Every reporter: Huang Xiaocong Every editor: Zhao Yun
Today, the A-share market fluctuated and declined, with sectors such as cloud services and components leading the declines, while oil services and the breeding industry performed strongly against the trend.
In terms of ETFs, there are currently 7 products with &#34;breeding&#34; in their names. In this issue, we will compare these products and the indices they track.
According to Choice data, the 7 breeding-themed ETFs are as follows:
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OWC5mRpEDnTDkKBDgyl8KPrSGY7KykiuwxGwXVCrruh0YAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OWC5mRpEDnTDkKBDgyl8KPrSGY7KykiuwxGwXVCrruh0YAA/641"/>
Among these 7 ETFs, the largest has a scale exceeding 4.8 billion yuan, while the smallest is only 110 million yuan. Four of the ETFs were established in 2021, and three were established this year.
In terms of the indices tracked, these 7 products mainly track two indices: the CSI Animal Husbandry Index and the CSI Animal Husbandry Industry Index.
The main differences between these two indices are as follows:
1. Constituent Stocks
The CSI Animal Husbandry Index selects listed company securities involved in livestock feed, livestock drugs, and livestock breeding as samples. Currently, there are 34 constituent stocks, with an average market capitalization of approximately 13.3 billion yuan.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O7DatKVeT1oCbveeFuWBlwbLCsRzcUPH4kaC8VzyeR_X8AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O7DatKVeT1oCbveeFuWBlwbLCsRzcUPH4kaC8VzyeR_X8AA/641"/>
The CSI Animal Husbandry Industry Index selects listed company securities from the livestock products, animal health and breeding, feed, meat products, and dairy products industries as index samples. Currently, there are 50 constituent stocks, with an average market capitalization of approximately 13.9 billion yuan.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O7LHTdiO1_-07BpvrbZvMZIxlA1ly0NxEMWfAASHQBkMEAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O7LHTdiO1_-07BpvrbZvMZIxlA1ly0NxEMWfAASHQBkMEAA/641"/>
Further comparison of the constituent stocks of the two indices reveals that there are 34 common constituent stocks. In other words, the constituent stocks of the CSI Animal Husbandry Industry Index completely cover those of the CSI Animal Husbandry Index, with some stocks having a relatively large weight as follows:
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OaQVXuU6qglPLkJNzWxvInV4pm_Pgh20GVn2DjUcMnqDQAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OaQVXuU6qglPLkJNzWxvInV4pm_Pgh20GVn2DjUcMnqDQAA/641"/>
In addition to these 34 stocks, the CSI Animal Husbandry Industry Index also has 16 unique constituent stocks, mainly including Yili Industrial Group and Shuanghui Development.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OIwJGoK5Tty1fZjv3kheTN3uZ36Fgt4W5IYGb2l_zWkk4AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OIwJGoK5Tty1fZjv3kheTN3uZ36Fgt4W5IYGb2l_zWkk4AA/641"/>
2. Past Performance
Looking at the past performance of the two indices, over the past year, the CSI Livestock Breeding Index has outperformed the CSI Livestock Breeding Industry Index, but over the past three years, the annualized return of the CSI Livestock Breeding Industry Index is slightly better than that of the CSI Livestock Breeding Index.
In terms of volatility, the difference between the two indices is not significant, with the annualized volatility of the CSI Livestock Breeding Industry Index being slightly lower than that of the CSI Livestock Breeding Index.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OBoHsjw6mRnG-4QGf2Z3YQIMzmG-DMuH49W1w4p6HgATcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OBoHsjw6mRnG-4QGf2Z3YQIMzmG-DMuH49W1w4p6HgATcAA/641"/>
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Om5x-_UfmUvSf-X2uzKPNjH-Cr4KXR8KvMcavq-4Q_TmMAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Om5x-_UfmUvSf-X2uzKPNjH-Cr4KXR8KvMcavq-4Q_TmMAA/641"/>
3. Valuation Levels
Finally, comparing the current valuation levels of the two indices, iFinD data shows that the current price-to-earnings (P/E) ratio TTM of the CSI Livestock Breeding Index is below 37% of the past 10 years, indicating a relatively low position. The current P/E ratio TTM of the CSI Livestock Breeding Industry Index is around the 48th percentile since its base date, indicating a medium position.
However, the data range for the CSI Livestock Breeding Industry Index is relatively short, mainly reflecting the valuation levels of recent years. Investors can further consider the industry cycle and the performance of the top few weighted stocks when making comprehensive judgments.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Oi_HrKdQPFlK68wk4_u6rHFzLfhSSQA8rSWPYMD1GmwpIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Oi_HrKdQPFlK68wk4_u6rHFzLfhSSQA8rSWPYMD1GmwpIAA/641"/>
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O81Knb7xPURTeosaFLbriQ9iGSCmBYaLdDimsvugJ93nsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O81Knb7xPURTeosaFLbriQ9iGSCmBYaLdDimsvugJ93nsAA/641"/>
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Today, the A-share market fluctuated and declined, but the livestock industry ETFs performed strongly against the trend. There are a total of 7 livestock-themed ETFs, mainly tracking the CSI Livestock Breeding Index and the CSI Livestock Breeding Industry Index. The former has 34 constituent stocks, while the latter has 50 stocks, covering the constituent stocks of the former. In the past year, the return of the CSI Livestock Breeding Index has been higher than that of the latter, while the opposite is true over the past three years. In terms of valuation, the price-to-earnings ratio of the CSI Livestock Breeding Index is relatively low

腾讯新闻 - 财经

GF Fund CSI Livestock Breeding Industry ETF

China Universal CSI Livestock Breeding Industry ETF

MaxWealth CSI Livestock Breeding Industry ETF

Penghua CSI Animal Husbandry ETF

China Merchants CSI Animal Husbandry ETF

Guotai CSI Animal Husbandry ETF

Ping An CSI Animal Husbandry ETF

Shared Base Economics | Comparison of Thematic ETFs (Part Six): What Are the Differences in the Indices Tracked by Livestock ETFs?