马上要来了！这才是A股真正的“纳斯达克”

华尔街见闻2021-05-21

摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。又有一只新的指数产品要来了。 5月19日，证监会新基金申报表里，有点新动静：南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。啥？科创创业50？好熟悉的味道... 这只指数5月10日才露了个脸，正式发布要等到6月1日，基金公司对应的ETF产品，从...

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Comments

CTP
2021-05-21
CTP
追追中國劇??
TIDARAT
2021-05-21
TIDARAT
I waiting for it ????
Li Guixi
2021-05-21
Li Guixi
?
HUATKIMT
2021-05-21
HUATKIMT
好好好
柒加一
2021-05-21
柒加一
他來了
云里梦里飞
2021-05-21
云里梦里飞
加油

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This is the real \"NASDAQ\" of A shares.","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/a51c8a2a7ffc315c8ee250a39b40cdf9","symbols_score_info":{},"content_text":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。\n\n啥？科创创业50？好熟悉的味道...\n\n这只指数5月10日才露了个脸，正式发布要等到6月1日，\n基金公司对应的ETF产品，从申报到审批也要一段时间，\n所以等到首批基金上市，还有些日子。\n10家公司都准备发行跟踪这个指标的ETF和联接基金，可见现在机构之间的竞（nei）争（juan）够激烈的。\n\n简单来说，科创创业50=（科创板+创业板）的科技浓缩版。\n把科创板的公司和创业板的公司拉出来，用新兴产业的标准筛一遍，再按市值排名挑出前50只股票组成的一个池子。\n叉烧烧鸭双拼饭，总归比只点叉烧来得香，对不对？\n\n\n如果说恒生科技指数指港股的纳斯达克，\n那么，科创创业50就是A股的纳斯达克！\n过去十年，纳斯达克指数涨了将近500%，年化收益率达到20%！\n孵出了苹果、谷歌、微软等一众美股科技巨头。\n\n\n\n科创板有多重要，很多读者都知道，未来我们国家想要实现崛起和复兴，科技创新是必须要大力发展的，在这个过程中，就需要一个强大的资本市场。\n科创板就是秉承着这样的使命诞生的。\n但除了科创板，还有很多优秀的科技股散落在创业板，\n现在有了这个双拼组合，就基本涵盖了A股最顶级的新兴产业公司。\n跟创业板比，它的科技含量更浓，毕竟剔除掉了温氏股份这样的猪肉股。\n跟科创版比，它涵盖范围更广，像宁德时代这样的新能源龙头，只在创业板上市。\n我拉了一张表，下面是科创创业50所有的成分股（具体权重要等到指数正式发布），\n\n\n这里面还是创业板的股票占大头，有33只，科创板的股票只有17只，\n毕竟创业板已经走过了10个年头，一些公司已经发展壮大，比较稳定，市值也更大，科创板更多处于成长的早期阶段。\n我们拿创业板50指数还有科创板50指数对比发现，\n有9只股票不在创业板50里，有3只不在科创板50里，包括最近大火的新冠疫苗股康希诺。\n这里面可能存在时间差，毕竟指数的“调仓”半年才进行一次。\n但不难发现，创业板里的证券、食品、有色金属等都被踢出去了，\n科创板只入选了华熙生物、中国通号、中微公司、传音控股、金山办公、石头科技、寒武纪、中芯国际这样的龙头。\n\n投资最关键的三要素：选的对、买的便宜、拿的够久，\n如果赛道是对的，能不能买在低位就非常重要。\n因为还没有公布完整的信息，我们只能参考创业板50和科创板50的估值数据。\n自从2020年7月23日上市以来，科创50的走势是这样婶儿的...\n\n去年年中，正好是消费、医疗和科技最火热的时候，市场疯狂追捧新基金，4只科创50ETF的募资规模超过千亿。\n当时懒猫就警告过，估值太高了不建议买。\n那现在呢？\n科创50的动态市盈率（PE-TTM）都已经回落到26%的分位点，PE是71倍，最高的时候97倍。\n\n但科创50上市的时间太短了，还不到1年，这么看估值意义不大。\n我们再看看创业板50。\n从2014年开始，到现在7年的时间，估值也暴涨暴跌过，\n刚上市那会儿赶上一轮疯牛，估值到过140倍，后来一路下跌最低到了27倍，\n现在是58.3倍，分位点落在58.37%，不高不低比较舒适的区间，\n\n市场情绪比年初已经回落很多了。\n如果我们横向来对比，会发现科创板和创业板依然不便宜，比互联网扎堆的恒生科技指数、恒生指数都贵不少，更不用说沪深300大盘指数。\n\n拿两地上市的中芯国际来说，港股上市的PE只有28倍，但在科创版有87倍，足足高出了三倍多。\n要知道，中芯国际A股已经较上市时的高点跌了40+%。\n\n如果你还没有配置科创板或者中小盘，科创创业50指数的确是值得关注的，指数质量挺高。\n如果上市的时候估值依然在现在这个水平，可以考虑采用定投的方式，做一些配置，\n但大手笔的买入，还可以再等等更便宜的位置。\n总结一下：\n\n1，这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n2，参考可对比的指数，估值已经比科创板上市时低了不少，定投做一些配置可以考虑，大手笔投入可以等待更好的时机。\n3，新指数出来，最好观察一段时间再出手，不要着急。","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":130468268,"gmtCreate":1621561478154,"gmtModify":1704359666535,"author":{"id":"3570195275245886","authorId":"3570195275245886","name":"CTP","avatar":"https://static.tigerbbs.com/b4085def320dcb4f3210eb4b047a86ad","vip":1,"crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3570195275245886","idStr":"3570195275245886"},"htmlText":"追追中國劇??","listText":"追追中國劇??","text":"追追中國劇??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130468268","repostId":1198952549,"repostType":4,"repost":{"id":"1198952549","kind":"news","pubTimestamp":1621557051,"share":"https://ttm.financial/m/news/1198952549?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:30","market":"hk","language":"zh","title":"Coming soon! This is the real \"Nasdaq\" of A shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1198952549","media":"华尔街见闻","summary":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国","content":"Abstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coming soon! This is the real \"Nasdaq\" of A shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nComing soon! This is the real \"Nasdaq\" of A shares\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-21 08:30\n\n</h4>\n</header>\n<article>\nAbstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3630881\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3630881","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198952549","content_text":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。\n\n啥？科创创业50？好熟悉的味道...\n\n这只指数5月10日才露了个脸，正式发布要等到6月1日，\n基金公司对应的ETF产品，从申报到审批也要一段时间，\n所以等到首批基金上市，还有些日子。\n10家公司都准备发行跟踪这个指标的ETF和联接基金，可见现在机构之间的竞（nei）争（juan）够激烈的。\n\n简单来说，科创创业50=（科创板+创业板）的科技浓缩版。\n把科创板的公司和创业板的公司拉出来，用新兴产业的标准筛一遍，再按市值排名挑出前50只股票组成的一个池子。\n叉烧烧鸭双拼饭，总归比只点叉烧来得香，对不对？\n\n\n如果说恒生科技指数指港股的纳斯达克，\n那么，科创创业50就是A股的纳斯达克！\n过去十年，纳斯达克指数涨了将近500%，年化收益率达到20%！\n孵出了苹果、谷歌、微软等一众美股科技巨头。\n\n\n\n科创板有多重要，很多读者都知道，未来我们国家想要实现崛起和复兴，科技创新是必须要大力发展的，在这个过程中，就需要一个强大的资本市场。\n科创板就是秉承着这样的使命诞生的。\n但除了科创板，还有很多优秀的科技股散落在创业板，\n现在有了这个双拼组合，就基本涵盖了A股最顶级的新兴产业公司。\n跟创业板比，它的科技含量更浓，毕竟剔除掉了温氏股份这样的猪肉股。\n跟科创版比，它涵盖范围更广，像宁德时代这样的新能源龙头，只在创业板上市。\n我拉了一张表，下面是科创创业50所有的成分股（具体权重要等到指数正式发布），\n\n\n这里面还是创业板的股票占大头，有33只，科创板的股票只有17只，\n毕竟创业板已经走过了10个年头，一些公司已经发展壮大，比较稳定，市值也更大，科创板更多处于成长的早期阶段。\n我们拿创业板50指数还有科创板50指数对比发现，\n有9只股票不在创业板50里，有3只不在科创板50里，包括最近大火的新冠疫苗股康希诺。\n这里面可能存在时间差，毕竟指数的“调仓”半年才进行一次。\n但不难发现，创业板里的证券、食品、有色金属等都被踢出去了，\n科创板只入选了华熙生物、中国通号、中微公司、传音控股、金山办公、石头科技、寒武纪、中芯国际这样的龙头。\n\n投资最关键的三要素：选的对、买的便宜、拿的够久，\n如果赛道是对的，能不能买在低位就非常重要。\n因为还没有公布完整的信息，我们只能参考创业板50和科创板50的估值数据。\n自从2020年7月23日上市以来，科创50的走势是这样婶儿的...\n\n去年年中，正好是消费、医疗和科技最火热的时候，市场疯狂追捧新基金，4只科创50ETF的募资规模超过千亿。\n当时懒猫就警告过，估值太高了不建议买。\n那现在呢？\n科创50的动态市盈率（PE-TTM）都已经回落到26%的分位点，PE是71倍，最高的时候97倍。\n\n但科创50上市的时间太短了，还不到1年，这么看估值意义不大。\n我们再看看创业板50。\n从2014年开始，到现在7年的时间，估值也暴涨暴跌过，\n刚上市那会儿赶上一轮疯牛，估值到过140倍，后来一路下跌最低到了27倍，\n现在是58.3倍，分位点落在58.37%，不高不低比较舒适的区间，\n\n市场情绪比年初已经回落很多了。\n如果我们横向来对比，会发现科创板和创业板依然不便宜，比互联网扎堆的恒生科技指数、恒生指数都贵不少，更不用说沪深300大盘指数。\n\n拿两地上市的中芯国际来说，港股上市的PE只有28倍，但在科创版有87倍，足足高出了三倍多。\n要知道，中芯国际A股已经较上市时的高点跌了40+%。\n\n如果你还没有配置科创板或者中小盘，科创创业50指数的确是值得关注的，指数质量挺高。\n如果上市的时候估值依然在现在这个水平，可以考虑采用定投的方式，做一些配置，\n但大手笔的买入，还可以再等等更便宜的位置。\n总结一下：\n\n1，这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n2，参考可对比的指数，估值已经比科创板上市时低了不少，定投做一些配置可以考虑，大手笔投入可以等待更好的时机。\n3，新指数出来，最好观察一段时间再出手，不要着急。","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":130489395,"gmtCreate":1621560984717,"gmtModify":1704359647107,"author":{"id":"3578895363297107","authorId":"3578895363297107","name":"TIDARAT","avatar":"https://static.tigerbbs.com/70741f8f742a273f9c4a9f268fca7aa3","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3578895363297107","idStr":"3578895363297107"},"htmlText":"I waiting for it ????","listText":"I waiting for it ????","text":"I waiting for it ????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130489395","repostId":1198952549,"repostType":4,"repost":{"id":"1198952549","kind":"news","pubTimestamp":1621557051,"share":"https://ttm.financial/m/news/1198952549?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:30","market":"hk","language":"zh","title":"Coming soon! This is the real \"Nasdaq\" of A shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1198952549","media":"华尔街见闻","summary":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国","content":"Abstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coming soon! This is the real \"Nasdaq\" of A shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nComing soon! This is the real \"Nasdaq\" of A shares\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-21 08:30\n\n</h4>\n</header>\n<article>\nAbstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3630881\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3630881","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198952549","content_text":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。\n\n啥？科创创业50？好熟悉的味道...\n\n这只指数5月10日才露了个脸，正式发布要等到6月1日，\n基金公司对应的ETF产品，从申报到审批也要一段时间，\n所以等到首批基金上市，还有些日子。\n10家公司都准备发行跟踪这个指标的ETF和联接基金，可见现在机构之间的竞（nei）争（juan）够激烈的。\n\n简单来说，科创创业50=（科创板+创业板）的科技浓缩版。\n把科创板的公司和创业板的公司拉出来，用新兴产业的标准筛一遍，再按市值排名挑出前50只股票组成的一个池子。\n叉烧烧鸭双拼饭，总归比只点叉烧来得香，对不对？\n\n\n如果说恒生科技指数指港股的纳斯达克，\n那么，科创创业50就是A股的纳斯达克！\n过去十年，纳斯达克指数涨了将近500%，年化收益率达到20%！\n孵出了苹果、谷歌、微软等一众美股科技巨头。\n\n\n\n科创板有多重要，很多读者都知道，未来我们国家想要实现崛起和复兴，科技创新是必须要大力发展的，在这个过程中，就需要一个强大的资本市场。\n科创板就是秉承着这样的使命诞生的。\n但除了科创板，还有很多优秀的科技股散落在创业板，\n现在有了这个双拼组合，就基本涵盖了A股最顶级的新兴产业公司。\n跟创业板比，它的科技含量更浓，毕竟剔除掉了温氏股份这样的猪肉股。\n跟科创版比，它涵盖范围更广，像宁德时代这样的新能源龙头，只在创业板上市。\n我拉了一张表，下面是科创创业50所有的成分股（具体权重要等到指数正式发布），\n\n\n这里面还是创业板的股票占大头，有33只，科创板的股票只有17只，\n毕竟创业板已经走过了10个年头，一些公司已经发展壮大，比较稳定，市值也更大，科创板更多处于成长的早期阶段。\n我们拿创业板50指数还有科创板50指数对比发现，\n有9只股票不在创业板50里，有3只不在科创板50里，包括最近大火的新冠疫苗股康希诺。\n这里面可能存在时间差，毕竟指数的“调仓”半年才进行一次。\n但不难发现，创业板里的证券、食品、有色金属等都被踢出去了，\n科创板只入选了华熙生物、中国通号、中微公司、传音控股、金山办公、石头科技、寒武纪、中芯国际这样的龙头。\n\n投资最关键的三要素：选的对、买的便宜、拿的够久，\n如果赛道是对的，能不能买在低位就非常重要。\n因为还没有公布完整的信息，我们只能参考创业板50和科创板50的估值数据。\n自从2020年7月23日上市以来，科创50的走势是这样婶儿的...\n\n去年年中，正好是消费、医疗和科技最火热的时候，市场疯狂追捧新基金，4只科创50ETF的募资规模超过千亿。\n当时懒猫就警告过，估值太高了不建议买。\n那现在呢？\n科创50的动态市盈率（PE-TTM）都已经回落到26%的分位点，PE是71倍，最高的时候97倍。\n\n但科创50上市的时间太短了，还不到1年，这么看估值意义不大。\n我们再看看创业板50。\n从2014年开始，到现在7年的时间，估值也暴涨暴跌过，\n刚上市那会儿赶上一轮疯牛，估值到过140倍，后来一路下跌最低到了27倍，\n现在是58.3倍，分位点落在58.37%，不高不低比较舒适的区间，\n\n市场情绪比年初已经回落很多了。\n如果我们横向来对比，会发现科创板和创业板依然不便宜，比互联网扎堆的恒生科技指数、恒生指数都贵不少，更不用说沪深300大盘指数。\n\n拿两地上市的中芯国际来说，港股上市的PE只有28倍，但在科创版有87倍，足足高出了三倍多。\n要知道，中芯国际A股已经较上市时的高点跌了40+%。\n\n如果你还没有配置科创板或者中小盘，科创创业50指数的确是值得关注的，指数质量挺高。\n如果上市的时候估值依然在现在这个水平，可以考虑采用定投的方式，做一些配置，\n但大手笔的买入，还可以再等等更便宜的位置。\n总结一下：\n\n1，这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n2，参考可对比的指数，估值已经比科创板上市时低了不少，定投做一些配置可以考虑，大手笔投入可以等待更好的时机。\n3，新指数出来，最好观察一段时间再出手，不要着急。","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130417817,"gmtCreate":1621560915539,"gmtModify":1704359644039,"author":{"id":"3570833668911971","authorId":"3570833668911971","name":"Li Guixi","avatar":"https://static.tigerbbs.com/d47f140f55f4badb19ca06d16064de5b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3570833668911971","idStr":"3570833668911971"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130417817","repostId":1198952549,"repostType":4,"repost":{"id":"1198952549","kind":"news","pubTimestamp":1621557051,"share":"https://ttm.financial/m/news/1198952549?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:30","market":"hk","language":"zh","title":"Coming soon! This is the real \"Nasdaq\" of A shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1198952549","media":"华尔街见闻","summary":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国","content":"Abstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coming soon! This is the real \"Nasdaq\" of A shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nComing soon! This is the real \"Nasdaq\" of A shares\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-21 08:30\n\n</h4>\n</header>\n<article>\nAbstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3630881\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3630881","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198952549","content_text":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。\n\n啥？科创创业50？好熟悉的味道...\n\n这只指数5月10日才露了个脸，正式发布要等到6月1日，\n基金公司对应的ETF产品，从申报到审批也要一段时间，\n所以等到首批基金上市，还有些日子。\n10家公司都准备发行跟踪这个指标的ETF和联接基金，可见现在机构之间的竞（nei）争（juan）够激烈的。\n\n简单来说，科创创业50=（科创板+创业板）的科技浓缩版。\n把科创板的公司和创业板的公司拉出来，用新兴产业的标准筛一遍，再按市值排名挑出前50只股票组成的一个池子。\n叉烧烧鸭双拼饭，总归比只点叉烧来得香，对不对？\n\n\n如果说恒生科技指数指港股的纳斯达克，\n那么，科创创业50就是A股的纳斯达克！\n过去十年，纳斯达克指数涨了将近500%，年化收益率达到20%！\n孵出了苹果、谷歌、微软等一众美股科技巨头。\n\n\n\n科创板有多重要，很多读者都知道，未来我们国家想要实现崛起和复兴，科技创新是必须要大力发展的，在这个过程中，就需要一个强大的资本市场。\n科创板就是秉承着这样的使命诞生的。\n但除了科创板，还有很多优秀的科技股散落在创业板，\n现在有了这个双拼组合，就基本涵盖了A股最顶级的新兴产业公司。\n跟创业板比，它的科技含量更浓，毕竟剔除掉了温氏股份这样的猪肉股。\n跟科创版比，它涵盖范围更广，像宁德时代这样的新能源龙头，只在创业板上市。\n我拉了一张表，下面是科创创业50所有的成分股（具体权重要等到指数正式发布），\n\n\n这里面还是创业板的股票占大头，有33只，科创板的股票只有17只，\n毕竟创业板已经走过了10个年头，一些公司已经发展壮大，比较稳定，市值也更大，科创板更多处于成长的早期阶段。\n我们拿创业板50指数还有科创板50指数对比发现，\n有9只股票不在创业板50里，有3只不在科创板50里，包括最近大火的新冠疫苗股康希诺。\n这里面可能存在时间差，毕竟指数的“调仓”半年才进行一次。\n但不难发现，创业板里的证券、食品、有色金属等都被踢出去了，\n科创板只入选了华熙生物、中国通号、中微公司、传音控股、金山办公、石头科技、寒武纪、中芯国际这样的龙头。\n\n投资最关键的三要素：选的对、买的便宜、拿的够久，\n如果赛道是对的，能不能买在低位就非常重要。\n因为还没有公布完整的信息，我们只能参考创业板50和科创板50的估值数据。\n自从2020年7月23日上市以来，科创50的走势是这样婶儿的...\n\n去年年中，正好是消费、医疗和科技最火热的时候，市场疯狂追捧新基金，4只科创50ETF的募资规模超过千亿。\n当时懒猫就警告过，估值太高了不建议买。\n那现在呢？\n科创50的动态市盈率（PE-TTM）都已经回落到26%的分位点，PE是71倍，最高的时候97倍。\n\n但科创50上市的时间太短了，还不到1年，这么看估值意义不大。\n我们再看看创业板50。\n从2014年开始，到现在7年的时间，估值也暴涨暴跌过，\n刚上市那会儿赶上一轮疯牛，估值到过140倍，后来一路下跌最低到了27倍，\n现在是58.3倍，分位点落在58.37%，不高不低比较舒适的区间，\n\n市场情绪比年初已经回落很多了。\n如果我们横向来对比，会发现科创板和创业板依然不便宜，比互联网扎堆的恒生科技指数、恒生指数都贵不少，更不用说沪深300大盘指数。\n\n拿两地上市的中芯国际来说，港股上市的PE只有28倍，但在科创版有87倍，足足高出了三倍多。\n要知道，中芯国际A股已经较上市时的高点跌了40+%。\n\n如果你还没有配置科创板或者中小盘，科创创业50指数的确是值得关注的，指数质量挺高。\n如果上市的时候估值依然在现在这个水平，可以考虑采用定投的方式，做一些配置，\n但大手笔的买入，还可以再等等更便宜的位置。\n总结一下：\n\n1，这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n2，参考可对比的指数，估值已经比科创板上市时低了不少，定投做一些配置可以考虑，大手笔投入可以等待更好的时机。\n3，新指数出来，最好观察一段时间再出手，不要着急。","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130413525,"gmtCreate":1621560572767,"gmtModify":1704359634950,"author":{"id":"3582970500560168","authorId":"3582970500560168","name":"HUATKIMT","avatar":"https://static.tigerbbs.com/2f0942ab6333ff87e257ecc05e4fff85","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3582970500560168","idStr":"3582970500560168"},"htmlText":"好好好","listText":"好好好","text":"好好好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130413525","repostId":1198952549,"repostType":4,"repost":{"id":"1198952549","kind":"news","pubTimestamp":1621557051,"share":"https://ttm.financial/m/news/1198952549?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:30","market":"hk","language":"zh","title":"Coming soon! This is the real \"Nasdaq\" of A shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1198952549","media":"华尔街见闻","summary":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国","content":"Abstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coming soon! This is the real \"Nasdaq\" of A shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nComing soon! This is the real \"Nasdaq\" of A shares\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-21 08:30\n\n</h4>\n</header>\n<article>\nAbstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3630881\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3630881","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198952549","content_text":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。\n\n啥？科创创业50？好熟悉的味道...\n\n这只指数5月10日才露了个脸，正式发布要等到6月1日，\n基金公司对应的ETF产品，从申报到审批也要一段时间，\n所以等到首批基金上市，还有些日子。\n10家公司都准备发行跟踪这个指标的ETF和联接基金，可见现在机构之间的竞（nei）争（juan）够激烈的。\n\n简单来说，科创创业50=（科创板+创业板）的科技浓缩版。\n把科创板的公司和创业板的公司拉出来，用新兴产业的标准筛一遍，再按市值排名挑出前50只股票组成的一个池子。\n叉烧烧鸭双拼饭，总归比只点叉烧来得香，对不对？\n\n\n如果说恒生科技指数指港股的纳斯达克，\n那么，科创创业50就是A股的纳斯达克！\n过去十年，纳斯达克指数涨了将近500%，年化收益率达到20%！\n孵出了苹果、谷歌、微软等一众美股科技巨头。\n\n\n\n科创板有多重要，很多读者都知道，未来我们国家想要实现崛起和复兴，科技创新是必须要大力发展的，在这个过程中，就需要一个强大的资本市场。\n科创板就是秉承着这样的使命诞生的。\n但除了科创板，还有很多优秀的科技股散落在创业板，\n现在有了这个双拼组合，就基本涵盖了A股最顶级的新兴产业公司。\n跟创业板比，它的科技含量更浓，毕竟剔除掉了温氏股份这样的猪肉股。\n跟科创版比，它涵盖范围更广，像宁德时代这样的新能源龙头，只在创业板上市。\n我拉了一张表，下面是科创创业50所有的成分股（具体权重要等到指数正式发布），\n\n\n这里面还是创业板的股票占大头，有33只，科创板的股票只有17只，\n毕竟创业板已经走过了10个年头，一些公司已经发展壮大，比较稳定，市值也更大，科创板更多处于成长的早期阶段。\n我们拿创业板50指数还有科创板50指数对比发现，\n有9只股票不在创业板50里，有3只不在科创板50里，包括最近大火的新冠疫苗股康希诺。\n这里面可能存在时间差，毕竟指数的“调仓”半年才进行一次。\n但不难发现，创业板里的证券、食品、有色金属等都被踢出去了，\n科创板只入选了华熙生物、中国通号、中微公司、传音控股、金山办公、石头科技、寒武纪、中芯国际这样的龙头。\n\n投资最关键的三要素：选的对、买的便宜、拿的够久，\n如果赛道是对的，能不能买在低位就非常重要。\n因为还没有公布完整的信息，我们只能参考创业板50和科创板50的估值数据。\n自从2020年7月23日上市以来，科创50的走势是这样婶儿的...\n\n去年年中，正好是消费、医疗和科技最火热的时候，市场疯狂追捧新基金，4只科创50ETF的募资规模超过千亿。\n当时懒猫就警告过，估值太高了不建议买。\n那现在呢？\n科创50的动态市盈率（PE-TTM）都已经回落到26%的分位点，PE是71倍，最高的时候97倍。\n\n但科创50上市的时间太短了，还不到1年，这么看估值意义不大。\n我们再看看创业板50。\n从2014年开始，到现在7年的时间，估值也暴涨暴跌过，\n刚上市那会儿赶上一轮疯牛，估值到过140倍，后来一路下跌最低到了27倍，\n现在是58.3倍，分位点落在58.37%，不高不低比较舒适的区间，\n\n市场情绪比年初已经回落很多了。\n如果我们横向来对比，会发现科创板和创业板依然不便宜，比互联网扎堆的恒生科技指数、恒生指数都贵不少，更不用说沪深300大盘指数。\n\n拿两地上市的中芯国际来说，港股上市的PE只有28倍，但在科创版有87倍，足足高出了三倍多。\n要知道，中芯国际A股已经较上市时的高点跌了40+%。\n\n如果你还没有配置科创板或者中小盘，科创创业50指数的确是值得关注的，指数质量挺高。\n如果上市的时候估值依然在现在这个水平，可以考虑采用定投的方式，做一些配置，\n但大手笔的买入，还可以再等等更便宜的位置。\n总结一下：\n\n1，这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n2，参考可对比的指数，估值已经比科创板上市时低了不少，定投做一些配置可以考虑，大手笔投入可以等待更好的时机。\n3，新指数出来，最好观察一段时间再出手，不要着急。","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":130432747,"gmtCreate":1621560305989,"gmtModify":1704359626207,"author":{"id":"3579644192019205","authorId":"3579644192019205","name":"柒加一","avatar":"https://static.tigerbbs.com/91c1eb9177fcfdb4f77be2a5f1a52b42","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3579644192019205","idStr":"3579644192019205"},"htmlText":"他來了","listText":"他來了","text":"他來了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130432747","repostId":1198952549,"repostType":4,"repost":{"id":"1198952549","kind":"news","pubTimestamp":1621557051,"share":"https://ttm.financial/m/news/1198952549?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:30","market":"hk","language":"zh","title":"Coming soon! This is the real \"Nasdaq\" of A shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1198952549","media":"华尔街见闻","summary":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国","content":"Abstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coming soon! This is the real \"Nasdaq\" of A shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nComing soon! This is the real \"Nasdaq\" of A shares\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-21 08:30\n\n</h4>\n</header>\n<article>\nAbstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3630881\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3630881","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198952549","content_text":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。\n\n啥？科创创业50？好熟悉的味道...\n\n这只指数5月10日才露了个脸，正式发布要等到6月1日，\n基金公司对应的ETF产品，从申报到审批也要一段时间，\n所以等到首批基金上市，还有些日子。\n10家公司都准备发行跟踪这个指标的ETF和联接基金，可见现在机构之间的竞（nei）争（juan）够激烈的。\n\n简单来说，科创创业50=（科创板+创业板）的科技浓缩版。\n把科创板的公司和创业板的公司拉出来，用新兴产业的标准筛一遍，再按市值排名挑出前50只股票组成的一个池子。\n叉烧烧鸭双拼饭，总归比只点叉烧来得香，对不对？\n\n\n如果说恒生科技指数指港股的纳斯达克，\n那么，科创创业50就是A股的纳斯达克！\n过去十年，纳斯达克指数涨了将近500%，年化收益率达到20%！\n孵出了苹果、谷歌、微软等一众美股科技巨头。\n\n\n\n科创板有多重要，很多读者都知道，未来我们国家想要实现崛起和复兴，科技创新是必须要大力发展的，在这个过程中，就需要一个强大的资本市场。\n科创板就是秉承着这样的使命诞生的。\n但除了科创板，还有很多优秀的科技股散落在创业板，\n现在有了这个双拼组合，就基本涵盖了A股最顶级的新兴产业公司。\n跟创业板比，它的科技含量更浓，毕竟剔除掉了温氏股份这样的猪肉股。\n跟科创版比，它涵盖范围更广，像宁德时代这样的新能源龙头，只在创业板上市。\n我拉了一张表，下面是科创创业50所有的成分股（具体权重要等到指数正式发布），\n\n\n这里面还是创业板的股票占大头，有33只，科创板的股票只有17只，\n毕竟创业板已经走过了10个年头，一些公司已经发展壮大，比较稳定，市值也更大，科创板更多处于成长的早期阶段。\n我们拿创业板50指数还有科创板50指数对比发现，\n有9只股票不在创业板50里，有3只不在科创板50里，包括最近大火的新冠疫苗股康希诺。\n这里面可能存在时间差，毕竟指数的“调仓”半年才进行一次。\n但不难发现，创业板里的证券、食品、有色金属等都被踢出去了，\n科创板只入选了华熙生物、中国通号、中微公司、传音控股、金山办公、石头科技、寒武纪、中芯国际这样的龙头。\n\n投资最关键的三要素：选的对、买的便宜、拿的够久，\n如果赛道是对的，能不能买在低位就非常重要。\n因为还没有公布完整的信息，我们只能参考创业板50和科创板50的估值数据。\n自从2020年7月23日上市以来，科创50的走势是这样婶儿的...\n\n去年年中，正好是消费、医疗和科技最火热的时候，市场疯狂追捧新基金，4只科创50ETF的募资规模超过千亿。\n当时懒猫就警告过，估值太高了不建议买。\n那现在呢？\n科创50的动态市盈率（PE-TTM）都已经回落到26%的分位点，PE是71倍，最高的时候97倍。\n\n但科创50上市的时间太短了，还不到1年，这么看估值意义不大。\n我们再看看创业板50。\n从2014年开始，到现在7年的时间，估值也暴涨暴跌过，\n刚上市那会儿赶上一轮疯牛，估值到过140倍，后来一路下跌最低到了27倍，\n现在是58.3倍，分位点落在58.37%，不高不低比较舒适的区间，\n\n市场情绪比年初已经回落很多了。\n如果我们横向来对比，会发现科创板和创业板依然不便宜，比互联网扎堆的恒生科技指数、恒生指数都贵不少，更不用说沪深300大盘指数。\n\n拿两地上市的中芯国际来说，港股上市的PE只有28倍，但在科创版有87倍，足足高出了三倍多。\n要知道，中芯国际A股已经较上市时的高点跌了40+%。\n\n如果你还没有配置科创板或者中小盘，科创创业50指数的确是值得关注的，指数质量挺高。\n如果上市的时候估值依然在现在这个水平，可以考虑采用定投的方式，做一些配置，\n但大手笔的买入，还可以再等等更便宜的位置。\n总结一下：\n\n1，这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n2，参考可对比的指数，估值已经比科创板上市时低了不少，定投做一些配置可以考虑，大手笔投入可以等待更好的时机。\n3，新指数出来，最好观察一段时间再出手，不要着急。","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":130493516,"gmtCreate":1621559774635,"gmtModify":1704359607873,"author":{"id":"3568431359478653","authorId":"3568431359478653","name":"云里梦里飞","avatar":"https://static.tigerbbs.com/db96756ff214a0066bf8ab2c997583b0","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3568431359478653","idStr":"3568431359478653"},"htmlText":"加油","listText":"加油","text":"加油","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130493516","repostId":1198952549,"repostType":4,"repost":{"id":"1198952549","kind":"news","pubTimestamp":1621557051,"share":"https://ttm.financial/m/news/1198952549?lang=en_US&edition=fundamental","pubTime":"2021-05-21 08:30","market":"hk","language":"zh","title":"Coming soon! This is the real \"Nasdaq\" of A shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1198952549","media":"华尔街见闻","summary":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国","content":"Abstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coming soon! This is the real \"Nasdaq\" of A shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nComing soon! This is the real \"Nasdaq\" of A shares\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-05-21 08:30\n\n</h4>\n</header>\n<article>\nAbstract: Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profitability is relatively more stable. Another new index product is coming.On May 19, there was something new in the new fund declaration form of the China Securities Regulatory Commission:Ten fund companies including Southern, Huabao, Huaxia, E Fund, Tianhong, Yinhua, Wells Fargo, China Merchants, Harvest, and Cathay Pacific intensively reported to the CSI Science and Technology Innovation and Entrepreneurship 50ETF fund. What? Science and Technology Entrepreneurship 50? Good familiar smell...<img src=\"https://static.tigerbbs.com/9c2ee1626cb94b0a1841f341e7123ce4\" tg-width=\"532\" tg-height=\"518\" referrerpolicy=\"no-referrer\">This index only showed its face on May 10th, and the official release will have to wait until June 1st.The corresponding ETF products of fund companies also take a period of time from declaration to approval.So there are still some days before the first batch of funds go public.All 10 companies are preparing to issue ETFs and feeder funds that track this indicator, which shows that the competition among institutions is fierce enough now.<img src=\"https://static.tigerbbs.com/257f4c6d662133f869a07daa499b7920\" tg-width=\"586\" tg-height=\"479\" referrerpolicy=\"no-referrer\">Simply put, science and technology innovation and entrepreneurship 50 = (science and technology innovation board + GEM) condensed version of science and technology.Pull out the companies on the Science and Technology Innovation Board and the companies on the Growth Enterprise Market, screen them through the standards of emerging industries, and then select a pool composed of the top 50 stocks according to the market value ranking.Barbecued pork and duck with double rice are always more delicious than just ordering barbecued pork, right?<img src=\"https://static.tigerbbs.com/022c879e7feaf8ae3cb2c568caf913d3\" tg-width=\"320\" tg-height=\"180\" referrerpolicy=\"no-referrer\">If the Hang Seng Technology Index refers to the Nasdaq of Hong Kong stocks,Then, Science and Technology Innovation and Entrepreneurship 50 is the Nasdaq of A shares!In the past ten years, the Nasdaq index has risen by nearly 500%, and the annualized rate of return has reached 20%!Hatched a number of US stock technology giants such as Apple, Google, and Microsoft.<img src=\"https://static.tigerbbs.com/cbef83efd50818c8d891972cd8ab43e8\" tg-width=\"685\" tg-height=\"415\" referrerpolicy=\"no-referrer\">Many readers know how important the Science and Technology Innovation Board is. If our country wants to achieve its rise and rejuvenation in the future, scientific and technological innovation must be vigorously developed. In this process, a strong capital market is needed.Science and technology innovation board was born with such a mission.But in addition to the Science and Technology Innovation Board, there are many excellent technology stocks scattered on the GEM.Now with this double combination, it basically covers the top emerging industry companies in A-shares.Compared with the GEM, its technological content is stronger. After all, pork stocks such as Wen's shares are excluded.Compared with the Science and Technology Innovation Edition, it covers a wider range. New energy leaders like CATL are only listed on the Growth Enterprise Market.I pulled a table, and below are all the constituent stocks of Science and Technology Innovation and Entrepreneurship 50 (the specific weights will wait until the index is officially released).<img src=\"https://static.tigerbbs.com/c1b53ef6ed3e8e888f8dc540970d7b26\" tg-width=\"557\" tg-height=\"2138\" referrerpolicy=\"no-referrer\">Among them, stocks on the GEM account for the majority, with 33 stocks, and only 17 stocks on the Science and Technology Innovation Board.After all, the Growth Enterprise Market has gone through 10 years. Some companies have grown stronger, are relatively stable, and have a larger market value. The Science and Technology Innovation Board is more in the early stage of growth.We compared the GEM 50 Index with the Science and Technology Innovation Board 50 Index and found that,There are 9 stocks that are not on the GEM 50, and 3 stocks that are not on the Science and Technology Innovation Board 50, including the recently popular COVID-19 vaccine stock CanSino.There may be a time difference, after all, the \"position adjustment\" of the index is only carried out once every six months.But it is not difficult to find that securities, food, non-ferrous metals, etc. in the GEM have all been kicked out.The Science and Technology Innovation Board only selected leaders such as Bloomage Biotech, CRSC, China Micro Corporation, Transsion Holdings, Kingsoft Office, Roborock Technology, Cambrian, and SMIC.<img src=\"https://static.tigerbbs.com/6518d7a9de35d127e2b3ce0f48efde58\" tg-width=\"515\" tg-height=\"508\" referrerpolicy=\"no-referrer\">The three most critical elements of investment: choose the right one, buy it cheaply, and hold it long enough.If the track is right, it is very important whether you can buy it at a low position.Because no complete information has been released, we can only refer to the valuation data of GEM 50 and science and technology innovation board 50.Since its listing on July 23, 2020, the trend of Kechuang 50 is like this...<img src=\"https://static.tigerbbs.com/98593994580df66e8b2c4c4cb8e8864c\" tg-width=\"752\" tg-height=\"511\" referrerpolicy=\"no-referrer\">In the middle of last year, when consumption, medical care and technology were at their hottest, the market was frantically pursuing new funds, and the fundraising scale of the four science and technology innovation 50 ETFs exceeded 100 billion.At that time, Lazy Cat warned that the valuation was too high and it was not recommended to buy it.What about now?The dynamic P/E (PE-TTM) of Science and Technology 50 has fallen back to the 26% quantile, the PE is 71 times, and the highest is 97 times.<img src=\"https://static.tigerbbs.com/cbdd43a5ef779c91239e8b9241f9422a\" tg-width=\"748\" tg-height=\"427\" referrerpolicy=\"no-referrer\">However, the time since Kechuang 50 has been listed is too short, less than a year, so it is of little significance to look at the valuation this way.Let's look at the GEM 50 again.Since 2014, in the past seven years, valuations have also skyrocketed.When it first went public, it caught up with a round of mad cows, and its valuation reached 140 times. Later, it fell all the way to a minimum of 27 times.Now it is 58.3 times, and the quantile falls at 58.37%, which is a relatively comfortable range that is neither high nor low.<img src=\"https://static.tigerbbs.com/6192e2a169c183fd5a8876245c4162c4\" tg-width=\"776\" tg-height=\"443\" referrerpolicy=\"no-referrer\">Market sentiment has dropped a lot from the beginning of the year.If we compare horizontally, we will find that the Science and Technology Innovation Board and the Growth Enterprise Market are still not cheap, much more expensive than the Hang Seng Technology Index and Hang Seng Index, which are piled up on the Internet, not to mention the Shanghai and Shenzhen 300 Market Index.<img src=\"https://static.tigerbbs.com/be1e98f2141579334f608dab9c160ad0\" tg-width=\"786\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/35800716e266902e4fe68ab558d981fb\" tg-width=\"1\" tg-height=\"1\" referrerpolicy=\"no-referrer\">Take SMIC, which is listed in two places, as an example. The PE listed on the Hong Kong stock market is only 28 times, but it is 87 times in the science and technology innovation version, which is more than three times higher.You know, SMIC's A-shares have fallen 40 +% from the high point when they were listed.<img src=\"https://static.tigerbbs.com/143177561001855505ddff198ef8ed79\" tg-width=\"732\" tg-height=\"423\" referrerpolicy=\"no-referrer\">If you have not yet allocated the Science and Technology Innovation Board or small and medium-sized caps, the Science and Technology Innovation and Entrepreneurship 50 Index is indeed worthy of attention, and the quality of the index is quite high.If the valuation is still at the current level when it is listed, you can consider using fixed investment to make some allocations.But for a big buy, you can wait for a cheaper position.To sum it up:1. Compared with the GEM, this new index has higher technological content, and compared with the Science and Technology Innovation Board, its profit is relatively more stable.2. Referring to comparable indexes, the valuation is already much lower than when it was listed on the Science and Technology Innovation Board. You can consider making some allocations for fixed investment, and you can wait for a better opportunity for large investments.3. When the new index comes out, it's best to observe it for a period of time before making a move. Don't worry.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3630881\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3630881","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1198952549","content_text":"摘要：这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n\n又有一只新的指数产品要来了。\n5月19日，证监会新基金申报表里，有点新动静：\n\n 南方、华宝、华夏、易方达、天弘、银华、富国、招商、嘉实、国泰等10家基金公司密集上报中证科创创业50ETF基金。\n\n啥？科创创业50？好熟悉的味道...\n\n这只指数5月10日才露了个脸，正式发布要等到6月1日，\n基金公司对应的ETF产品，从申报到审批也要一段时间，\n所以等到首批基金上市，还有些日子。\n10家公司都准备发行跟踪这个指标的ETF和联接基金，可见现在机构之间的竞（nei）争（juan）够激烈的。\n\n简单来说，科创创业50=（科创板+创业板）的科技浓缩版。\n把科创板的公司和创业板的公司拉出来，用新兴产业的标准筛一遍，再按市值排名挑出前50只股票组成的一个池子。\n叉烧烧鸭双拼饭，总归比只点叉烧来得香，对不对？\n\n\n如果说恒生科技指数指港股的纳斯达克，\n那么，科创创业50就是A股的纳斯达克！\n过去十年，纳斯达克指数涨了将近500%，年化收益率达到20%！\n孵出了苹果、谷歌、微软等一众美股科技巨头。\n\n\n\n科创板有多重要，很多读者都知道，未来我们国家想要实现崛起和复兴，科技创新是必须要大力发展的，在这个过程中，就需要一个强大的资本市场。\n科创板就是秉承着这样的使命诞生的。\n但除了科创板，还有很多优秀的科技股散落在创业板，\n现在有了这个双拼组合，就基本涵盖了A股最顶级的新兴产业公司。\n跟创业板比，它的科技含量更浓，毕竟剔除掉了温氏股份这样的猪肉股。\n跟科创版比，它涵盖范围更广，像宁德时代这样的新能源龙头，只在创业板上市。\n我拉了一张表，下面是科创创业50所有的成分股（具体权重要等到指数正式发布），\n\n\n这里面还是创业板的股票占大头，有33只，科创板的股票只有17只，\n毕竟创业板已经走过了10个年头，一些公司已经发展壮大，比较稳定，市值也更大，科创板更多处于成长的早期阶段。\n我们拿创业板50指数还有科创板50指数对比发现，\n有9只股票不在创业板50里，有3只不在科创板50里，包括最近大火的新冠疫苗股康希诺。\n这里面可能存在时间差，毕竟指数的“调仓”半年才进行一次。\n但不难发现，创业板里的证券、食品、有色金属等都被踢出去了，\n科创板只入选了华熙生物、中国通号、中微公司、传音控股、金山办公、石头科技、寒武纪、中芯国际这样的龙头。\n\n投资最关键的三要素：选的对、买的便宜、拿的够久，\n如果赛道是对的，能不能买在低位就非常重要。\n因为还没有公布完整的信息，我们只能参考创业板50和科创板50的估值数据。\n自从2020年7月23日上市以来，科创50的走势是这样婶儿的...\n\n去年年中，正好是消费、医疗和科技最火热的时候，市场疯狂追捧新基金，4只科创50ETF的募资规模超过千亿。\n当时懒猫就警告过，估值太高了不建议买。\n那现在呢？\n科创50的动态市盈率（PE-TTM）都已经回落到26%的分位点，PE是71倍，最高的时候97倍。\n\n但科创50上市的时间太短了，还不到1年，这么看估值意义不大。\n我们再看看创业板50。\n从2014年开始，到现在7年的时间，估值也暴涨暴跌过，\n刚上市那会儿赶上一轮疯牛，估值到过140倍，后来一路下跌最低到了27倍，\n现在是58.3倍，分位点落在58.37%，不高不低比较舒适的区间，\n\n市场情绪比年初已经回落很多了。\n如果我们横向来对比，会发现科创板和创业板依然不便宜，比互联网扎堆的恒生科技指数、恒生指数都贵不少，更不用说沪深300大盘指数。\n\n拿两地上市的中芯国际来说，港股上市的PE只有28倍，但在科创版有87倍，足足高出了三倍多。\n要知道，中芯国际A股已经较上市时的高点跌了40+%。\n\n如果你还没有配置科创板或者中小盘，科创创业50指数的确是值得关注的，指数质量挺高。\n如果上市的时候估值依然在现在这个水平，可以考虑采用定投的方式，做一些配置，\n但大手笔的买入，还可以再等等更便宜的位置。\n总结一下：\n\n1，这只新的指数跟创业板比，科技含量更高，跟科创板比，盈利相对更稳定。\n2，参考可对比的指数，估值已经比科创板上市时低了不少，定投做一些配置可以考虑，大手笔投入可以等待更好的时机。\n3，新指数出来，最好观察一段时间再出手，不要着急。","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":26,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1198952549","isCrawlerRequest":true}