MSCI outlets are optimistic about the performance of leading stocks

The public offering has recently competed to deploy MSCI China A-Shares International Connect Index products, because it is expected that the increase in capital entry after the A-shares MSCI Emerging Market Index division in June this year will boost the constituent stocks.

The mainstream view of the institution is that the “entry into Morocco” market is even as early as expected, and the constituent stocks have already performed, but the continuous inflow of funds in the medium and long term will still promote the performance of leading stocks.

  Attract foreign systematic attention to A shares According to the schedule announced by MSCI, MSCI will officially classify A shares into the MSCI emerging market index in June 2018, with an initial substitution factor of 2.

5%, the division ratio will be increased to 5% in September 2018, and the weight of A shares in the MSCI emerging market index will be 0.


According to the calculation of China Merchants Fund, the short-term inflow of A shares is expected to reach 17 billion to 18 billion US dollars.

According to the progress of MSCI, China’s A-share market will eventually be all divided into emerging market indexes. In the medium and long term, this is expected to bring A-shares $ 340 billion in incremental funds.

  Nowadays, it is only a short distance from “entry into Morocco”, and many institutions are relatively optimistic about the driving role of this incremental fund.

Private equity fund Xingshi Investment said that it was less than three months before the A-shares were officially classified as an MSCI emerging market index on June 1. The 100 billion US dollars of incremental funds have been waiting outside the A-share market.Amount of funds allocated to A shares may become a trend.

The impact of MSCI on the A-share market has gone from expectations to reality, and it has also improved market sentiment.

Although the initial weight of 苏州桑拿网 newly shared stocks is only 0.

73%, but the MSCI index serves as a reference for institutional investors, and its potential could shift the market focus to A shares.

From an estimation perspective, according to Bloomberg’s calculations, it is estimated that the MSCI China P / E ratio in 2018 is only 13.


As an important economy in the global economy, the price-earnings ratio of the Chinese market is much lower than that of the international market, highlighting the value of “returning to depression”. At the same time, inflows continue to flow in, and the trend of increasing allocation is prominent.

  Bai Haifeng, director of the China Merchants Fund’s international business department, believes that from the international experience, the market segmentation is significantly increased after being divided into the MSCI index, so the impact of MSCI on A shares cannot be underestimated.

The incremental funds brought by MSCI in addition to the significance of A shares are more important in that it is in line with the future development direction of China’s capital market and the trend of interconnection, which will help attract overseas investors to systematically pay attention to A shares.Optimize investor structure.

In the long run, value investment will become the mainstream and long-term optimal strategy for A-share investment, and MSCI will become the vane of international investment in China in the future.

  Industry leaders benefit and benefit In the past one or two years, the value stocks represented by the Shanghai Stock Exchange 50 and the China Securities Exchange 100 have performed outstandingly, but since February this year, growth stocks have begun to strengthen, and the market has increasingly discussed the change of style.

In total, the number of constituent stocks that will be divided by the MSCI Emerging Market Index is 233, of which 209 stocks are simultaneously selected in the CSI 300 Index, which covers 90% of the equity.

Will the expansion of “entry into Morocco” stimulate the market’s further enthusiasm for blue chip value stocks?

  In this analysis, Yutong Gen, chief strategy analyst of Haitong Securities, said that the market will continue the logic of performance as the king and the style will be more balanced.

The real main line is the leader, that is, the leader in value and the leader in growth.

In June 2018, when the A-share was split into MSCI, the allocation of capital requirements was biased towards the CSI 300, especially the financial share of the A-share split in MSCI reached 46%.

The 2017 public fund report showed that the bank’s market value accounted for 6 of the fund’s heavy positions.

6%, previously CSI 300 underweighted 10.

3 copies; brokerage accounted for 0.

5%, low with 7.

8 digits are the two industries with the most obvious undermatch.

  Guodu Securities believes that through the official transformation of A shares into the MSCI index, internal and external institutional investors have gradually become the main force of marginal contribution of funds, and value blue chips have become reassortment products.

Driven by two major structural changes, the trend of A-share investment ecology and philosophy shifting towards value blue chips has remained unchanged in 2018.

  Bai Haifeng said that the industry leaders who have higher relevant weights and better matching between growth and estimation benefit from future resettlement.

These 233 stocks represent the core assets of A shares, including both A50 and second-tier blue chips, mid-cap blue chips, and entrepreneurial blue chips. Such comprehensive indexes help achieve long-term good returns.