A number of data show that the fund issuance in June showed a significant recovery.According to Wind statistics, as of June 30, the number of newly issued funds since June has reached 135, with a total issued share of 232.832 billion, up from 91 and 91.796 billion in May, respectively. 48.35%, 153.64%.In addition, the average issuance share of a single fund continued to rise from 1.009 billion in May to 1.725 billion in June, the highest level this year.
"Multiple factors have accelerated the pace of fund issuance in June. On the one hand, benefiting from the market recovery, individual sectors have rebounded, investor confidence has continued to recover, the market's enthusiasm for fund purchases has increased, and the fund side has received certain assistance." KPMG China Securities and Wang Guobei, the managing partner of the fund industry, told the "Economic Information Daily" reporter that, on the other hand, the manager chose to issue at the right time, and many approval documents approved at the end of 2021 and approval documents that have been approved for extension of fundraising in early 2021 are approaching. In order to avoid overdue non-raised products affecting subsequent product declarations, the manager chooses to issue now based on market conditions.
Wang Guobei further stated that based on the optimization of the fund product registration mechanism and the improvement of approval efficiency by the Securities Fund Institution Supervision Department in early 2022, the review progress of some types of products has been further accelerated in the near future.After the release of the 16 high-quality development of public funds, many fund companies are also actively preparing to apply for innovative products, such as hybrid valuation method debt-based products, reasonable profit-sharing products, etc., to prepare product reserves for the issuance in the second half of the year.
In terms of structure, most of the interbank depository index funds that have been favored by the market since the end of May were established in June, and the share of bond funds issued has reached an ultra-high level of nearly 90%.The data shows that in June, the issuance shares of stock, hybrid and bond funds were 7.137 billion, 16.361 billion and 203.792 billion respectively, accounting for 3.07%, 7.03% and 87.53% respectively.
It is worth noting that among the funds newly established in June, the top five in terms of issuance shares were all "overalled" by the inter-bank certificate of deposit index funds.Wind data shows that GF, Harvest, China Universal and ICBC Credit Suisse's interbank depository index funds have issued shares of more than 10 billion yuan, and Invesco Great Wall's interbank depository index funds have issued a share of 9.986 billion, while Yinhua's interbank depository index funds have issued shares of 9.986 billion. The issuance share also reached 8.272 billion copies.
Wang Guobei said that on the one hand, interbank depository funds can supplement investors' investment needs for cash management products. The attraction of its becoming a hot spot is traceable.On the whole, the supervision has certain requirements and window guidance on investment restrictions, risk control, scale, and holder structure for this product. There is an upper limit on the inflow of funds from interbank certificates of deposit funds, and the risks are relatively controllable at present.However, the market still needs to be alert to the risk of fluctuations in the net worth of interbank certificates of deposit funds and the liquidity risk caused by continued expansion.
At the same time, some low-risk and low-volatility bond funds that are regularly opened are also favored by funds.Among the top 10 funds issued in June, except for 6 interbank deposit certificates index products belonging to passive index bond funds, the rest are also passive index bond funds and medium and long-term pure debt funds, which are China Universal Xinhe A, Huisheng China Bond 1-5 Year Policy Financial Bond A, CITIC Construction Investment Jingsheng A, Huaan Tianjin, all issued 8 billion copies.
CCB Futures believes that the current market economic recovery is expected to be relatively strong, and it is expected that risk assets may strengthen and suppress the performance of the bond market, and the short-term bond market is still under great pressure to adjust.However, considering that the Fed has recently released a tougher signal to control inflation and triggered a rise in overseas recession expectations, U.S. bond yields have risen and fallen, and the suppression of the domestic bond market will be relieved to a certain extent. As the end draws to a close, funding concerns may also gradually ease.
