The evolution of investment groups in the past 30 years

 The evolution of investment groups in the past 30 years

30 years, seize the day. With the gradual deepening of the capital market reform, the continuous optimization of the investor team, the cultivation and expansion of the team of institutional investors, and the construction of a market environment in which long-term money is willing to come and stay is an urgent task.

In the capital market, the system reform represented by the registration system is further deepened. The marketization, legalization and internationalization of the stock market will be further improved. The channels for various medium and long-term funds to enter the market will be wider and the investment convenience will be more optimized. If you are prosperous, the wealth effect of the stock market will be significantly stimulated.

Thirty years of hard work

In 1997, the Interim Measures for the management of securities investment funds was promulgated, marking the beginning of the rapid development of institutional investors in China. In 1998, the first closed-end fund was set up and started to operate, and professional institutional investors in a real sense were introduced. In 2001, China Securities Regulatory Commission proposed to develop institutional investors in an unconventional and creative way, and set up the first open-end fund in China in the same year. In 2004, the first sunshine private equity fund, the shenguotou chizixin (China) collective fund trust was established, which opened the prelude to the rapid development of private funds. In 2005, Huatai Property Insurance Company placed an order to buy stocks, which opened the insurance companys investment in the stock market.

With the opening of capital market to the outside world, foreign investors are growing. From the emergence of the QFII mechanism in 2002, the establishment of the RMB qualified foreign institutional investor (rqfii) mechanism in 2011, and the launch of Shanghai Hong Kong stock connect and Shenzhen Hong Kong stock connect in 2014 and 2016, more and more foreign investors have entered the A-share market, following the inclusion of a shares by MSCI, FTSE Russell, S & P Dow Jones and other international mainstream indexes.

A shares are accelerating the transition from a closed retail market to a mature institutional market. Hu Youwen, director of Anxin Securities Research Institute, said that the type, number and influence of institutional investors are gradually increasing. The A-share market has shown an obvious trend of institutionalization, and the influence of overseas funds, social security, insurance assets and bank financial management on the A-share market has been significantly enhanced.

Face up to the gap and optimize the structure

Although the proportion of institutional investors in A-share market has gradually increased, compared with the mature overseas markets, the proportion of institutional investors in China is still low.

Source: Ren Hui, editor in charge of China Securities Journal_ NBJ9607