While the Beijing Stock Exchange smoothly concluded its first week of opening, the first batch of themes of the Beijing Stock ExchangefundA “Lightning Sold Out” was also staged today.
On November 19, the first batch of 8 Beijing Stock Exchange themed funds was officially launched, with a single initial offering limit of only 500 million yuan. Unsurprisingly, the 8 funds ushered in the enthusiasm of investors. As of about 11:30 in the morning, all of them had been over-raised, sold out in half a day and started the proportional allotment.
Subsequently, Huaxia, GF, etc.fund companyAnnouncement of the early end of the fundraisingannouncement. According to the announcement, the cumulative subscription application amount of the fund has exceeded the upper limit of the total fundraising scale of 500 million yuan, and it was decided to end the fundraising early. November 19 is the final subscription day for the fund. Since November 20, the fund will no longer accept investor subscription applications. The fund manager will partially confirm the adoption of the “doomsday ratio confirmation” principle for valid subscription applications.
BrokerageChinese reporters learned from channel sources that as of 3 o’clock in the afternoon, the total subscription scale of the eight Beijing Stock Exchange theme funds may exceed 10 billion yuan. Among them, the subscription scale of China Universal Beijing Stock Exchange Innovation Select has exceeded 5 billion yuan, far ahead, and the final placement ratio may be as low as 10%; in addition, the Beijing Stock Exchange Fund under China Xia and E Fund has received about 2 billion subscriptions , GF, Harvest and other companies’ Beijing Stock Exchange fund subscription scale is roughly 1.5 billion yuan, and the proportion of allotment is mostly 20% to 30%.
The first batch of 8 Beijing Stock Exchange theme funds are all sold out
From the official announcement of the establishment of the Beijing Stock Exchange on the evening of September 2 to the official opening of the market on November 15, a series of systems, personnel, and systems have been prepared in just over two months. Meanwhile, the Beijing Stock Exchange The theme fund has also completed the whole process from preparation to launch.
On November 12, 8 fund companies including E Fund, GF, Southern, China, Harvest, China Universal, Wanjia, and Dacheng were approved for the first batch of Beijing Stock Exchange theme funds. These products were declared on October 18. It was approved on the 12th, and the issuance was launched on November 19, and the fundraising was closed quickly on the same day. The whole process took only one month.
On the whole, due to liquidity and market size, the first batch of 8 Beijing Stock Exchange theme funds will raise an upper limit of 500 million yuan for the first time. They will operate in a rolling manner of closed and open periods, and will be opened every two years. During the closed period, stock assets accounted for 60%-100% of fund assets, and the proportion of investment in CBEX stocks was no less than 80% of non-cash fund assets.
Various fund companies have also sent strong soldiers to serve as fund managers in the future, especially because the Beijing Stock Exchange is based on the selected layer of the NEEQ. Some companies have chosen to use fund managers with investment and research experience in the NEEQ. The fund manager of themed products on the Sci-tech Innovation Board concurrently serves as the fund manager.
For example, Gu Xinfeng, the fund manager of China North Exchange’s Innovative Small and Medium-sized EnterprisesChina Asset ManagementInvestment manager of the subsidiary China Capital and the administrative person in charge of the NEEQ business department; Lei Jiayuan, a fund manager selected by the Southern Beijing Stock Exchange for two years, was in charge ofPublic utilities, New energy and new third board research work; Ye Yong, the fund manager of Wanjia Beijing Stock Exchange Huixuan, is also the current research director and fund manager of the new third board of the investment research department. Manager and other positions.
In addition, Xie Jiale, the fund manager set by Dacheng Beijing Stock Exchange for two years, is the only one in the market who has managed the first batch of fund managers who have also managed the first batch of three-year closure of science and technology innovation, two-year closure of ChiNext and two-year fixed-term opening of Beijing Stock Exchange. With 7 years of research experience in machinery, automobile, military industry, communications, computer and other industries, the competence circle has a high degree of matching with the “specialized, specialized, and new” enterprises that the Beijing Stock Exchange plans to focus on; andHarvest FundIt chose to adopt the “dual fund manager”. The Harvest Beijing Stock Exchange selected two-year regular open fund manager jointly by Liu Jie and Li Tao, with 15 and 13 years of experience in the securities industry, respectively.
Aiming at specialization, newness and high-quality growth
After the end of the raising of the above 8 products, how to operate and manage them is the issue that investors are most concerned about. The Beijing Stock Exchange is established on the basis of the selected layer of the New Third Board. It is different from the Shanghai and Shenzhen Stock Exchanges in terms of financing volume, transaction volume and valuation. These new features also put forward new requirements for the operation of public fund products.
Regarding the specific investment strategy after the product is established, Wu Yuanyi, a fund manager selected by the China Guangfa Beijing Stock Exchange for two years, said that he will look for investment targets from three dimensions:
The first is the industry space. The policy of “specialization, specialization and innovation” has been an important policy for supporting the development of “small and beautiful” enterprises in the past two years, and it is also an important part of the national innovation-driven development strategy. Therefore, we will focus on sub-industries that benefit from policies and have a high industry boom.
The second is the company’s texture. As small and medium-sized innovative enterprises, they are often in the early stages of growth and may have better growth potential in the future.We will examine the profitability of the company from two aspects, for example, analyze the profitability of the company through ROE and ROA indicators;Operating income、Net profitThe compound growth rate of, EPS, etc. examines the growth ability of the enterprise.
The third is valuation discount. In the past, the market had low expectations on the liquidity of the New Third Board, and some companies with good fundamentals had a certain discount in their valuations compared to the main board targets. After the Beijing Stock Exchange opens, the number of investors participating in the market and the amount of funds will increase, liquidity is expected to improve, and some companies may have opportunities for valuation restoration.
China Universal FundSaid that the investment style of the company’s Beijing Stock Exchange theme fund is positioned as active growth. When the Beijing Stock Exchange market is trending upward, it is necessary to keep up with the market as much as possible; when the Beijing Stock Exchange market falls, try to control the retracement as much as possible. Grasp the main line of market investment, follow the strong industrial chain, and grasp the core links; select individual stocks from the bottom up, hold high-quality growth stocks, and strive to increase value following the growth of the company. In terms of portfolio management, we closely follow the industry and key companies, strive to avoid operating risks, and the industry is appropriately balanced, focusing on a number of sectors with different business characteristics and industry driving forces.
“Our investment strategy in the Beijing Stock Exchange is mainly a combination of bottom-up selected individual stocks and top-down industry research. The turnover rate will not be very high. At the same time, the positionGo to the meetingRelatively dispersed, the weight of individual equity is low. In addition, the company will also adopt strategic placement,Make a newActively participate in the Beijing Stock Exchange’sNew crotchinvest. “Ye Yong, manager of the Huixuan Fund of Wanjia Beijing Stock Exchange, revealed.
Liu Jie, Selected Fund Manager of Harvest Beijing Stock Exchange, further stated that the measurement of high-quality companies is mainly based on the development characteristics of the company’s industry and the company’s industry status, the company’s core competitiveness, the company’s operating capabilities and governance structure, etc. Conduct a comprehensive analysis. At the same time, according to the characteristics of listed companies in each industry of the Beijing Stock Exchange, determine the valuation method suitable for the industry, combined with the judgment of the industry growth, refer to the historical valuation level and the valuation level of representative countries and regions under similar conditions to determine The reasonable valuation of the industry can lead to judgments that the industry’s share price is overvalued, undervalued, or neutral.
Fund companies have begun to intensiveResearchBeijing Stock Exchange Enterprise
Everything is ready, only Dongfeng is owed. When the new product is raised, where will the bullets go? The recent investigations of fund companies may provide some clues. Since the official opening of the Beijing Stock Exchange on November 15, many listed companies on the Beijing Stock Exchange, such as Beterui, Liancheng CNC, and Jingsai Technology, have accepted intensive investigations by institutional investors such as fund companies.
On November 17, Beterui, the largest market capitalization company of the Beijing Stock Exchange, announced that it had received telephone surveys from 9 public funds, including GF, E Fund, and China. Bettere said that whether it is in the new energy vehicle or energy storage market, demand is at a high growth stage, and there is a further acceleration trend. The company has land reserves in Huizhou, Tianjin, Changzhou and other bases, and can start a new expansion plan at any time. .
For the new silicon-based anode that the market is concerned about, the companyExecutivesSaid that as a new generation of negative electrode materials, silicon-based anodes have the characteristics of high capacity and high expansion coefficient. Therefore, the application needsBatteryThe factory has strong technical strength. At this stage, silicon-based anodes are the future development direction, but it is difficult to replace conventional anode materials on a large scale in the short term.
It is worth mentioning that Jingsai Technology accepted the Yangtze River Pension on November 17.insurance、Soochow Fund、CICCMany othersinsurance, Public offering and joint research of securities companies. Regarding the product prices that institutions are concerned about, Jingsai Technology said that it is mainly determined by the market. From 2018 to 2020, the company’s quartz crystal product prices have shown a downward trend. In the first half of this year, they rebounded slightly. In the future, as market competition changes, Product prices will still fluctuate.
The company also stated that it will carry out market development in an orderly manner in accordance with the development of new products, the pace of production of new capacity, and the grasp of customer resources. At present, the company’s downstream customer industries are widely distributed, and the specific distribution is related to the company’s historical customer development. The company’s market development will not be limited to a specific market area.
A total of 22 organizations participated in the telephone and network surveys of Chuangyuan Instruments, includingWells Fargo Fund、Dacheng Fund、Bauhinia Fund、China Post FundAnd many other public offering funds, as well as Taikang Asset Management, etc.insuranceInstitutions, Wangzheng Assets and other private placements.
From the perspective of the industry of the surveyed company, including healthcare, information technology, daily consumption, industry, materials,Public utilities. Among them, the information technology industry has the most surveyed companies, reaching 7 companies, namely Fujitec, Guoyuan Technology, Star Technology, Tonghui Information, Golden Years, Chuangyuan Instrument, and Jingsai Technology.
Sold out in one fell swoop!The first batch of 8 Beijing Stock Exchange themed funds sold out is expected to start proportional allotment
The 4 billion yuan quota is sold out in 3 hours! 8 Beijing Stock Exchange themed funds will start proportional allotment
(Source: Brokerage China)
(Original title: Lightning sold out! The Beijing Stock Exchange theme fund is completely hot, tens of billions of funds are snapped up, all 8 are over-raised… Why are they so popular?)
(Editor in charge: 91)