Index adjustment reflects changes in China's economy
Jin Guanping
Recently, FTSE Russell, an international index compilation company, announced adjustments to several FTSE China index constituent stocks. Among them, the FTSE China A50 Index adjusted 3, the A150 index adjusted 8, the A200 index adjusted 5, and the A400 index adjusted up to 42. , Attracted the attention of the market.
Compared with the past, the adjustment of the FTSE China Index has been more vigorous. Behind it is not only a reconsideration of the investment track, but also a deep understanding of international institutions for my country's economic transformation and upgrading.
Judging from the changes in the constituent stocks of the previous index, the most direct consideration for the adjustment of the FTSE Russell Index is the performance of the corporate capital market, which has a lot to do with the phased performance of the company's stock price.
For example, Changsheng Machinery and Three Gorges Energy, which were newly included in the FTSE China A200 Index component stocks, have both increased by more than 100% this year.
The international index is one of the important tools for value discovery. Looking further, the adjustment of the FTSE Russell Index also reflects the clear path and trend of my country's economic transformation and upgrading and high-quality development.
It is not difficult to sort out the adjustment of the constituent stocks of the index. Traditional cyclical stocks have been removed the most, while the newly included companies are mainly concentrated in new energy, new materials, smart manufacturing, biomedicine and other industries, all representing the direction of my country's new economic development. .
For example, the constituent stocks of the FTSE China A50 Index are newly included in Yiwei Lithium Energy, Haier Zhijia, and Pien Tze Huang.
At present, my country’s economy has shifted from a stage of rapid growth to a stage of high-quality development. Economic development is shifting from being driven by factor input to driven by technological innovation. The conversion of new and old kinetic energy is accelerating, and a new generation of information technology, new energy, new materials, biomedicine, and high-end are emerging. A number of emerging industries such as equipment manufacturing have shown a vigorous development momentum. Related stocks and even sectors have risen all the way, which has attracted the attention of international capital.
Correspondingly, traditional industries such as infrastructure, real estate, and cultural tourism have been affected by factors such as repeated new crown pneumonia epidemics, cyclical adjustments in policies, and rising raw material prices. The stock was removed from the international index.
It can be seen that the international index favors new energy, new materials, smart manufacturing and other industry stocks. This is not only the performance of international capital value investment, but also confirms that my country's development mode is changing, the economic structure is continuously optimized, and the growth momentum is accelerating. High-quality development is making great strides.
It is worth mentioning that in recent years, international indexes have frequently extended an olive branch to A-shares, and the factor of including A-shares has gradually increased, which not only allows outstanding Chinese companies to obtain more international capital support, but also reflects the recognition of international capital on the A-share market.
Since the beginning of this year, the European and American capital markets have intensified volatility, while the A-share market has shown strong resilience and anti-risk ability. International attractiveness has gradually increased, and foreign capital has increased its efforts to allocate the A-share market.
In the future, as my country’s reform and opening-up move in depth and the innovation-driven development strategy is further implemented, high-quality economic development will take greater steps, and the attractiveness of the capital market will further increase, which will provide more investment opportunities for investors from all over the world.