300 billion new development fund to be established, after the big shock, ushered in a good opportunity to copy the bottom?

category:Finance
 300 billion new development fund to be established, after the big shock, ushered in a good opportunity to copy the bottom?


For the market adjustment since the middle and late July, CITIC Securities said that any correction and structural disturbance will be the best time to enter the market in the second half of the year.

300 billion bullets in the chamber

According to wind statistics, the top-notch funds set up in the same period include Huaan Juyou selection, Pingan research Ruixuan, Penghua Xinxing growth, huitianfu stable income, etc., of which, the effective subscription amount of Huaan Juyou selection is close to 30 billion.

Further, in the second quarter of this year, 190 active equity funds were newly established, with a total of 251.6 billion shares, which was the first time since 2015 that more than 250 billion shares were issued in two consecutive quarters. Since July, fund issuance has further accelerated.

Due to the short time of establishment, these funds are in the period of building positions, that is to say, the bullets are still in the bore and have not yet started to invest in the secondary market.

After two big falls, the newly established funds have all dodged. Generally speaking, the stock fund warehouse period is 6 months, if the market is good, the fund manager may speed up the speed of building positions. A public equity fund manager in Shanghai said.

However, what needs to be seen is that the new fund still needs to consider the experience of funders and commission agencies in the period of building a position, and there must be a certain absolute income consideration. The fund manager said.

Based on incomplete statistics of China first finance and economics, it is found that in the past two months, 93 equity funds have been newly established, with a total effective subscription amount of 379.15 billion. According to the current 20% to 30% of the total number of new funds that have not yet entered the market in the past two months alone is between 266 billion and 304 billion.

Some people in the industry believe that according to experience, most of the new funds established in July have not started to build positions, or their positions are low, which can be ignored.

Active management fund positions are related to product type, scale, market performance at the stage of building positions, personal style of fund managers and judgment of market conditions. These factors will affect the pace of building positions. According to the usual experience, the position will be more full after the completion of the warehouse The Shanghai public offering fund manager further said.

In other words, there is still a large room for improvement in the position of the new development fund.

Statistics show that, by the end of the second quarter of 2020, the overall position of active partial equity funds has reached a stage high, among which, the average position of ordinary stock + partial share hybrid funds has reached 88.60%, the median is 90.95%, and the average position has reached a new high since 2007.

Agencies say the market is overreacting

Specifically, as of the end of the day, the Shanghai Composite Index fell 3.86%, lost 3200 points; CSI 300 fell 4.39%; gem index fell 6.14%; science and technology innovation 50 fell 7.02%; all 28 Shenyi class industries fell, with leisure services, electronics, medicine and biology, which had a large increase in the early stage, fell first.

Although there has been a large adjustment in the short term, many buyers and sellers believe that the market has overreacted and the medium and long-term trend is not changed.

For example, Xingshi investment believes that the black swan event may cause certain disturbance to the short-term market, but it will not change the markets medium and long-term trend of improvement: in the medium term, the market will enter the performance verification period, and the enterprises with real performance support may enjoy the dual drive of performance and valuation.

According to Liu Ankun, a fund manager of financing reverse strategy, Chinas macro portfolio is still in a medium and long-term environment conducive to equity assets: first, the macro-economy is in the channel of continuous repair; second, indirect financing is turning to direct financing, which will usher in a great development of net standardized assets; third, the change of monetary policy is not obvious in the short term Tightening conditions.

In the near future, multiple factors have led to market shock and adjustment, but we believe that the shocks are short-term, and there is no systemic risk in the market. Zhang Qiyao, an analyst at Guosheng securities, said, if you dont adjust easily, adjustment is an opportunity. The core is the abundant liquidity of the stock market and the continuous entry of institutional increment into the market.

What needs to be seen is that in the sharp adjustment on the 24th, the net outflow of funds from the North was 16.357 billion yuan, of which the net outflow of Shanghai Stock connect was 9.299 billion yuan, and that of Shenzhen Stock connect was 7.059 billion yuan.

The outflow of foreign capital is mainly short-term trading speculative capital, and the trend of medium and long-term overseas allocation capital inflow remains unchanged. Second, the market is generally worried that the economy will lead to liquidity tightening. However, although the period of the greatest impact of the current epidemic situation on the economy has passed, the downward pressure on the economy is still great, and the liquidity remains loose and the trend of sinking towards broad credit remains unchanged. Zhang Qiyaos analysis.

Statistics show that as of the end of the second quarter, the market value of a shares held by foreign investors through the mainland stock connect is about 1.7 trillion. With the investment quota of QFII and rqfii, the proportion of Chinese assets held by foreign investors in the total market value of the global index is only 1%, accounting for 6.1% of the market value of emerging market indexes. Considering that QFII and rqfii are not fully invested in a shares, the proportion of A-share assets held by foreign investors will actually be lower. This also means that in the future, if the A-share inclusion factor is continuously raised to fully included, the weight proportion of A-share in the international mainstream index system will be significantly increased, which is expected to bring a lot of incremental capital to A-share. According to the analysis of CITIC Securities, the current A-share market is disturbed by overseas risk factors upward and supported by fundamentals and liquidity downward. It is expected to return to equilibrium after experiencing violent fluctuations in July. In a balanced market, any correction and structural disturbance will be the best time to enter the market in the second half of the year. Source: editor in charge of the first finance and Economics: Li Zhaoyuan_ B7890

Statistics show that as of the end of the second quarter, the market value of a shares held by foreign investors through the mainland stock connect is about 1.7 trillion. With the investment quota of QFII and rqfii, the proportion of Chinese assets held by foreign investors in the total market value of the global index is only 1%, accounting for 6.1% of the market value of emerging market indexes. Considering that QFII and rqfii are not fully invested in a shares, the proportion of A-share assets held by foreign investors will actually be lower.

This also means that in the future, if the A-share inclusion factor is continuously raised to fully included, the weight proportion of A-share in the international mainstream index system will be significantly increased, which is expected to bring a lot of incremental capital to A-share.

According to the analysis of CITIC Securities, the current A-share market is disturbed by overseas risk factors upward and supported by fundamentals and liquidity downward. It is expected to return to equilibrium after experiencing violent fluctuations in July. In a balanced market, any correction and structural disturbance will be the best time to enter the market in the second half of the year.