2016 Annual CSI&SSE A-Share Index Review

Transcription

1 2016 Annual CSI&SSE A-Share Index Review A-Share Market Review China s A-share market has showed significant differentiation during At the beginning of the year, the market crashed because of the RMB devaluation, SZSE SME and CHNEXT dropped by 28.54% and 30.73% respectively. After February, with the convening of the Two Sessions, the suspension of Registration-Based IPO system and Strategic Emerging Industries Board, and the influence of better economic indicators, the market rebounded slightly, followed by low sideways shock. In the second half of the year, with the growing of Financing and Securities Lending balance in Shanghai and Shenzhen markets, and the official approving of The Shenzhen-Hong Kong Stock Connect, the market bounced a little. On September, the market shocked down again, and then with the hundreds of billions of pension into the market, and the first public offering FOF coming around the corner, SSE Composite Index and CSI 300 Index rose steadily. However, due to the strengthening of supervision of insurance capital, the market fell again at the end of the year. The annual growth rate of SSE Composite, CSI 300, SZSE SME and SZSE CHINEXT are %, %, %, % respectively. 1

2 Performance of Primary Indices In 2016, large blue chip indices outperformed small cap indices. SZSE CHINEXT was the worst performer with a 27.71% decrease. Performance of CSI Sector Indices In 2016, the sector indices all fell. IT, Utilities, Consumer Discretionary and Industries indices fell most obviously. CSI All-Share IT Sector Index had the weakest trend of a 25.78% decrease, ranking in the bottom. Consumer Staples and Energy Sectors have the best trends. The annual growth rates are -1.90% and -2.95% respectively. 2

3 Performance of SSE Sector Indices Among SSE index series, only SSE Cons Staples Index rose with a highest growth rate of 1.10%. On the other hand, SSE Information Technology Index fell by 26.94%. Performance of Style Indices In 2016, all 6 value-style indices performed better than the growth-style indices, among which the 380 style indices performed worst. 3

4 Performance of Fundamental Indices In 2016, the CSI RAFI 50 Index had the best performance rate with a 0.98% increase. However, the fundamental indices with small cap stocks as constituents such as SSE F300, CSI RAFI 400 had worst growth performance rate. Especially SSE F300 Index, the growth rate reached %. Performance of Dividend Indices During 2016, only CSI Dividend Potential Index slightly rose 2.37%, and other Dividend Indices all fell, and CSI Dividend Index had the lowest growth rate of -7.64%. But all the Dividend Indices outperformed the benchmark index. 4

5 Performance of Beta and Volatility Indices Influenced by the weak market in 2016, the Beta and Volatility indices all fell. CSI 500 High Beta Index ranked the bottom while CSI 300 VW Index had the slightest decline. The annual performance of CSI 300 (Low) Volatility Index and CSI 500 (Low) Volatility Index both exceeded their mother indices. Performance of Thematic Indices In 2016, Liquor sector had the most excellent performance, followed by Gold Miners, Consumer Staples Dividend, and Food & Beverage Sub-industry sectors. Notably, CSI Liquor and CSI Gold Miners Indices had the relative highest growth rates of 14.02% and 10.22% respectively. 5

6 Yet, there were many sector & thematic indices fell behind of the market benchmark, most of these indices concentrated in IT, Culture and entertainment sectors. 6

7 APPENDIX:SSE and CSI Indices 2016 Annual Performance Index CSSW Liquor % CSI Liquor % CSI500 INI % H Consumer Staples % H50029 SSE Telecom Serv. Dividend % CSI500 IN2XI % CSI Gold Miners % X&H Asset Reorganization % H30205 All Share Beverages % H30083 CSI300 INI % H30084 CSI300 IN2XI % CSI 300 Cons Staples % H30404 CSI300DRINI % H50046 SSE180 INI % CSI E-Commerce Big Data % H30094 CSI Cons. Staples Dividend % Food & Beverage Sub-industry % CSI Precious Metals % H Food & Beverage % CSI100 INI % H50047 SSE180 IN2XI % H30209 All Share Building Products % Telecommunication % H30198 All Share Oil & Gas % Food & Beverage % CSI Eastmoney % CSI Coal EW % CSI Alcoholic Drink % CSI UnionpaySmart % H11121 Fullgoal Long-Short % SSE50 INI % Coal Index % CSI Coal % CSI100 IN2XI % H30089 CSI Dividend Potential % H30537 CSI Taojin % CSI Food & Beverage % H30359 Transforming Growth % SSE Cons Staples % CSI RAFI % Snowball Selected % Internet plus % CSI Cons Staples % High-End Manufacturing % H Energy % SSE Mega-cap % H Stability % Select Resources % Real Estate Index % Snowball Big Data % A Share Resource % H30177 All Share Food & Beverage % H11058 CSI Light Indu Stimulus % Energy %

8 SSE50FI % H Nonferrous Metal % H50025 SSE Cons. Staples Dividend % Natural Resource % ChinaUMS Consumption % H30250 CSI 500 Energy % AllShareChemicalMaterials % CSI500 Coal % CSI500 Chemicals % H30090 CSI Energy Dividend % H50021 SSE Energy Dividend % All Share Cons Stap % SSE50 IN2XI % H Energy % CSI Energy % CSI RAFI % H30362 CSI RAFI % Galaxy % Energy Sub-industry % CSI300VW % CSI Well-Off % SSE Upstream % CSI Eastmoney % CSI 300 Health Care % H30073 CSI Dividend Return % All Share Energy % CSI 300 Energy % All Share Household Appliances % SSEF % H30366 CSI HDY % SZFI % H Materials % CSI Commodity % CSI Nonferrous Metal % SSE Resource % SSE180FI % H50019 SSE Dividend Return % H11059 CSI Nonferrous Stimulus % CSI Upstream % CN Resource % H50020 SSE Dividend Potential % Stability % SSE Energy % Stability % H Insurance % Value % H50022 SSE Materials Dividend % H30269 CSI Dividend Low Volatility % CSI Resource % CSI Mega-Cap % CSI500Agri,Husba&Fishery % SSE Telecom Svs EW % Banks % CN Banks % H Banks % CSI Banks % SSE Banks %

9 H00999 Everbright Sunshine Index % H11057 CSI Petrochemical Stimulus % non-ferrous metal Sub-industry % SSE Energy EW % H MV % H30176 All Share Food Retailing % CSI RAFI % Wealth Large % CSI 300 Value % SSEF % CSI 300 Materials % Const-Engineering % H Energy % H30195 All Share Construction % CS 300 Sector Neutral Low-vol % SZFI % H30186 All Share Insurance % SSE Supply-Side % H30003 CSI Pan Pearl River Industry Top % CSI Supply-Side % SSE Large&Mid&Small Cap value % H30091 CSI Materials Dividend % SSE Local State-owned % SSE % CSI 300 Dividend % H Nonferrous Metal % CSI500VW % CSI Soes Dividend % Responsibility Index % CN Consumer % SSE180VW % SSE 180 Dividend % SZFI % H50013 SSE Pan Pearl River Industry Top % H50040 SSE Dividend Low Volatility % Insurance Theme % SSE Resource % H30005 CSI West Region Industry Top % H30167 All Share Building Materials % H30270 CSI Dividend Value % H Value % R Value % ESG % H30258 CSI 500 Telecommunication % Consumer % Growth % CSI500 Auto & Components % CSI Materials % H Materials % H50027 SSE Financials Dividend % SSE Commodity Equity % H11052 CSI Auto Stimulus % H Telecommunication % CSI L SOEs % SSE Materials EW % H50042 SSE Dividend Value % CSI Leading Industry %

10 H30206 All Share Forest Products % H Auto & Comp % CSI 300R Value % H11051 CSI Steel Stimulus % Market Value Top % H50057 SSE 180 Momentum % SSE Automobiles % SSE380VW % H30263 Tencent Jian % CSI % CSCX Bedrock Economy % Select Consumption % SSE Materials % SSE Dividend % SSE Telecom Svc % CSI Dividend % H50061 SSE 50 USD Hedged % Financial % SSE Financials % Infrastructure % H30093 CSI Cons. Disc. Dividend % Innovative & Value % SSE State-owned % H30142 CSI Urbanization Consumption % SSE Overseas-listing A % H50012 SSE Yangtze Industry Top % CSI Animal Agriculture % SSE Consume % CSI Central Soes Dividend % H Food & Stap. Retailing % H30124 AZ Active % H50034 SSE Urbanization infrastructure % CSI Steel % SSE Cyclical % SSE 180 Sector Neutral Low-vol % Governance % ESG % SSE Soes Dividend % Health Care Big Data % H30251 CSI 500 Materials % SSE 50 EWI % H30096 CSI Financials Dividend % Non-ferrous Metal % CSI Poes Dividend % CSI500 Food & Beverage % SSE Consumer % H50023 SSE Industrials Dividend % SSE Cons Staples EW % H50015 SSE West Region Industry Top % CN Financials % SSE Central Soes Dividend % H50033 SSE Urbanization Consumption % SSE High Dividend Yield % H Financials % H Financial % CSI UPA % H30002 CSI Yangtze Industry Top %

11 Financials Sub-industry % SSE Large&Mid&Small Cap growth % SSE L&M&S Cap relative value % H R Value % CSI Suntime % H30210 All Share Automobiles % SZSE Upstream % SSE HIBB % H Momentum % H30191 AllShareNon-ferrousMetal % Cons Staples % SSE % Agriculture Sub-industry % H30092 CSI Industrials Dividend % H Consumption Service % CSI SOEs % H30254 CSI 500 Consumer Staples % CSI 500 LB % H50024 SSE Cons. Disc. Dividend % All Share Materials % SSE % CSI Cement % Infrastructure % CSI 300 Financials % CSI 300 Cyclical % CSI 300 LB % H Health Care % SSE Central SOEs % CSI Insurance % CSI L SOEs % Quantum Communication % Health Care Sub-industry % SSE Financials EW % Governance Index % CS 800 Sector Neutral Low-vol % H30532 Natural Resource Select % H30187 All Share Chemicals % CN Agriculture % SSE 180 LB % AllShareAgri,Husba&Fishery % Jing-Jin-Ji's Development % CN Infrastructure % H30192 AllSharePackagedFood&Meat % leading cons. and serv % CS 1000 Sector Neutral Low-vol % H30098 CSI Telecom Serv. Dividend % CSI Financials % CSI Infrastructure % H30164 All Share Auto& Components % CSI 300 Growth % CSI500 Non-ferrous Metal % CSI Telecom % CSI Water Resources % SSE non-cyclical % SSE Industry Top % CSI500 Construction % SSE 380 Dividend %

12 H30196 All Share Household Durables % H Value % H50011 SSE Bohai Industry Top % CSI % H50028 SSE IT Dividend % Pharma. & Bio % CSI SOEs % SSE Health Care % H30095 CSI Health Care Dividend % All Share Financials % H30344 CSI Health Industry % CSI Central SOEs % H SER % Conglomerates Index % H Stability % H50062 SSE 180 USD Hedged % Industrial Index % H30597 New Materials % Consumption and Services % Ecology % CSI Automobiles % SSE Investment % CSI Industry Top % CSI EW % SSE Free Float % SSE Infrastructure % SH Equities % SSE TOTAL MARKET % H30143 CSI Urbanization infrastructure % H ERC % SSE380FI % SSE Asset-light % H30001 CSI Bohai Industry Top % CSI Health Care % CSSW High-Speed Railway % Materials % SSE 180 Carbon Efficient % CSI PPP % Holding-Increase & Buy-Back % H30188 All Share Pharmaceuticals % agriculture theme % SSE SHANGHAI enterprises % CSI 500 Dividend % A Share Index % New SSE Index % CSI Snowball % SSE Index % SSE OBOR % H SER % EP Patents % UPA Consumption % H30197 All Share Multiline Retail % SSE Health Care EW % SSE 180 HB % CSI500 Construction Materials % H Growth % SSE Wealth Mid-Small %

13 CSI 300 Telecom Svc % H30212 All Share Biotechnology % CCTV % SSE Downstream % CSI 300 SEW % CSI 300 non-cyclical % CSI Asset-light % SSE Modern Agriculture % SSE Mixed Ownership Reform % H30194 All Share Auto Components % H50055 SSE Grand Agriculture % CSI Central SOEs % CSI OBOR % CSI500 Multiline Retail % H Stability % H30214 All Share Energy Equipment % Value % H Consumer Staples % CSI Earnings Quality % H50026 SSE Health Care Dividend % H Momentum % CSI Yingda Energy Internet % R Growth % H30139 CSI Green Cities % CSSW One Belt and One Road % H30137 CSI Urbanization % CSI Quality % H ERC % H30179 All Share Pharmaceuticals % CSI % CSI High Dividend Yield % CSI500 Beverages % H30405 CSI 300 USD Hedged % H50016 SSE Northeast Region Industry Top % SSE 380 Sector Neutral Low-vol % H30004 CSI Central Region Industry Top % CS 500 Sec-Neu Low-vol % Environ-governance % H Financials (ex Banks) % Health Care % H50031 SSE Green Cities % H50014 SSE Central Region Industry Top % SSE 180 Equal Weight % H Cons. Dura. & App % All Share Telecom % Health Care % SSE 380 LB % SSE 180 Sector Equal Weight % China A % CSI Free Float % SSE POEs % SSE Poes Dividend % Health Care theme % H50052 SSE SOEs Reform % CSI RAFI % Western Development % CSI Downstream %

14 All Share HealthCare % H ERC % Health Care Thematic Index % CSI All Share % H50037 SSE Urbanization % Utilities Index % CSSW Electronics % CSI Environmental Protection % SSE % Stability % H ERC % CSI Rare Earth Industry % R Value % H Industrials % H Materials % CSI Biotechnology % CSI Rare Metals % Fin(ex Banks) % CSI ZheJiang Composite % H R Value % Innovation % SSE Industrials % H30172 All Share Cons Durables % CSI 300 Equal Weight % CSI 800 Equal Weight % CSI Sponge Cities % CSI Midstream % CSI 500 EW % SSE 380 Equal Weight % H30588 Securities and Insurance % SSEF % CSI 300 HB % CSI Traditional Chin Med % CSI Trust % SZSE % SSE Medium Composite % H Consumer Discretionary % H Hardware and Equipment % CSI ZheJiang Private-owned % H30097 CSI IT Dividend % Health Care % Mixed-Ownership Reform % CSI SOEs Reform % H30363 CSI RAFI % SSE L&M&S Cap relative growth % H30185 All Share Communications % Chemicals Sub-industry % SSE MID CAP % H30169 All Share Capital Goods % Energy Internet % CSI500 Pharmaceuticals % H Capital Goods % H30200 All Share Transportation % SSE Industrials EW % CSI 300R Growth % CSI POEs % SSE Emerging %

15 Innovation Driven % CS Water ET % SSE Midstream % H50032 SSE Urbanization Transport % CSI 300 Industrials % Industrial Straits % H Utilities % CSI 300 Cons Disc % Real Estate % SSE % H50044 SSE Health Industry % CSI Modern Agriculture % H30219 All Share Packaging % CSI Inteligent Consumer % H30006 CSI Northeast Region Industry Top % SSE Internet of things % CSI500 Commercial Services % CSI500 Electronic Device % Fujian's Development % CSI500 Retailing % SSE MID&SMALL CAP % H50043 SSE Old-Age Industry % H Commu. Equipment % CSI EP % SSE Cons Disc % All Share Indu % China IP Index % Innovation % H30221 All Share Multi-Utilities % SSE Cons Disc EW % H Telecommunication % CSI % SSE % SSE Internet % H Growth % SZSE Midstream % CSI POEs % Consumer % Rural land reform agriculture % CSI Industrials % SSE % CSI % H30170 All Share Commercial Services % CS Intelligent Appliances % Real Estate % CN Real Estate % Mainland L-C Index % CSI Cons Disc % H30199 All Share Electric Utilities % H Utilities % CSI % H30175 All Share Retailing % H Financials % SZSE % CSWD Biotechnology % H30201 All Share Trading Companies % SSE50 L2XI %

16 H Dynamic % CSI Electronics % Zhujiang Delta Coastal Area % SSE SMALL CAP % CSI New Energy Industry % High-Speed Railway % Real Estate Sub-industry % H R Growth % SSE Free Trade Zone % All Share Cons Disc % H Capital Markets % H11056 CSI Electronic & IT Stimulus % CSI Emerging % H30190 All Share Electronic Device % H Commer. Serv. & Supp % CSI500 Pharmaceuticals & Bio % CSSW Securities % CSI High-End Manufacturing % QianJiang % H30223 All Share Airlines % SZSE Downstream % Fang Big Data % CSI Ocean Economy % H30074 CSI Services % H30165 All Share Real Estate % H30531 Industrials and Manufacturing % Growth % SSE 380 HB % CSI Grand Agric % Innovation % H Retailing % H30218 All Share Water Utilities % All Share Brokerage % H30373 CSI Baifa % H30211 All Share Capital Markets % Dynamic % Non-Cyclical POEs Index % H Industrials % SSE Securities % Tibet s Development % SSE Innovation % H Health Care % H30183 All Share Hardware % Real Estate EW % Sustainable industry % H30252 CSI 500 Industrials % H11053 CSI Textile Stimulus % All Share Utilities % H50063 SSE 380 USD Hedged % CSI Bio-medicine % H30255 CSI 500 Health Care % CSI500 Capital Goods % H30253 CSI 500 Consumer % H30184 All Share Semiconductors % Industrials % CSI Aviation % CSI 300 Utilities %

17 H Utilities % CSI Utilities % H30406 CSI 500 USD Hedged % CSI New Energy % CSI Leading Technology % SSE High-End Equipment % CSI VC % CSI Free Trade Zone % New Energy Vehicles % H30189 All Share Electrical Device % B Share Index % H30222 All Share Road & Rail % CSI IV % SSE China Manufacture % H30166 All Share Machinery % H30140 CSI Urbanization Transport % CSI % Cons Discretionary % R Growth % Shanghai SOEs Index % Canton's Development % H R Growth % CSI High-End Equipment % Small & Mid Cap Health Care % Innovative & Growing % CSI 300 Info Technology % CSI500 Hardware % Dynamic % H30256 CSI 500 Financials % H30208 All Share Specialty Retail % SSE Utilities % CSI Old-Age Industry % CSI500 Transportation % H30259 CSI 500 Utilities % Utilities % H30193 AllShareTextiles&Apparel % H Consumer Services % SSE Electronics % H Utilities Transport % H11054 CSI Equips Stimulus % SSE EP % CSI500 Real Estate % CS Internet of things % CS Intelligent Wearable % Xinhua Golden-Bull % SSE IM % CSI Defense % H30204 All Share Hotels & Leisure % H50039 SSE TMT Index % SSE High and New Tech % SSE Internet plus % CSI100 L2XI % SSE Private Placement % H30372 CSI Security % CSI IM % CSI500 Electrical Equipment % H30099 CSI Utilities Dividend %

18 Dynamic % CSWD M&A % H30171 All Share Transportation % CSSW Emerging Health Industry % CSWD Asset Reorganization % H30454 CSI 1000 USD Hedged % H30173 All Share Consumer Services % CS China Manufacture % H50036 SSE National Defense % H30535 Internet % Small & Medium SOE s Reform % CSI E-Commerce % H Machinery % CSI500 Semiconductors % Transportation % CN New Energy % CSCX New Economic Engine % H Dynamic % H Consumer % SSE S&M SOE's Reform % U. & Inst-related Enterprises % CSI500 Textiles & Apparel % CSI 500 HB % SSE Utilities EW % H50030 SSE Utilities Dividend % H30178 All Share Health Care % CN Transportation % H Transportation % intelligent agriculture % Private Placement Index % Aerospace Defense % H30590 CSI Robot % H30368 CSI High & New Tech % SSE Shanghai's Development % H30213 All Share Aerospace & Defense % CSSW Internet Finance % H Dynamic % H50056 SSE Smart Home % CSI IT % Transportation % H30207 All Share Computers % Defence Index % H50017 SSE Strategic Information % SSE Information Security % Select Manufacturing % Auto Aftermarket % CS Internet Plus % CSI500 Machinery % H Information Service % CSI National Defense % H30217 All Share Health Care % H50018 SSE Culture % H Semi. & Equipment % H11055 CSI Shipbuilding Stimulus % Machinery Sub-industry % H30141 CSI Intelligent Transport % CSI Nuclear Energy & Power %

19 H30007 CSI Strategic Information % H50054 SSE Culture & Sport Leisure % Shanghai's Development % CS Internet Health Care % H50038 SSE Smart Cities % Defense Information % CSI Medical Service % H50035 SSE Intelligent Transport % H50053 SSE Mobile Internet % SSE Ocean Economy % CSI Tourism % Financials % CSI Defense Security % CSI Modern Logistics % CSI M&A Prediction % H50058 SSE 380 Momentum % CSI Industry % H30403 CSI300DRL2I % H50045 SSE180 L2XI % H30318 TMT % CSI Internet Finance % CSI Security and protection % All Share IT % H Information Technology % CSI Smart Home % CSI500 Cons Durables % H30257 CSI 500 IT % SSE Internet Finance % CSI Sport % CSI TMT Index % SSE Info Tech EW % CS Precision Medicine % CSI Shipping % SSE Info technology % Commercial Index % CSSW Sport % CS AI % H30138 CSI Smart Cities % Information % H30220 All Share Internet Software % H11060 CSI Logistics Stimulus % Mobile Internet % CSI500 Media % CSI VR % H30082 CSI300 L2XI % CSI Internet of Vehicle % H IT % Civilian- Military Integration % H30215 All Share Leisure Products % CSI Theme Park % CSI Education Industry % CSI500 Household Durables % CSI Info-security % CS Internet Platform % H30365 CSI Culture & Sport Leisure % CSI Entertainment % CSI Culture & Sport %