On November 8, 4 MSCI China A50 interconnection ETFs under China Asset Management, E Fund, China Universal Fund, and China Southern Fund were successfully listed. The first day’s performance was eye-catching and attracting gold, and the total daily turnover exceeded 10 billion yuan. Among them, China Asset Management MSCI China A50ETF had the largest trading volume of stock ETFs on the day, and broke the previous record of 3.286 billion yuan on the day of ETF listing. In addition, after the issuance of the “Notice on Regulating Fund Investment Recommendation Activities”, many fund sales institutions quickly suspended the follow-up investment of fund portfolios on their Internet platforms and issued user notices.
Entering November 9, Zhongrong Fund Management Co., Ltd. (hereinafter referred to as “Zhongrong Fund”) launched a hybrid product, and Yongying Fund Management Co., Ltd. (hereinafter referred to as “Yongying Fund”) launched an index Type fund. On November 8, Bank of China Fund Management Co., Ltd. (hereinafter referred to as “BOC Fund”) launched a bond fund.
1. Fund industry dynamics
1. A number of fund sales institutions suspend their portfolio of internet platforms to follow up investment, which is beneficial to the development of fund investment advisory business in the long term
A few days ago, the securities regulatory bureaus in Beijing, Shanghai, Guangdong and other places issued the “Notice on Regulating Fund Investment Recommendation Activities” to fund management companies and fund sales agencies in their jurisdictions, focusing on business definition and standardized rectification of fund investment portfolio strategy recommendations. After that, a number of fund sales agencies also quickly suspended the follow-up investment of fund portfolios on their Internet platforms and issued user notices. It is reported that some sales platforms are currently making relevant adjustments in response to relevant notices, which may have short-term impact on some individuals and institutions that are not qualified for fund investment advisory pilot projects, while long-term is conducive to the great development of fund investment advisory business.
Log in to the fund portfolio interface of Yingmiqiman, Tiantian Fund, Alipay and other platforms, and the fund portfolio purchase function on the platform is also in a suspended state. For example, Alipay’s “Selected Portfolio” page shows: In response to the recent regulatory requirements for regulating fund investment recommendations, fund companies will make regulatory adjustments to their portfolios. With immediate effect, the buy function of the portfolio will be suspended.
2. Four MSCI China A50ETFs performed impressively on the first day of listing, with a total turnover of more than 10 billion yuan
On November 8, four MSCI China A50 Interconnect ETFs (hereinafter referred to as A50ETF) under China Asset Management, E Fund, China Universal Fund, and China Southern Fund were listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. As one of the blockbuster fund products at the end of the year, this batch of A50ETFs has received great attention from the market from approval, issuance to listing. The performance on the first day of listing is even more eye-catching and attracting gold, with a total turnover of 10 billion yuan throughout the day, reaching 10.086 billion. Yuan.
After the opening of the market on November 8, the four A50ETFs, driven by heavy stocks Ningde Times and BYD, opened lower and higher, and their early trading turnover exceeded 6.5 billion yuan. In the afternoon, 4 A50ETFs shot up and fell back. To the close, 3 products fell slightly by 0.1% and 1 closed flat. Among the four A50 ETFs, the turnover rate and turnover of China Xia A50 ETF both ranked first, with a turnover rate of 53.72% and a turnover of 3.617 billion yuan, which set a record high in the turnover of the first day of stock ETF listing. Followed by E Fund A50ETF with a turnover of 2.889 billion yuan and a turnover rate of 36.38%. The turnover of China Universal A50ETF and Southern A50ETF were 2.05 billion yuan and 1.53 billion yuan, respectively.
3. “Guochao Investment” has become a new direction of public equity investment, and thematic funds are intensively deployed
Themed tracks such as “Guo Chao” and “The Light of Domestic Products” (hereinafter referred to as “Guo Chao Investment”) are becoming a new direction of public investment. A fund manager recently pointed out that Guochao Investment implies two major investment paths, new consumption and new “intelligent manufacturing”. Whether it is beauty, skin care, apparel, or electric cars, semiconductors, etc., it is expected to contribute considerable excess. income.
The layout of fund managers for “Guochao Investment” opportunities is mainly reflected in newly issued funds. Recently, the Wells Fargo CSI Xinhua News Agency National Brand Project ETF and the ABC-CACI CSI Xinhua News Agency National Brand Project Index Fund have been established one after another. The Huafu Guochao Optimal Hybrid Fund, established at the end of September, is a rare equity fund that invests in the theme of “National Tide Optimal” currently in the market. In fact, in the third quarterly report of the fund that just ended the disclosure, about 30 funds in the whole market mentioned the term “national tide” in the quarterly report. Among them, Xiao Nan, a tens of billions fund manager, pointed out in the three quarterly reports of the Yifang Da Keshun Mixed Fund that the trendy play industry has just emerged in the last two years and is emerging from the subculture circle.
4. Strengthen the self-discipline management of the fund industry in the jurisdiction to promote standardized development, and the Guangdong Fund Industry Association was established
On November 8, the 1st Member Conference of Guangdong Fund Industry Association and the 1st Bay Area Fund Forum were held in Guangzhou. China Securities Investment Fund Industry Association, Guangdong Securities Regulatory Bureau, Guangdong Provincial Financial Supervision Bureau, Guangdong Provincial Social Organization Administration, relevant responsible comrades of the financial bureaus of Guangzhou, Zhuhai, Foshan, Dongguan and other cities, as well as special guests, experts and scholars, the first batch More than 150 member representatives attended the meeting.
Generally speaking, the development momentum of fund industry institutions in the Guangdong jurisdiction is good, and the level of compliance and risk control is increasing. However, the quality of institutions is uneven. There are many private equity institutions that are not sophisticated or strong. The risks of a few private equity institutions cannot be ignored. The industry seeks The demand for self-discipline and development and growth is becoming stronger. In order to strengthen the self-discipline management of the fund industry in the Guangdong jurisdiction and promote the development of industry standards, under the guidance and support of the Guangdong Securities Regulatory Bureau, 8 fund management institutions in the Guangdong jurisdiction initiated preparations for the establishment of the Guangdong Fund Industry Association, committed to guiding the development of the industry, providing professional services, and implementing the industry Self-discipline, safeguarding the rights and interests of members, organizing investor education, etc.
5. Insurance stocks staged a rare institutional escape. At the end of the third quarter, over 80% of the top five A-share insurance funds “ran away”
Insurance stocks have encountered an institutional flight that has been rare in recent years. Statistics show that as of the end of the third quarter, there were only 483 funds holding the top five A-share insurance stocks, a drop of 88% from the 4,087 at the end of last year, that is, 90% of the funds “ran away.” With the sale or liquidation of funds, insurance stocks ushered in the most difficult moment in the past 10 years: the insurance industry (Shenwan secondary classification) plunged 39.4% during the year, and the total market value of the five largest A-share insurance companies “evaporated” 1.1 trillion yuan. RMB, more than 2 million insurance stock shareholders have endured varying degrees of stock price corrections.
Since the beginning of this year, the continued pressure on the liability and asset sides of the insurance industry has been the main reason for institutions to escape from insurance stocks. On the liability side, in the later period of the new crown pneumonia epidemic, with the decline in household consumption levels and the sharp decline in sales manpower of life insurance companies, the growth of new insurance premiums was weak. On the asset side, the investment income of insurance companies is under pressure due to the decline in long-term interest rates and fluctuations in the equity market.
2. Fund company dynamics
1. China Asset Management MSCI China A50ETF was listed, and the daily turnover broke the highest historical record on the day of ETF listing
On November 8, the first batch of four MSCI China A50 interconnection ETF products was officially listed, and the cumulative total turnover of the four products exceeded 10 billion yuan. Among them, China Asset Management MSCI China A50ETF had a full-day turnover of 3.617 billion yuan, ranking first in equity ETF turnover on the day, and breaking the previous historical record of 3.286 billion yuan on the day of ETF listing.
The director of the quantitative investment department of China Asset Management and the fund manager of A50ETF was honored to believe that the hot transaction is due to the two attributes of A50ETF. First, the product has a strong configuration attribute. The constituent stocks are the core leading stocks of A-shares, which is in line with the idea of the allocation of leading stocks by institutions and individuals. Moreover, the industry of the index is very balanced. Everyone is willing to buy such leading stocks. Base; Second, this product is also a very good trading product. It is a standard trading tool, and is compatible with the futures of the Hong Kong Stock Exchange.
2. Based on the judgment of corporate value, Dacheng Zhiyuan Advantage Hybrid Fund will be launched on November 10
On November 2, Dacheng Zhiyuan Advantage One-year Hybrid Securities Investment Fund (hereinafter referred to as “Dacheng Zhiyuan Advantage Hybrid Fund”) issued an announcement stating that the fund will be available for sale on November 10.
The prospectus shows that the ratio of Dacheng Zhiyuan Advantage Hybrid Fund’s investment in stocks and depositary receipts is 60%-95% of the fund’s assets (the investment ratio of the underlying stocks of the Southbound Stock Connect does not exceed 50% of the fund’s stock assets). In terms of investment strategy, the fund stated that the investment is based on judging the value of the enterprise, and based on the understanding of the development trend of society and the times, it will buy companies with a high degree of matching and development potential in the development direction of the society and the development direction of the times at an appropriate price.
3. Jointly managed by Double Taurus Fund Managers, Invesco Great Wall Jingyi Shuangli A net worth grew dazzlingly
This year, the equity market has become more difficult to make money, but “fixed income +” funds have shown obvious characteristics of offensive and defensive compatibility. Taking Double Taurus Fund Manager Li Yiwen and Dong Han jointly managed Invesco Great Wall Jingyi Shuangli A as an example, the data shows that as of October 22, the fund’s net growth rate in the past year and the past two years reached 11.57% and 18.82 respectively. %, both ranked among the top 1/3 (32/254, 70/226) of similar ordinary bond funds (secondary) (Class A). From the perspective of risk control, as of October 22, the maximum retracement of the fund in the past two years was only 3.36%, which is far lower than the 6.36% maximum retracement of similar mixed secondary debt bases.
It is understood that the fund managers Li Yiwen and Dong Han have cooperated for many years and are considered to be the “fixed income +” golden partners. Li Yiwen is good at top-down asset allocation, while Dong Han is good at individual stock investment based on industry chain research. In the process of co-management of funds, Li Yiwen first considers macroeconomic factors and the valuation of large-scale assets, and builds a portfolio based on the judgment of the macroeconomic situation. Dong Han is responsible for stock investment strategies and enhances the excess returns of the portfolio through individual stock selection.
4. CIIC Morgan released the “Contemporary University Student Fund Investment Behavior Survey Report”, the distribution of master’s investment channels is evenly distributed
A few days ago, China International Investment and JPMorgan Fund and CBN Financial Intelligence jointly released the “Contemporary University Student Fund Investment Behavior Survey Report.” The report conducted an in-depth understanding and detailed analysis of the fund investment behavior and psychology of contemporary college students by investigating 2,770 college students. As far as investment goals are concerned, the report shows that 74.5% of the students surveyed hope to increase their wealth through investment and financial management, but nearly 10% of the students surveyed said that fund investment stems from following the trend, and even rushed before they knew what financial products were. Enter the market.
In terms of choosing fund investment channels, the distribution of choices for master’s students is relatively even, while the investment channels for undergraduates are relatively single, mainly concentrated in banks (68.5%) and third-party wealth management platforms (57.7%). It is worth mentioning that the penetration rate of third-party wealth management platforms among college students of different degrees has been maintained at a relatively high level, while the penetration rate of banking apps has decreased with the improvement of their degree. The survey also shows that expert opinions, media information, and acquaintances of financial institutions are the three groups most likely to influence college students’ investment decisions.
5. Focusing on multiple topics, the Penghua Fund Special Session of the “Seventeen Years and Seventeen Cities” Summit Forum of the Shanghai Stock Exchange came to a successful conclusion
On November 7, the Penghua Fund Special Session of the “Seventeen Years and Seventeen Cities” Summit Forum of the Shanghai Stock Exchange came to a successful conclusion. At the event, Chen Yanwei, Deputy Director of Innovation Products Department of Shanghai Stock Exchange, Gao Peng, Vice President of Penghua Fund, Ren Zeping, Chief Economist of Soochow Securities, Chen Long, Deputy General Manager of Quantitative and Derivative Investment Department of Penghua Fund, and Cao Meng, Senior Manager of Product Innovation Department of Shanghai Stock Exchange Many industry experts such as Tian gathered together to discuss topics such as China’s economic and policy outlook, industry opportunities in 2021, and ETF investment.
Chen Yanwei pointed out in his speech that the first domestic ETF product was established on the Shanghai Stock Exchange in 2004, which opened the curtain of the vigorous development of China’s ETF. In the future, the Shanghai Stock Exchange will continue to promote the development of the ETF market based on its dual mission of serving the real economy and serving investors. Including exploring product innovation, improving the ETF product layout and product chain, vigorously developing equity ETFs, focusing on supporting products that serve national strategies and serving regional development; continue to promote innovative business models; continue to develop ETF related products, especially the ETF options market; Further increase ETF marketing efforts, expand ETF sales channels, and hold various online and offline theme seminars for individual investors.
3. New fund issuance
1. The Bank of China Fund launched a new debt base, and Bai Jie worked for 4 products in the past year. The performance exceeded the average of similar products.
On November 8, the Bank of China Fund launched a bond fund for Bank of China Hengjia’s 60-day rolling holding short-term bond bond securities investment fund (hereinafter referred to as “BOC Hengjia 60-day rolling short-term bond A”). The fund manager is Bai Jie.
Public information shows that BOC Hengjia’s 60-day rolling short-term bond A’s investment goal is to “pursue the long-term and stable growth of fund assets under the premise of controlling risks and maintaining asset liquidity”. The investment scope is financial instruments with good liquidity. , Including bonds (including treasury bonds, central bank bills, financial bonds, local government bonds, corporate bonds, corporate bonds, government-backed bonds, government-backed agency bonds, securities company short-term corporate bonds, short-term financing bonds, ultra-short-term financing bonds, medium-term notes, Publicly issued subordinated bonds), asset-backed securities, bond repurchases, interbank certificates of deposit, bank deposits (including agreement deposits, time deposits and other bank deposits), money market instruments and laws and regulations or other financial investments permitted by the China Securities Regulatory Commission tool,.
Bai Jie joined the Bank of China Fund in 2007 and served as a fixed-income researcher, fund manager assistant, and Bank of China Anxin Return Semi-annual Open Bond Securities Investment Fund and other fund managers; current Bank of China Wealth Management 7-Day Bond Fund, Bank of China Industrial Bond Fund, Bank of China Anxin Return Fund managers such as bond funds.
From November 3, 2021, Bai Jie began to work as a fund manager of BOC Hengjia holding short-term debt A for 60 days. As of November 9, 2021, Bai Jie has served as a fund manager for 10 bond funds and 1 currency fund. Among them, as of November 5, 2021, the increase of BOC Yuexiang’s regular open bond launch in the past year was 4.52%, outperforming the average increase of 4.28% in the same period. As of November 8, 2021, Bank of China Industrial Bond A, Bank of China Trust Share Regular Open Bond, and Bank of China Foreign Exchange Stabilized Short-Term Bond A have increased by 6.24%, 4.65%, and 3.4%, respectively, outperforming their peers in the same period. The average increase was 5.93%, 4.28%, and 3.22%.
2. Zhongrong Fund launched a new mixed base, and Hammer was in the management of 1 fund, and its growth rate was not good across the board.
On November 9th, Zhongrong Fund issued a hybrid fund, which is Zhongrong Jinghui Hybrid Securities Investment Fund (hereinafter referred to as “Zhongrong Jinghui Hybrid A”). The fund managers are Qian Wencheng and Hamer.
Public information shows that Zhongrong Jinghui Hybrid A takes “under the premise of strict risk control, through reasonable asset allocation, comprehensive use of multiple investment strategies, and strive to achieve long-term and stable growth of fund assets” as its investment goal, the investment target is Financial instruments with good liquidity, including domestic stocks issued and listed in accordance with the law (including ChiNext and other stocks approved for listing by the China Securities Regulatory Commission), depositary receipts, stocks subject to southbound trading, bonds (including treasury bonds, central bank bills, and local government bonds) , Short-term financing bills, ultra-short-term financing bills, medium-term notes, financial bonds, corporate bonds, corporate bonds, publicly issued subordinated bonds, convertible corporate bonds (including convertible bonds for detachable transactions, exchangeable corporate bonds, etc.), Asset-backed securities, bond repurchases, bank deposits, interbank certificates of deposit, money market instruments, stock index futures, treasury bond futures, stock options, credit derivatives, and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to allow funds to invest.
Qian Wencheng, joined Zhongrong Fund in July 2020 and is currently the deputy general manager of the equity investment department. Zhongrong Ronghui Shuangxin regularly opens bond securities investment funds for one year, and Zhongrong Jingrui hybrid securities investment funds with one-year holding period , Zhongrong Jingyi 6-month holding period hybrid securities investment funds and other fund managers. Prior to this, Qian Wencheng had joined Tianhong Fund Management Co., Ltd.
Hamer joined Zhongrong Fund in January 2019. He is currently the deputy general manager of the fixed income investment department. Ronghengxin pure bond bond securities investment funds and other fund managers. Before joining Zhongrong Fund, Hammer worked at Yinhua Fund Management Co., Ltd.
Since October 29, 2021, Qian Wencheng and Hamer have served as fund managers of Zhongrong Jinghui Hybrid A. As of November 9, 2021, Qian Wencheng has served as a fund manager for 5 hybrid funds and 1 bond fund, and Hammer has served as a fund manager for 4 hybrid funds and 5 bond funds. Among them, Hammer has been working for Zhongrong Hengan Pure Bond A for 1 year and 224 days. As of November 8, 2021, the fund has been in the past 1 week, January, March, June, this year, and The annual growth rates were 0.04%, 0.14%, 0.31%, 0.92%, 1.7%, 2.3%, and the similar rankings were 2,021|2,186, 1,964|2,191, 1,874|2,122, 1,878|2,013, 1,802|1,945, 1,739| 1,906.
3. Yongying Fund issued a new index product, and Wanchun’s “one for twelve” fund had a return rate of -22.1%
On November 9th, Win Win Fund issued an index fund to initiate feeder funds for Win Win CSI All-Medicine Medical Device Trading Open-end Index Securities Investment Fund (hereinafter referred to as “Win Win CSI All-Finger Medical Device ETF” Initiate connection A”), the fund manager is Wan Chun.
Public information shows that Yongying CSI Full Index Medical Device ETF initiated connection A with “mainly investing in the target ETF, closely tracking the performance of the underlying index, pursuing tracking deviation and minimizing tracking error” as the investment goal, mainly investing in the target ETF fund shares, underlying index constituent stocks, and alternative constituent stocks. In order to better achieve its investment objectives, the fund can also invest in non-constituent stocks issued and listed in China according to law (including the main board, the ChiNext and other stocks and depositary receipts approved or registered by the China Securities Regulatory Commission), bonds (including treasury bonds) , Central bank bills, corporate bonds, corporate bonds, subordinated bonds, local government bonds, financial bonds, convertible bonds, exchangeable bonds, separable transaction convertible bonds, medium-term notes, short-term financing bonds, ultra-short-term financing bonds), assets Support securities, bond repurchase, bank deposits, interbank certificates of deposit, stock index futures, money market instruments, and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to allow the Fund to invest.
Wan Chun, the current fund manager of the equity investment department and the deputy director of the quantitative investment department of Yongying Funds (presiding over the work), Yongying Huize regularly opens flexible configuration hybrid securities investment funds for one year, and Yongying CSI 300 index-type origination Fund managers such as securities investment funds and Yongying Growth Enterprise Market index initiated securities investment funds. Prior to this, Wan Chun had worked in the Fund of China Settlement Technology Department and Ping An Fund Management Co., Ltd.
Since October 26, 2021, Wan Chun began to work as the fund manager of the Everwin CSI All-Finger Medical Device ETF initiating Link A. As of November 9, 2021, Wan Chun has worked as a fund manager for 7 index funds and 5 hybrid funds. Among them, it has been 201 days since Wan Chun’s Yongying CSI Full Index Medical Device ETF, and the return rate of the fund’s employment is -22.1%.Return to Sohu to see more
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