The enthusiasm of public funds to participate in the fixed increase is high, and this years accumulated floating profit is 2.3 billion yuan

category:Finance
 The enthusiasm of public funds to participate in the fixed increase is high, and this years accumulated floating profit is 2.3 billion yuan


On December 2, huitianfu, Nanfang, e-fund and ABC Huili announced in succession that a number of their funds participated in the subscription of Kodalys non-public offering shares, and 21 funds of the four fund companies received a total of 403 million yuan. On the same day, Boshi fund also announced that 11 funds, including Boshi Huizhi return mix, participated in the non-public share subscription of Riyue shares, with a total allocation of 457 million yuan, accounting for 16% of the total amount of funds raised by Riyue shares.

According to the data, as of December 2, since this year, public funds have accumulated 7.403 billion yuan in private placement, and Xingquan, Guangfa and Nanfang have ranked the top three with 1.587 billion yuan, 1.509 billion yuan and 992 million yuan respectively. From the perspective of a single fund, the allocation amount of Guangfa technology pioneer, e-fund consumer industry, Xingquan trend and Xingxin new vision all exceeded 300 million yuan.

In the view of He Yuan, deputy director of capital management and Investment Department of venture capital Hexin fund, in the first half of the year when the new regulation for fixed increase was implemented, there were more capital rich industrial investors participating in the fixed increase, while in the second half of the year, the number and scale of foreign capital and public fund participation gradually increased. Public funds actively participate in the fixed increase, which also changes the structure of investors in the fixed increase market.

CAITONG Fund believes that different institutional investors have different demands on the fixed increase market. For the traditional investment institutions and private funds that participate in the secondary market, the fixed increase portfolio strategy is generally used as an enhancement strategy. For example, when there is no periodic opportunity in the market, the discount created by the fixed increase will bring the opportunity to change positions, and the shortening of the lock-in period will further increase the certainty of their investment Capital institutions, based on long-term value investment logic, do not care about short-term fluctuations or even breakdowns, and firmly participate in the fixed value-added market. For such institutions, fixed increase is an extension of their equity investment. When quoting, they pay more attention to the income certainty of the target in about three years. For traditional large-scale financial institutions, such as insurance funds and bank financing funds, fixed increase is generally regarded as fixed income+ u201dOr quantitative + means of portfolio allocation can be seen as a life buoy for equity investment in water test, but we must do portfolio dispersion, and safety is more important than yield.

The accumulated floating profit was 2.3 billion yuan

According to the data, as of December 2, 162 public funds have accumulated a floating profit of 2.3 billion yuan in fixed increase since December 2. The accumulated floating profits of Guangfa technology pioneer, China Europe era pioneer, Xingquan Trend Investment and Guangfa science and technology power are all over 100 million yuan, but there are also 7 funds in the state of floating loss.

For example, on April 10 this year, 28 public funds, including Jiashi low price strategy stocks, China Europe era wisdom and Guangfa Jurui, participated in the fixed increase of Xinzhou state at the price of 34.80 yuan / share. Xinzhoubang closed at 85.38 yuan on December 2, up 146.77% compared with the fixed increase price. The total floating profit of public funds was 692 million yuan.

Talking about how to select the fixed and additional standard, Du Xiaohai, director of quantitative investment department of Haifutong fund, said that he would choose industries with better future prospects supported by national policies, from the product ceiling of listed companies, industry status, competition pattern, profitability, historical performance realization, as well as the investment direction of raised funds, participation of related parties of listed companies, and historical percentage of valuation of listed companies We will evaluate and score those who intend to participate in the fixed increase standard from multiple dimensions such as position, fixed increase discount rate, and select the participation of fixed increase project with high comprehensive score.

We will give priority to stocks with low stock prices and low valuations, avoid short-term hot spots in the market, and those whose stock prices have been raised periodically due to market sentiment, and fully grasp the release of performance during the lifting period. To be specific, we are optimistic about undervalued target, extension acquisition target, traditional industry segmentation leader determined by low valuation growth, advantageous track with stable industry growth, and industries with expected future prosperity. Cathay Pacific said. He Yuan said, the public funds participation in the fixed increase is more from the perspective of fundamentals and considering the factor of discount rate. Now that the lock-in period is shortened to six months, the fixed increase has become a holding and buying strategy for stock bulls. If the institution itself recognizes the underlying fundamentals, is willing to hold it for a long time, and has a good discount rate, it is more appropriate to buy with fixed increase than to buy directly. Source: Ren Hui, editor in charge of Securities Times_ NBJ9607

We will give priority to stocks with low stock prices and low valuations, avoid short-term hot spots in the market, and those whose stock prices have been raised periodically due to market sentiment, and fully grasp the release of performance during the lifting period. To be specific, we are optimistic about undervalued target, extension acquisition target, traditional industry segmentation leader determined by low valuation growth, advantageous track with stable industry growth, and industries with expected future prosperity. Cathay Pacific said.

He Yuan said, the public funds participation in the fixed increase is more from the perspective of fundamentals and considering the factor of discount rate. Now that the lock-in period is shortened to six months, the fixed increase has become a holding and buying strategy for stock bulls. If the institution itself recognizes the underlying fundamentals, is willing to hold it for a long time, and has a good discount rate, it is more appropriate to buy with fixed increase than to buy directly.