大幅跑赢！新核心资产崛起

Group 1 - The core viewpoint of the article highlights the emergence of new core assets, particularly the CSI A500 index, which has significantly outperformed other indices in 2025, achieving an 18.5% increase compared to 15.5% for the CSI 300 and 10.8% for the SSE 50 [1][12] - The year 2023 is pivotal for China's economic growth, transitioning towards high-tech manufacturing, green energy, and digital services, aligning with national development strategies that support these emerging industries [2] - Capital is increasingly concentrated in sectors recognized as new core assets, with foreign investment favoring industries that align with China's long-term economic transformation [3] Group 2 - Key sectors attracting significant net inflows include electric equipment (new energy), automotive, electronics, and biomedicine, while traditional sectors like food and beverage and real estate see relatively flat or negative capital flows [4][5] - Fund managers are adjusting their portfolios by reducing holdings in traditional consumer sectors while increasing investments in mid-cap manufacturing firms, indicating a strategic shift towards new core assets [5][6] - The CSI A500 ETF has gained substantial market recognition, with a total scale of 193.794 billion yuan and a year-to-date increase of 20.84%, reflecting strong institutional interest [6][7] Group 3 - The CSI A500 index demonstrates higher earnings elasticity, with a cumulative profit growth of 1.67% and a quarterly growth of 3.81% across all sectors, while the technology sector shows a remarkable quarterly profit growth of 30.1% [10] - The index's structure is more balanced compared to other broad indices, with a reduction in weight for traditional sectors and a more even distribution between traditional value and emerging growth industries [11][12] - The CSI A500's performance is attributed to its structural advantages in emerging industries, providing a combination of market elasticity and profit quality, solidifying its position as a representative of new core assets [13] Group 4 - The valuation of the CSI A500 index is currently at a TTM P/E ratio of 16.4, which is not excessively high compared to its historical performance and growth expectations [16][17] - The index's valuation reflects its growth potential, supported by continuous capital inflows, and is relatively attractive compared to global growth-style indices like the NASDAQ and S&P 500 [17][18] - The long-term investment value of the CSI A500 index is expected to become more prominent, especially for investors who are optimistic about China's industrial upgrades and can tolerate some volatility for higher growth potential [18][22]