A500ETF易方达(159361)成交火热，今日再获近2.5亿份净申购

Core Viewpoint - The market is experiencing upward momentum, with the CSI A500 index rising by 0.8% and significant net subscriptions for the A500 ETF, indicating strong investor interest and confidence in the market outlook [1]. Market Performance - The CSI A500 index increased by 0.3% this week, while the CSI A100 and A50 indices decreased by 0.1% and 0.2%, respectively [1][3]. - The A500 ETF (E Fund, 159361) saw a net subscription of nearly 250 million units today, following a previous inflow of 440 million yuan [1]. Economic Outlook - CITIC Securities highlights a focus on addressing the "strong supply and weak demand" contradiction, emphasizing the need for qualitative economic improvement and reasonable quantitative growth [1]. - The expectation is for policies to increasingly prioritize domestic demand, with a focus on enhancing consumption resilience and driving innovation and reform [1]. - The overall economic growth is projected to remain stable through 2026, with continued policy support for high-quality development [1]. Index Characteristics - The CSI A500 index consists of 500 securities with large market capitalization and good liquidity, covering 91 out of 93 sub-industries [4]. - The CSI A100 index includes 100 representative securities, reflecting the performance of major leading companies across 46 sub-industries [4]. - The CSI A50 index is composed of the 50 largest stocks from leading companies, covering 50 sub-industries, with a focus on large-cap stocks [4]. Valuation Metrics - The rolling price-to-earnings (P/E) ratios are 16.4x for the CSI A500 and A100 indices, and 17.5x for the CSI A50 index [3]. - The rolling P/E ratio percentile for the CSI A500 index is at 68.6%, indicating a relatively favorable valuation compared to historical levels [3][5]. Historical Performance - Year-to-date, the CSI A500 index has increased by 20.0%, while the CSI A100 and A50 indices have risen by 19.8% and 13.5%, respectively [7]. - Over the past year, the CSI A500 index has gained 18.9%, compared to 20.8% for the CSI A100 and 14.1% for the CSI A50 [7].