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Core Insights - The launch of the China version of the "Beautiful 500" core asset enhancement, the CSI A500 Enhanced ETF (159226), on May 29 marks a significant development in the investment landscape [1] - The CSI A500 index is considered a representation of core assets in the A-share market, akin to the S&P 500, comprising the most promising quality stocks [3][4] - The CSI A500 Enhanced ETF aims to provide excess returns by incorporating quantitative strategies while closely tracking the A500 index [3] Group 1: CSI A500 Index Characteristics - The CSI A500 index employs an internationally recognized "industry balance" methodology, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [4] - The index includes leading companies from almost all tertiary industries, ensuring a comprehensive representation of market leaders [4] - Compared to the CSI 300, the CSI A500 has a higher allocation to emerging industries, reducing weight in traditional sectors like non-bank financials and food & beverage by approximately 11.5% [6] Group 2: Performance Metrics - As of May 26, 2025, the CSI A500 index has achieved a cumulative increase of 353.2% since its inception, outperforming the CSI 300 and CSI 800 indices [8] - The index has demonstrated strong performance during bull markets, consistently reaching new highs [8] - The CSI A500 index has shown resilience across different market styles, with an average excess return of 4.94% during growth periods and only a slight underperformance of 0.89% during value-dominated phases [10] Group 3: Valuation and Investment Appeal - The CSI A500 index is currently valued at a PE ratio of 14.49 and a PB ratio of approximately 1.46, indicating a relatively low valuation compared to historical averages [13] - The index's valuation positions it as an attractive option for long-term investment [13] Group 4: CSI A500 Enhanced ETF Features - The Guotai CSI A500 Enhanced ETF (159226) combines index-enhanced funds with ETF trading models, offering significant advantages over traditional ETFs and off-market index-enhanced funds [14] - The ETF has a management fee of only 0.5%, providing a cost-effective investment option [16] - The ETF supports intraday trading on the secondary market, enhancing trading efficiency and transparency compared to traditional index-enhanced funds [17] Group 5: Historical Performance and Future Outlook - Guotai Fund has a strong track record in managing index-enhanced ETFs, with its products consistently outperforming benchmarks since inception [18] - The CSI A500 Enhanced ETF is positioned to benefit from ongoing economic policies aimed at stabilizing growth and the expansion of emerging industries driven by new technologies [20]