易方达中证港股通医药卫生综合ETF

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申万金工ETF组合202508
Shenwan Hongyuan Securities· 2025-08-11 10:34
Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - The report constructs multiple ETF portfolios using macro - based methods and a trinity style rotation model, aiming to capture investment opportunities in different market conditions [2][5]. - Different portfolios have different characteristics. For example, the macro - industry portfolio is adjusted monthly based on economic, liquidity, and credit conditions, and currently leans towards growth with more pharmaceutical holdings [8][11]. - The macro + momentum industry portfolio combines macro and momentum methods, and has performed well this year, almost outperforming the index every month [14][19]. - The core - satellite portfolio uses the CSI 300 as the base - position and combines different sub - portfolios to achieve relatively stable performance [20][24]. - The trinity style rotation ETF portfolio uses macro - liquidity as the core to construct a style rotation model and provides 8 style preference results [6][25]. Group 3: Summary According to Relevant Catalogs 1. ETF Portfolio Construction Methods 1.1 Based on Macro Method of ETF Portfolio Construction - Calculate macro - sensitivity of indexes tracked by broad - based, industry - themed, and Smart Beta ETFs according to economic, liquidity, and credit variables. Consider adding momentum indicators for complementarity [5]. - Traditional cyclical industries are sensitive to the economy, TMT is sensitive to liquidity, and consumption is sensitive to credit. State - owned enterprises and ESG - related themes have low sensitivity to liquidity and credit [5]. - Construct three ETF portfolios: macro - industry portfolio, macro + momentum industry portfolio, and core - satellite industry portfolio, and rebalance monthly [5]. 2.2 Trinity Style Rotation ETF Portfolio Construction - Build a medium - to long - term style rotation model centered on macro - liquidity, and compare it with the CSI 300 index. - Construct three types of models: growth/value rotation model, market - capitalization model, and quality model. Combine the results of the three models to get the final style preference, with a total of 8 style preference results [6]. 2. Macro Industry Portfolio - Select industry - themed indexes tracked by ETFs with a listing period of over 1 year and a current scale of over 200 million. Calculate sensitivity scores of economy, liquidity, and credit monthly, adjust the score directions according to the latest indicators, and sum them up. Select the top 6 industry - themed indexes and allocate equally among the corresponding largest - scale ETFs [8]. - Currently, due to the economic downturn, slightly tight liquidity, and good credit, it selects ETFs insensitive to the economy and sensitive to credit, leaning towards growth with more pharmaceutical holdings [11]. 3. Macro + Momentum Industry Portfolio - Combine macro and momentum methods. Use clustering to divide industry - themed indexes into 6 groups, and select the product with the highest 6 - month increase in each group for equal - weight allocation [14]. - Both the macro and momentum parts select many pharmaceutical - sector products, and the gaming and Internet sectors also account for a large proportion. The portfolio has performed well this year, outperforming the index almost every month [16][19]. 4. Core - Satellite Portfolio - Design a "core - satellite" portfolio with the CSI 300 as the base - position to address the high volatility and rapid industry rotation of industry - themed ETFs [20]. - Build three sub - portfolios: a broad - based portfolio, an industry portfolio (using the macro + momentum industry portfolio), and a Smart Beta portfolio. Weight the three sub - portfolios at 50%, 30%, and 20% respectively to get the final portfolio. The portfolio has performed stably this year, also outperforming the index almost every month [21][24]. 5. Trinity Style Rotation ETF Portfolio - The model currently leans towards small - cap growth + high - quality. The factor exposure and historical performance are presented, and the portfolio's monthly returns and August holdings are also provided [25][30].
中证港股通医药卫生综合指数上涨0.21%
Jin Rong Jie· 2025-08-04 12:01
Core Viewpoint - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index (Hong Kong Stock Connect Medical C, 930965) has shown significant growth, with a 20.91% increase over the past month, 43.59% over the past three months, and an impressive 80.61% year-to-date [1]. Group 1: Index Performance - The index opened low but closed higher, with a current value of 3666.44 points and a trading volume of 17.976 billion yuan [1]. - The index is designed to reflect the overall performance of 50 liquid and large-cap medical and health industry listed companies within the Hong Kong Stock Connect framework [1]. Group 2: Index Composition and Adjustments - The index is based on a starting point of 3000.0 points as of November 14, 2014, and undergoes biannual adjustments to its sample companies every June and December [1]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [1].
中证港股通医药卫生综合指数下跌2.51%,前十大权重包含药明生物等
Jin Rong Jie· 2025-08-01 12:10
Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Medical and Health Comprehensive Index has shown significant growth, with a year-to-date increase of 85.26% [1]. Group 1: Index Performance - The Shanghai Composite Index decreased by 0.37%, while the Hong Kong Stock Connect Medical and Health Comprehensive Index fell by 2.51%, closing at 3658.84 points with a trading volume of 24.507 billion yuan [1]. - Over the past month, the Hong Kong Stock Connect Medical and Health Comprehensive Index has risen by 24.02%, and over the last three months, it has increased by 47.29% [1]. Group 2: Index Composition - The index comprises 50 liquid and large-cap medical and health industry companies listed within the Hong Kong Stock Connect, reflecting the overall performance of these securities [1]. - The index was established on November 14, 2014, with a base point of 3000.0 [1]. Group 3: Top Holdings - The top ten holdings in the index are as follows: - Innovent Biologics (10.25%) - WuXi Biologics (9.23%) - BeiGene (8.95%) - CanSino Biologics (8.12%) - China Biologic Products (5.97%) - CSPC Pharmaceutical Group (5.77%) - JD Health (4.52%) - 3SBio (4.19%) - Hansoh Pharmaceutical (3.0%) - WuXi AppTec (2.85%) [1]. Group 4: Market and Sector Allocation - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation to the medical and health sector [1].
中证港股通医药卫生综合指数上涨3.3%
Jin Rong Jie· 2025-06-04 11:38
Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong Stock Connect Healthcare Index, which rose by 3.3% to 2878.7 points, with a trading volume of 21.443 billion yuan [1] - The CSI Hong Kong Stock Connect Healthcare Index has increased by 7.16% over the past month, 18.59% over the past three months, and 37.56% year-to-date [1] - The index consists of 50 liquid and large-cap healthcare companies listed within the Hong Kong Stock Connect, reflecting the overall performance of these securities [1] Group 2 - The index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December each year [1] - The weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [1] - The index will be adjusted if any securities no longer meet the connectivity qualifications due to changes in the Hong Kong Stock Connect [1] Group 3 - Public funds tracking the CSI Hong Kong Stock Connect Healthcare Index include various funds from E Fund, Ping An, and Yinhua, among others [2]
中证港股通医药卫生综合指数下跌0.86%
Jin Rong Jie· 2025-05-15 12:20
Core Viewpoint - The China Securities Hong Kong Stock Connect Medical and Health Comprehensive Index (Hong Kong Stock Connect Medical C, 930965) experienced a decline of 0.86%, closing at 2467.33 points, with a trading volume of 7.663 billion yuan. Despite this, the index has shown positive growth over various time frames, including a 2.33% increase over the past month, a 10.35% increase over the past three months, and a year-to-date increase of 22.86% [1]. Group 1 - The index is composed of 50 liquid and large-cap listed companies in the medical and health sector within the Hong Kong Stock Connect framework, reflecting the overall performance of these securities [1]. - The base date for the index is November 14, 2014, with a base point of 3000.0 [1]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [1]. Group 2 - Public funds tracking the Hong Kong Stock Connect Medical C include various funds from E Fund, Ping An, and Yinhua, among others, indicating a diverse interest in this index [2].