净值重返“1”以上！

Core Viewpoint - The A-share market has shown a significant increase in risk appetite, with the CSI A500 index rising over 6% in the past month, leading to a recovery in the net asset values of most related ETFs above 1 yuan [1][3]. Group 1: Market Performance - The CSI A500 index has rebounded strongly since June 20, with a 6.25% increase from June 23 to July 18, outperforming the broader market [3]. - As of July 18, 35 out of 38 ETFs tracking the CSI A500 index have seen their net asset values rise above 1 yuan, with the latest value of the Puyin Ansheng CSI A500 ETF at 1.0955 yuan [3][4]. Group 2: Investor Sentiment and Strategy - Investors are contemplating whether to "take profits" after recovering their investments, with industry experts suggesting a comprehensive evaluation of short-term cash needs and long-term asset appreciation [1][6]. - The recovery in net asset values is attributed to improved market conditions, policy benefits, and the index's optimization, which reflects the economic transformation more accurately [4][6]. Group 3: Long-term Investment Perspective - The CSI A500 index is recommended for long-term investment due to its strong representation of various industries and higher growth potential in emerging sectors [5][7]. - The index's balanced "dumbbell" strategy includes both mature industry leaders and high-growth potential companies, making it suitable for investors looking to capitalize on economic transitions [7][8]. Group 4: Valuation and Dividend Policy - The rolling 12-month price-to-earnings ratio (PE-TTM) of the CSI A500 index is near its five-year average, indicating a relatively high safety margin [8]. - The expected profit growth rates for the CSI A500 index and the CSI 300 index are 12% and 10%, respectively, with the former outperforming the latter by 2 percentage points annually [8].