As of March 31, the first quarter of 2026 for A-shares officially concluded. Affected by external factors such as geopolitical conflicts overseas, the market overall exhibited a &#34;high rebound followed by a decline, with structural differentiation&#34; trend, with all three major indices closing in the red for the quarter, indicating a decrease in market risk appetite. However, with valuations returning to a reasonable range and robust support from the domestic economic fundamentals, clear investment opportunities have emerged amidst the market downturn, particularly highlighting the allocation value of broad-based indices, especially the CSI A500 Index, with related quantitative enhancement funds also making their debut.
First quarter A-shares saw initial gains followed by declines, highlighting valuation advantages amidst fluctuations
Looking back at the performance of A-shares in the first quarter, the market displayed a clear &#34;initial gains followed by declines&#34; trend. In stages, January saw the market welcome a &#34;good start&#34; driven by both policy and liquidity, with the Shanghai Composite Index briefly breaking through 4,100 points; in February, market fluctuations intensified, shifting from a &#34;broad rise&#34; to &#34;structural differentiation&#34;; in March, the market sentiment was pressured by international geopolitical conflicts, leading to a decline in risk appetite and a pullback in indices. According to statistics, the total transaction amount of A-shares in the first quarter exceeded 144 trillion yuan, far surpassing the 87 trillion yuan in the same period of 2025, with trading activity remaining high.
Amidst the fluctuations and pullbacks, market valuations gradually returned to a reasonable range, with investment cost-effectiveness continuously improving. Wind data shows that as of March 31, the rolling price-to-earnings ratio of the CSI A500 Index fell to 16.84 times, and the price-to-book ratio dropped to 1.65 times, further highlighting valuation advantages. On the same day, the CSI A500 Index closed at 5,526.73 points, down 1.21% from the previous trading day, overall showing a trend of fluctuations and pullbacks in the first quarter, but valuations remained at relatively reasonable levels.
Robust economic fundamentals and policy support solidify market foundations
In contrast to the ongoing disturbances from overseas geopolitical issues, the certainty of domestic economic and policy factors has become the core support for market stability. From the economic data, the domestic economy has maintained strong resilience, with core indicators continuously recovering and not significantly impacted by external environments.
Data from the National Bureau of Statistics shows that from January to February 2026, the total profit of industrial enterprises above designated size nationwide reached 1,024.56 billion yuan, a year-on-year increase of 15.2%, highlighting the resilience of corporate profits. Data from the General Administration of Customs indicates that during the same period, the total value of China's goods trade imports and exports reached 7.73 trillion yuan, a year-on-year increase of 18.3%, with total exports increasing by 19.2% year-on-year, demonstrating strong trade exports and showcasing the vitality of the Chinese economy against the backdrop of a global industrial chain recovery.
The production side also performed well, with the manufacturing PMI in March rising to 50.4%, returning above the line of prosperity and decline, with the new orders index reaching 51.6%, indicating a continuous improvement in the market demand for manufacturing. On the policy front, the &#34;14th Five-Year Plan&#34; outline was officially released on March 13, listing technological innovation, modern finance, and expansion of domestic demand as important topics, guiding industrial upgrades around new productive forces, and proposing development measures of &#34;intelligent, green, and integrated&#34; to provide clear guidance for high-quality economic development; on March 26, the quarterly meeting of the central bank's monetary policy committee clearly stated the continuation of moderately loose monetary policy to maintain ample market liquidity, providing solid financial support for the capital market
CSI A500 Anchors New Quality Productivity, Becomes Benchmark for Broad-based Allocation
In the context of intensified market style rotation and continued volatility, broad-based indices with extensive industry coverage and strong risk diversification capabilities have become preferred choices. Among them, the CSI A500 Index, with its extensive coverage of new quality productivity, is gradually becoming a benchmark tool for allocating core assets.
Compared to the CSI 300 Index, the CSI A500 Index has a lower allocation weight in traditional industries such as finance and consumption, focusing more on core quality industries that represent new quality productivity, such as industrials and information technology. Data shows that the weight of &#34;new quality productivity&#34; related industries in this index accounts for nearly 70%, aligning with the trend of high-quality development of the Chinese economy and the transition from old to new driving forces, precisely fitting the development requirements of the 14th Five-Year Plan, and aiming to effectively capture the dividends of economic transformation.
In addition, the CSI A500 Index has balanced industry coverage, encompassing all 35 CSI secondary industries and 89 tertiary industries, with better coverage of leading companies in the CSI tertiary sector compared to other broad-based indices. It includes both leading companies in traditional industries and many leading companies in high-growth potential niche sectors, balancing market capitalization representation and industry balance. From the structure of constituent stocks, companies with a total market capitalization below 50 billion account for 17% of the weight, with more than 45% in number, and the top 10 constituent stocks account for only 20%, which helps reduce specific stock risk exposure.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ot99qejq31CnvAU2SPTNHKgedfnSxsGMZtXO7lGg9W1jMAA/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/Ot99qejq31CnvAU2SPTNHKgedfnSxsGMZtXO7lGg9W1jMAA/641"/>
Long-term performance is also impressive. Wind data shows that from 2016 to 2025, the CSI A500 Index has achieved a cumulative increase of 30.09%, with an annualized return of 2.74%, significantly outperforming the CSI 300 Index, CSI 500 Index, and the CSI All Share Index, with outstanding medium- to long-term risk-return ratios.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OToKx9sBRuCRtBVwBfBzi4uvZuFgRoXGXCm2v2HkThTpQAA/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/OToKx9sBRuCRtBVwBfBzi4uvZuFgRoXGXCm2v2HkThTpQAA/641"/>
(Data source: Wind, data range for nearly ten years from 2016/1/1 to 2025/12/31, annualized volatility and annualized Sharpe calculation period is weekly.)
Quantitative Enhanced Funds Debut
As stock market valuations return to reasonable ranges, coupled with policies guiding new quality productivity, the attractiveness of core assets continues to rise. Recently, China Europe Fund launched the China Europe CSI A500 Index Quantitative Enhanced Fund (Class A: 026742/Class C: 026743).
It is reported that this fund will be managed by Qian Yating, a mid-generation quantitative fund manager cultivated by China Europe Fund. Public information shows that Qian Yating has 9 years of industry experience and 4 years of fund management experience, possessing rich quantitative investment experience. The performance of the index-enhanced fund she manages, which also tracks the CSI A500 Index, has been outstanding, with the one-year return of China Europe CSI A500 Index Enhanced A reaching 29.82% by the end of 2025, surpassing the performance benchmark by 8.52%
In the past 6 months, the return rate was 24.66%, surpassing the performance benchmark by 3.95%.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Owz9zhZaGkQNgA91sk_Jk5Se58DI8mh_Imo85YFbUqfxgAA/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/Owz9zhZaGkQNgA91sk_Jk5Se58DI8mh_Imo85YFbUqfxgAA/641"/>
(Data source: fund regular report, index data from Wind, as of 2025/12/31.)
Industry insiders indicate that the A-share market's fluctuations and corrections in the first quarter of 2026 provide a window for long-term positioning, with the CSI A500 Index benefiting from advantages such as industry balance, coverage of new productive forces, and reasonable valuations.
Funds carry risks, and investment should be approached with caution. This viewpoint only represents the opinion at the time and may change in the future. It is for reference only and does not constitute any promotional materials, investment advice, or guarantees for any business, nor does it serve as any legal document. The past performance of the fund does not indicate its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. This product is issued and managed by China Europe Fund Management Co., Ltd., and the distribution agency does not bear the investment and redemption responsibilities of the product. The fund manager promises to manage and utilize the fund assets with principles of honesty, credit, diligence, and responsibility, but does not guarantee that this fund will be profitable or provide minimum returns. Before making investment decisions, please carefully read the fund contract, fund prospectus, and fund product summary and other legal documents and risk disclosure statements, fully understand the risk-return characteristics and product features of this fund, seriously consider the various risk factors associated with this fund, and take into account your own investment objectives, investment horizon, investment experience, asset status, and other factors to fully assess your risk tolerance. Based on an understanding of the product situation and sales suitability opinions, make rational judgments and cautious investment decisions. This fund is an equity index-enhanced fund, and its expected risks and returns are higher than those of mixed funds, bond funds, and money market funds. This fund is an equity index-enhanced fund that tracks the CSI A500 Index, and its risk-return characteristics are similar to those represented by the market portfolio of the underlying index. The CSI series indices are compiled and calculated by China Securities Index Co., Ltd. All copyrights regarding index values and constituent stock lists belong to China Securities Index Co., Ltd. If this fund invests in Hong Kong Stock Connect stocks, it may also face unique risks arising from differences in investment environment, investment targets, market systems, and trading rules under the Hong Kong Stock Connect mechanism. The sales fee rate for China Europe CSI A500 Quantitative Enhanced Fund is as follows: Class A subscription fee, purchase amount &lt; 5 million, 0.3%; purchase amount ≥ 5 million, 1,000 yuan per transaction; Class C has no subscription fee; Class A/C redemption fee, individual investors holding period &lt; 7 days, 1.50%, holding period ≥ 7 days, 0%; for investors other than individual investors, holding period &lt; 7 days, 1.50%, 7 days ≤ holding period &lt; 30 days, 1.00%, 30 days ≤ holding period &lt; 180 days, 0.50%, holding period ≥ 180 days, 0%; Class C sales service fee is 0.20% per year. Other investors, except for pension clients who subscribe through the manager's direct sales center, are applicable
The sales service fee applies to Class C fund shares held by investors through other sales institutions with a continuous holding period not exceeding one year. The specific applicable sales fee rates for the products mentioned in the above products and materials are subject to the effective fund legal documents and business rules of the sales institutions as published on the fund manager's official website at that time

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As of March 31, 2026, the A-share first quarter market has concluded, with the overall market showing a volatile correction, and all three major indices closing in the red for the quarter. Despite a decline in market risk appetite, the allocation value of the CSI A500 Index has become prominent, and investment opportunities are gradually emerging. The total transaction amount of A-shares in the first quarter exceeded 144 trillion yuan, with active trading. The price-to-earnings ratio of the CSI A500 Index has fallen to 16.84 times, and the price-to-book ratio has decreased to 1.65 times, indicating a clear valuation advantage. The domestic economic fundamentals are robust, and policy support provides stable backing for the market

腾讯新闻 - 财经

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The first quarter of 2026 A-shares concludes: Fluctuations and adjustments hide opportunities, the CSI A500 becomes a new target for allocation