中证A500ETF（159338）：宽基创新标杆，核心优势解析

Core Viewpoint - The China Securities A500 Index demonstrates innovation in index compilation through "industry balance" and "leading companies," resulting in superior long-term performance compared to traditional broad-based indices [1][2]. Group 1: Index Characteristics - The China Securities A500 Index has shown good performance since its launch in September 2024, with overall excess returns [1]. - The index has a leading scale among similar products, with customer numbers more than three times that of the second-ranked product [1]. - The investment value of the China Securities A500 ETF (159338) lies in its innovative stock selection process, which excludes poorly rated ESG securities and prioritizes industry leaders and larger market cap stocks [1][2]. Group 2: Industry Balance and Leading Companies - The index's initial and secondary screening focuses on "industry balance" and "leading companies," ensuring that it includes a greater number of industry leaders while maintaining a neutral industry distribution [2]. - The index aims to align with China's economic transformation, emphasizing the need to increase the share of emerging industries in GDP [2]. Group 3: Market Position and Comparison - The China Securities A500 Index is a large-cap broad-based index that enhances the CSI 300 Index, covering a wider range of stocks from both Shanghai and Shenzhen markets [3][5]. - The median market capitalization of the China Securities A500 is approximately 50 billion, higher than the CSI 500 and CSI 1000 but lower than the CSI 300 [5]. - The index's composition includes 77% from the CSI 300, 18% from the CSI 500, and 2% from the CSI 2000, indicating a strong reliance on larger companies [5]. Group 4: Industry Distribution and Performance - The index has reduced weight in traditional sectors like non-bank financials and food & beverage by about 11%, redistributing this weight to emerging industries such as power equipment and pharmaceuticals [6][8]. - The China Securities A500 Index has a balanced allocation between value and growth styles, with approximately 50% in each, and covers 100% of secondary industries and 98% of tertiary industries [8][11]. - Since its inception, the index has achieved a return of 458%, outperforming the CSI 300's 364% and the CSI 800's 409% [11]. Group 5: Recent Performance and Strategy - From September 2024 to October 2025, the China Securities A500 Index gained 49.87%, achieving a 5% excess return over the CSI 300, which increased by 44% [13]. - The index's structure allows for better industry allocation, with significant outperformance in 14 sectors compared to the CSI 300 [14][15]. - The index's low allocation to the banking sector has provided an advantage during periods of underperformance in that sector, contributing to its overall superior returns [15][17].