Hundreds of boats compete for the flow, the one who strives first; the thousand sails compete, the one who advances bravely wins.
For ChinafundIn terms of industry, 2021 is a year of innovation. REITs, FOF-LOFGo to the Beijing Stock Exchange theme fund, enhancedETF, The innovation fund has blossomed at more points, providing investors with a richer product catalog; industry talents have emerged in large numbers, and the vigorous “back waves” have come to the center of the investment stage; foreign-funded public offeringsfund companyThe entry of the company has also brought a new atmosphere to the industry.
2021 is a year of positive change. The standardization of fund investment advisory business and the announcement of the scale of agency sales agencies are all intended to solve the problem of “funds make money, but customers do not make money”, and guide fund holders to invest in long-term and value investments, so as to effectively enhance their sense of gain.
At the beginning of the new year, we will take stock of the fund industry in 2021 with ten key words, and look forward to the fund industry in 2022 to make persistent efforts and reach a higher level.
Keywords: scale new high
Industry ran out of development “acceleration”
China’s fund industry is running out of development “acceleration”.According to ChinaSecuritiesAccording to data from the Investment Fund Industry Association, as of the end of November 2021, the scale of public funds exceeded 25 trillion yuan for the first time, setting a new historical record again. The scale of private equity funds has also repeatedly hit new highs. As of the end of November, the overall scale was approaching 20 trillion yuan.
Compared with the end of 2020, the scale and quantity of public and private equity funds have doubled. As of the end of November 2021, the number of public funds in the market has increased from 7913 at the end of 2020 to 9,152, and the scale has also increased from 19.89 trillion yuan to 25.32 trillion yuan. From the perspective of private equity funds, as of the end of November 2021, the number of existing private equity funds reached 121,500, with a management scale of 19.73 trillion yuan, a substantial increase of 3.76 trillion yuan from the end of 2020.
Benefiting from the rapid development of the industry, the global ranking of China’s public offering funds has also steadily improved. According to data from the Institute of Investment Companies of the United States (ICI), as of the end of the third quarter of 2021, the global ranking of Chinese mutual funds has moved up one place from the end of 2020, rising to fourth place, second only to the United States, Ireland, and Luxembourg, ranking in the Asia-Pacific region First.
Key words: New Year of Release
Explosive funds frequently appear
Fiery is 2021Fund issuanceKeywords for the market. In 2021, the total issuance of newly established public funds will exceed 3 trillion yuan, and the number of new products registered for private equity funds will exceed 30,000.
Choice dataIt shows that as of December 31, the total issuance of new public funds established in 2021 was 3.02 trillion yuan. This is the second time that the annual issuance of public funds has exceeded 3 trillion yuan after 2020. It is worth mentioning that the number of new public offering funds established in 2021 exceeded 1,900, setting a new historical record.
From the perspective of new fund types, equity funds account for half of the country.Equity funds、Hybrid fundThe total issuance scale exceeds 2 trillion yuan. Explosive funds have appeared frequently. In 2021, more than 140 new funds were sold out in one day, and the star fund managers of leading fund companies showed a strong gold absorption effect.Among them, E Fund’s competitive advantage companiesHybridThe subscription funds on the first day of the fund’s issuance approached 240 billion yuan, which can be described as “a huge amount” in the history of public funds.
The filing of private equity funds has also ushered in an upsurge.ChinaSecuritiesAccording to data from the Investment Fund Industry Association, as of the end of November, the number of newly registered private equity funds reached 36,100 since 2021, of whichSecuritiesThe number of investment funds filed is 28,300.
Keywords: innovation
Product territory “explore territories”
In 2021, public funds will shine in the field of product innovation. Public REITs “break the ice”, the Beijing Stock Exchange theme fund was born, and the first batch of FOF-LOF, the first batch of MSCI China A50 interconnection ETF, the first batch of enhanced ETF and the first batch of deposit index funds came out, providing more abundant market funds While investing in varieties, it is also “expanding territory” for the product territory of public funds.
The first batch of 9 publicly offered REITs listed in June has attracted much attention. The first batch of publicly offered REITs have been popular in the market since they went public. Statistics show that as of December 31, 2021, 9 products have all achieved a premium over the issue price since their listing, with an average increase of more than 20%.
In November 2021, the first batch of 4 MSCI China A50 Interconnect ETFs were listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. MSCI China A50 Connectivity Index selects 50 stocks from the interconnection targets of Shanghai and Shenzhen stock markets as index samples, focusing on China’s core high-quality assets.
Other innovative products also provide market investors with investment opportunities in different directions: The Beijing Stock Exchange theme fund can effectively help small and medium investors break through the capital threshold, participate in the investment of listed companies on the Beijing Stock Exchange, and share the growth dividends of SMEs; the first batch The advent of FOF-LOF opened up FOF’s on- and off-exchange trading mechanisms; the first enhanced ETFs put a pair of “active” wings on passive products. Fund managers can track the index through active selection Stocks to obtain excess returns; interbank certificate of deposit index funds have the characteristics of short cycle, low risk and high liquidity.Monetary FundIn the context of the overall decline in scale, it can be used as an effective supplement to cash management products.
Keywords: Mainstay
The money-making effect stimulates investors’ enthusiasm for entering the market
Since 2021, as the scale of the industry continues to expand, the voice of public funds has also continued to increase.Galaxy SecuritiesFunding ResearchAccording to the central statistics, as of the end of the third quarter of 2021, the value of the A stock market held by public funds is 572.1501 billion yuan, which accounts for 7% of the total market value of A shares, which is a further increase from 6.29% at the end of 2020.
Over the years, the competition between foreign capital and public funds for the right to speak in A shares has always been the focus of the industry. Since 2017, the inflow of foreign capital has accelerated, and the gap between holdings of the A stock market and public funds has also been narrowing. As of the end of the first quarter of 2019, the difference between the two was only 262.108 billion yuan, and the right to speak in public offerings was once “precarious.”
Since then, the money-making effect of the fund has stimulated investors’ enthusiasm for entering the market, the scale of equity funds has expanded rapidly, and the value of the A stock market held by public funds has once again opened the gap with foreign capital. In the third quarter of 2021 alone, the gap between public offerings and foreign equity holdings increased by 423.05 billion yuan. According to statistics, as of the end of the third quarter of 2021, the total value of A-shares held by foreign institutions and individuals was 3,560,743 million yuan, and the proportion of foreign-owned shares in the total A-share market value was 4.35%.
In fact, since 2021, the trend of foreign capital inflows into the A-share market has not slowed down.Data show that as of the close of trading on December 31, the total amount of northbound funds in 2021Net inflow432.17 billion yuan, a record high.
Keywords: “Back Wave” Pentium
Young fund managers “new born calves are not afraid of tigers”
According to the data, as of December 28, 2021, the scale of managed stock and hybrid funds exceeded 10 billion yuan (including the old funds as of the end of the third quarter of 2021 and since the fourth quarterNew fundThere are 270 fund managers in total, which is an increase of 35% compared with the 200 fund managers with a management scale of more than 10 billion yuan at the end of 2020.
Among them, many young fund managers have been recognized by the market for their outstanding performance, and their management scale has quickly exceeded 10 billion yuan. Data show that among the 270 fund managers mentioned above, 79 have served as fund managers for less than 3 years, and 42 have served as fund managers for less than 2 years.
Young fund managers have shown the momentum of “newborn calves are not afraid of tigers”. Cui Chenlong, Qianhai Open Source Fund, which leads the performance in 2021,Bauhinia FundChen Jinwei,China Asset ManagementZhong Shuai and others have served as fund managers for less than two years.
In addition to young fund managers, many “young” fund companies have also gained market recognition in 2021, and their management scale has increased significantly. Ruiyuan Fund, which was established for three years, has demonstrated strong brand influence. Its third public offering product, Ruiyuan, has secured a two-year holding period hybrid fund and obtained RMB 100 billion in funding. The fund’s establishment scale of 9.951 billion yuan has led to a substantial increase in the scale of Ruiyuan’s fund management. Coupled with the growth value of Ruiyuan and the equilibrium value of Ruiyuan’s three-year fund scale as of the end of the third quarter of 2021, the fund size is 34.137 billion yuan and 15.935 billion yuan. The scale of Ruiyuan’s public offering product management alone has exceeded 60 billion yuan.
Keywords: foreign capital “breaking the ice”
Healthy competition stimulates industry vitality
June 2021,BlackRockObtained a public fund business license,BlackRockThe fund officially opened in Shanghai. As the first wholly foreign-owned public offering approved for establishment,BlackRockEvery move of the fund has attracted much attention. In July, BlackRock Funds reported the first public offering product-BlackRock China New Horizons Hybrid Fund; in September, the fund was announced, with an initial offering of nearly 6.7 billion yuan, and the total number of subscriptions exceeded 110,000; In December, the second product of the BlackRock Fund-BlackRockSouthbound tradingThe Vision Hybrid Fund has been approved and is scheduled to be issued in January 2022.
August and September 2021,FidelityHelubomai has been approved by the China Securities Regulatory Commission to establish public fund companies. At present, there are many foreign-funded institutions such as Fan Da Fund, AllianceBernstein Fund, Schroder Fund, etc., queuing to apply for public offering fund licenses.
What impact will the establishment of foreign public offerings have on the current domestic public offerings industry structure? Many industry insiders believe that foreign institutions with rich overseas investment experience can bring domestic investors a relatively mature and complete investment system and more diversified products, thereby forming healthy competition with local institutions and enhancing the overall vitality of the industry.
Keywords: Quantitative Rise
The rise of new forces
In 2021, quantitative private equity will rise rapidly and gradually become an important force in the capital market.
According to statistics from the private equity ranking network, as of the end of 2021, the overall management scale of quantitative private equity has exceeded 1 trillion yuan, and 27 quantitative private equity companies including Jukuan Investment, Tianyan Capital, Yanfu Investment and Qilin Investment have all entered the tens of billions of private equity echelon. This is an increase of 170% compared to the 10 companies at the beginning of 2021.
Judging from the filing situation, the filing of new products for quantitative private placement in 2021 is quite hot. According to statistics, the number of quantitative private equity funds filed in 2021 is close to 9,000, an increase of nearly 60% from the 5671 in 2020.Among them, the number of tens of billions of quantitative private equity filings in 2021 will exceed 7,000, which is a quantitative private placement filingMain forcemilitary.
However, while quantitative private equity is ushering in the largest growth wave in history, challenges also follow. Since late September 2021, the rapid expansion of scale and the changes in the market environment have caused a significant retracement of the performance of many quantitative private equity. Many industry insiders said that due to the rapid expansion of the quantitative private equity industry, the problem of homogenization of strategies has gradually emerged, and the overall operation difficulty has increased significantly.
In this context, the head quantification mechanism has set off a “closing wave”. Public information shows that in 2021, a total of 11 quantitative private placements, including Magic Square Quantitative, Jukuan Investment, Lingjun Investment, Qilin Investment, and Yanfu Investment, have issued product closure announcements, of which 9 are tens of billions of quantitative private placements. At the same time, a number of top quantitative private equity firms are currently focusing their work on strategic iterations.
Keywords: investment advisor gallop
Further solve industry pain points
With breaking the currency, going to the channel,Financial managementWith the advancement of full product net worth, wealth management institutions urgently need to transform from a seller’s sales model to a buyer’s investment advisory model. As an important starting point for the transformation of wealth management institutions, the fund investment advisory business will also usher in rapid development and profound changes in 2021.
From a supervisory point of view, relevant departments are striving to improve the industry’s legal system to promote the development of fund investment advisory towards standardization, clarity and transparency. In early November 2021, the Securities Regulatory Bureau of Beijing, Shanghai and Guangdong issued the “Notice on Regulating Fund Investment Recommendation Activities”, which kicked off the supervision of fund investment advisory.Since then, relevant regulatory authorities have successively issued the “Public OfferingStock investmentGuidelines on the Content and Format of Fund Investment Advisory Service Agreements (Consultation Draft), “Guidelines on the Content and Format of Risk Disclosure Letters for Investment Advisory Services of Publicly Offered Securities Investment Funds (Consultation Draft)”, “Public Offered Securities Fund Investment Advisory Service Performance and Customer Asset Display The Guidelines (Draft for Soliciting Opinions)” further improve the fund investment advisory supervision system.
At the same time, the fund investment advisory business is accelerating, and new participants have entered the market. As of December 29, 2021, 60 institutions have obtained the qualification for the pilot fund investment advisory program, including 25 funds and subsidiaries.Brokerage29, 3 independent three-party sales agencies,Bank3 homes.
Some organizations have officially launched their business and promoted their business simultaneously with the help of tripartite and direct channels.according toWestern SecuritiesAccording to statistics, 22 institutions have launched a total of 219 investment advisory strategies. Among them, Tiantian Fund launched 72 strategies from 8 companies, and Ant Fortune launched 47 strategies from 11 companies.JingdongFive companies have launched 32 strategies in the financial sector, and 9 institutions in direct sales channels have launched 68 strategies. Excluding repeated investment advice strategies in various channels, a total of 186 strategies were finally launched.
Keywords: performance differentiation
“Dark Horse” is full of color
In 2021, the new energy sector will perform strongly, and the financial, real estate, home appliances and other industries will perform poorly. Under the extreme interpretation of the structural market, the performance of equity funds will show a huge divergence.
Judging from the performance of active equity funds, the leader’s rate of return is close to 120%, while the bottom ones have a loss of about 30%, a difference of about 150 percentage points from end to end.
Among the leading funds, Qianhai Kaiyuan managed by Qianhai Kaiyuan Fund Cui ChenlongPublic utilitiesAnd Qianhai Kaiyuan New Economy Fund has always been in the new energy industry throughout the year, and its performance is far ahead, and both have achieved doubled annual returns. Funds with annual returns of more than 70%, such as Great Wall Industry Wheel, Golden Eagle National Emerging, Ping An Strategy Pioneer, and Xincheng Emerging Industries, are also heavily invested in the new energy sector.
High-performance funds with a more balanced industry allocation include Baoying’s advantageous industries, Dacheng state-owned enterprise reform, GF multi-factor, Dacheng emerging industries, and China’s industry boom. These funds have demonstrated good stock picking capabilities.
In 2021, some funds failed to grasp the context of the structural market and ended up with negative returns. Among them, the worst-performing active equity fund has a loss of about 30%. From the perspective of performance attribution, the poor return of some products is due to the misalignment of rotation, chasing the rise and the decline; some products have poor performance due to the allocation direction, such as the weak performance of the Hong Kong stock market and the pharmaceutical sector in 2021, and the performance of related funds is naturally poor. .
Keywords: channel smoke
Fund salesStart the battle for traffic
In 2021, trillions of fund sales will be filled with smoke, and Internet fund sales channels represented by platforms such as Ant Fund and Tiantian Fund will catch up with fierce momentum.BankSuch traditional channels have launched a challenge.
Since the China Securities Investment Fund Industry Association quarterly announced the scale of fund sales institutions’ public fund holdings in 2021, Ant Fund has consistently ranked first in the scale of non-monetary funds holdings, and the scale at the end of the third quarter was close to 1.2 trillion yuan; Tiantian Fund’s non-monetary funds The scale of holdings has also increased significantly. As of the end of the third quarter, it rose to the third place in the industry with 578.3 billion yuan.
Not only the head institutions, some small and medium-sized Internet fund sales platforms are also rapidly sprinting. Among the institutions that ranked relatively high in the scale of non-monetary fund retention at the end of the third quarter, most of them increased by more than 10% from the previous quarter, and most of them were Internet channels, and the rankings of Tengan Fund, Jiyu Fund and other institutions all rose.
As the competition among fund sales agencies intensifies, the survival of the fittest in this industry continues to advance. According to data, as of December 29, Yingmi Fund has surpassed Tiantian Fund to become the fund sales organization with the largest number of fund sales, with the number of agency sales as high as 6,864. A total of 8 fund sales organizations such as Tiantian Fund and Ant Fund have sold more than 6,000. However, the number of fund sales agencies with single-digit agency funds has reached 56. In 2021, many agencies have been cancelled by fund companies due to penalties and poor strength.
(Source: Shanghai Securities News)
(Original title: Pentium’s fund industry: Thousands of sails compete to send out a song)
(Editor in charge: 91)
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