首批新指数ETF上报，两大公募巨头出手！

Core Viewpoint - The introduction of the new Shanghai Stock Exchange 580 Index has prompted immediate interest from fund companies, with both Huaxia Fund and E Fund applying to launch ETFs tracking this index, indicating a competitive landscape for new index funds [1][2]. Summary by Sections New Index Launch - The Shanghai Stock Exchange 580 Index was launched in mid-June 2023, focusing on small-cap stocks. It includes 580 securities selected from the Shanghai market based on smaller market capitalization and good liquidity [1][2]. - The total free float market capitalization of the index's constituent stocks is approximately 2.67 trillion yuan, with the largest stock having a free float market cap of 145.26 million yuan and the smallest at 6.82 million yuan [2]. Characteristics of the 580 Index - The index emphasizes innovation and supports high-quality development of the real economy, with around 30% to 60% of its weight allocated to sectors like the Science and Technology Innovation Board, specialized and innovative companies, private enterprises, and emerging industries [2]. - As of June 20, 2023, the index has seen a cumulative increase of 48.1% since its base date, with an annualized return of 6.46%, showcasing strong growth potential for small-cap innovative stocks in the Shanghai market [2]. Overview of the 380 Index - The Shanghai Stock Exchange 380 Index, established in 2010, reflects the performance of medium-cap companies and includes 380 securities selected for their medium market capitalization and liquidity [3]. - The total free float market capitalization of the 380 Index is approximately 4.10 trillion yuan, with the largest stock at 449.26 million yuan and the smallest at 17.06 million yuan [3]. Optimization of the 380 Index - The 380 Index has undergone a recent optimization, which includes revisions to the sample space, investment criteria, and the introduction of ESG screening, enhancing its representativeness and stability [4][5]. - The optimized index aims to better represent the mid-cap segment of the market, with a median market cap of approximately 183.6 million yuan for its constituents [4]. Relationship Among Indices - The 580 and 380 indices, along with the more established 50 and 180 indices, form a comprehensive index series that reflects the performance of companies across different market capitalizations in the Shanghai market [6]. - This series provides a clearer tiered structure for investors, covering a total of 1,140 sample securities, which accounts for about 50% of the market in terms of quantity and nearly 90% in total market capitalization [6]. Popularity of the 50 Index - The Shanghai Stock Exchange 50 Index is the most recognized and representative index, with 12 ETFs tracking it, the first being launched in 2004. The total scale of these ETFs is approximately 153.65 billion yuan, with the Huaxia 50 ETF alone accounting for 145.74 billion yuan [7]. - The competitive nature of index fund launches indicates a strong trend among fund companies to quickly respond to new index introductions, although the homogeneity of index funds can lead to significant differences in scale based on timing and resource allocation [7].