定期分析报告 中证指数 4 月份运行报告 目录 4 月份市场概要... 1 A 股主要指数表现... 2 沪深 300 指数分析... 3 主题及行业指数表现... 5 策略指数表现... 6 商品期货指数表现... 8 债券指数表现... 9 表 1: 成份指数市场数据 表 2: 综合

Transcription

1 定期分析报告 中证指数 4 月份运行报告 目录 4 月份市场概要... 1 A 股主要指数表现... 2 沪深 300 指数分析... 3 主题及行业指数表现... 5 策略指数表现... 6 商品期货指数表现... 8 债券指数表现... 9 表 1: 成份指数市场数据 表 2: 综合指数市场数据 表 3: 主题指数市场数据 表 4: 风格指数市场数据 表 5: 红利指数市场数据 表 6: 策略指数市场数据 表 7: 基本面指数市场数据... 25

2 定期分析报告 4 月份市场概要 4 月份国际市场主要股指总体表现较好, 主要股指皆收涨 月内, 美国劳工部 3 日公布美国 4 月份非农部门新增就业岗位为 26.3 万个, 同时失业率降至 3.6%, 创 1969 年 12 月来新低 此外, 欧美关税大战一触即发, 美国正筹划对欧盟产品加征高额关税, 以应对 因欧盟补贴空客公司而对美国造成的经济损失, 而随后欧盟也回应称准备对美国补贴波音实施报复性关税 标普 500 指数月内持续上涨, 全月上涨 3.93%, 收至 点 STOXX 欧洲 600 指数全月上涨 3.23%, 收至 点 日经 225 指数上涨 4.97%, 香港 100 指数上涨 2.19% 4 月份沪深市场走势呈现 M 型, 沪指一度站上 3200 点, 交易量较上月有所回落 4 月官方制造业 PMI 为 50.1%, 比上月回落 0.4 个百分点 ; 官方非制造业商务活动指数为 54.3%, 比上月回落 0.5 个百分点 月内, 中国证监会与法国金融市场管理局签署 金融领域创新合作谅解备忘录 以及发布了 关于修改 < 上市公司章程指引 > 的决定 的文件, 此外还同意郑州商品交易所开展红枣期货交易 ; 科创板方面, 上交所本月新增 72 家受理公司, 累计达 100 家 整体来看, 沪指月内表现一般, 月内多次大起大落, 走势较为振荡, 沪指全月下跌 0.40%, 收至 点 当月上海市场日均成交金额 亿元, 环比下跌 8.90% 沪深 A 股规模指数中, 大盘指数表现相对较优 中证 100 涨幅最大, 涨幅达 3.14%; 跌幅最大的为中证 500, 跌幅为 4.33%; 沪深 300 指数月内涨幅为 1.06% 创业板全月下跌 4.12%, 中小板指全月下跌 5.26% 4 月份主题及行业指数表现一般, 过半数主题行业指数下跌 中证畜牧指数上涨 13%, 涨幅居首 ; 中证信托下跌 10.75%, 跌幅最大 图 1: 全球主要股指走势 1 / 25

3 定期分析报告 A 股主要指数表现 4 月份沪深市场走势呈现 M 型, 沪指一度站上 3200 点, 交易量较上月有所回落 4 月官方制造业 PMI 为 50.1%, 比上月回落 0.4 个百分点, 继续保持在扩张区间 ; 官方非制造业商务活动指数为 54.3%, 比上月回落 0.5 个百分点, 但仍位于较高扩张区间, 表明非制造业总体保持较快增长态势 月内, 中国证监会与法国金融市场管理局签署 金融领域创新合作谅解备忘录 以及发布了 关于修改 < 上市公司章程指引 > 的决定 的文件, 此外还同意郑州商品交易所开展红枣期货交易 ; 科创板方面, 上交所本月新增 72 家受理公司, 累计达 100 家 整体来看, 沪指月内表现一般, 月内多次大起大落, 走势较为振荡, 沪指全月下跌 0.40%, 收至 点 当月上海市场日均成交金额 亿元, 环比下跌 8.90% 沪深 A 股规模指数中, 大盘指数表现相对较优 中证 100 涨幅最大, 涨幅达 3.14%; 跌幅最大的为中证 500, 跌幅为 4.33%; 沪深 300 指数月内涨幅为 1.06% 上海市场中, 主要指数多数上涨, 上证 50 上涨 3.76%, 涨幅居首 创业板全月下跌 4.12%, 中小板指全月下跌 5.26% 图 2: 全市场主要指数涨跌幅 图 3: 上海市场主要指数涨跌幅 图 4: 深圳市场主要指数涨跌幅 图 5: 中证主要指数市值覆盖率 2 / 25

4 定期分析报告 沪深 300 指数分析 4 月份沪深 300 指数从上月末 点上涨至 点, 低点为 点, 全月上涨 1.06% 4 月份沪深 300 指数日均成交 亿元, 环比下跌 8.88% 4 月末沪深 300 指数滚动市盈率为 倍, 与上月末 倍水平略有上升 图 6: 沪深 300 指数走势 一级行业指数喜忧参半, 其中主要消费涨幅居首, 涨幅达到 9.24%; 信息技术行业跌 幅最大, 跌幅为 7.30% 图 7: 沪深 300 行业指数涨跌幅 图 8: 沪深 300 行业权重分布 沪深 300 指数中, 权重排名前三的行业分别为金融地产 工业 主要消费, 月末权 重分别为 39.30% 12.70% 10.55%, 累计权重 62.55% 能源和电信行业权重较低, 分别 为 2.34% 和 2.05% 3 / 25

5 定期分析报告 4 月末沪深 300 指数滚动市盈率为 倍, 市净率为 1.59 倍 从行业来看, 主要消费市盈率最高, 滚动市盈率为 倍, 与上月 倍水平上升明显 金融地产行业估值水平最低, 滚动市盈率为 9.31 倍, 市净率为 1.13 倍 图 9: 沪深 300 行业市盈率 图 10: 沪深 300 行业市净率 沪深 300 指数权重股中, 中国平安 贵州茅台 招商银行位列前三大权重股, 权重分别为 7.63% 4.01% 和 2.91% 格力电器权重位列第四, 为 2.19%, 兴业银行 美的集团 五粮液位列 位, 权重为 2.03% 1.99% 和 1.63%, 前 10 大权重股权重合计 26.84% 4 月份对沪深 300 影响最大的 10 只股票中, 贡献居前股票分别为中国平安 贵州茅台 格力电器, 分别贡献 点 点和 点, 前 10 只股票合计贡献 点 图 11: 沪深 300 前 10 大权重股图 12: 影响最大的 10 只股票 ( 单位 : 点 ) 4 / 25

6 定期分析报告 主题及行业指数表现 4 月份主题及行业指数表现一般, 过半数主题行业指数下跌 中证畜牧指数上涨 13%, 涨幅居首 ; 中证信托下跌 10.75%, 跌幅最大 图 13: 走势领先的 20 条指数 图 14: 走势落后的 20 条指数 5 / 25

7 定期分析报告 策略指数表现 4 月市场风格指数多数上涨 涨幅最大的为 300 成长, 涨幅为 3.60%;500 成长跌幅最大, 跌幅为 4.47% 基本面指数多数上涨, 其中中证锐联基本面 50 指数涨幅最大, 涨幅达 2.93%; 基本面 300 指数跌幅最大, 跌幅为 2.63% 图 15: 风格指数系列市场表现 图 16: 基本面指数系列市场表现 4 月份红利系列指数过半数下跌, 上红潜力指数涨幅最大, 涨幅为 4.73%; 上证 380 红利指数跌幅最大, 跌幅为 5.18% 股息率最高的仍为 180 红利 红利指数 300 红利 3 条指数, 分别为 4.61% 4.52% 和 4.29% 中小板板块与创业板板块股息率分别为 1.02% 0.59% 图 17: 红利指数系列与基准指数股息率对比 4 月份波动率加权指数系列的波幅与上月大致持平, 沪深 300 中证 500 波动率加权 指数波幅分别为 20.05% 22.50% 6 / 25

8 定期分析报告 图 18: 波动率加权指数系列波幅 图 19: 波动率加权指数系列涨跌幅 4 月份低贝塔指数表现相对优于高贝塔指数, 跌幅最小的为 180 低贝, 跌幅为 0.87%; 跌幅最大的为 380 高贝, 跌幅为 6.24% 图 20: 高低贝塔指数系列贝塔值 图 21: 高低贝塔指数系列涨跌幅 7 / 25

9 定期分析报告 商品期货指数表现 4 月商品期货指数喜忧参半 中证工业金属期货成份指数涨幅最大, 涨幅为 6.41% 中证粮油期货成份指数跌幅最大, 跌幅为 1.30% 其余指数涨跌幅分别为中证工业品期货成份指数 (4.69%) 中证能源化工期货成份指数(2.34%) 中证商品期货成份指数(2.24%) 中证化工材料期货成份指数 (0.22%) 中证有色金属期货成份指数(-0.28%) 中证农产品期货成份指数 (-0.52%) 以及中证贵金属期货成份指数 (-0.68%) 图 22: 中证商品期货成份指数系列市场表现 8 / 25

10 定期分析报告 债券指数表现 4 月官方制造业 PMI 为 50.1%, 比上月回落 0.4 个百分点, 继续保持在扩张区间 ;4 月财新 PMI 录得 50.2, 较 3 月回落 0.6 个百分点, 连续两个月处于扩张区间, 但扩张幅度有所减弱 4 月份, 央行对金融机构开展 SLF( 常备借贷便利 ) 操作共 亿元, 并重启了暂停了 3 个月的 MLF( 中期借贷便利 ) 操作, 共计 2000 亿元 此外, 为了维护市场流动性合理充裕, 央行进行了 4 次共计 3000 亿元的逆回购操作 在市场利率层面, 各期限市场利率保持相对低位, 短端利率较上月有所上升, 资金层面总体保持稳健且略有边际收紧迹象 债券指数方面,4 月份债市表现较差 中证综合债指数下跌 0.61%, 中证全债指数下跌 0.75% 分期限看, 长期的中证 10+ 债指数下跌 3.27% 中证 10 债指数下跌 1.22% 中证 债指数涨跌幅分别为 0.12% -0.18% 和 -0.55% 中证国债 中证金融债 企业债指数涨跌幅分别为 -1.42% -0.55% 和 -0.27%, 中证短融指数上涨 0.13% 图 23: 中证债券指数系列市场表现 9 / 25

11 % 0.62% 1.06% 22.23% 4.16% 23.96% 24.13% 22.76% % % 0.91% 2.12% 19.90% 13.28% 26.66% 26.87% 24.48% % % 2.48% 9.24% 42.70% 37.20% % 28.37% 32.18% % % 0.02% -1.12% 5.04% -8.23% -0.77% 20.87% 21.53% % % 1.54% -0.84% 4.53% 0.21% 6.83% 13.94% 15.92% % % 1.44% 5.16% 21.04% -1.39% 19.68% 32.78% 25.75% % % -3.89% 1.01% 31.27% -3.59% 27.56% 38.91% 36.96% % % 0.67% -2.08% 16.76% -4.34% 1.49% 24.99% 21.87% % % -2.57% -7.30% 28.66% -9.02% 0.08% 32.63% 32.76% % % 1.78% -1.20% 29.50% -9.63% 45.01% 23.21% 30.27% % % -1.65% -3.40% 20.03% % 7.78% 31.86% 24.88% % % -1.86% -4.33% 27.08% -9.44% % 28.02% 25.31% % % -2.44% -4.48% 35.07% -3.65% % 31.75% 28.23% % % 1.56% 1.99% 33.17% 10.67% 30.46% 23.24% 26.04% % % -3.23% 8.16% 42.20% 14.90% -1.45% 42.97% 27.62% % % 0.15% -3.52% 17.33% 5.21% % 22.33% 22.23% % % -1.61% -6.27% 23.32% % % 28.74% 25.31% % % -8.32% -8.17% 24.39% % 5.48% 39.14% 34.77% % % -2.14% -4.96% 21.37% % % 29.06% 25.12% % % -3.33% -6.55% 38.13% -7.95% % 36.12% 32.86% % % -0.31% -5.22% 28.51% % -8.38% 26.19% 27.16% % % -1.71% -3.36% 20.31% % 6.91% 35.37% 26.59% % % -0.86% -1.45% 25.51% -2.77% -3.11% 24.89% 23.12% % % 0.35% 0.68% 20.34% 9.97% 19.48% 26.78% 24.23% % % 1.54% 5.30% 41.84% 30.03% 71.16% 24.66% 26.70% % % -1.20% 1.50% 16.54% -3.80% -7.62% 29.05% 23.39% % % -0.23% -2.59% 14.42% 1.60% % 19.41% 18.54% % % -0.41% -1.04% 22.67% % % 28.56% 23.88% % % -5.75% -1.71% 32.70% -1.29% 6.80% 38.06% 33.27% % 10/25

12 % -1.23% -3.55% 21.45% -9.87% % 26.44% 23.50% % % -3.53% -7.07% 32.78% % % 34.13% 31.88% % % 0.48% -2.04% 31.52% % 6.10% 23.28% 27.76% % % -2.06% -3.44% 22.88% % -8.68% 32.57% 25.24% % % 0.99% 1.98% 20.16% 7.76% 27.98% 23.15% 21.90% % % 0.56% -0.75% 1.68% -8.03% 8.03% 18.93% 21.96% % % -1.59% -1.78% 20.73% -9.05% 14.26% 32.94% 25.70% % % 0.82% -1.69% 14.26% -0.68% 8.80% 24.99% 21.62% % % 1.18% 3.65% 15.46% -1.41% 8.44% 28.07% 24.45% % % 3.14% 10.84% 35.36% 31.75% % 27.60% 31.59% % % 3.40% -0.23% 32.21% -7.77% 52.94% 25.92% 32.55% % % 1.07% 2.61% 19.98% 13.81% 29.60% 25.96% 24.07% % % -4.65% -6.29% 30.05% 4.02% -6.18% 39.15% 36.21% % % -3.70% -1.19% 27.60% 2.17% 22.66% 34.16% 31.83% % % 1.57% -0.50% 5.64% -0.94% 3.83% 13.28% 15.50% % % -1.36% -3.68% 25.43% -6.92% -7.22% 25.98% 24.34% % % -2.20% -2.94% 17.53% % % 35.16% 28.51% % % -1.99% -3.55% 22.72% -5.75% 15.35% 36.24% 27.81% % % -1.40% -4.50% 22.97% % % 27.35% 24.99% % % -0.69% -3.69% 24.87% % % 27.17% 24.14% % % 0.94% -0.35% 30.79% 18.82% 52.40% 23.52% 28.62% % % 1.48% -2.19% 29.29% -9.90% 5.28% 21.80% 26.64% % % -1.78% -0.88% 36.40% -4.90% % 30.33% 27.16% % % -5.33% -8.04% 40.61% -9.59% % 35.76% 33.95% % % -5.81% -5.93% 15.30% -1.12% 35.65% 40.97% 39.57% % % 1.61% -2.00% 10.72% 7.12% % 19.96% 18.04% % % 0.96% 1.16% 15.96% 4.37% 31.17% 22.61% 21.67% % % 1.25% 3.14% 21.08% 9.06% 39.98% 24.36% 22.86% % % -0.78% -3.32% 24.90% -5.41% -2.47% 26.22% 24.69% % % -1.33% -3.83% 25.99% -7.49% -7.20% 26.95% 24.83% % % 0.01% -0.29% 23.35% 0.61% 13.34% 24.39% 22.82% % % 1.01% 1.84% 19.83% 7.17% 27.90% 23.04% 21.79% % 11/25

13 % -1.73% -3.78% 25.98% -6.81% -7.91% 26.18% 24.44% % % 1.01% 1.42% 15.59% 6.15% 33.60% 21.99% 21.57% % % 1.81% 3.76% 18.59% 10.99% 37.92% 23.33% 22.68% % % -0.51% -1.18% 23.22% 2.06% 12.40% 25.33% 22.45% % % -1.83% -3.58% 26.48% -6.40% -7.72% 26.79% 24.60% % % -1.08% -2.23% 24.60% -1.88% 2.40% 25.45% 23.12% % % 0.38% 0.76% 21.43% 4.29% 17.99% 23.00% 21.87% % % -0.74% -3.77% 23.58% -9.23% -6.22% 25.23% 24.52% % % -3.07% -4.71% 27.28% % % 29.05% 25.34% % % 1.27% 2.49% 19.40% 9.36% 33.58% 23.47% 22.15% % % -0.75% -1.06% 8.98% -7.72% -6.05% 25.54% 22.53% % % -1.45% -2.66% 19.94% -8.16% 17.47% 32.75% 25.38% % % 0.94% -1.25% 15.71% -1.06% 6.69% 24.66% 21.40% % % 0.45% 0.90% 18.14% -6.29% -4.68% 26.88% 23.72% % ####### 39.06% 2.79% 5.79% 29.77% 19.94% 84.40% 23.52% 28.04% % % 2.24% -1.63% 30.26% % 20.55% 22.56% 28.88% % % 1.45% 2.92% 17.06% 12.90% 33.99% 25.25% 23.41% % % -4.54% -6.94% 36.06% -6.19% % 35.20% 33.19% % % -6.23% -2.97% 28.86% 3.12% 17.59% 38.68% 32.39% % % 0.47% -1.98% 10.26% 3.41% -6.13% 16.39% 17.35% % % -0.24% 1.62% 14.57% -2.24% % 14.22% 17.18% % % 0.32% 1.34% 16.61% 4.73% 13.88% 21.81% 21.33% % % -0.16% -0.09% 22.71% 2.10% 7.63% 22.98% 21.79% % % -0.26% -0.40% 19.10% -0.13% 4.77% 21.44% 20.75% % % -0.26% -0.41% 19.12% -0.12% 4.85% 21.46% 20.77% % 12/25

14 % -0.26% -0.41% 19.12% -0.11% 4.84% 21.46% 20.77% % % 0.47% -0.43% 21.38% 0.93% 0.34% 23.80% 21.23% % % -0.62% -0.96% 20.04% -3.41% 3.33% 22.02% 21.33% % % -0.91% -1.51% 25.53% -2.88% -3.26% 24.84% 23.12% % % 0.74% -3.10% 12.94% 3.68% 31.37% 28.73% 26.95% % % -2.71% -3.81% 29.80% -7.73% % 25.83% 24.87% % % -2.32% -5.32% 28.44% -4.07% % 28.39% 26.99% % 50 10,949 5, % 0.47% 7.93% 52.66% 42.84% 19.98% ,654 26, % 1.94% 7.13% 30.85% 13.89% 68.04% ,806 8, % 1.91% 6.95% 25.28% 7.44% 69.29% ,951 16, % 0.89% 6.51% 25.64% 19.87% 58.92% ,627 2, % -1.26% 6.33% 30.94% 2.85% -0.30% ,952 39, % 1.35% 5.96% 29.09% 17.44% 76.80% ,627 2, % -1.12% 5.47% 25.59% 0.78% -0.16% ,089 15, % -0.11% 5.13% 29.58% 20.95% 57.41% ,640 14, % 2.18% 5.12% 39.52% 29.11% % ,655 14, % 2.01% 5.02% 39.86% 28.44% % ,412 2, % -0.86% 4.96% 22.56% 1.97% 5.52% ,094 28, % 1.46% 4.69% 27.08% 18.38% 69.22% ,218 15, % 1.78% 4.67% 23.68% 6.39% 35.50% ,272 10, % 1.44% 4.65% 47.06% 27.13% % ,028 9, % 1.37% 4.59% 51.56% 33.55% % ,761 3, % -0.77% 4.44% 20.50% % -8.81% ,319 26, % 1.82% 4.19% 23.72% 11.10% 25.75% ,410 36, % 1.86% 4.17% 30.04% 5.59% 51.32% ,881 23, % 1.76% 3.96% 32.07% 11.96% 73.66% ,388 4, % -0.33% 3.79% 17.41% -8.32% -6.12% ,644 21, % 2.08% 3.77% 11.51% 6.86% 21.44% /25

15 50 41,135 18, % 2.65% 3.74% 26.30% 2.08% 42.41% ,632 42, % 0.90% 3.56% 26.89% 11.66% 33.05% ,306 6, % 1.50% 3.55% 30.24% 11.05% 29.66% ,961 19, % 2.19% 3.44% 10.10% 5.22% 18.00% CS 89 33,395 15, % 1.87% 3.42% 36.87% 22.80% 76.01% ,310 40, % 1.66% 3.39% 19.63% 10.37% 36.00% ,818 20, % 2.43% 3.34% 26.75% 2.35% 41.58% ,068 2, % 3.94% 2.94% 27.51% 2.50% 36.36% ,507 44, % 1.24% 2.80% 17.23% 10.04% 29.55% ,246 41, % 0.92% 2.75% 19.57% 13.24% 27.54% ,974 41, % 0.90% 2.72% 19.51% 13.09% 27.48% ,578 21, % -0.18% 2.58% 31.74% 23.18% 34.33% ,869 39, % 0.84% 2.56% 19.10% 12.84% 30.07% ,776 30, % 1.41% 2.47% 29.66% 3.76% 29.03% ,957 6, % -1.04% 2.38% 23.24% -5.58% % ,360 53, % 1.37% 2.35% 17.58% 6.89% 27.92% ,918 44, % 0.56% 2.32% 20.50% 13.43% 26.50% ,910 49, % 1.15% 1.73% 29.53% 2.38% 28.56% ,442 56, % 1.03% 1.63% 16.42% 6.35% 23.50% ,112 39, % 0.73% 1.56% 16.62% 8.29% 35.91% ,639 5, % 1.89% 1.45% 24.17% -2.77% 6.67% ,292 61, % 0.69% 1.41% 18.83% 7.70% 22.52% ,557 65, % 0.92% 1.35% 18.95% 5.86% 20.53% ,705 4, % -1.02% 1.24% 14.69% -5.07% -7.81% ,503 13, % 1.92% 1.23% 33.20% -7.21% 34.74% CS 28 4,135 2, % -1.81% 1.21% 46.41% 10.60% -8.00% ,660 7, % 2.21% 1.21% 16.04% -2.05% 5.59% ,053 15, % 1.95% 1.20% 31.01% -3.01% 35.36% ,664 12, % -0.45% 1.17% 31.11% 11.12% 32.11% ,682 33, % 0.80% 1.11% 22.72% 5.45% 29.74% ,069 52, % 0.90% 1.09% 28.24% 7.86% 35.81% ,148 10, % -1.30% 1.07% 25.11% 7.77% 20.32% ,923 80, % 0.57% 0.99% 19.29% 5.79% 24.89% ,382 3, % -0.17% 0.95% 21.98% -4.45% % ,962 14, % 1.17% 0.89% 17.21% 1.35% 4.45% /25

16 ESG ,899 28, % 1.15% 0.81% 15.22% 0.37% 26.51% ,092 7, % -0.66% 0.78% 22.86% -6.91% 10.98% ,202 66, % -0.17% 0.75% 26.83% 6.29% 11.59% , , % 0.47% 0.72% 21.25% 4.33% 18.01% ,838 60, % 0.54% 0.70% 25.85% 0.67% 25.44% ,037 60, % 0.73% 0.64% 27.29% 5.03% 33.98% ,971 12, % -2.35% 0.58% 28.85% -6.92% 0.44% ,373 5, % -0.10% 0.41% 24.13% 4.53% 11.35% ESG ,790 61, % 0.79% 0.37% 20.24% 2.61% 30.64% ,451 3, % -0.34% 0.35% 24.28% 2.90% 2.34% ,556 5, % -0.71% 0.28% 32.89% -6.66% -1.99% CS ,334 52, % 0.12% 0.25% 32.32% 8.62% 39.49% ,713 15, % 0.18% -0.07% 13.52% 2.34% 22.34% ,253 4, % -0.41% -0.16% 29.39% % -4.18% CS 44 13,178 5, % 0.89% -0.27% 37.15% 7.91% % , , % -0.35% -0.51% 21.91% 3.55% 10.49% ,123 30, % 0.34% -0.54% 10.64% 2.57% 21.53% ,712 8, % 0.75% -0.56% 11.62% 0.58% 14.17% A 50 34,547 8, % -2.91% -0.56% 22.70% -9.58% -3.36% ,537 9, % 0.97% -0.62% 11.84% -0.77% 11.26% ,957 16, % -0.25% -0.77% 14.47% -2.07% 18.62% ,703 16, % 0.33% -0.82% 19.85% -0.90% 7.90% ,839 21, % 0.96% -0.82% 17.50% -0.70% 15.83% ,178 15, % 0.92% -1.19% 15.66% -3.26% 3.69% ,417 13, % -0.29% -1.24% 16.13% 0.70% 2.78% ,082 26, % 0.32% -1.25% 28.38% -3.72% 9.87% CS 39 6,956 4, % -3.31% -1.26% 24.18% -6.14% % ,357 49, % -0.12% -1.38% 21.71% -2.33% 13.84% ,818 10, % 0.42% -1.41% 12.93% -2.67% 4.42% ,560 32, % 0.26% -1.45% 18.62% 0.23% 16.90% ,015 6, % 0.24% -1.47% 27.36% -4.50% 19.04% ,635 12, % -1.07% -1.52% 29.49% -0.20% 16.96% ,816 17, % -0.72% -1.62% 19.55% 1.63% 6.27% ,236 22, % -2.15% -1.70% 30.25% 17.46% 15.31% ,291 38, % 0.21% -1.75% 11.80% 0.10% 17.14% /25

17 244 87,138 39, % -0.49% -1.78% 22.97% -1.66% 9.62% ,705 6, % -0.90% -1.78% 21.71% -3.70% 12.09% ,274 22, % -2.17% -1.80% 30.01% 16.17% 15.49% ,634 6, % 1.05% -1.82% 29.74% % 1.64% ,032 13, % -1.15% -1.83% 31.73% % % ,569 18, % 0.89% -1.95% 15.43% -7.93% 4.19% ,599 8, % 0.37% -2.01% 23.65% % % ,459 5, % -1.06% -2.13% 34.23% % % ,753 3, % 0.83% -2.15% 30.35% -6.37% -3.97% ,747 49, % -0.60% -2.15% 15.91% 0.22% 9.09% ,406 19, % 0.26% -2.16% 25.38% -5.18% -0.31% ,157 12, % -1.87% -2.21% 19.97% % 2.09% ,947 5, % -2.42% -2.22% 21.22% % -0.52% ,835 5, % -0.74% -2.23% 13.35% -2.77% 0.45% ,364 81, % 0.06% -2.24% 19.69% -3.06% -3.17% ,619 18, % -0.89% -2.31% 28.68% -9.07% % ,752 62, % -0.55% -2.40% 22.96% -7.15% 8.63% ,032 3, % -2.25% -2.49% 18.62% -6.54% % ,651 16, % -1.27% -2.50% 29.13% % -8.40% ,394 9, % 1.42% -2.52% 29.76% % 24.88% CS 24 8,833 5, % -2.05% -2.54% 33.83% -1.60% -4.66% ,771 4, % -1.56% -2.55% 17.26% % 4.38% ,567 8, % -1.65% -2.55% 17.53% -9.49% 8.11% ,811 21, % -1.58% -2.59% 19.20% % -4.19% ,090 7, % -1.18% -2.59% 27.88% -2.70% % CS AM 72 20,886 13, % -1.26% -2.61% 25.58% % % ,415 15, % -1.70% -2.61% 29.80% -5.35% % ,818 23, % -1.36% -2.65% 19.59% -2.78% 1.32% ,744 27, % -0.90% -2.66% 19.33% -8.20% -9.55% ,441 13, % 1.03% -2.69% 30.76% % 12.49% ,833 25, % -1.91% -2.76% 29.67% -4.48% 13.58% ,567 5, % -0.67% -2.77% 27.58% -6.77% % ,462 14, % -3.07% -2.82% 38.18% 0.06% % CS ,063 20, % -1.53% -2.90% 27.38% -8.93% 3.38% CS 38 10,803 4, % 0.32% -3.00% 24.42% 0.09% -1.27% /25

18 ,758 13, % 0.33% -3.02% 30.53% % -2.02% ,344 4, % -1.79% -3.04% 44.74% 4.21% 9.44% ,226 7, % -2.38% -3.09% 13.75% % -3.36% ,298 9, % 0.31% -3.23% 17.05% 0.63% 7.49% ,617 8, % -0.97% -3.25% 18.04% -3.47% -2.64% ,275 7, % -2.46% -3.29% 13.41% % -3.59% ,636 10, % -2.03% -3.40% 21.83% % % ,127 15, % -1.52% -3.46% 19.21% % -7.90% ,171 8, % -2.08% -3.52% 14.45% % 2.35% ,276 98, % -1.88% -3.56% 28.96% % % ,379 17, % -2.65% -3.56% 30.75% 6.93% 6.61% ,539 7, % -1.06% -3.57% 13.76% -8.75% -9.74% ,770 38, % -1.31% -3.58% 20.95% -8.88% 0.90% ,147 4, % 0.16% -3.76% 23.03% % % ,115 15, % 0.09% -3.78% 17.80% -0.67% 5.43% ,150 33, % -1.22% -3.83% 21.32% % -4.85% ,152 7, % -2.32% -3.93% 30.35% 0.35% -3.67% ,670 8, % -1.51% -3.96% 15.12% % -7.55% ,335 7, % -2.19% -3.99% 10.56% % -5.47% ,962 9, % -1.75% -4.06% 13.85% -8.36% 0.85% ,725 20, % -3.06% -4.09% 35.32% 1.22% % ,675 6, % -1.63% -4.14% 15.91% % -7.21% ,041 6, % -0.47% -4.22% 16.76% -4.61% -6.65% ,591 4, % -2.28% -4.29% 6.68% % 0.56% ,917 23, % -2.28% -4.32% 23.58% -9.76% % ,942 8, % 0.59% -4.36% 19.91% -0.50% 3.47% ,117 11, % -1.38% -4.42% 18.09% -5.05% -7.91% ,593 16, % -2.27% -4.45% 19.71% -5.66% 6.28% ,540 7, % 0.36% -4.48% 19.59% 0.33% 5.52% ,883 5, % -0.34% -4.50% 14.32% -3.16% -2.27% , % -1.68% -4.57% 33.39% % % ,083 5, % -2.97% -4.58% 13.41% % -2.32% ,314 6, % -1.91% -4.59% 15.02% % % ,378 8, % -2.02% -4.63% 16.50% % % ,599 31, % -2.30% -4.63% 29.98% -3.45% -0.85% /25

19 50 11,925 6, % -2.43% -4.64% 29.97% -9.06% 0.01% ,968 2, % -0.98% -4.64% 9.20% % 4.69% ,578 2, % -4.67% -4.67% 33.22% % % ,665 6, % -3.60% -4.68% 23.51% % -3.72% , % -1.29% -4.72% 25.10% 7.29% -9.55% ,028 6, % -2.75% -4.80% 11.43% % -5.01% ,174 11, % -3.80% -4.80% 29.37% -6.58% % ,710 1, % -2.22% -4.87% 28.23% -8.68% % ,842 5, % -1.18% -5.14% 14.53% % % ,956 3, % -3.23% -5.19% 26.79% -4.96% % CS 25 10,051 3, % -2.34% -5.24% 10.66% % % ,672 6, % -2.53% -5.26% 24.39% -4.80% % ,370 6, % -1.69% -5.30% 17.85% -4.16% % ,947 3, % -3.38% -5.36% 27.52% -5.06% % ,195 9, % -2.99% -5.36% 20.92% % % ,294 7, % -3.72% -5.46% 37.90% -2.29% -7.40% ,044 6, % -2.84% -5.50% 23.27% -1.17% -6.96% TMT 50 17,258 6, % -4.31% -5.55% 30.19% -7.22% % ,523 7, % -1.95% -5.59% 25.04% % % ,360 3, % -1.20% -5.61% 11.63% % -5.88% ,437 2, % -1.83% -5.64% 14.61% -8.28% % ,500 12, % -2.67% -5.67% 27.96% -9.97% -7.72% ,718 1, % 1.71% -5.68% 20.01% -9.59% % ,658 6, % -4.18% -5.72% 30.43% -3.17% % ,593 4, % -2.87% -5.73% 15.74% % % ,663 1, % -1.77% -6.05% 31.54% -3.66% % ,877 5, % -3.02% -6.05% 24.30% -7.26% % CS 23 2,486 1, % -2.36% -6.05% 27.35% -6.30% % ,042 19, % -2.85% -6.08% 31.76% % % TMT ,989 22, % -3.17% -6.08% 29.17% % % ,497 15, % -2.62% -6.10% 25.88% -9.55% % ,501 4, % -2.82% -6.11% 16.55% % % CS ,984 6, % -0.96% -6.13% 22.60% % % ,971 5, % -1.30% -6.16% 23.48% % % ,086 4, % -2.73% -6.20% 15.94% % % /25

20 100 40,536 18, % -3.01% -6.21% 28.69% % % ,365 2, % -2.07% -6.28% 21.39% % % ,045 5, % -1.18% -6.29% 23.54% % % ,492 7, % -1.95% -6.31% 26.50% % % ,421 5, % -3.78% -6.43% 16.27% % % TMT ,043 18, % -3.20% -6.44% 35.24% -9.99% % ,278 20, % -1.30% -6.59% 23.55% -9.33% -1.58% ,807 1, % -1.28% -6.64% 6.82% % % CS ,427 8, % -3.41% -6.73% 33.84% -5.26% -9.50% ,570 9, % -5.23% -6.75% 35.86% -7.35% -9.47% CS ,378 11, % -2.74% -6.88% 30.91% % -5.34% ,218 3, % -2.29% -6.98% 28.63% % % ,338 3, % -1.98% -7.09% 19.61% % % ,724 5, % -1.96% -7.14% 26.70% -9.56% % CS 48 7,844 3, % -2.06% -7.31% 22.59% % % ,652 4, % -2.38% -7.38% 21.87% -8.74% % ,795 8, % -3.72% -7.45% 35.90% -7.99% % ,560 2, % -2.04% -7.55% 14.45% % % ,230 1, % -1.13% -7.62% 17.61% % % ,242 3, % -4.40% -7.68% 27.95% % % CS 31 3,759 2, % -4.84% -7.80% 30.89% -1.56% % ,823 12, % -4.33% -7.80% 34.38% -7.77% % ,976 2, % -4.85% -8.11% 13.03% % % ,876 5, % -2.55% -8.99% 24.78% % % CS 17 2,992 1, % -4.70% % 18.93% % % /25

21 Sharpe Jensen Treynor % 1.44% 3.60% 27.51% 8.93% 35.66% 26.81% 24.51% % 1.53% 3.42% 22.87% 11.55% 40.27% 23.39% 22.39% % 1.17% 2.85% 26.18% 8.55% 36.59% 23.89% 23.36% % 1.74% 2.84% 15.27% 7.32% 43.24% 23.61% 21.57% % 1.64% 2.72% 12.67% 5.29% 32.23% 22.37% 20.75% R % 0.92% 2.61% 27.30% 10.90% 33.42% 24.19% 23.82% % 1.50% 2.38% 15.30% 6.93% 34.36% 22.49% 20.85% % 1.25% 1.65% 17.25% 5.66% 35.59% 23.81% 21.78% % 0.61% 1.49% 27.08% 0.54% 20.05% 26.21% 25.10% R % 1.00% 1.33% 14.80% 4.96% 23.70% 22.85% 21.04% R % 0.88% 1.20% 17.66% 5.91% 32.01% 23.57% 21.74% R % 0.69% 1.10% 17.48% 5.46% 21.34% 22.77% 21.01% R % 0.26% 0.86% 28.93% 2.31% 13.84% 25.62% 25.18% R % -0.09% 0.24% 28.17% 3.52% 15.02% 23.98% 24.12% R % 0.36% 0.19% 19.56% 4.31% 24.09% 23.79% 21.85% R % -0.44% -0.91% 28.70% -4.83% -0.33% 25.70% 25.11% % -0.84% -2.14% 24.98% -2.53% 8.16% 27.99% 24.20% % -1.06% -2.45% 22.72% -1.28% 8.39% 26.85% 23.54% R % -1.33% -3.01% 24.78% -2.41% -0.78% 26.50% 23.69% R % -1.70% -3.40% 27.45% -3.03% -3.14% 27.80% 24.69% % -0.89% -3.89% 23.47% % -6.18% 25.31% 25.10% R % -1.40% -4.37% 26.09% % % 25.70% 25.36% % -1.51% -4.47% 25.87% % % 28.28% 25.70% R % -2.01% -5.19% 26.74% % % 28.36% 26.07% /25

22 ,273 28,750 2, % 2.09% 4.73% 17.17% 7.21% 50.35% 3.16% 2.99% ,319 35,059 2, % 2.27% 4.32% 21.68% 8.33% 80.48% 2.92% 2.87% ,053 15, % 1.96% 4.19% 39.59% 33.07% 93.79% 1.61% 1.49% ,602 21,828 1, % 1.30% 4.09% 27.80% 15.00% 52.74% 2.50% 2.41% ,438 8, % 2.83% 4.06% 24.59% 19.84% 79.09% 1.67% 1.45% ,507 18,649 1, % 1.22% 2.90% 21.61% 8.50% 46.18% 3.60% 3.47% ,531 18,196 3, % 0.49% 2.48% 13.94% 10.34% 29.94% 4.41% 4.41% ,056 40,551 4, % 1.55% 2.47% 10.80% 5.25% 29.44% 4.10% 4.09% ,301 6, % 0.52% 1.66% 19.53% -0.17% 19.58% 4.21% 4.21% ,562 34,122 4, % 1.20% 1.33% 13.62% 5.66% 38.97% 4.29% 4.29% ,135 2,632 1, % -0.35% 0.83% 10.77% -5.04% -6.69% 4.45% 4.43% ,322 2, % 1.09% 0.67% 15.28% % -1.24% 5.17% 5.17% ,726 6, % 1.24% 0.34% 23.79% 6.93% 15.11% 2.90% 2.85% ,033 21,406 3, % 0.55% 0.06% 7.91% -0.16% 22.55% 4.61% 4.61% ,924 40,019 4, % 0.64% -0.15% 18.04% 6.64% 26.24% 4.07% 4.06% ,031 39,899 4, % 0.60% -0.17% 18.50% 9.52% 36.39% 4.07% 4.02% ,627 20,862 3, % 0.64% -0.57% 5.96% 3.25% 18.80% 4.27% 4.27% ,041 33,131 3, % 1.05% -0.93% 14.18% 0.66% 19.04% 3.89% 3.83% ,079 3, % 1.97% -0.95% 15.97% 3.80% 13.21% 3.16% 3.16% ,630 31,500 3, % 0.86% -1.01% 12.13% -0.10% 21.72% 3.78% 3.78% ,580 5, % 1.59% -1.14% 19.47% 6.40% 19.85% 2.90% 2.90% ,446 25,293 3, % 1.05% -1.55% 13.45% -0.69% 16.50% 4.07% 4.06% ,839 23,778 3, % 1.02% -1.55% 12.87% 1.43% 23.72% 4.02% 4.02% ,223 2, % 1.39% -1.64% 10.35% 9.90% -4.50% 3.41% 3.41% ,603 2, % 1.49% -1.64% 4.93% 7.74% -1.70% 3.54% 3.54% ,375 18,967 3, % 0.38% -1.67% 9.19% 3.60% 25.64% 4.63% 4.63% ,339 25,232 3, % 0.41% -1.78% 11.39% 2.48% 19.40% 4.53% 4.52% ,927 1, % 0.38% -1.99% 0.50% -9.98% 3.00% 4.44% 4.44% ,505 5, % -1.28% -2.02% 23.95% -3.51% 20.69% 4.25% 3.50% ,841 4, % -1.96% -2.13% 26.63% 3.98% 43.74% 3.80% 3.09% ,204 16,108 2, % -0.01% -2.66% 13.40% 5.72% 26.15% 3.99% 3.99% 21/25

23 ,852 4, % -1.78% -2.68% 21.94% -4.02% 9.00% 3.70% 3.42% ,274 1, % -6.56% -2.69% 36.78% 20.62% 35.87% 0.89% 0.89% ,538 3, % -1.97% -2.91% 28.72% 1.95% 26.65% 1.79% 1.76% ,821 21,316 2, % -0.35% -3.18% 14.40% 3.37% 21.05% 3.80% 3.80% ,954 1, % -2.53% -3.43% 25.76% % 5.96% 2.69% 2.63% ,249 1, % -1.24% -4.11% 20.62% 2.38% 16.81% 2.21% 2.21% % -4.75% -4.27% 27.39% 20.99% 31.94% 0.88% 0.88% ,259 3, % -0.43% -5.02% 20.56% 0.95% 0.84% 3.61% 3.52% ,733 2, % -0.80% -5.18% 14.57% 4.03% 8.38% 3.88% 3.74% ,755 2, % -2.47% -7.63% 26.45% % -1.88% 2.32% 2.31% Sharpe Jensen Treynor % 3.57% 7.26% % -1.37% % 55.96% 50.73% % 3.58% 6.88% 37.06% 11.86% 52.75% 46.68% 45.47% % 1.82% 5.09% 26.26% 15.23% 68.70% 28.31% 25.51% % 1.83% 4.06% % 4.90% 3.77% 28.00% 25.36% % 0.91% 3.86% 26.29% 10.48% 16.03% 28.75% 26.42% % 1.53% 3.65% 22.46% 10.93% 47.44% 23.12% 23.40% % 1.55% 3.31% 22.04% 6.64% 45.84% 23.22% 21.71% % 1.72% 3.28% 19.73% 9.70% 44.49% 22.34% 20.81% % 1.93% 3.26% 40.71% 5.82% 32.69% 46.35% 43.90% % 1.48% 2.90% 16.37% 9.19% 39.52% 24.56% 22.01% % 0.88% 2.89% 17.59% 10.98% 20.15% 25.47% 23.79% % 1.69% 2.64% 12.36% 6.90% 34.86% 22.49% 21.14% % 1.58% 2.47% 16.56% 7.42% 55.51% 21.20% 20.46% /25

24 % 1.12% 2.34% 22.98% 5.23% 37.41% 23.20% 24.48% % 1.23% 1.76% 47.03% 2.96% 41.16% 48.29% 45.61% % 1.05% 1.57% 24.91% 10.01% 83.88% 25.19% 24.19% % 1.02% 1.56% 14.72% 5.23% 28.60% 22.63% 20.68% % 0.87% 1.38% 17.88% 5.22% 28.74% 23.76% 21.46% % 1.18% 1.36% 45.47% -1.52% 23.66% 48.31% 45.61% % 0.59% 0.83% 22.20% 2.63% 26.90% 22.84% 23.44% % 0.79% 0.58% 14.89% 1.19% 12.49% 22.85% 22.05% % 0.83% 0.49% 27.42% 13.97% 39.04% 23.07% 27.25% % -0.04% 0.08% 18.32% 0.89% 29.07% 22.47% 20.05% % -0.53% -0.06% 35.88% -6.80% -7.36% 24.92% 26.19% % 0.15% -0.08% 22.91% 1.09% 19.22% 23.65% 22.49% % 0.56% -0.12% 17.05% 1.02% 23.33% 24.23% 21.44% % -1.91% -0.35% 17.23% -8.66% % 33.70% 25.35% % -0.09% -0.37% 17.21% 2.10% 23.89% 23.09% 20.59% % -0.64% -0.66% 20.91% -1.10% 6.98% 23.04% 21.88% % 0.04% -0.87% 15.95% -5.00% 9.88% 20.85% 18.61% ERC % -0.22% -0.94% 19.47% -0.12% 12.98% 22.87% 21.07% % 0.30% -0.97% 25.10% -2.09% 13.83% 25.05% 23.71% % 0.07% -1.16% 16.34% -7.23% 12.87% 19.86% 18.17% % -0.09% -1.18% 21.78% 1.32% 23.72% 23.69% 22.45% SER % -0.20% -1.27% 19.97% -0.77% 17.94% 21.74% 20.32% % -0.60% -1.28% % -7.66% % 24.11% 22.80% % -0.61% -1.40% % -8.92% % 24.10% 22.80% % -0.46% -1.42% 21.54% -4.38% 17.03% 25.38% 23.87% % -0.44% -1.46% 23.24% -1.26% 7.90% 23.45% 21.99% % -0.43% -1.49% 21.35% -4.14% 4.50% 25.09% 23.86% % -1.11% -1.69% 21.46% 4.29% -0.03% 27.60% 25.13% % -0.96% -1.69% 22.17% 0.23% 4.09% 25.23% 22.92% % -1.51% -1.75% 25.36% -6.00% 19.77% 26.80% 24.78% ERC % -0.27% -1.89% 21.01% -1.40% 10.33% 23.55% 21.38% % -0.97% -2.14% % % % 23.13% 21.95% % -1.15% -2.27% 26.19% 5.04% 0.92% 31.07% 26.91% % -1.25% -2.29% 28.66% % -2.51% 25.75% 21.17% % 0.45% -2.43% 17.07% -2.50% -0.97% 25.44% 21.62% /25

25 % -0.99% -2.45% 23.02% 0.12% 6.73% 23.19% 20.92% % -0.83% -2.55% 23.62% -2.83% 0.99% 25.44% 23.15% % -1.09% -2.58% 20.42% % % 28.16% 23.85% % -0.46% -2.59% 23.92% -8.39% -2.76% 21.97% 25.28% % -1.36% -2.62% 23.80% -3.35% 3.35% 29.78% 24.36% % -2.46% -2.68% 28.54% -5.64% % 29.68% 25.55% % 1.56% -2.69% 28.59% % 6.17% 22.39% 27.44% % -1.59% -2.69% 23.88% -5.78% -0.53% 28.70% 23.55% % -1.51% -2.84% 26.11% 1.07% 10.90% 25.40% 22.50% % -1.24% -2.94% 24.49% -2.98% -0.78% 26.59% 23.67% % -0.26% -3.03% 18.99% -8.42% -2.98% 22.45% 19.87% % -1.24% -3.28% % % % 48.17% 45.60% % -1.29% -3.35% 27.29% 0.21% -8.23% 29.91% 27.35% % -0.28% -3.41% 21.46% -1.73% 8.85% 23.13% 22.80% % -1.55% -3.48% 16.22% 3.75% % 21.05% 20.67% % -1.02% -3.49% 23.53% -7.85% 0.34% 25.24% 23.52% ERC % -1.43% -3.51% 25.14% -4.93% -8.29% 25.05% 22.98% % -1.66% -3.60% 26.82% -5.90% -7.07% 27.42% 24.32% % -1.73% -3.67% 26.88% -6.25% % 26.79% 24.58% SER % -1.84% -3.71% 27.08% -7.32% -4.38% 27.01% 23.87% % -1.79% -3.84% % % % 23.31% 22.73% % -1.55% -3.93% 22.68% -0.14% -7.89% 28.03% 25.53% % -2.53% -3.98% 30.14% % % 29.64% 26.79% % -2.15% -4.22% 28.81% -7.74% % 29.02% 25.44% % -1.88% -4.26% 19.61% -8.38% 7.61% 33.49% 24.98% % -8.93% -4.87% 33.41% 3.97% 6.73% 42.74% 34.84% ERC % -1.82% -4.90% 26.03% -8.21% -7.99% 27.19% 24.24% % -1.98% -4.91% % % % 46.24% 43.88% % -1.59% -5.08% 24.02% 0.82% 2.89% 24.37% 26.00% % -2.72% -5.19% 31.03% % % 31.11% 27.58% % -3.23% -5.62% 30.74% -8.68% % 33.12% 29.13% % -2.06% -6.02% 24.65% -9.50% % 28.28% 26.66% % -4.54% -6.20% 39.40% -5.42% % 33.64% 31.36% % -4.14% -6.24% 29.34% -9.04% % 33.53% 29.46% % -3.62% -8.22% % % % 46.61% 45.45% /25

26 % -2.27% -8.25% 21.70% % % 26.90% 26.27% % -3.81% -9.35% 56.40% % % 56.08% 50.71% Sharpe Jensen Treynor % 1.61% 2.93% 12.30% 7.55% 42.70% 22.67% 20.99% % 1.05% 2.24% 17.45% 6.32% 35.29% 23.34% 21.37% % 1.02% 1.55% 16.04% 6.37% 33.48% 22.97% 20.85% F % 1.06% 1.19% 14.26% 4.57% 26.89% 22.18% 20.40% % 0.49% 0.72% 18.31% 4.29% 26.14% 23.38% 21.13% F % 0.65% 0.66% 15.90% 3.38% 22.01% 22.33% 20.51% % -1.51% -2.40% 28.10% -3.14% 0.62% 28.08% 24.88% F % -1.93% -2.63% 27.77% -3.78% -6.65% 27.46% 24.79% % -1.77% -3.63% 27.77% -6.40% % 28.12% 25.05% /25

27 法律声明本材料仅供参考, 不构成任何证券 金融产品或其他投资工具或任何交易策略的依据或建议 中证指数有限公司 ( 中证指数 ) 不保证其准确性或完整性 对任何因直接或间接使用本材料或其中任何内容而造成的损失, 中证指数不承担任何法律责任 中证 中证指数 中证行业分类 CSI CSI 300 沪深 300 指数 的商标归属于上海证券交易所及 / 或中证指数 未经上海证券交易所及 / 或中证指数有限公司事先书面同意, 任何人不得以任何形式使用 All information contained herein is provided for reference only, and is not intended to provide professional advice and shall not be relied upon in that regard. China Securities Index Co., Ltd. ( CSI ) makes no warranty or representation as to the accuracy, completeness or reliability of any of the information contained herein and accepts no liability whatsoever to any person for any damages or loss of any nature arising from or as a result of reliance on any of the contents of this document, or any errors or omission in its contents. 中证 中证指数 中证行业分类 CSI CSI 300 沪深 300 指数 and other trademarks in relation to CSI and its products and services are exclusively owned by the Shanghai Stock Exchange and/or CSI. Without written authorization from the Shanghai Stock Exchange and/or CSI, no institution or individual may use any such trademarks in any form.