2017 Semi-annual CSI&SSE A-Share Index Review

Transcription

1 2017 CSI&SSE A-Share Review A-Share Market Review China s A-share market showed differentiation during the first half of 2017, strict supervision and deleveraging went throughout the market. At the beginning of the year, the Central Bank s monetary policy returned to neutral with a deep decline in SZSE SME and SZSE CHNEXT, the SZSE CHNEXT fell for 8 days, reaching its lowest point since September In February, due to the first loosening of the index futures and the good performance of main macroeconomic indicators, the Shanghai and Shenzhen markets rose comprehensively. With the convening of the NPC &CPPCC and the steady opening of bond market, the two markets remained stable in March. However, the markets tumbled in April, and in May they diverged again, the small cap stocks continued to fall. In June, although A-shares were included in the MSCI market, the overall market reaction was flat. The semi-annual growth rate of SSE Composite, CSI 300 and SZSE SME are 2.86%, 10.78%, 7.33% respectively, only SZSE CHINEXT dropped 7.34%. 1

2 Performance of Primary Indices In the first half of 2017, The CSI 300 topped the list with a 10.78% percent increase, following the SSE 180, SZSE SME, and CSI 800. SZSE CHINEXT was the worst performer with a 7.34% decrease. Performance of CSI Sector Indices In the first half of the year, the sector indices showed significant differentiation. Consumer staples and financials sectors had the best trends, the semi-annual growth rates were 7.47% and 6.68% respectively. While CSI All Share Industrials ranked in the bottom with a 4.16% decrease. 2

3 Performance of SSE Sector Indices Among SSE index series, SSE Cons Staples topped the list with a 13.05% increase, following the SSE Financials Sector. On the other hand, SSE Info Tech fell by 7.89%. Performance of Style Indices In the first half year of 2017, all 5 value-style indices performed better than the growth-style indices, out of which the CSI 300 style indices and SSE 180 style indices performed best. 3

4 Performance of Fundamental Indices In this half year, the CSI RAFI 50 had the best performance with a 15.04% increase. However, the fundamental indices with small cap stocks as constituents such as SSE F300 and CSI RAFI 400 had worst growth rate. Especially SSE F300, the growth rate reached -3.48%. Performance of Dividend Indices During this period, all Dividend Indices increased, and CSI Dividend Potential had the best growth rate of 35.21%. 4

5 Performance of Beta and Volatility indices In the first half of 2017, the Low Beta and Volatility indices performed better than their mother indices, but the High Beta indices did not. And the CSI 300 Volatility Weighted topped the list with a 16.74% increase. Performance of Thematic indices In the first half of 2017, CSI Dividend Potential had the most excellent performance, followed by 300 Consumption Service and Liquor sector. Notably, CSI Dividend Potential and 300 Consumption Service had the relative highest growth rates of 35.21% and 34.23% respectively. 5

6 Yet, there still were many sector & thematic indices fell behind of the market benchmark, most of these indices concentrated in culture, sports and national defense sectors. 6

7 APPENDIX:SSE and CSI Indices 2017 Performance SSE % A Share % B Share % Industrial % Commercial % Real Estate % Utilities % Conglomerates % SSE % SSE % Fund % SSE Dividend % SSE % New SSE % Financial % Governance % SSE Medium Composite % Governance % Infrastructure % Natural Resource % Transportation % Growth % % R Growth % R % SSE Energy % SSE Materials % SSE Industrials % SSE Cons Disc % SSE Cons Staples % SSE Health Care % SSE Financials % SSE Info technology % SSE Telecom Svc % SSE Utilities % SSE Central SOEs % SSE Mega-cap % SSE MID CAP % SSE SMALL CAP % SSE MID&SMALL CAP % SSE TOTAL MARKET % Responsibility % SSE POEs % SSE 50 EWI % SSE 180 Equal Weight % SSE50FI % SSE180FI % SSE Overseas-listing A % SSE Local State-owned %

8 SSE State-owned % SE Large&Mid&Small Cap grow % SSE Large&Mid&Small Cap value % SSE L&M&S Cap relative growth % SSE L&M&S Cap relative value % SSE SHANGHAI enterprises % SSE Cyclical % SSE non-cyclical % SSE Industry Top % SSE Commodity Equity % SSE Emerging % SSE Resource % SSE Consumer % SSE Energy EW % SSE Materials EW % SSE Industrials EW % SSE Cons Disc EW % SSE Cons Staples EW % SSE Health Care EW % SSE Financials EW % SSE Info Tech EW % SSE Telecom Svs EW % SSE Utilities EW % SSE Free Float % SSE Wealth Mid-Small % SSE Resource % SSE 180 Sector Equal Weight % SSE Upstream % SSE Midstream % SSE Downstream % SSE High-End Equipment % SSEF % SSEF % SSEF % SSE Investment % SSE Consume % Energy % Materials % Industrials % Cons Discretionary % Cons Staples % Health Care % Financials % Information % Telecommunication % Utilities % Sustainable industry % SSE 380 Equal Weight % Growth % % R Growth %

9 R % Health Care theme % agriculture theme % Dynamic % Stability % Consumer % SSE380FI % SSE180VW % SSE380VW % SSE High and New Tech % SSE % SSE % SSE Banks % SSE 180 HB % SSE 180 LB % SSE 380 HB % SSE 380 LB % SSE Convertible Bond % Dynamic % Stability % Select Resources % Select Manufacturing % Select Consumption % leading cons. and serv % SSE 180 Dividend % SSE 380 Dividend % SSE Soes Dividend % SSE Central Soes Dividend % SSE Poes Dividend % Market Top % SSE EP % SH Equities % SSE OBOR % SSE China Manufacture % SSE Internet plus % CSI % CSI Resource % SSE % CSI300VW % CSI500VW % A Share Resource % Consumption and Services % Food & Beverage % Health Care % Agriculture Sub-industry % Energy Sub-industry % non-ferrous metal Sub-industry % Machinery Sub-industry % Chemicals Sub-industry % Health Care Sub-industry % Food & Beverage Sub-industry %

10 Real Estate Sub-industry % Industrial Straits % Financials Sub-industry % Non-ferrous Metal % Coal % CSI 300 Dividend % CSI 500 Dividend % CSI Soes Dividend % CSI Central Soes Dividend % CSI Poes Dividend % CSI EP % CSI 300 HB % CSI 300 LB % CSI 500 HB % CSI 500 LB % CSI Convertible Bond % Innovative & % CSI ZheJiang Composite % CSI ZheJiang Private-owned % Pharma. & Bio % CSI 800 Equal Weight % Dynamic % Stability % ESG % CSI % CCTV % CSI Well-Off % CSI Free Float % CSI % CSI % CSI % CSI % CSI % CSI 300 Energy % CSI 300 Materials % CSI 300 Industrials % CSI 300 Cons Disc % CSI 300 Cons Staples % CSI 300 Health Care % CSI 300 Financials % CSI 300 Info Technology % CSI 300 Telecom Svc % CSI 300 Utilities % CSI 300 Growth % CSI % CSI 300R Growth % CSI 300R % CSI Dividend % CSI RAFI % CSI Central SOEs % CSI Central SOEs %

11 CSI Energy % CSI Materials % CSI Industrials % CSI Cons Disc % CSI Cons Staples % CSI Health Care % CSI Financials % CSI IT % CSI Telecom % CSI Utilities % CSI POEs % CSI POEs % Wealth Large % CN New Energy % CN Consumer % CN Infrastructure % CN Resource % CN Transportation % CN Financials % CN Banks % CN Real Estate % CN Agriculture % Infrastructure % Banks % Real Estate % CSI L SOEs % CSI L SOEs % CSI SOEs % CSI SOEs % Transportation % Innovative & Growing % Galaxy % CSI Industry Top % CSI Upstream % CSI Midstream % CSI Downstream % CSI Emerging % CSI RAFI % CSI RAFI % CSI RAFI % CSI 300 Cyclical % CSI 300 non-cyclical % ESG % CSI EW % SSE % CSI Leading Technology % QianJiang % Mainland L-C % Health Care % CSI Commodity % CSI Mega-Cap %

12 CSI 300 SEW % CSI 500 EW % China IP % CSI 300 Equal Weight % CSI All Share % All Share Energy % All Share Materials % All Share Indu % All Share Cons Disc % All Share Cons Stap % All Share HealthCare % All Share Financials % All Share IT % All Share Telecom % All Share Utilities % CSI Leading Industry % Consumer % CSI TMT % CSSW Securities % SZSE % CSI Industry % CSI Sport % CSI Internet Finance % Environ-governance % High-Speed Railway % CSI New Energy % Insurance Theme % CSSW Media % CSSW Electronics % CSI Old-Age Industry % CSI Defense Security % CSI Grand Agric % Ecology % Defence % Real Estate % Fin(ex Banks) % CSI National Defense % Mobile Internet % CSI Media % SZSE % CSI Defense % CSI SOEs Reform % All Share Brokerage % New Energy Vehicles % Real Estate EW % CSI Banks % CSI Alcoholic Drink % CSI Medical Service % CSI Coal EW % CSI OBOR % CSWD M&A %

13 CSWD Biotechnology % CSI Info-security % Const-Engineering % CSI Smart Home % CSI Liquor % CSI Coal % CSI Rare Earth Industry % CSI High-End Equipment % CSI Software & Services % CSI Steel % CSI Automobiles % CSI Infrastructure % Small & Medium SOE s Reform % Mixed-Ownership Reform % Non-Cyclical POEs % CSI Environmental Protection % Small & Mid Cap Health Care % CSI Culture & Sport % Defense Information % CSI Insurance % CSI Gold Miners % CSSW One Belt and One Road % CSSW High-Speed Railway % CSSW Liquor % Entertainment Big Data % Health Care Big Data % CSSW Emerging Health Industry % CSI Rare Metals % CSI Tourism % Rural land reform agriculture % intelligent agriculture % CSWD Asset Reorganization % CSI Traditional Chin Med % CSI Nuclear Energy & Power % CSI Asset-light % CSI Inteligent Consumer % CSI Security and protection % CSI Ocean Economy % CSI Computer % CSI Electronics % CSI Food & Beverage % CSI Leisure & Entertainment % Auto Aftermarket % Energy Internet % CSSW Sport % CSSW Internet Finance % CSI Modern Agriculture % CSI VC % CSI500 Commercial Services % CSI500 Transportation % CSI500 Capital Goods %

14 CSI500 Real Estate % CSI500 Retailing % CSI500 Media % CSI500 Cons Durables % CSI500 Auto & Components % CSI500 Semiconductors % CSI500 Hardware % CSI500 Software & Services % CSI500 Pharmaceuticals & Bio % CSI500 Food & Beverage % CSI500 Electrical Equipment % CSI500 Machinery % CSI500 Construction % CSI500 Multiline Retail % CSI500 Textiles & Apparel % CSI500 Household Durables % CSI500 Coal % CSI500 Electronic Device % CSI500 Pharmaceuticals % CSI500 Chemicals % CSI500 Construction Materials % CSI500 Non-ferrous Metal % CSI500Agri,Husba&Fishery % CSI500 Beverages % All Share Household Appliances % CSI Water Resources % X&H Asset Reorganization % Shanghai's Development % Jing-Jin-Ji's Development % Western Development % Fujian's Development % Canton's Development % CSI E-Commerce Big Data % CSI Cement % CSI Animal Agriculture % CSI Nonferrous Metal % CS Intelligent Wearable % CS Internet of things % CS AI % CS Intelligent Appliances % CSI Suntime % CSI Modern Logistics % CSI Education Industry % CSI Shipping % CS Precision Medicine % CS Internet Health Care % CSI IV % CS Internet Platform % CSI Internet of Vehicle % CSI Bio-medicine % CSI Free Trade Zone %

15 CSI Theme Park % CSI UnionpaySmart % UPA Consumption % Tibet s Development % CS China Manufacture % CS Internet Plus % Internet plus % CSI UPA % CSI Aviation % CSI E-Commerce % CSI Biotechnology % CSI Trust % CSWD Big Data % CSI Snowball % Snowball Big Data % Snowball Selected % Fang Big Data % Civilian- Military Integration % CSI Eastmoney % CSI New Energy Industry % Holding-Increase & Buy-Back % Private Placement % High-End Manufacturing % ChinaUMS Consumption % CSI Film & TV % CS 500 Sec-Neu Low-vol % CSI Yingda Energy Internet % CSI M&A Prediction % CSI Entertainment % Health Care Thematic % CSI High-End Manufacturing % CSI VR % U. & Inst-related Enterprises % EP Patents % CSI High Dividend Yield % CSI Supply-Side % CS 300 Sector Neutral Low-vol % CS 800 Sector Neutral Low-vol % CS 1000 Sector Neutral Low-vol % CSI IM % CSI Cloud & Big data % Quantum Communication % CSI Sponge Cities % CS Water ET % CSI Quality % CSI Earnings Quality % Aerospace Defense % Zhujiang Delta Coastal Area % Innovation Driven % Innovation % Innovation %

16 ACG % CSI Big Data % China A % CSI PPP % CSI Precious Metals % AllShareAgri,Husba&Fishery % AllShareChemicalMaterials % CSCX Bedrock Economy % CSCX New Economic Engine % SSE Automobiles % SSE Infrastructure % SSE Information Security % SSE Internet % SSE Internet Finance % SSE Modern Agriculture % SSE Mixed Ownership Reform % SSE S&M SOE's Reform % SSE 180 Carbon Efficient % SSE Shanghai's Development % SSE Internet of things % SSE Free Trade Zone % SSE Ocean Economy % SSE Asset-light % SSE Electronics % SSE HIBB % SSE Private Placement % Shanghai SOEs % SSE Supply-Side % SSE 180 Sector Neutral Low-vol % SSE 380 Sector Neutral Low-vol % SSE High Dividend Yield % SSE IM % SSE Securities % SSE Innovation % Innovation % H00999 Everbright Sunshine % H11051 CSI Steel Stimulus % H11052 CSI Auto Stimulus % H11053 CSI Textile Stimulus % H11054 CSI Equips Stimulus % H11055 CSI Shipbuilding Stimulus % H11056 CSI Electronic & IT Stimulus % H11057 CSI Petrochemical Stimulus % H11058 CSI Light Indu Stimulus % H11059 CSI Nonferrous Stimulus % H11060 CSI Logistics Stimulus % H11121 Fullgoal Long-Short % H30001 CSI Bohai Industry Top % H30002 CSI Yangtze Industry Top % H30003 CSI Pan Pearl River Industry Top % H30004 CSI Central Region Industry Top %

17 H30005 CSI West Region Industry Top % H30006CSI Northeast Region Industry To % H30007 CSI Strategic Information % H Energy % H Materials % H Capital Goods % H Commer. Serv. & Supp % H Transportation % H Auto & Comp % H Cons. Dura. & App % H Consumer Services % H Media % H Retailing % H Food & Stap. Retailing % H Food & Beverage % H Banks % H Capital Markets % H Insurance % H Software & Services % H Hardware and Equipment % H Semi. & Equipment % H Commu. Equipment % H Utilities % H Nonferrous Metal % H Machinery % H Nonferrous Metal % H Financials (ex Banks) % H30068 CSI Culture % H30073 CSI Dividend % H30074 CSI Services % H Information Service % H Consumption Service % H Utilities Transport % H Financial % H Dynamic % H Stability % H30089 CSI Dividend Potential % H30090 CSI Energy Dividend % H30091 CSI Materials Dividend % H30092 CSI Industrials Dividend % H30093 CSI Cons. Disc. Dividend % H30094 CSI Cons. Staples Dividend % H30095 CSI Health Care Dividend % H30096 CSI Financials Dividend % H30097 CSI IT Dividend % H30098 CSI Telecom Serv. Dividend % H30099 CSI Utilities Dividend % H30124 AZ Active % H30137 CSI Urbanization % H30138 CSI Smart Cities % H30139 CSI Green Cities %

18 H30140 CSI Urbanization Transport % H30141 CSI Intelligent Transport % H30142 CSI Urbanization Consumption % H30143 CSI Urbanization infrastructure % H30164 All Share Auto& Components % H30165 All Share Real Estate % H30166 All Share Machinery % H30167 All Share Building Materials % H30169 All Share Capital Goods % H30170 All Share Commercial Services % H30171 All Share Transportation % H30172 All Share Cons Durables % H30173 All Share Consumer Services % H30174 All Share Media % H30175 All Share Retailing % H30176 All Share Food Retailing % H30177 All Share Food & Beverage % H30178 All Share Health Care % H30179 All Share Pharmaceuticals % H30182 All Share Software & Services % H30183 All Share Hardware % H30184 All Share Semiconductors % H30185 All Share Communications % H30186 All Share Insurance % H30187 All Share Chemicals % H30188 All Share Pharmaceuticals % H30189 All Share Electrical Device % H30190 All Share Electronic Device % H30191 AllShareNon-ferrousMetal % H30192 AllSharePackagedFood&Meat % H30193 AllShareTextiles&Apparel % H30194 All Share Auto Components % H30195 All Share Construction % H30196 All Share Household Durables % H30197 All Share Multiline Retail % H30198 All Share Oil & Gas % H30199 All Share Electric Utilities % H30200 All Share Transportation % H30201 All Share Trading Companies % H30202 All Share Software % H30203 All Share IT Services % H30204 All Share Hotels & Leisure % H30205 All Share Beverages % H30206 All Share Forest Products % H30207 All Share Computers % H30208 All Share Specialty Retail % H30209 All Share Building Products % H30210 All Share Automobiles % H30211 All Share Capital Markets % H30212 All Share Biotechnology % H30213 All Share Aerospace & Defense %

19 H30214 All Share Energy Equipment % H30215 All Share Leisure Products % H30216 All Share Marine % H30217 All Share Health Care % H30218 All Share Water Utilities % H30219 All Share Packaging % H30220 All Share Internet Software % H30221 All Share Multi-Utilities % H30222 All Share Road & Rail % H30223 All Share Airlines % H30250 CSI 500 Energy % H30251 CSI 500 Materials % H30252 CSI 500 Industrials % H30253 CSI 500 Consumer % H30254 CSI 500 Consumer Staples % H30255 CSI 500 Health Care % H30256 CSI 500 Financials % H30257 CSI 500 IT % H30258 CSI 500 Telecommunication % H30259 CSI 500 Utilities % H Momentum % H ERC % H30263 Tencent Jian % H30264 Robust Equity Fund % H30265 Aggressive Equity Fund % H30266 Aggressive Bond Fund % H30269 CSI Dividend Low Volatility % H30270 CSI Dividend % H Dynamic % H Stability % H Dynamic % H Stability % H30318 TMT % H30344 CSI Health Industry % H Growth % H % H R Growth % H R % H Growth % H % H R Growth % H R % H30359 Transforming Growth % H30362 CSI RAFI % H30363 CSI RAFI % H30365 CSI Culture & Sport Leisure % H30366 CSI HDY % H30368 CSI High & New Tech % H30372 CSI Security % H30373 CSI Baifa % H Momentum %

20 H Energy % H Materials % H Industrials % H Consumer % H Consumer Staples % H Health Care % H Financials % H IT % H Telecommunication % H Utilities % H ERC % H SER % H SER % H30531 Industrials and Manufacturing % H30532 Natural Resource Select % H30535 Internet % H30537 CSI Taojin % H30588 Securities and Insurance % H30590 CSI Robot % H30597 New Materials % H Energy % H Materials % H Industrials % H Consumer Discretionary % H Consumer Staples % H Health Care % H Financials % H Information Technology % H Telecommunication % H Utilities % H50011 SSE Bohai Industry Top % H50012 SSE Yangtze Industry Top % H50013 SSE Pan Pearl River Industry Top % H50014 SSE Central Region Industry Top % H50015 SSE West Region Industry Top % H50016 SE Northeast Region Industry To % H50017 SSE Strategic Information % H50018 SSE Culture % H50019 SSE Dividend % H50020 SSE Dividend Potential % H50021 SSE Energy Dividend % H50022 SSE Materials Dividend % H50023 SSE Industrials Dividend % H50024 SSE Cons. Disc. Dividend % H50025 SSE Cons. Staples Dividend % H50026 SSE Health Care Dividend % H50027 SSE Financials Dividend % H50028 SSE IT Dividend % H50029 SSE Telecom Serv. Dividend % H50030 SSE Utilities Dividend % H50031 SSE Green Cities %

21 H50032 SSE Urbanization Transport % H50033 SSE Urbanization Consumption % H50034 SSE Urbanization infrastructure % H50035 SSE Intelligent Transport % H50036 SSE National Defense % H50037 SSE Urbanization % H50038 SSE Smart Cities % H50039 SSE TMT % H50040 SSE Dividend Low Volatility % H50042 SSE Dividend % H50043 SSE Old-Age Industry % H50044 SSE Health Industry % H50052 SSE SOEs Reform % H50053 SSE Mobile Internet % H50054 SSE Culture & Sport Leisure % H50055 SSE Grand Agriculture % H50056 SSE Smart Home % H50057 SSE 180 Momentum % H50058 SSE 380 Momentum % H ERC % H ERC %