Trainee reporter Zhang Chi
The number of newly opened monthly accounts was 1.5552 million, with a total of nearly 189 million. This is the latest data for investors in my country’s A-share market as of the end of June.
The trend of investors enthusiastically opening accounts continues, but what is more interesting is that the structure of A-share investors is showing new trends. In recent years, the opening up of the capital market has continued to increase, and policy signals to strengthen the construction of the investment side have continued to be released. The entry of insurance funds and pension funds into the market has received strong support from the regulatory authorities.
In this context, various professional institutional investors such as public funds, social security funds, private equity funds, and foreign capital have come in one after another, and the proportion of institutional holdings has steadily increased. Analysts said that the “small and long flow” of funds from public funds, insurance funds, pension funds and other institutions is an important driving force to promote the stability and long-term development of my country’s capital market. There is a long way to go to strengthen the power of institutional investors and guide long-term funds into the market. Institutional investors such as public funds should seize policy opportunities, give full play to their professional advantages, build long-term value investment concepts, and better serve residents’ wealth management needs.
A-share investor structure is gradually improving
In the first half of this year, the number of new investors exceeded 10 million. According to the latest statistics released by China Securities Depository and Clearing Corporation Limited, as of the end of June, the number of new investors during the year reached 10.8399 million, a year-on-year increase of 35.65%. At the end of the period, the number of investors was approximately 189 million, an increase of 12.44% over the same period last year.
Pan Helin, executive dean of the Institute of Digital Economy of Zhongnan University of Economics and Law, said that the main reason for investors to accelerate their entry into the market this year is the money-making effect. The number of new A-share investors is basically synchronized with the monthly performance of the stock market. In addition, investors have full confidence in the fundamentals of China’s economy and are optimistic about the long-term development of A-shares as the main motivation for investors to enter the market.
On a month-by-month basis, affected by the changes in the A-share market, retail investors’ sentiment for entering the market in the second quarter declined significantly compared to the first quarter. In the second quarter, the number of new natural persons dropped by more than 30% from the previous month, but the number of new institutional investors during the same period fell. Shows a steady increase trend. Data show that in June, the number of new non-natural person investors in the A-share market was 4,400, a year-on-year increase of 109.5%. At the end of the period, the number of non-natural person investors was 417,300, an increase of 21,400 from the end of last year, and the growth rate was significantly accelerated.
“The increase in the number of non-natural person investors confirms that the current A-share market is becoming institutionalized from one side.” Chen Li, chief economist and director of the Institute of Chuancai Securities, said that according to the proportion of the market value in circulation, If the time is extended, starting from 2015, the proportion of retail holdings in my country’s A-share market has gradually declined, while the proportion of institutional holdings has increased year by year. Judging from the development experience of the international securities market, an increase in the proportion of professional institutions in the A-share market will be a trend in the future.
On June 21, the Ministry of Human Resources and Social Security released the performance of enterprise annuities in the first quarter. As of the end of the first quarter, the size of enterprise annuity funds reached 2.32 trillion yuan, of which equity investment was 1.93 trillion yuan, a slight increase of 9% from the end of 2020. In addition, according to the statistical analysis of Li Lifeng, deputy director and chief strategy analyst of West China Securities, as of the end of the first quarter of this year, under the tradable market value caliber, institutional investors held a total of 21.85% of the value of the A stock market, which was significantly more than 15.66% at the end of 2016. increase. Among them, public funds, as the main force of A-share “institutionalization”, hold 4.81 trillion yuan in market value of A-shares, accounting for 7.53%. In addition, foreign capital, insurance (including social security) and private equity funds accounted for the highest proportions, followed by 5.26%, 4.53%, and 1.66%.
Value investment concept still needs to be strengthened
Institutional investors not only bring a large amount of capital to the A-share market, but also optimize the investor structure. More importantly, they will continue to strengthen market value investment and long-term investment concepts.
With the rapid development of my country’s economy and society, residents’ income has continued to increase. The latest data released by the National Bureau of Statistics shows that in the first half of this year, the national per capita disposable income of residents was 17,642 yuan, a nominal increase of 12.6% year-on-year. The increase in residents’ income has promoted the increasing demand for family financial management, especially the investment demand for equity products.
According to data from Flush Shun iFinD, according to the fund’s establishment date, in the first half of the year, the issuance scale of public funds reached 1.63 trillion yuan, of which the issuance scale of equity funds reached 1.28 trillion yuan, a year-on-year increase of about 80%. The “Research Report on Chinese Residents’ Investment and Wealth Management Behavior” (hereinafter referred to as the “Report”) recently released by the Shanghai Advanced Institute of Finance of Shanghai Jiaotong University shows that the three types of assets that are currently allocated the most in residents’ financial investment are bank deposits, public funds and stocks. 44% of respondents have allocated public funds, of which hybrid funds are the most popular among investors.
It is worth noting that despite the rapid development of public funds, sunshine private equity, and securities firm asset management in the past two years, and the rapid increase in the proportion of investors buying funds, the concept of investor value investment still needs to be strengthened. The “Report” shows that when the fund faces a loss of more than 20%, 35% of investors may change their investment plans; when the fund’s return exceeds 20%, nearly 50% of individuals choose to increase their holdings. Yan Hong, the academic deputy dean of the Shanghai Advanced Institute of Finance, said that Chinese residents’ speculative investment style is relatively obvious, and long-term value investment habits have not yet been developed. At the same time, the phenomenon of chasing ups and downs is widespread in residents’ investment and financial management.
Regarding how to adapt residents to expand equity investment needs while helping them establish long-term value investment concepts, industry insiders said that, on the one hand, it is necessary to push forward reforms on the investment side more vigorously, increase equity fund product supply and service innovation, and attract More residents reasonably convert their savings into investment; on the other hand, we must steadily advance the legalization and market-oriented reform of the capital market, improve the quality of listed companies, and enhance investors’ sense of gain in this process.
Expansion of the pilot fund investment advisory business
In order to strengthen the construction of the investment side and optimize the environment for medium and long-term funds entering the market, the regulatory authorities have taken a number of supportive measures in the past two years. Among them, the launch of a pilot fund investment advisory business is expected to promote the industry to better meet residents’ wealth management needs.
In October 2019, the China Securities Regulatory Commission launched a pilot project for the investment consulting business of public funds. The first batch of 18 institutions obtained pilot qualifications. For the first time, discretionary delegation was allowed in the investment consulting market in my country, which changed the business model of the investment consulting industry in the past.
On July 16, Gao Li, spokesperson of the China Securities Regulatory Commission, stated at a press conference that the pilot fund investment advisory business is operating smoothly. At present, the total service assets have exceeded 50 billion yuan, serving about 2.5 million investors, and the pilot effect has initially appeared. .
First, investors’ sense of participation, sense of acquisition, and recognition continue to improve, and the function of serving residents’ wealth management is increasingly enhanced; second, the pilot agency’s buyer intermediary role is initially brought into play, and the buyer and seller checks and balances mechanism promotes the sound development of the fund industry; third, it brings more to the market Many long-term, professional, and incremental funds; fourth, the endogenous mechanism for the standardized development of fund investment advisory business has initially formed, and the institutional system is accelerating its improvement.
Since the beginning of this year, the China Securities Regulatory Commission has continued to expand the pilot fund investment advisory business, and is rolling out the second batch of pilot institutions, and simultaneously carrying out pilot evaluations to promote the conversion of pilot projects to routine work.
Xu Kang, an analyst at Huachuang Securities, said that the market is still in its infancy, and the main problem is that investors have not yet formed the habit of using investment advisory models for financial management. The second batch of fund investment advisory pilots was liberalized, and market participants expanded from 18 to 56. The increase in market participants is expected to intensify industry competition and accelerate investors’ habit of using investment advisors for financial management.
Chen Long, chief strategy analyst at Zhongtai Securities, believes that the issuance of fund investment advisory licenses is of great significance to the fund investment advisory industry. First, it helps to open up the space for wealth management in the securities industry; second, it can further optimize individual investors and institutions in the market. The proportion of investors improves the stability of the market and achieves a balanced development of benefits and risks.
At the same time, from the perspective of investors, the opening and expansion of the investment advisory business of securities firms will help guide investment categories and concepts to transfer to diversified equity financial products and value investment optimization, while reducing frequent handovers and attracting more investors. Medium and long-term funds enter the market.
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