The great development trend of equity funds is still in progress. At present, the market believes that equity funds may usher in a golden development period of 10 years, and many equity funds in subsequent issuance have the potential to burst money. The great development should be healthy development. All parties in the market should seize the rare opportunities in the market and make efforts in various aspects to guide the industry and investors to invest in long-term and value investment.
These more than 100 billion equity funds are mainly invested in the A-share market, affecting the investment of hundreds of millions of shareholders.
Newly issued equity funds reach the trillion mark
In 2020, the issuance of new funds has always been the leading role of equity funds. In the first quarter, there was a boom in the issuance of hot money funds. In July, the issuance boom of new funds was pushed up. Almost every day, there were hot money funds, which became a relatively rare peak period of equity fund issuance in history.
As of July 25, 782 new funds have been set up this year, with a total of 1.46 trillion yuan raised, according to wind data. From the perspective of equity funds, the number of equity funds and hybrid funds that have been established are 144 and 330 respectively, and the raising scale is 2040.09 billion yuan and 779.9997 billion yuan respectively, which means that the total issuance scale of equity funds has reached 984.087 billion yuan.
Compared with the historical situation, this is the second time in history that the new equity fund has raised more than one trillion yuan. The last time it appeared in the bull market in 2015, at that time, the equity fund also staged a series of explosive fund market, and the overall level of raising was at least 1.4 trillion yuan. This year, there will be more than five months. If this wave of market continues, the new fund issuance boom will continue, and this years rate will probably exceed the record in 2015.
If we only look at the issuance of equity funds (including index products), 15 funds raised more than 10 billion this year, of which the largest one was the southern growth pioneer, with the establishment scale reaching 32.115 billion. In addition, huitianfus mid market value selection, Penghuas ingenuity selection, Huaan Juyou selection, e-funds balanced growth, and huitianfus stable income scale are all above 20 billion.
And if we look at the number of single day subscription, calculated by the proportion of placements, this years new equity fund subscription scale is constantly breaking records. First, Guangfa science and technology pioneer was established in January, with an upper scale of 8 billion. Last years champion Liu Gesong attracted 92.16 billion funds to pursue it. In February, Ruiyuans second fund, Ruiyuan, was issued in three years with an upper scale of 6 billion, but 122.3 billion funds were available for subscription. Whats more popular is that in July, Penghua Fund Manager Wang Zonghes new fund Penghua selected with ingenuity. On that day, it attracted 137.1 billion yuan of subscription funds, setting a new record of single day subscription amount of new fund. The last time the subscription amount of the new fund exceeded 100 billion, or when QDII was raised in 2007, the record at that time was that 116.26 billion yuan was attracted in a single day.
At the same time, there are a large number of equity funds raised this year, attracting more than 30 billion subscription funds.
Huitianfu equity fund newly issued over 100 billion yuan
The issue of equity funds has become the focus of fund industry competition this year
And from this years new fund issuance market, showing an obvious leading effect.. Investors for high-quality fund products and excellent managers of mining, so that some equity fund performance has advantages of fund companies to obtain more market share. From the perspective of IPO of active equity fund, the top 10 IPO companies in 2017 accounted for only 28.36% of the total IPO scale of the whole year. By the end of June this year, the proportion had risen to about 60%.
In terms of this years situation, huitianfu has issued equity funds of more than 100 billion yuan, reaching 118.083 billion yuan. Among the 15 10 billion funds born this year, huitianfu occupies six seats, which is obviously ahead of the industry. The scale of e-fund, Penghua, Nanfang, Guangfa and Huaan new equity funds has exceeded 40 billion.
Industry insiders believe that there are also large differences in the scale of new equity fund raising among large companies this year, which may affect the industry ranking of these fund companies, and the specific changes need to be verified by the final data.
Bank of China, China Construction Bank, ICBC, China Merchants Bank
The total issuance scale of new trust equity funds exceeded 150 billion
According to the data, as of July 26, the total number of new trust equity funds issued by BOC, CCB, ICBC and CMB this year exceeded 150 billion, of which BOC and CCB both exceeded 160 billion. Obviously, in this wave of issuance, large state-owned banks have obvious channel advantages and stronger selling ability.
It is worth mentioning that there are three obvious changes in channels this year. First, we pay more attention to the selection of long-term outstanding fund managers products for custody and issuance, which are more based on the interests of investors; second, the number of regular open-ended funds and holding period funds issued by new funds this year has increased significantly. These products let investors hold passively for a long time, avoiding frequent chasing up and killing down Third, there are more restrictions on purchase, and some large commercial banks take the initiative to ask for restrictions, rather than blindly putting the fund issuance scale in the first place to protect the interests of investors.
Multiple factors boost the birth of fund explosion
The frequent occurrence of equity fund explosion is the result of favorable timing, favorable location and harmonious people, said Shi Jing, executive vice president of yingmi fund and President of fof Research Institute. Since 2019, the market has been rising rapidly from the bottom, and has been rising in turbulence. In particular, a number of fund managers with outstanding performance have managed products with high returns. With the decline of risk-free interest rate, the implementation of new regulations on asset management, and the scarcity of high-yield rigid exchange products, more and more funds are found to bear certain fluctuations. Holding high-quality listed companies can obtain satisfactory returns, and public funds can help the general public to realize such investment more easily. Renhe is that the sales agencies attach importance to the first launch, and the past performance is used to indicate future earnings and hungry marketing blessing. These hot money funds mainly appear in the new products of star fund managers with outstanding performance in the past, or related theme products with better stage growth.
Wang Rui, director of fund research at Morningstar (China), also believes that this is affected by market factors. Since this year, the profit-making effect of the market has made investors optimism relatively high. Both channels, individual investors and fund industry practitioners are very optimistic about the future development of the market, which also leads to the grand situation that as long as the partial equity funds are very good to sell u3002 On the other hand, the hot money funds reflect the investors pursuit of fund managers with excellent historical performance, and pay more attention to the past investment management ability of fund managers in the process of investment funds.
The three fund managers have the same marketing channel According to the person in charge of brand and marketing of deppon fund, the root cause of the frequent emergence of hot money funds since 2020 is still the obvious effect of making money in the market. In the long run, the equity fund market is promising.
From the current situation, it is expected that the fund sales rate in the second half of the year will continue to be hot. Funds are favored by funds, and at the same time bring more incremental funds to the market. According to 70% of the stock positions, equity funds will at least bring 700 billion new ammunition to the stock market this year.
Great development should develop healthily
To develop healthily, from the perspective of fund companies, we should adhere to the institutional style of long-term investment and value investment and avoid the investment thinking and behavior of individual investors; we should vigorously promote the development of equity funds and increase the proportion of institutional funds in the market; we should vigorously promote the education of investors and guide the long-term investment behavior of clients; we should vigorously develop institutional clients with long-term capital nature We should vigorously promote the development of fund products with long-term functional attributes. So as to increase the proportion of institutional funds and long-term funds in the capital market, reduce the frequency and volatility of market transactions, and lead the healthy development of the industry. According to a Beijing fund company market people said.
Liu Yiqian, general manager of Shanghai Securities Fund Evaluation and Research Center, also said that equity funds should continue to become bigger and stronger. First of all, they should strengthen their own investment and research strength, improve the equity product line, and provide investors with rich and high-quality fund products. Secondly, fund companies can deeply understand the needs of customers, such as improving customers purchase experience through fund investment consulting, intelligent investment consulting and other modes. Fund evaluation institutions will maintain long-term and neutral evaluation, guide investors funds to pay attention to and even attach importance to the value of long-term investment and professional management of public funds through long-term evaluation, and the significance of equity fund allocation in peoples financial management and public investment. Through objective and neutral fund evaluation results, it can help investors identify fund products, guide social idle funds to concentrate to better fund companies, fund products and fund managers, urge fund managers to optimize fund management level, support the good and suppress the bad, and promote the healthy development of the industry.
In addition, the Great Wall Fund said that the development of equity funds is an important measure to promote the deepening reform of the capital market and an important means to help economic transformation and upgrading. The development of equity funds can effectively increase the proportion of professional institutional investors, optimize the structure of investors, reduce market volatility, and better play the role of capital market in optimizing resource allocation. At the same time, the expansion of the scale of equity funds is also considered by the regulatory authorities to strengthen the governance of the capital market, let the fund companies with excellent investment and research capabilities give full play to their professional advantages, and promote the healthy development of the public fund industry.
Source: Ren Hui, editor in charge of China Fund News_ NBJ9607