc. to a certain extent." Talking about the company's inclusion of the MSCI China index, Tibet Mining said on the investor interactive platform.

From the perspective of the industry, there are many new energy industries and chemical companies among the 7 new stocks. Judging from the performance, as of August 30, the press release, seven companies have disclosed the half -annual report in 2022, and net profit has increased. Among them, Tianqi Lithium Industry, Tibigan Mining, Salt Lake, Yun Tianhua and China Merchants Ship's net profit increased by more than 100%, respectively, 11937.16%, 438.01%, 333.09%, 120.48%, and 105.99%.

"From the perspective of individual stocks, MSCI is guided by performance. The newly included ingredient stocks have grown rapidly for many years, and the level of corporate profitability is considerable." Chen Li, chief economist of Chuancai Securities and Director of the Institute In an interview with the reporter, from the perspective of the industry, first of all, the new energy industry. Under the "double carbon" goal, the domestic new energy industry has developed rapidly, and the industry has a high degree of prosperity. As the policy continues, the industry's prosperity is expected to continue; Secondly, the chemical industry, with the development of the new energy industry, will further boost the demand for upstream chemical raw materials and drive the profit of the industry chain. The industry is expected to usher in new development opportunities.

Since the beginning of this year, MSCI has continued to be included in new energy stocks, plus 7 newly included in August, and 44 A shares in the year, 15 of which belong to the new energy industry chain, and 5 were included in February, May and August.

On November 10, MSCI will announce the final round of index adjustment results. Shao Yu, chief economist of Oriental Securities, told the Securities Daily that new energy represents the direction of global economic transformation and upgrading and is expected to be more popular with the market.

Chen Li expects that MSCI may continue to include some new energy targets into the index in November. The main reason is that in the context of the "double carbon", my country's new energy industry is developing rapidly, and the global energy crisis is becoming more and more severe, and the new energy industry is expected to continue its high growth rate.

The capital market is continuously advanced to the outside world

Boost foreign confidence

Since the beginning of this year, the capital market has continued to advance to the outside world. Foreign capital is optimistic about the Chinese market and continuously buying. Fu Si, a stock strategy analyst of Goldman Sachs Global Investment Research Department, told the Securities Daily that despite the intensified global geopolitical tensions and some investors' concerns about the risk of decoupling in the financial market, the trend of opening up the Chinese capital market will not change to the outside world. Demand demand for border assets still exists.

"Since the beginning of this year, the Shanghai -Shenzhen -Hong Kong Stock Connect has been in active transactions. The net purchase amount of funds in the north and southbound funds is US $ 9 billion and US $ 28 billion, respectively, which is better than most Asia -Pacific markets." Fu Si predicts that the whole year's northbound and south of the south Buying $ 25 billion and $ 50 billion in funds, respectively, means that in the remaining time this year, the north and southbound net buys will reach US $ 16 billion and US $ 22 billion, respectively.

Since this year, in order to optimize the foreign investment environment, the capital market has launched a number of reform measures: in January 2022, the cargo and the start of the reform will enhance the safety of the settlement system; in August 2022, the optimization of the calendar of the Shanghai -Shenzhen -Hong Kong -connected trading calendar was launched. It helps improve transaction efficiency and better guarantee transaction continuity. The above -mentioned reform measures are expected to further attract overseas funds to enter the Chinese market. It is also the consideration factors that MSCI publicly stated that the proportion of A shares income is considered.

Since MSCI incorporated A shares into the factors to 20%in 2019, it has not improved. MSCI has repeatedly stated that further enhancement of A shares income factors requires the four major problems to be completely solved, including the acquisition of risk hedge and derivative tools, settlement cycles, holiday arrangements under the interconnection mechanism, and needs under the interconnection mechanism. Form an effective comprehensive transaction mechanism.

In June this year, Wei Zhen, managing director of MSCI and director of the Asia -Pacific District Research Department, reiterated the above four issues in an interview. The issue of "market arrangements", saying that "sometimes A shares are still trading, but they cannot invest in A shares through interconnection, which may have risks for investors." At present, both reforms are on both reforms Promoting. In terms of "rich foreign -funded hedging and risk management tools", in 2021, the Hong Kong Stock Exchange launched the MSCI China A50 Interconnection Index Futures.

When will MSCI improve A shares income factors? Chen Li said that in the short term, increasing A shares income factors still face greater difficulties. Recently, the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission announced the official optimization of the Shanghai -Shenzhen -Hong Kong -Hong Kong -connected trading calendar. It is expected that the current number of days that cannot be traded will be reduced by half, which will better meet the investment needs of domestic and foreign funds. It can be seen that China's capital market reform is constantly deepening. As the above problems are gradually resolved, MSCI has great possibilities to increase A shares income factors.

Reporter Wu Xiaolu

- END -