Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, highlighting its significance in a diversified portfolio [2] Group 2 - The article explains the concept of industry indices, which focus on stocks within specific sectors such as consumer, healthcare, and finance [5] - It outlines the need to manage investment proportions in individual industries due to their higher volatility, which can average between 30%-50% annually, compared to broader indices like the CSI 300, which typically sees volatility around 20%-25% [5] - It advises investors to limit exposure to any single industry to 15%-20% to mitigate risk [5] - The article also stresses the importance of selecting strong industries for investment and ensuring a diversified allocation across different sectors [6][7]

Core Viewpoint - The article presents an index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be updated regularly for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][2]. Group 2: Index Details - The article provides detailed information on specific indices, including: - CSI 300 Index (000300.SH): Average market cap of ¥214.64 billion, median market cap of ¥108.39 billion, consisting of 300 stocks [7]. - CSI 500 Index (000905.SH): Average market cap of ¥33.42 billion, median market cap of ¥29.64 billion, consisting of 500 stocks [7]. - CSI 800 Index (000906.SH): Average market cap of ¥101.38 billion, median market cap of ¥40.13 billion, consisting of 800 stocks [7]. - CSI 1000 Index (000852.SH): Average market cap of ¥14.66 billion, median market cap of ¥12.79 billion, consisting of 1000 stocks [7]. - CSI 2000 Index (932000.CSI): Average market cap of ¥6.06 billion, median market cap of ¥5.32 billion, consisting of 2000 stocks [7]. Group 3: Industry Distribution - The article outlines the industry distribution across various indices, highlighting the following: - Materials: 8.86% in broad-based indices, 18.14% in strategy indices, and 11.44% in industry indices [11]. - Real Estate: 0.65% in broad-based indices, 1.34% in strategy indices, and 0.83% in industry indices [11]. - Financials: 25.45% in broad-based indices, 33.98% in strategy indices, and 4.49% in industry indices [11].

Group 1 - Funds are suitable investment products for ordinary people [2] - New investors should consider what type of funds are appropriate for them [2] - There is a free course available to help new investors understand fund investment from scratch [2] Group 2 - Dividend indices are a common type of strategy index [5] - Strategy indices are based on specific investment strategies and cover a wide range of industries [6] - There are four main types of indices: broad-based indices, strategy indices, industry indices, and thematic indices [6] Group 3 - The core strategy of dividend indices is to select stocks with high dividend yields [8] - Dividend yield is calculated by dividing the total cash dividends by the company's market capitalization [8] - For example, a company with a market cap of 10 billion and annual dividends of 500 million has a dividend yield of 5% [8]

Core Viewpoint - The recent draft of the "Public Fund Performance Comparison Benchmark Element Library Operation Explanation" has been distributed, establishing a benchmark library divided into two categories, aimed at enhancing the comparability of fund performance and encouraging standardized selection and use of indices by fund managers [1][2]. Group 1: Benchmark Library Structure - The benchmark library consists of two categories: Category One includes 69 core indices, while Category Two includes 72 indices, totaling 141 indices that cover mainstream investment targets in A-shares and Hong Kong stocks [1][2]. - Category One focuses on highly representative and widely recognized indices, while Category Two aims to balance innovation and differentiation, including indices with significant usage frequency and market capitalization [1][2]. Group 2: Inclusion Criteria - The inclusion criteria for Category Two indices require that single constituent security weight does not exceed 20% for broad-based indices, and for non-broad-based indices, there must be at least 30 constituent securities with specific weight limitations [5]. - For Category One indices, they must meet the standards of Category Two and have an average daily free float market capitalization of at least 10,000 billion yuan over the past year, along with other relevant standards [5]. Group 3: Dynamic Adjustment Mechanism - The benchmark library is not static; it will undergo quarterly evaluations for the entry and exit of benchmark elements and semi-annual assessments for adjustments between the two categories [9]. - Elements in Category Two that meet the standards for Category One can be moved up, while those in Category One that no longer meet the criteria can be moved down, based on expert committee evaluations [9].

Core Viewpoint - The establishment of a performance comparison benchmark element library for public funds aims to standardize the selection and use of indices, enhancing the comparability of fund performance across products [1][2]. Group 1: Benchmark Library Structure - The benchmark library is divided into two categories: Category One and Category Two, encompassing a total of 141 indices, including 69 core indices in Category One and 72 indices in Category Two, covering mainstream investment targets in A-shares and Hong Kong stocks [1][2]. - Category One includes indices that are highly representative and widely recognized, encouraging fund managers to select and use them in developing actively managed funds [2][3]. - Category Two focuses on innovation and differentiation, including indices with certain usage frequency and larger market capitalization, effectively supplementing Category One [1][2]. Group 2: Inclusion Criteria for Indices - Category Two indices must meet several standards, such as having a single constituent's weight not exceeding 20% for broad-based indices and at least 30 constituents for non-broad-based indices [3][4]. - Category One indices must meet Category Two standards and have an average free float market capitalization of at least 10,000 billion yuan over the past year, along with other relevant standards [3][4]. Group 3: Selection Principles for Different Index Types - For broad-based indices, selection is based on representativeness, investability, and coverage, requiring at least 10 actively managed funds to use the index as a benchmark [4][5]. - Industry theme indices must cover key strategic emerging industries or areas strongly supported by national policies, with a focus on market recognition and expert committee approval [4][5]. - Strategy indices should clearly reflect specific strategy factors or styles, with sufficient differentiation in risk and return profiles [5][6]. Group 4: Dynamic Adjustment of the Benchmark Library - The benchmark library is not static; it will undergo quarterly evaluations for the entry and exit of indices and semi-annual assessments for adjustments between the two categories [7]. - Indices in Category Two that meet Category One standards may be promoted to Category One, while those in Category One that no longer meet standards may be demoted [7]. - The expert group responsible for these evaluations consists of representatives from various industry institutions, ensuring a fair and transparent process [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has solicited public opinions on the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds," while the Asset Management Association of China (AMAC) has issued a performance comparison benchmark element library to institutions [1] Group 1: Benchmark Libraries - The performance comparison benchmark element library is divided into two categories: Category One and Category Two, which include broad-based indices, industry thematic indices, and strategy indices [1] - Category One contains 69 indices, while Category Two includes 72 indices, covering various market types such as domestic cross-market, domestic single-market, and specific sectors [1] Group 2: Guidelines and Regulations - The Category One library includes performance comparison benchmarks that are highly representative and widely recognized, encouraging fund managers to select and use them in a standardized manner when developing actively managed funds [1] - Fund managers intending to use indices from Category Two must explain their considerations during product registration, and those using indices outside the benchmark library must also provide justification and ensure compliance with the relevant guidelines [1]

Core Viewpoint - The article presents a comprehensive index map for investors, detailing various stock indices, their codes, selection rules, industry distribution, and average and median market capitalizations of constituent stocks, which will be regularly updated for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][5]. Group 2: Broad-based Indices - Important broad-based indices in the A-share market include the CSI series such as the CSI 300, CSI 500, CSI 800, and the CSI All Share, which are selected based on the market capitalization of listed companies and cover a wide range of industries [9]. Group 3: Strategy Indices - Common strategy indices in the A-share market include: - CSI 300: Represents large-cap stocks - CSI 500: Represents mid-cap stocks - CSI 1000: Represents small-cap stocks - CSI 2000: Represents micro-cap stocks [11]. - Strategy indices enhance investment options and cater to diverse investor needs [13]. Group 4: Dividend and Value Indices - Dividend indices select stocks with high dividend yields, while value indices focus on stocks with low price-to-earnings and price-to-book ratios, as well as high dividend yields [12]. - Low volatility indices target stocks with lower price volatility, and fundamental indices select stocks based on revenue, cash flow, net assets, and dividend size [12][13].

Group 1 - The article emphasizes the importance of understanding different types of index funds, particularly bond index funds, which are less familiar to most investors compared to stock index funds [2] - It introduces four main categories of indices: broad-based indices, strategy indices, industry indices, and thematic indices [6] Group 2 - For broad-based index investment, it is crucial to consider the balance between large-cap and small-cap stocks, noting that in 2024, large-cap stocks like CSI 300 are expected to perform well while small-cap stocks may lag [8] - A classic combination for investment is the pairing of CSI 300 with CSI 500, and potentially adding CSI 1000 for more small-cap exposure [9] - In strategy index investment, it is important to balance growth and value styles, as A-shares exhibit a rotation between these styles over time [10][11] - The article highlights that from 2019 to 2020, growth style was strong, while from 2021 to 2024, value style is expected to dominate [12] Group 3 - Industry and thematic index investments are characterized by high volatility, with broad-based indices typically experiencing 20%-30% fluctuations annually, while industry indices can see 30%-50% volatility [13] - It is recommended to limit exposure to any single industry to 15%-20% to manage risk effectively [13] - The article advises investors to select long-term themes when investing in thematic indices, citing examples of past popular themes that may no longer be relevant [13]

Core Viewpoint - The article introduces a comprehensive index map that includes various commonly used stock indices, their codes, selection rules, industry distribution, average and median market capitalization of constituent stocks, and the number of constituent stocks, which will be regularly updated for easy reference [1][2]. Group 1: Types of Indices - The index map includes several categories of stock indices: broad-based indices, strategy indices, industry indices, thematic indices, and overseas indices [4][2]. Group 2: Broad-based Indices - Examples of broad-based indices include: - CSI 300 (000300.SH): Comprises 300 large-cap stocks with an average market cap of 1,929.37 billion and a median of 955.29 billion [5]. - CSI 500 (000905.SH): Comprises 500 mid-cap stocks with an average market cap of 295.98 billion and a median of 271.81 billion [5]. - CSI 800 (000906.SH): Comprises 800 stocks with an average market cap of 908.50 billion and a median of 358.74 billion [5]. Group 3: Strategy Indices - Strategy indices focus on specific investment strategies, such as: - CSI Dividend (000922.CSI): Selects 100 stocks with high dividend yields and stable dividends, with an average market cap of 1,963.17 billion [6]. - Shanghai Stock Exchange Dividend (000015.SH): Comprises 50 stocks with high dividend yields from the Shanghai Stock Exchange, with an average market cap of 2,809.85 billion [6]. Group 4: Industry Indices - Industry indices reflect the performance of specific sectors, such as: - Financial Sector Index: Represents the performance of up to 50 banking stocks with an average market cap of 3,507.12 billion [7]. - Real Estate Sector Index: Comprises 50 stocks from the real estate industry with an average market cap of 195.47 billion [7]. Group 5: Thematic Indices - Thematic indices focus on specific investment themes or trends, providing insights into particular market segments [8].

Group 1 - The article discusses the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It highlights the significance of USD bond funds as a crucial component of investment diversification [2] - A free course is offered to provide systematic knowledge on investing in USD bond funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - The article explains the concept of the CSI A500 index, which belongs to the A series of indices, and its classification into several major types [5] - It points out the drawbacks of market capitalization-weighted indices, such as increased index risk due to short-term speculative companies and high concentration in certain industries [5] - The A series indices incorporate two strategies: broad-based indices and strategy indices, along with industry and thematic indices to enhance long-term returns [6]