Statistics show that as of July 7, according to the date of establishment of the fund, the number of newly established funds during the year was 721, the issuance share reached 688.69 billion, and each product issued an average of 955 million copies.In terms of classification, fixed income products accounted for the highest proportion, with 444.931 billion copies issued during the same period, accounting for 64.61%.
A number of public fund sources told the "Securities Daily" reporter that due to the increased volatility in the A-share market during the year, the issuance of new funds was also affected, and did not show better results compared with the same period. Especially in the first half of the year, the management scale of public funds returned to normal. Against the background of 26 trillion yuan, the issuance of new funds is limited.However, from the perspective of classification, new funds also show new features. For example, "fixed income +" products have gained relative favor, which is due to the current resilience of such products in controlling volatility and fighting inflation.
stock fund
The share of new issuance during the year only accounted for 6.32%
The data shows that among the nearly 690 billion shares of newly issued funds during the year, the newly issued shares of fixed income products were 444.931 billion shares, accounting for as high as 64.61%, becoming the products with the highest contribution; in addition, the newly issued shares of hybrid funds also reached 1674.12 million copies, accounting for 24.31%.In the past, the most popular stock fund, the proportion of newly issued shares dropped the most during the year, only 43.496 billion shares, accounting for 6.32%.
A manager of a public fund in Beijing told the "Securities Daily" reporter that due to the large fluctuations in the A-share market during the year, investment opportunities were not obvious, and the number and scale of newly issued funds had declined, especially stock funds. In the second half of the year, the market expects that the new fund may improve.
The data shows that in addition to the above two types of funds, other funds including QDII, REITs and FOF also accounted for a slightly lower proportion of new issuance during the year. For example, only 26.287 billion FOF funds were issued during the year, accounting for 3.82%. ; Alternative investment funds also issued only 1.285 billion copies.
A relevant person from CITIC Prudential told the "Securities Daily" reporter that A-shares "appeared deep pits" in the second quarter to form a bottom line of profitability, and it is expected to improve quarter by quarter under the "steady growth" policy.Structurally, the style of the market may gradually switch from the direction of "steady growth" to post-epidemic recovery of consumption and booming technological growth, and there are still many structural opportunities.Next, we need to pay more attention to the certainty of performance in the interim report period. In terms of sectors, we can pay attention to new energy and the clear direction of recovery after the epidemic. By then, the situation of new funds may improve.
Regarding the seizing of investment opportunities in the market, Sun Haozhong, manager of CITIC Prudential Fund, told the "Securities Daily" reporter that the overall market was still in a good macro environment, and the profit-making effect began to appear. It is expected that there will still be many structural opportunities. However, the mainstream sector The valuations of individual stocks are not cheap, and it becomes more difficult to find attractive sectors.At present, we need to pay attention to the sectors with higher certainty in the second half of the year and next year, and at the same time, we need to pay attention to new technologies in the industry.
"Fixed Income+" New Products
Relative preference for performance during the year
The reporter found that although the proportion of mixed products in the newly issued shares during the year is not high, but in this type of funds, the performance of "fixed income +" products is relatively preferred.According to the data, 103 "fixed income +" products (partial equity bonds and secondary hybrid bonds) were newly established during the year, with a total issuance share of 76.685 billion, accounting for 45.8% of the newly issued hybrid products.
A relevant person from Industrial Securities Global Fund told the "Securities Daily" reporter that at present, "fixed income +" products show a certain degree of resilience when controlling fluctuations, and at the same time, they are also strong against inflationary pressure.The “Fixed Income+” strategy mainly focuses on bond investment, and strives to increase the flexibility of assets through the “+” asset allocation strategy of some stocks, convertible bonds and other multi-asset categories, and the market demand will continue to increase."Fixed Income+" strategic products strive for stability and win, and strive for asset elasticity brought by equity assets while striving to control the overall volatility.
A number of public fund managers said that asset allocation is to balance the investment ratio among diversified asset classes.For investors, in a volatile market, asset allocation needs to focus more on diversification and diversification. Funds that adopt a "fixed income +" strategy strive to help investors pursue their investment goals with low volatility, so they are favored by the market.
In addition, for investment opportunities in the third quarter, a number of public fund managers gave their views from the stock and bond markets.Wu Hao, director of the research department of CITIC Prudential, told reporters that looking forward to the third quarter, the relative cost performance of Chinese assets will improve, and the liquidity environment is expected to remain loose. And risk appetite magnifies the environment of economic improvement, the relative prosperity advantage of assets with long-term growth is more likely to be magnified by the market environment."At present, we need to pay attention to the periodical emotional impact that may be brought about by the lifting of the ban on the mid-term newspaper and the Science and Technology Innovation Board."
Yu Miao, the proposed fund manager of the Industrial Securities Global Xingyi Bond Securities Investment Fund, told reporters that for the bond market investment in the third quarter, in the context of "stable growth" of loose currency, the central bank will take into account capital outflows. From the perspective of interest rate spreads, short-term domestic bonds There may be limited downside space; in the convertible bond market, the conversion premium rate is still at a high level, and the bond yield may have a certain impact on the continued upward trend of convertible bond valuations.For bond selection, under the current background of low interest rates, middle and high-grade bonds will be preferred to ensure risk control. On this basis, through allocation and trading, it will enhance the elasticity of income.
(Editor in charge: Kang Bo)
