21世紀經濟報道記者 龐華瑋 報道

10月18日上(shang)午，MSCI中國A50互聯互通指數期(qi)貨合約在香港(gang)證券交易所上(shang)市(shi)，為港(gang)交所上(shang)市(shi)的(de)首只A股期(qi)貨品種。

剛剛，有業內人士(shi)表示，易方達(da)、華夏、南方、匯添(tian)富等四家基金公司的首批“MSCI中國A50互聯互通ETF”正式(shi)獲批。

MSCI中國(guo)A50互(hu)聯互(hu)通(tong)(tong)指(zhi)數是由國(guo)際權威指(zhi)數提供商MSCI指(zhi)數公司(si)編(bian)制并發布的(de)A股旗艦指(zhi)數，為MSCI首(shou)個A股行(xing)業(ye)龍頭指(zhi)數。MSCI中國(guo)A50互(hu)聯互(hu)通(tong)(tong)指(zhi)數采(cai)用行(xing)業(ye)中性策略(lve)，確保納入各行(xing)業(ye)最具(ju)代表(biao)性的(de)龍頭企業(ye)，更能真(zhen)實反映中國(guo)經濟(ji)發展(zhan)趨勢，大概率成(cheng)為外資(zi)投(tou)資(zi)A股市(shi)場(chang)的(de)風向標(biao)。

Wind數(shu)據顯示，截(jie)至9月30日，MSCI中國A50互(hu)聯互(hu)通指(zhi)(zhi)數(shu)近五(wu)年收益翻(fan)番，累計收益108%，大幅領先(xian)同期滬深300、上證50、創業板指(zhi)(zhi)等主流寬基(ji)指(zhi)(zhi)數(shu)。

易(yi)方達基(ji)金的數據也顯示，自指數基(ji)日（2012年11月(yue)30日）至2021年9月(yue)24日，MSCI中國 A50互聯互通人民幣指數累計收益率161.61%。

MSCI中(zhong)國 A50互聯互通(tong)人民幣指數前十大權重股分別(bie)是，寧(ning)德時代、隆基綠能(neng)、貴(gui)州茅臺、萬華化學、招商銀(yin)行、立訊(xun)精(jing)密、比亞迪、京東方、紫金礦(kuang)業、中(zhong)國中(zhong)免。

具體(ti)來看(kan)，MSCI中(zhong)(zhong)國A50互(hu)聯互(hu)通(tong)指(zhi)(zhi)數成分(fen)股(gu)(gu)中(zhong)(zhong)，囊括(kuo)(kuo)了市場關注度極高(gao)的(de)(de)一(yi)批(pi)個股(gu)(gu)。既有招商銀行、中(zhong)(zhong)國中(zhong)(zhong)免等(deng)銀行業、消費業龍頭(tou)，也有貴州茅(mao)臺、五糧液、寧(ning)德時(shi)代、隆(long)基股(gu)(gu)份、比亞迪等(deng)“茅(mao)指(zhi)(zhi)數”和“寧(ning)組合(he)”的(de)(de)龍頭(tou)股(gu)(gu)，還包括(kuo)(kuo)立訊精(jing)密(mi)等(deng)新興產業龍頭(tou)。而且，該指(zhi)(zhi)數成分(fen)股(gu)(gu)采(cai)取每季度一(yi)次的(de)(de)高(gao)頻(pin)調整，能夠保證成分(fen)股(gu)(gu)更好地吐故納新。此外，從指(zhi)(zhi)數表現來看(kan)，MSCI中(zhong)(zhong)國A50互(hu)聯互(hu)通(tong)指(zhi)(zhi)數近一(yi)年、三年、五年分(fen)別上漲14.13%、82.54%和111.78%，大幅跑(pao)贏同期(qi)上證50指(zhi)(zhi)數-2.22%、34.81%、49.10%和滬深300指(zhi)(zhi)數2.60%、55.55%、49.19%的(de)(de)漲幅。

對此，華夏基金數量投資部總監(jian)榮膺表示(shi)，MSCI中國A50互(hu)聯(lian)互(hu)通(tong)指數編制(zhi)科學，可以(yi)一鍵配置(zhi)A股龍頭(tou)，并且好而不貴，兼具估值與收益率(lv)優(you)勢(shi)。她用(yong)三(san)個關(guan)鍵詞(ci)概括指數特點：龍頭(tou)、行(xing)業中性、互(hu)聯(lian)互(hu)通(tong)。

榮(rong)膺表(biao)示，未(wei)來A股市場(chang)龍頭(tou)效應(ying)將會更加凸顯，而標的指(zhi)數(shu)涵蓋了行業(ye)中(zhong)各個行業(ye)的龍頭(tou)公司(si)，具(ju)備(bei)較強(qiang)的市場(chang)代表(biao)性與(yu)競爭力(li)。可謂是(shi)寧(ning)茅(mao)在手，薈聚了“高材生”。

南(nan)方(fang)基(ji)金基(ji)金經理(li)(li)李佳亮(liang)表示，MSCI中國(guo)A50與富時A50是目前(qian)海(hai)外市場唯二的兩只(zhi)A股市場股指期貨品種，前(qian)者行(xing)(xing)業(ye)分布更(geng)均衡，更(geng)符合(he)海(hai)外投資者需求。MSCI中國(guo)A50互(hu)聯(lian)互(hu)通指數期貨的推出將極(ji)大地提高(gao)境外投資者進(jin)行(xing)(xing)A股風險(xian)管理(li)(li)的便(bian)利(li)性(xing)，進(jin)一步提升了境外機構和國(guo)際資本(ben)進(jin)入A股市場的積(ji)極(ji)性(xing)。

李佳亮認為，MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)超(chao)大盤風格顯著，估(gu)值處于合理(li)水(shui)平，盈利(li)(li)和(he)成(cheng)(cheng)長性(xing)俱佳。首先從(cong)(cong)市值和(he)流動性(xing)來(lai)看(kan)，截至9月(yue)30日，MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)成(cheng)(cheng)分(fen)股中(zhong)(zhong)(zhong)，市值最(zui)大22988億(yi)，中(zhong)(zhong)(zhong)位數(shu)(shu)(shu)3213億(yi)，市值最(zui)小815億(yi)，超(chao)大盤風格顯著；從(cong)(cong)估(gu)值來(lai)看(kan)，MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)成(cheng)(cheng)分(fen)股整體的(de)PE為12倍，在五個(ge)(ge)主流寬(kuan)基指(zhi)(zhi)數(shu)(shu)(shu)（上(shang)證50、滬深(shen)(shen)300、創業(ye)板指(zhi)(zhi)、中(zhong)(zhong)(zhong)證500、MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)，下同(tong)）中(zhong)(zhong)(zhong)居中(zhong)(zhong)(zhong)，從(cong)(cong)MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)成(cheng)(cheng)分(fen)股的(de)PE所處的(de)近五年區(qu)間分(fen)位數(shu)(shu)(shu)來(lai)看(kan)，分(fen)位數(shu)(shu)(shu)中(zhong)(zhong)(zhong)位數(shu)(shu)(shu)附近，估(gu)值處于合理(li)水(shui)平；從(cong)(cong)盈利(li)(li)能(neng)力(li)來(lai)看(kan)， MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)成(cheng)(cheng)分(fen)股的(de)加權(quan)ROE達到21%，在五個(ge)(ge)主流寬(kuan)基指(zhi)(zhi)數(shu)(shu)(shu)中(zhong)(zhong)(zhong)盈利(li)(li)能(neng)力(li)最(zui)強(qiang)；從(cong)(cong)成(cheng)(cheng)長性(xing)來(lai)看(kan)，MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)成(cheng)(cheng)分(fen)股的(de)凈利(li)(li)潤(run)同(tong)比增速(su)達到19%，在五個(ge)(ge)主流寬(kuan)基指(zhi)(zhi)數(shu)(shu)(shu)中(zhong)(zhong)(zhong)居中(zhong)(zhong)(zhong)，但在三個(ge)(ge)大盤寬(kuan)基指(zhi)(zhi)數(shu)(shu)(shu)（上(shang)證50、滬深(shen)(shen)300、MSCI中(zhong)(zhong)(zhong)國(guo)A50互(hu)(hu)(hu)(hu)聯(lian)(lian)互(hu)(hu)(hu)(hu)通(tong)指(zhi)(zhi)數(shu)(shu)(shu)）中(zhong)(zhong)(zhong)最(zui)大，在保持高盈利(li)(li)能(neng)力(li)的(de)水(shui)平下，仍然兼顧著相當可觀的(de)成(cheng)(cheng)長性(xing)。