2025 年 07 月 27 日 一键布局具有创新活力的优质央企—嘉实中证央企创新驱 动 ETF 投资价值分析 嘉实中证央企创新驱动 ETF（515680.OF）紧密跟踪央企创新指 数（000861.CSI），为首批成立的跟踪央企创新指数的基金产品之 一，追求跟踪偏离度和跟踪误差的最小化，为一键布局具有创新 活力的优质央企提供了投资工具。基金经理为刘珈吟女士，2009 年加入嘉实基金，曾任指数投资部指数研究员。现任指数投资部 负责人，在被动指数产品研究、ETF 管理与量化投资等方面具有 丰富经验。截至 2025 年 7 月 16 日，投资年限为 9.32 年，在管公 募基金数量为 13 只，在管公募基金规模为 1974.65 亿元。 央企创新指数（000861.CSI）投资价值分析 基金管理人—嘉实基金 嘉实基金管理有限公司成立于 1999 年 3 月，是国内最早成立的十家 基金管理公司之一，拥有业内居前的投研团队和完善的投研管理体 系。截至 2025 年 7 月 16 日，嘉实基金在管 ETF 产品数量为 53 只， 管理规模达到 2687.25 亿元。 风险提示：本报告基于公开数据统计，基金过往表现并不预 ...

截至2025年6月5日 11:11，中证央企创新驱动指数(000861)上涨0.21%，成分股扬农化工(600486)上涨 2.77%，萤石网络(688475)上涨2.59%，南网科技(688248)上涨2.17%，普天科技(002544)上涨2.14%，马 钢股份(600808)上涨2.10%。央企创新驱动ETF(515900)上涨0.28%，最新价报1.43元。 近日，中国证监会发布修改后的《上市公司重大资产重组管理办法》，旨在深化并购重组市场改革、激 发市场活力。主要修改包括：建立重组股份对价分期支付机制，延长注册有效期至48个月；提高对财务 状况变化等监管的包容度；新设简易审核程序；明确上市公司吸收合并的差异化锁定期要求；鼓励私募 基金参与，实施投资期限与锁定期"反向挂钩"。此次修改标志着"并购六条"全面落地，政策效果显著， 证监会将持续落实新规，进一步释放市场活力。 央企创新驱动ETF紧密跟踪中证央企创新驱动指数，中证央企创新驱动指数从国资委下属央企上市公司 中，综合评估其在企业创新和盈利质量方面的综合情况，选取较具代表性的100只上市公司证券作为指 数样本，以反映较具创新活力的央企上市公司证券的整 ...

Core Viewpoint - The Central State-Owned Enterprises (SOEs) Innovation-Driven Index has shown mixed performance, with significant movements in individual stocks and a supportive regulatory environment for mergers and acquisitions [3][4]. Group 1: Market Performance - As of May 22, 2025, the Central SOEs Innovation-Driven Index (000861) decreased by 0.08%, with notable gainers including Guorui Technology (600562) up 10.00% and Maanshan Iron & Steel (600808) up 6.89% [3]. - The Central SOEs Innovation-Driven ETF (515900) is experiencing a tight trading range, with a latest price of 1.43 yuan and a turnover rate of 0.15%, totaling 4.83 million yuan in transactions [3]. - Over the past year, the average daily transaction volume for the Central SOEs Innovation-Driven ETF reached 35.1 million yuan, ranking first among comparable funds [3]. Group 2: Regulatory Environment - On May 16, 2025, the China Securities Regulatory Commission revised the Major Asset Restructuring Management Measures, easing policies to encourage quality enterprises to grow through mergers and acquisitions, providing a favorable regulatory environment for capital operations of SOEs [3]. Group 3: Capital Operations and Dividends - A review of the 2024 annual reports of SOE listed companies indicates a clear focus on capital operations, particularly in emerging industries and future sectors through mergers and acquisitions [4]. - The dividend payout ratio for SOEs reached 50.7% in 2024, driven by telecommunications and transportation sectors, while traditional sectors like oil and steel saw a decline in overall dividend amounts due to industry cycle fluctuations [4]. - Despite some sectors having over 40% of listed SOEs not implementing dividends, the median dividend payout ratio among listed SOEs continues to show an upward trend, indicating potential for increased dividend activity [4]. Group 4: ETF Performance Metrics - As of May 21, 2025, the Central SOEs Innovation-Driven ETF has seen a net value increase of 3.36% over the past two years, with a maximum monthly return of 15.05% since inception [5]. - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in comparable funds [5]. - The tracking error for the ETF over the past five years is 0.038%, indicating the highest tracking precision among comparable funds [5]. Group 5: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Central SOEs Innovation-Driven Index account for 34.48% of the index, with Hikvision (002415) being the largest at 5.08% [6][8].

Core Viewpoint - The Central Enterprise Innovation-Driven Index (000861) has shown a slight decline of 0.16% as of April 30, 2025, with mixed performance among constituent stocks, indicating a volatile market environment for central enterprises [3][4]. Group 1: Index and ETF Performance - The Central Enterprise Innovation-Driven ETF (515900) has decreased by 0.14%, with the latest price at 1.4 yuan, and has a trading volume of 413.75 million yuan, reflecting a turnover rate of 0.12% [3][4]. - Over the past year, the ETF has achieved an average daily trading volume of 38.99 million yuan, ranking first among comparable funds [3]. - The ETF has recorded a net value increase of 20.30% over the past three years, placing it in the top 16.57% among 1,744 index equity funds [5]. Group 2: Fund Characteristics - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. - The tracking error of the ETF over the past five years is 0.038%, indicating the highest tracking precision among similar funds [5]. - The current price-to-book ratio (PB) of the index is 1.37, which is below the historical average for over 84.64% of the past year, suggesting a favorable valuation [5]. Group 3: Key Holdings - As of March 31, 2025, the top ten weighted stocks in the index account for 34% of the total index, with notable companies including Hikvision (002415) and State Grid NARI (600406) [6][8]. - The performance of individual stocks within the top ten has varied, with Hikvision showing a slight increase of 0.36% and China Merchants Bank declining by 3.19% [8].