Core Viewpoint - The German stock market has shown remarkable performance this year, with the Huaan Fund's German ETF (513030.SH) achieving a return of 31.7%, outperforming most domestic assets [2][3]. Group 1: ETF Performance - The German ETF has experienced a bull market for three consecutive years, with a total return of 76.5%, although it still lags behind its benchmark by 17 percentage points while significantly outperforming the CSI 300 Index [3][4]. Group 2: ETF Composition - The ETF tracks the DAX Index, which includes 40 major companies listed on the Frankfurt Stock Exchange, representing over 70% of the German stock market's market capitalization [7]. - Major holdings in the ETF include: - SAP (13.67%): Europe's largest tech company, leading in ERP software with a market cap exceeding $300 billion, focusing on AI and cloud services [8]. - Siemens (9.17%): An industrial giant with a strong presence in infrastructure and medical devices [8]. - Allianz (7.29%): The world's largest insurance group, operating in 70 countries with a market cap over $90 billion [9]. - Deutsche Telekom (6.70%): The largest telecom operator in Europe with extensive international operations [10]. - Approximately 80% of the revenue from these companies comes from international markets, with only 20% from the German domestic market, indicating a decoupling of the DAX Index performance from the local economy [11]. Group 3: Economic Factors - The German government introduced a €460 billion tax reduction plan in 2025, significantly lowering industrial users' electricity costs by 50%, which has reduced manufacturing operational costs [16]. - The European Central Bank has implemented eight consecutive interest rate cuts, maintaining a historical low yield of 2.93% on ten-year German bonds, creating a favorable financing environment for companies [18]. Group 4: Currency and Cost Advantages - The depreciation of the euro against the dollar from 1.11 in 2024 to 1.04 in mid-2025 has enhanced the price competitiveness of German exports, with machinery exports to the U.S. increasing by 9% [20]. - The reduction in industrial electricity costs has further decreased manufacturing expenses, leading to a 19% increase in net profit for BMW despite only a 4% increase in global sales [20]. Group 5: Investment Options - Domestic investors can access the German stock market through two ETFs: Huaan Fund's German ETF (513030.SH) and Jiashi Fund's German ETF (159561.SZ), with management scales of 1.35 billion and 1.64 billion respectively [21]. - Huaan's ETF has a premium of 2.12%, while Jiashi's ETF is at a discount of 0.25%, making the latter potentially safer [21]. - In terms of liquidity, Huaan's ETF has a significantly higher turnover rate of 8.8 times compared to Jiashi's 2.6 times in May [22].
德国ETF今年悄悄大涨3成,原因有哪些?
市值风云·2025-06-06 10:03