The turning point is here?CSI 1,000 stock index futures are approved, and the market will welcome three major changes. These products may grow

The 1,000 -stock index futures and options of CSI really came, and it was determined to be listed on July 22. What changes will its arrival bring to the market?

Judging from the history, after the launch of the previous stock index futures and the periodical derivatives, the overall size of the corresponding stock index ETF fund will increase significantly. between. As a result, the inflow of funds has increased.

Because the small -cap stocks represented by CSI 1000 "double innovation" and "specialized new" content are significant, the market volatility of the sector is much higher than that of other sectors. In large application space, CSI 1000ETF is expected to become another important broad -foundation variety after the Shanghai -Shenzhen 300ETF and CSI 500ETF and other index products.

In addition, the research institution reports that as the macro liquidity is loose and the credit spread continues to narrow, it will drive the small -cap stocks to perform relative performance, and the current large and small disk style switching is at the inflection point stage, and the small plate style is at the upward point. At this time, the launch of the CSI 1,000 stock index futures hedge tools will increase the activity of small -cap stocks in one step, and the increase in market activity will help small -cap stock markets.

More index funds will usher in explosive growth

What changes will the CSI 1000 index futures and options bring to public investors such as public funds and other institutional investors? Chen Mengjie, an analyst at Guangdong Kaikai Securities, said that after the launch of the previous stock index futures and the periodical derivatives, the corresponding stock index ETF fund will increase significantly. Not only will the fund share increase significantly, but the number of funds will also increase significantly.

Data show that after the listing of 50 stock index futures in April 2015, the scale of index funds increased by about 38%month -on -month; in April 2015, after the listing of 500 stock index futures in China CSI, the index fund scale increased by about 27%month -on -month; December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, in December 2019, After the Shanghai -Shenzhen -Shenzhen -Shenzhen stock index options and CSI 300ETF options were listed, the scale of index funds increased by about 23%month -on -month.

It is worth noting that among the CSI 1000 Index Fund products that have been listed on the market, China Prescription 1000ETF (159845), a subsidiary of Huaxia Fund, was listed on the Shenzhen Stock Exchange in March last year. Zhao Zongting, manager of Huaxia CSI 1000ETF Fund, said that in addition to the launch of Huaxia CSI 1000ETF, the CSI 1000 Index was launched at the end of last year. Innovative strategy ETF, CSI Smart Selection's 100,000 Value Stability Strategy ETF is currently being released.

In addition, more ETF products around the CSI 1000 Index are also accelerating. At present, one CSI 1000ETF is launched on July 22 (that is, this Friday). All four ETFs have a raising limit of 8 billion yuan. Some people in the industry predict that the sales situation may be unexpected by the market.

More investment strategies usher in greater application space

The listing of the CSI 1000 Index Futures and options will drive the market to rise or fall?

Deng Lijun, an analyst at Northeast Securities Strategic Strategy, said that in the past, the impact of the launch of stock index futures on market trends was more about the amplifier and catalytic.

For example, in the background of the weaker economic fundamentals in 2010, the introduction of stock index futures caused pessimism to explode, which caused the index to fall rapidly. In the context of high market emotions in 2015, the introduction of the Shanghai Stock Exchange 50 and CSI 500 stock index futures instead The index further rises; in terms of industry performance, the industry's own industrial cycle and fundamentals are the main decisive factor, and the impact of stock index futures on the industry is more realized through further improvement of liquidity and emotions.

Since the CSI 1000 index focuses on small and medium -sized stocks, the market volatility of the sector is much higher than that of other sectors. The market fluctuation opportunity brought by it also makes more transaction strategies usher in greater application space. According to data, the volatility of the CSI 1000 index is relatively high by 4%-5%, and the relatively high volatility of the CSI 300 is 4%-5%, and the relative CSI 500 index volatility is 2%-3%.

"We expect that after the CSI 1000 is listed, the futures contracts may be relatively large." Lianhai Asset Research reported that due to the launch of the corresponding derivatives, the long -term has the effect of a flat volatility itself. ETF activity liquidity corresponding to the CSI 1,000 will also increase, so whether it is arbitrage opportunities or volatility strategies, the opportunity will be relatively large. "

Lin Weibin, general manager of the Investment Department of the Yifangda Fund Index, said, "The strategies such as the current arbitrage, option arbitrage, Alpha strategy, and cross -breed arbitrage of the SCR 1000 index will be booming. Another important broad -foundation variety after the products such as 500ETF and other indexes. "

More "double innovation" small -cap stocks ushered in the configuration value

What will the CSI 1000 index futures and options bring to listed companies?

From the perspective of the enterprise scale and industry distribution of the China Stock Exchange 1000 Index, nearly 90%of the ingredients stocks are below 20 billion, and they have a relatively pure small -cap stock characteristics and representativeness.

Chen Mengjie said that the small -cap stocks represented by CSI 1,000, the content of "double innovation" and "specialty new" are significantly better than the large market index and mid -market index. Dividends, have stronger performance elasticity, and the layout value is prominent. The valuation level of small -cap stocks is also an important indicator of the analysis agency optimistic about the CSI 1000 Index Fund. The current P / E ratio (TTM) of the CSI 1000 Index is 29.66 times, which is located at 11.35%of the historical divisions in the past ten years. The valuation is basically at the level of historical bottom, and it has a good cost performance.

"The current large and small disk style switching is at the inflection point, and the small plate style is at the upward point." Guojin Securities Strategic Analyst Ai Xiongfeng believes that in terms of historical cycle, the large and small plate style switching presents the 7-8 years. The current small plate is The style is at the upward point. From 2001 to 2008, the relative performance of large-cap stocks has risen. The relative performance of small-cap stocks from 2009-2015. From 2016-2020 small-cap stocks, the performance of small-cap stocks is weaker than large-cap stocks.

Ai Xiongfeng believes that the current macro -liquidity is loose, and the credit spread continues to narrow, which will drive small -cap stocks to relative, and the launch of the CSI 1,000 stock index futures hedging tools will increase the activity of small -cap stocks, which will help small Cardinal market.

In addition, the state's support for small and medium -sized enterprises has continuously improved. "Specialty new" is an important way for the transformation and upgrading of small and medium -sized enterprises. The positioning of the "Specialty Specialty" policy has been improved to the national level.

Responsible editor: Gui Yanmin

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