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澳门电子游戏网址大全:CSI Healthcare Index of Flexibility and Growth Force MAX

时间:2018/5/7 18:00:04  作者:  来源:  浏览:0  评论:0
内容摘要: At the weekend, he was screened by Tencent who had no dream. Xiaobian didn't know if Tencent had any dreams, but today Xiaobian would like ...

At the weekend, he was screened by Tencent who had no dream. Xiaobian didn't know if Tencent had any dreams, but today Xiaobian would like to introduce you to a dream-only index, the China Securities Medicine Index. Also this year, indeed in medical Warburg Securities (162,412) above the fund made money, and I believe it will continue to amaze me back.

Not much gossip, returning from the front, this article mainly talks about my choice of Warburg CSI medical logic.

quality index, resilient growth is superb

for an index fund, the most important of course is to see how its underlying index texture. Just this year, the index rose a medical certificate is better, since the beginning of this year according to the latest data as of (2018.5.4), in medical card index rose 17.35 percent, while the broader market over the same period rate of return are negative. As a self-contained index, I am very satisfied with its performance.

澳门电子游戏网址大全:CSI_Healthcare_Index_of_Flexibility_and_Growth_Force_MAX

Source: 2018.1.1-2018.5.4 (Unless otherwise noted)

But then again, even if the medical certificate index did not rise this year, I will continue to hold Warburg Securities medical or choose Opening, mainly based on the following three reasons:

1) elasticity

2) good growth

3) performance of the constituent stocks have high volatility

support to ensure that the index has good flexibility, strong upside growth means greater long-term index, The good performance of the constituent stocks is not only a fundamental support for valuation, but also ensures that we are in the hands of real companies that are really good, especially Medical Index constituent stocks of the largest medical Dunlop 2017 performance is still quite out of color. Since the performance of component stocks is good and the valuation is not expensive, it is only a matter of time before the index rises. The longer the bottom is, the more time you will have to accumulate chips, so that you can get even greater surprises in the future. Well, here are three reasons why I specifically talk about the above.

1, Volatility High

Unlike active funds, for an index fund, volatility often means profit.

In fact, the volatility reflects the degree of dispersion of the yield, which is also the standard deviation of the average rate of return. So in theory, the index with the greater volatility is more resilient. Along the way, let's dig a dug exactly how which relatively high volatility index, and the relative position of the medical card index.

screened in the past year, three years, five years later the higher the VIX, the index found that the medical evidence is very overhangs, in addition to the medium-term (3 years) ranked second, the short and long term (5 years, 1 year) are rankings ranked first.

澳门电子游戏网址大全:CSI_Healthcare_Index_of_Flexibility_and_Growth_Force_MAX

Note: annualized volatility, as of 2018.3.31

Since 2017, large-cap blue-chip market, while the medical certificate constituent stocks of small capitalization inside a little more, so the full-year 2017 performance indices are not much it can be said to be depressed for a year. In the context of this year's trend of switching style presentation, highly elastic characteristics of the medical evidence began to get angry. In view of its high volatility, the index once rose in the medical certificate of unilateral market prices formation, the current market may be only just beginning to get angry.

2, in addition to strong growth

rate fluctuations, growth in the medical card index is also very strong over the past five years, the highest index rose more than four times, even if the CSI 500 Index and pull out completely grind the latter can also comparison pressure. From this point on, if optimistic about the growth style, layout medical certificate may be more efficient than the CSI 500 to choose from.

CSI and CSI 300 medical, medicine CSI, CSI 500 trend comparison



澳门电子游戏网址大全:CSI_Healthcare_Index_of_Flexibility_and_Growth_Force_MAX

Note: 2013.3.31-2018.3.31


Moreover, in all mainstream medicine, medical category index in the past five years, CSI Medical Index annualized rate of return is also ranked first, reaching 26.52%.

澳门电子游戏网址大全:CSI_Healthcare_Index_of_Flexibility_and_Growth_Force_MAX

Note: interval interception 2013.3.31-2018.3.31

3, the performance of the constituent stocks of the constituent stocks

have support in the medical card index mainly in the medical equipment and medical services in two areas, the two together accounting for more than 80% of the weight, you can see the constituent stocks of high purity. As the drivers medical segments performance is more consistent, so the constituent stocks can show a high consistency, which is an important reason why the index can show ultra-high volatility.

澳门电子游戏网址大全:CSI_Healthcare_Index_of_Flexibility_and_Growth_Force_MAX

Note: As 2018.3.31

the gross sales from the latest interest rate data, significantly ahead of all the medical evidence in the CSI industry index, in addition, the index constituent stocks of the main business revenue growth also ranked among the top.

澳门电子游戏网址大全:CSI_Healthcare_Index_of_Flexibility_and_Growth_Force_MAX

Note: Data as of 2018.3.31

index valuations at historically central level

finally talk about the valuation of concern to many people, as of April 27, the China Securities healthcare index is 68.69 times PE, PB is 6 times, a lot of people look at the absolute value of that high, but we need to know: first, the market valuation of medical industry is and its high-growth phase matching; second, from a historical point of view quantile following figure, in fact, exponential estimate value is in the historic central level, the valuation is still at a record high compared to a rational level. Therefore, to say that an investor is overvalued, one needs to think that valuation is not a one-sided absolute indicator. It is not only a horizontal comparison with the industry, but also a vertical comparison with history, or something that has always been expensive in history. It will not be as cheap as the price of vegetables and radishes. If one day is really cheap, it may be the legendary "gold pit."

medical Index Securities Valuation Figure

澳门电子游戏网址大全:CSI_Healthcare_Index_of_Flexibility_and_Growth_Force_MAX

last from our personal experience, the future no doubt there will be great development of the medical industry. Even a layman can look a little Baidu , say clearly and logically, it is nothing more than the needs of an aging population, policy support catalytic outlet, as well as scientific and technological progress and so on, and I do not see them here.

Based on the above, when you encounter a favorite of industry, came to the outlet on the verge of the outbreak, the market has started or is starting footsteps, then what's most stupid simple way to invest is it? Buy the index. Buy right index point to buy the clearest, most efficient operation, the industry room to grow underlying index the best in the industry, thus to open your investment wonderful journey.



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