One-week fund event
4.12 [★★★★★★] The new "National Nine Articles" of the heavy policy is swiped! The heavy interpretation is coming.
Recently, the State Council issued "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of Capital Market" (hereinafter referred to as "Several Opinions"). The opinions issued this time consist of nine parts, which is the third "National Nine Articles" in the capital market. After two "National Nine Articles" in 2004 and 2014, after a lapse of 10 years, the State Council once again issued a guiding document for the capital market.
The public institutions and people interviewed said that the new "National Nine Articles" further strengthened the supervision of securities fund institutions and promoted the industry to return to its original source, become better and stronger.
From the perspective of Public Offering of Fund, the institutions and people interviewed believe that the new "National Nine Articles" will guide industry institutions to establish a correct business philosophy, adhere to the guidance of investors’ returns, require vigorously developing equity Public Offering of Fund, and promote the development of indexed investment, which will play a positive role in cultivating and improving the market ecology of long-term investment and further promoting the high-quality development of the capital market.
4.12 [★★★★★★] Huijin increased its holdings of Huijin! Collective announcement
On April 12th, four major banks, namely Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, issued announcements one after another, revealing the latest holdings of Huijin.
It is understood that on October 11 last year, Huijin increased its holdings of the above four major banks on the same day, and plans to continue to increase its holdings in the next six months. According to the statistics of Fund Jun, as of April 10th, Huijin Company has increased its holdings by about 1.09 billion shares. If calculated by the average price of each share, the total holdings are about 4.83 billion yuan.
4.12 [★★★★] Official announcement of ESG three major exchanges! Five ESG rating agencies responded positively!
On April 12th, Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange officially issued the Guidelines for Sustainable Development Reports of Listed Companies (hereinafter referred to as the Guidelines), which will be implemented on May 1st, 2024. At the same time, five indexes and ESG rating agencies, such as China Securities, China Securities, Shangdao and China Chengxin International, responded positively, and continued to strengthen the construction of ESG rating system with reference to the contents of the Guidelines. The China Association of Listed Companies issued a series of comparative analysis reports to facilitate listed companies and market parties to better understand the similarities and differences between the Guidelines and overseas sustainable information disclosure standards.
According to the requirements of the Guidelines of the three major exchanges, sample companies that have been continuously included in SSE 180, Kechuang 50, SZSE 100 and GEM index during the reporting period, as well as companies listed at home and abroad at the same time, should disclose the Sustainable Development Report in accordance with the requirements of the Guidelines and encourage other listed companies to disclose voluntarily. At the same time, the Guidelines clarify the disclosure contents and principles of listed companies, and require that sustainable development issues with financial importance should be analyzed and disclosed around the four core contents of "governance-strategy-impact, risk and opportunity management-indicators and objectives".
All parties in the market have highly affirmed the positive significance of the Guidelines. The insiders believe that the Guidelines will help to improve the quality of sustainable development information disclosure of listed companies, highlight the investment value of high-quality companies, and help the capital market attract more domestic and foreign medium-and long-term funds.
On Wednesday (April 10th), the Shanghai Stock Exchange Fund Index fell 0.64% to 5,861.12 points, the Shenzhen Stock Exchange ETF fell 0.52% to 1,229.64 points, and the Love Index fell 0.50% to 6,189.70 points.
4.13 [★★★★★] Central Bank Financial Data The Central Bank released the latest financial data! The expert explained it.
On April 12th, the latest financial statistics released by the central bank showed that at the end of March, the balance of broad money (M2) was 304.8 trillion yuan, up 8.3% year-on-year. At the end of March, the stock of social financing scale was 390.32 trillion yuan, up 8.7% year-on-year; In the first quarter, the cumulative increase of social financing scale was 12.93 trillion yuan. At the end of March, the balance of RMB loans was 247.05 trillion yuan, a year-on-year increase of 9.6%; RMB loans increased by 9.46 trillion yuan in the first quarter.
A number of experts said that the data of credit and social financing rebounded seasonally in March, but under the influence of high credit base, balanced credit supply and slow pace of government bond issuance, the year-on-year growth rate of credit and social financing decreased. In the future, with the continuous promotion of the proactive fiscal policy, the total amount of money, credit and financing will maintain a reasonable growth, and it is expected that the financial support for the real economy will be more sustainable this year.
4.12【★★★★★】 ETF funds pay attention! The funds are bargain-hunting! The wind has changed?
On April 10th, the three major indexes of A shares collectively closed down. In the stock ETF market, funds reversed the net outflow in the previous two trading days and realized a net inflow of about 300 million yuan.
At the same time, some products of the head fund company continue to be favored by funds. For example, the net inflow of the Growth Enterprise Market ETF under E Fund was 480 million yuan, and the net inflow of the Science and Technology 50ETF under Huaxia Fund was 260 million yuan, ranking first and third in the net inflow list.
4.8 [★★★★★] Bond index funds reached a new high in the same period in history!
With the improvement of institutional investors’ demand for sound financial management and the continuation of the bond bull market, the development of bond index funds has accelerated. Since the beginning of this year, the index debt base has continued to heat up, and the issuance scale reached a record high in the same period. At the same time, the quantity and scale have expanded, and at the same time, they have achieved good results, and almost all products have achieved positive returns.
The industry believes that as the second largest bond market in the world, China’s bond index fund market still has a lot of room for development. Under the background of falling interest rates and policy support, more and more individuals and institutional investors pay attention to and begin to allocate such products, which is expected to bring incremental funds to them and help them continue to explode.
4.8 [★★★] Heavy list Heavy list! These companies lead.
Compared with equity investment, although the performance dispute in the fixed income field is not so prominent, the performance difference still reflects the strength difference of fund companies.
Haitong Securities data show that in the 10 years from April 1, 2014 to March 29, 2024, the top three among the 60 fund companies were E Fund, Changxin Fund and SDIC UBS Fund, and the yields in the last ten years reached 121.79%, 112.98% and 108.81% respectively.
Bosera, Huafu, Xingzheng Global, and Guangfa have also achieved a yield of over 100% in the last 10 years, and gained a good harvest during the 10-year market fluctuation. In addition, fund companies such as Huashang, Manulife, Dacheng, China Merchants, Tianhong, Jing Shun Great Wall, ICBC Credit Suisse, Huitianfu and Haifutong also have good yields.
From the scale of fund companies, the average income of 14 large fixed-income fund companies in the last 10 years was 81.24%, with E Fund, Bosera and Guangfa in the top. However, the average returns of 9 medium-sized companies and 37 small companies in the past 10 years were 73.08% and 66.03% respectively. Similar to active equity investment, the performance of large and medium-sized fixed-income fund companies also has obvious advantages.
4.12 [★★★★★★] Public Offering of Fund’s second-quarter public offering strategy was released! These high-frequency words are concerned > >
Public Offering of Fund’s investment strategy report for the second quarter was gradually released. The reporter found that a quarterly report, high technology, dividends and new quality productivity have become high-frequency keywords. Many public offerings regard the first quarterly report of listed companies as an important focus of investment, and at the same time think that the probability of A-shares going down again is small, and in terms of strategic configuration, they may still follow the relatively balanced dumbbell strategy. Focus on AI, equipment manufacturing, resource products and other related sectors in the second quarter.
Looking forward to the trend of A shares in the second quarter, many fund companies believe that the current price-performance ratio of stock assets is at a very high level, and the price-performance ratio of medium and long-term allocation is prominent. In terms of strategy configuration, the relatively balanced dumbbell strategy is mentioned more.
The Investment Department of Jing Shun Great Wall Fund said that the current policy tone is positive, the measures of steady growth and landing are worth looking forward to, and the export side is also picking up, so the probability of A-share earnings dropping again is small. In addition, from the perspective of valuation and risk premium, A shares still have a good mid-and long-term allocation cost performance. Looking ahead, we remain cautiously optimistic about the market and continue to pay attention to structural opportunities.
Yongying Fund believes that looking forward to the second quarter, A shares may generally be dominated by shocks, and profits may still lack flexibility. However, the policy fund bottoming and the repurchase of listed companies in the early stage may become an important force supporting the all-A valuation. The potential capital increment can focus on the two financing funds, the northbound funds, and the positions of private equity institutions. In terms of style, the dumbbell-shaped structure of bonus and small dish style is still expected to continue.
"In terms of valuation, the price-performance ratio of stock assets is at a very high level." Cathay pacific fund Investment and Research Department said that the current market may fluctuate in the short term, but it is still not pessimistic in the medium term, and the dumbbell strategy is obviously excessive.
Shen Chao, macro and strategic analyst of HSBC Jintrust Fund, said that looking forward to the second quarter, two major factors are expected to support the market. First of all, the risk-free interest rate continues to decline, which is good for the market. Secondly, more positive macro signals are reflected in the operation of listed companies, and the market will gradually revise its expectations for macroeconomics and corporate profits.
4.12 [★★★★★] The dynamic official of fund executives announced it! Another fund manager was promoted to vice president.
On April 11th, () (Shanghai) Asset Management Co., Ltd. announced the appointment of Shi Shaojie as deputy general manager, with the appointment date from April 8th, 2024.
In recent years, "investing in Excellence and being an official" is becoming the norm in the fund industry. People in the industry generally believe that this is mainly based on multiple factors such as attracting and retaining talents, expanding market visibility, and improving professional ability. At the same time, for these fund managers, how to successfully complete the transformation from investment post to management post has also become an important challenge for them.
4.11 [★★★★★] Payment convenience, central bank and other four departments, important release.
In order to implement the decision-making arrangements of the CPC Central Committee and the State Council and the requirements of the Opinions of the General Office of the State Council on Further Optimizing Payment Services and Improving Payment Convenience, recently, the People’s Bank of China, the Ministry of Culture and Tourism, the State Administration of Foreign Exchange and National Cultural Heritage Administration jointly issued the Notice on Further Optimizing Payment Services in Key Cultural and Tourism Places and Improving Payment Convenience (hereinafter referred to as the Notice).
Based on better meeting the diversified payment service needs of the elderly, foreigners coming to China and other groups in the field of cultural tourism, the Notice requires local cultural and tourism departments, cultural relics authorities and local branches of the People’s Bank of China to strengthen coordination and linkage, determine key cultural tourism sites, identify key merchants, formulate work plans, refine work measures from the aspects of continuously improving the acceptance environment and cash use environment of domestic and foreign bank cards, improving the convenience of mobile payment, and strengthening publicity and promotion, so as to do a good job in docking supply and demand, evaluation and supervision, and jointly improve the field of cultural tourism.
The Notice clarifies that three-star and above tourist hotels, national 5A-level and 4A-level tourist attractions, national and provincial tourist resorts, and national tourist and leisure blocks should achieve full coverage of domestic and foreign bank cards. The relevant business entities of key cultural and tourism places should keep the manual ticket window, support cash payment, and protect consumers’ right to pay. Actively promote the establishment of foreign currency exchange business outlets in cultural and tourist places with more foreign nationals in China, and improve the level of foreign currency exchange services. Continuously improve mobile payment services, optimize business processes, enrich product functions, and enhance the convenience of mobile payment in online and offline scenes of cultural and travel places.
In the next step, the People’s Bank of China, the Ministry of Culture and Tourism, the State Administration of Foreign Exchange and National Cultural Heritage Administration will work closely with local governments to urge and guide all parties in the financial industry and the cultural tourism industry to work together to promote the implementation of the measures in the Notice, continuously optimize the payment services for the elderly and foreigners coming to China, better serve the people’s livelihood, optimize the business environment and promote high-level opening up.
4.10 [★★★★★] The first batch of Kechuang 100 index enhancement products were approved!
On April 8th, the enhanced funds of SSE science and technology innovation board 100 Index reported by CITIC Prudential Fund, Puyin AXA Fund, Wanjia Fund and Yongying Fund were officially approved, which was the first batch of over-the-counter products in the industry.
On March 14th, four fund companies, Wanjia Fund, CITIC Prudential Fund, Puyin AXA Fund and Yongying Fund, collectively declared the products of SSE science and technology innovation board 100 Index. It takes less than one month for this batch of products to be approved from receiving materials to now.
The reporter learned that these over-the-counter fund products with enhanced strategies will soon be introduced to the market, further improving the product ecology of the Science and Technology 100 Index.
4.9 [★★★★] Bonus products, such products, the performance is greatly different!
Since the beginning of the year, under the continuous market volatility, dividend strategy funds have been favored by funds with their steady investment performance. From the performance point of view, as of April 3, nearly 80% of the dividend strategy products in the market had positive returns during the year, while the performance difference between the beginning and the end of active equity products also widened to more than 30 percentage points.
Many insiders believe that, as one of the Smart Beta strategies, although the dividend strategy is effective, the segmentation investment strategies are different, and this "smart difference" will affect the performance of related fund products to some extent. From the investment point of view, the current transaction congestion is moderate, and investors continue to be optimistic about the investment opportunities of dividend assets. It is recommended that investors obtain stable returns through long-term holding.
4.8 [★★★★] Beta in the era of bond funds! Heavy warehouse entry
From the era of heavy chemical industry 20 years ago, the "five golden flowers" represented by petrochemicals, steel, automobiles, electric power, banks, etc. to financial real estate, from TMT under the wave of mobile internet to consumption upgrading, and then from large consumption and new energy under the energy revolution to AI technological innovation to empower new quality productivity, the wave of the times is pushing one wave after another and rolling forward.
The 2023 Fund Annual Report released recently shows that the total market value of the power equipment industry represented by new energy resources held by public offerings has been "halved" from more than 1 trillion yuan, while the pharmaceutical, biological and electronic industries have newly raised heavy positions, with the total market value of heavy positions exceeding 760 billion yuan.
According to the interviewed institutions and industry insiders, the change of Public Offering of Fund’s heavy warehouse industry reflects the change of economic driving force and the Beta of the times, which is not only an important reference for investment, but also needs to pay close attention to indicators such as inflection point and trend change, and do a good job in reverse investment and diversified investment to avoid investment risks in advance.
4.8 [★★★★★] REITs mixed recruitment mode is coming!
Recently, the application for the expansion of AVIC Jingneng Photovoltaic REIT was officially accepted by the Shanghai Stock Exchange, which is also the first expansion project in China to explore the mixed installation of photovoltaic and hydropower assets. If it is successfully approved in the future, the public offering of REITs is expected to realize the 2.0 era from single asset expansion to mixed asset expansion.
Many people in the industry said that mixed offering is expected to play a role in optimizing asset portfolio, diversifying risks and improving income stability. At present, four funds have been raised in the domestic public offering REITs market, and most of the raised assets are relatively stable and in line with expectations. In the future, the two-wheel drive of "starting+raising" is still the general trend of the development of public offering REITs.
4.10 [★★★★★] Quantifying the sudden "huge redemption" of private placement? Quantify the latest response of private placement
Recently, the news that "a private equity product under a quantitative private placement in Beijing has been redeemed" has attracted attention in the industry. It is understood that the private equity institution is Beijing Hande Investment, and the current management scale is between 5 billion yuan and 10 billion yuan. The redemption is a compound strategic product under the company.
In this regard, on the afternoon of April 10, Beijing Hande Investment stated in its official micro-release that the private equity fund mentioned in the rumor naturally redeemed in the daily operation process, and the company disclosed the information according to the standard process. The redemption amount was more than 5 million yuan, which had no impact on the daily operation of the company.
4.10 [★★★★★] Foundation Association The opening ceremony of Chinese-funded overseas private equity fund association was held in Hong Kong, China.
On April 10th, 2024, the Chinese Overseas Private Equity Association (COPFA) held its opening ceremony in Hong Kong, China. Domestic private equity funds ushered in a new milestone.
It is understood that the Chinese Overseas Private Equity Fund Association (hereinafter referred to as the Association) is a non-profit, self-regulatory organization initiated by the industry, and it is the first industry organization to focus on Chinese overseas private equity funds. The first founding members of Chinese overseas private equity fund association include senior executives from Dongying Asset Management, Sirui Group, Xinchao Capital, Prospect Avenue Capital, Jintiancheng Law Firm, Simmons Law Firm, CITIC CLSA Fund Services (Asia), Chang Ke, Hong Kong Limited Partnership Fund Association and Singapore Fund Directors Association (SFDA).
The Association is committed to becoming a bridge connecting private equity managers in China, asset allocators in the international market and other participants in the overseas private equity industry. Chinese-funded overseas private equity fund association is committed to advocating high standards in different fields such as compliance, innovation, ethics and governance.