Core view
The science and Innovation Board ushered in the first batch of industry themed ETFs, and the investment system of science and innovation themed funds was further enriched. Public information shows that on February 16, Harvest Fund, Hua'an fund, Shanghai Investment Morgan fund and huitianfu fund reported the new generation information technology ETF of Shanghai Securities science and innovation board Following Kechuang 50ETF and mass entrepreneurship ETF, Kechuang board ushered in industry themed investment ETF.
The new generation information technology index of Shanghai Stock Exchange Kechuang board is more targeted, and companies in the electronics and computer industry account for 70%. The new generation information technology ETF of Shanghai Stock Exchange Kechuang board tracks the new generation information technology index of Shanghai Stock Exchange Kechuang board (Code: Dongfang Electronics Co.Ltd(000682) ), which was released by Shanghai Stock Exchange and China Securities Index Company on August 16, 2021. It selects 50 next-generation information networks, electronic cores, emerging software and new information technology services, Internet and cloud computing Listed companies in big data services, artificial intelligence and other fields to reflect the representative new generation information technology industry of the science and innovation board market.
As of February 28, among the constituent stocks of the index, companies in the electronic industry and computer industry accounted for a large proportion (according to the classification of Shenwan level), 22 and 13 respectively, accounting for 44% and 26%. Small market value companies account for a relatively large proportion, 68% of which have a market value of less than 30 billion, and 4 of which have a market value of more than 80 billion, namely Semiconductor Manufacturing International Corporation(688981) , Shenzhen Transsion Holdings Co.Ltd(688036) , Beijing Kingsoft Office Software Inc(688111) , Montage Technology Co.Ltd(688008) .
The current valuation level is in the lowest range in history, and the valuation difference with the gem tends to be zero.
From July 26, 2019 to now, the average value of the valuation (pe-ttm, excluding negative values) of the science and innovation board is 66.53, and the median value is 62.22 Since reaching the high point around August 2020, it began to fluctuate downward. At present, the valuation is 45.56, which is far lower than the historical average. Horizontally, the historical average value of the difference between the sci-tech innovation board index and the gem index is 18.2, with a median of 14.1. At present, the difference is 0.24, approaching zero. The volatility of valuation difference converges to a low value. Based on the scarcity of high-tech innovation attributes and targets of the science and innovation board, the valuation premium is expected to continue.
Configuration policy
Based on the current underestimatevalue, high growth, and funding status of the scientific innovation board, which is currently being underestimate, high growth, and capital status, and a comprehensive consideration of growth, funding face, monetary policy environment, and other factors, including growth, funding face, monetary policy environment, and monetary policy environment. The current point of the current point is suggested. Attention is suggested for the attention: Opt Machine Vision Tech Co.Ltd(688686) 8696\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\( Zhejiang Hangke Technology Incorporated Company(688006) . SH), Qingdao Haier Biomedical Co.Ltd(688139) ( Qingdao Haier Biomedical Co.Ltd(688139) . SH) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\8029 ( Micro-Tech (Nanjing) Co.Ltd(688029) . SH), Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) ( Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) . SH), Guangzhou Jet Bio-Filtration Co.Ltd(688026) ( Guangzhou Jet Bio-Filtration Co.Ltd(688026) . SH), Shenzhen Transsion Holdings Co.Ltd(688036) ( Shenzhen Transsion Holdings Co.Ltd(688036) . SH), Cabio Biotech (Wuhan) Co.Ltd(688089) ( Cabio Biotech (Wuhan) Co.Ltd(688089) . SH), Willfar Information Technology Co.Ltd(688100) ( Willfar Information Technology Co.Ltd(688100) . SH), etc.
Risk tips
The risk of lifting the ban; The risk of repeated outbreaks; Risk of rapid technical iteration; The risk of intensified market competition; The risk that the progress of product research and development is less than expected.
