Recently, theA-share market hasgradually recovered. Since the stage bottomed out at the end of April, it has started a volatile upward mode in the past month.While the performance of thelarge-capstock index is strengthening, some funds are entering and exiting large amounts ofETFs, showing the band operation characteristics of "buy low and sell high".The equity market fluctuated sharply, andbond fundswere favored by investors.The issuance of bond funds is relatively hot. In terms of issuance share, bond funds account for more than 80% of the issuance market.Among the products that have recently ended their offerings ahead of schedule,more than 70% are short-term debtfunds and medium- and long-termpure debt funds .
In terms of Celgene issuance, on May 26,E FundManagement Co., Ltd. (hereinafter referred to as "E Fund") issued ahybrid fund.On May 27,Yingda Fund Management Co., Ltd.(hereinafter referred to as "Yingda Fund") launched abond fund.
1. Fund industry trends
1. The net outflowofA-share ETFfunds is about 21.955 billion yuan, and there are obvious signs of net outflow of funds from many broad-based ETFs
With the recent turbulent recovery of the market, ETFs, which are the "wind vane" of investment, have become the focus of various funds.After a period of continuous bottom-hunting, in the past month, more than 20 billion yuan of funds have chosen to be safe, and some broad-based ETFs have been sold on a large scale.At the same time, the industry and thematic ETFs that suffered a large decline in the previous period received funds to increase their positions.Industry insiders believe that the inflow and outflow of ETF funds have certain reference significance. The market participants have diverse needs, including long-term allocation of funds and band-based fund operations. Theinvestment trend ofA-share index is positive in the long run.
Recently, the A-share market has gradually recovered. Since the staged bottom at the end of April, it has started a volatile upward mode in the past month.While the performance of the large-cap stock index is strengthening, some funds are entering and exiting large amounts of ETFs, showing the band operation characteristics of "buy low and sell high".Data shows that as of May 25, the net outflow of A-share ETF funds has been about 21.955 billion yuan in the past month, and there are obvious signs of net outflow of funds from many broad-based ETFs.
2."ETF Connect" broadened the channels for foreign investors to enter, and northbound funds exceeding RMB 1.6 trillion net flowed into the A-share market
At the end of December 2021, ShanghaiStock Exchange, Shenzhen Stock Exchange, Hong Kong Exchanges and Clearing Co., Ltd., and China Securities Depository and Clearing Corporation Limited reached a consensus on the overall plan for ETFs to be included in the interconnection target, which is expected to take 6 months to prepare.At present, the inclusion of ETFs in the Shanghai-Shenzhen-Hong Kong Stock Connect is gradually approaching, and the interconnection mechanism will soon welcome expansion.The launch of "ETF Connect" will open up a new way for the distribution of northbound funds, and it is expected that the A-share market will usher in more "living water".
Since the opening of the Shanghai-Shenzhen-Hong Kong Stock Connect, foreign investors havesignificantly increased their allocation of A shares andRMB bonds.As of May 25, more than 1.6 trillion yuan of northbound funds have flowed into the A-share market.The interconnection mechanism has becomean important channel for the two-way opening of China'scapital market .The inclusion of ETFs in the interconnection mechanism means that A-shares have added a new way to attract northbound funds, and will also strengthen the trend of RMB internationalization."ETF Link" broadens the channels for foreign investors to enter the mainland market, and will enhance the international competitiveness of my country's financial industry and its ability to serve the real economy.
3.The equity market has fluctuated sharply this year, and the issuanceshare of bondfunds accounts for over 80%
Since the beginning of this year, due to the poor performance of the equity market, bond funds have become a hot-selling product, and the number of products that have been issued prematurely has remained high.Data show that since the beginning of this year, a total of 192 funds have ended their fundraising ahead of schedule, of which 116 are partial debt funds.In the second quarter, a total of 65 funds closed in advance, of which 51 were partial debt funds.According to the data, according to the subscription deadline, as of May 26, 137 bond funds have been issued this year.The issuance of bond funds climbed from 12.765 billion in January to 64.095 billion at the end of April.In the proportion of all fund issuance shares, the proportion of bond funds has climbed from 10.89% at the beginning of this year to 84.81%.
Since 2022, the equity market has fluctuated greatly, and bond funds have been favored by investors.The issuance of bond funds is relatively hot. In terms of issuance share, bond funds account for more than 80% of the issuance market.Among the products that have recently ended their offerings ahead of schedule, more than 70% are short-term debt funds and medium- and long-term pure debt funds.
4. The developmentofREITSis equipped with "small motors", and many large institutions compete for "jobs"
The development of public REITs is in full swing. When the bidding for multiple public REITs is "in progress", the projects are extending to more provinces and involving multiple fields.The data shows that since May, a total of 33 tenders related to REITs have been submitted, involving rental housing, expressways,water conservancy,cloud computing, industrial parks and other fields.
Judging from the results of winning the bid, a number of large and powerful financial institutions have recently made frequent moves.Xiangshui Development Infrastructure Public Offering REITs Consulting Service Project announced the successful bidders, namely CITIC Securities, CICC, Guotai Junan Securities; Sichuan Energy Investment Hengjiang Hydropower Station Public Offering REITsFund ManagerProject announced the winning bidders, respectively,China SouthernAsset Management, E Fund Fund ,GF Fund; Suzhou Hengtai Holding Co., Ltd. issued a bid-winning announcement on “About the Fund Manager of Elite Apartment Public Offering REITs”, and Huatai Asset Management won the bid.
5.The interbank certificate of deposit fund has become a "new favorite", and the fourth batch of interbank certificate of deposit funds has been approved to be issued
Following the explosion of the previous rounds of interbank certificate of deposit funds, the interbank certificate of deposit fund has once again ushered in expansion, and the fourth batch of interbank certificate of deposit funds has been approved for issuance.The interbank certificate of deposit fund is a kind of innovative cash management product. It mainly tracks the CSI Interbank Certificate of Deposit AAA Index. More than 80% of the fund's assets are invested in the interbank certificate of deposit.The risk and return level of interbank depository funds are betweenmonetary fundsand short-term debt funds. They have the advantages of liquidity and stability, and can meet investors' short-term cash management needs and risk balance needs.
Recently, the issuance of interbank certificates of deposit funds has continued.On May 20, the fourth batch of interbank depository funds underHarvest Fund,China Universal Fund, Hwabao Fund,Huatai-Pinebridge Fundand Invesco Yingda Fund was officially approved.Some products have already disclosed their fundraising information. Judging from the fundraising period, some products will be released as soon as May 30.
2.Fund companydynamics
1.TheInvesco Great WallInterbank Certificate of Deposit Fund will be officially issued on May 30, andChen Weilin will be appointed as thefund manager .
Following the recent approval, Invesco Great Wall CSI Interbank Depository AAA Index 7-day holding period fund (hereinafter referred to as "Invesco Great Wall Interbank Depository Fund") will be officially issued on May 30.
It is understood that more than 80% of the fund assets of the Invesco Great Wall Interbank CD Fund are invested in interbank CDs, and the remaining 20% can be invested infinancial bondsand other credit bonds rated AAA.Invesco Great Wall Interbank Certificate of Deposit Fund is to be the fund manager Chen Weilin. He has more than 6 years of experience in monetary fund management, has a positive and stable investment style, is sensitive to changes in capital, and is good at large-scalecapitalliquidity management.According to the fund’s regular report, as of the first quarter of this year, the total size of its funds under management exceeded 180 billion yuan; as of the end of 2021, its representative product Invesco Great Wall Jingyi Currency had more than 17 million users.
2.Baoying XiangqiMixed Fundwas established, with an initial fundraising scale of 216 million yuan
On May 26, Baoying Xiangqi MixedSecurities InvestmentFund (hereinafter referred to as "Baoying Xiangqi Mixed Fund") announced that the fund was established on May 25 with an initial offering of 216 million yuan.The fund adopts a prudentinvestment strategy, determines the allocation ratio of major assets under the premise of controlling downside risks, and obtains stable returns through investment in fixed-income assets such as bonds and money market instruments. At the same time, it will moderately participate in equity assets such as stocks to enhance returns.Equity investmentaccounts for 0%-45% of fund assets.
The fund is managed by Lu Shuyi.Lu Shuyi graduated from Renmin University of China with a master's degree in economics. She has 9 years of experience in the securities industry. From July 2012 to September 2013, she worked as an investment manager assistant at Zhongshan Securities; from October 2013 to September 2015, she workedas a bond manager atMinsheng Plus Fund. Trader; From September 2015 to December 2017, he worked as a fund manager in thefund business department of Dongxing Securities; in December 2017, he joinedBaoying Fundand is currently the fund manager.
3.ChuangjinHexinxin Rixiang Short-Term Debt Fund lowered the upper limit of large-amount subscription ,with a return rate of over 15% since its establishment
On May 26, Chuangjin Hexinxinrixiang short-term debt bond securities investment fund (hereinafter referred to as "Chuangjin Hexinxinrixiang short-term debt fund") issued an announcement stating that in order to protect the interests of fund share holders, a large reduction will be made on the 26th. Subscription limit.Starting from May 26, the cumulative amount of purchases and transfers in a single fund account of the fund in a single day will be adjusted from not more than 1 million yuan to not more than 300,000 yuan. If it exceeds the limit, the fund manager has the right to reject the application for the excess part. .
Chuangjin Hexin Xinrixiang Short-Term Debt Fund was established in January 2019. As of the end of the first quarter of 2022, the scale of A share was 2.478 billion yuan. So far, the return of the fund's A share since its establishment has exceeded 15%.
4.China Resources YuandaRunan Hybrid Fund closed in advance ,fund manager Jin Xingjian has 12 years of experience in the industry
On May 26, China Resources Yuanda Runan Hybrid Securities Investment Fund (hereinafter referred to as "China Resources Yuanda Runan Mixed Fund") issued an announcement stating that the fund decided to end the fundraising ahead of schedule.The deadline for fundraising was advanced to May 25, and subscription applications will no longer be accepted from May 26.The announcement shows that the fund aims to pursue absolute returns, pay attention to risk control, control downside risks through rigorous asset allocation strategies of major categories and individual bond selection strategies, and utilize diversified investment strategies to achieve stable appreciation of fund assets.The fund's stock investment accounts for 0-40% of the fund's assets, and the investment in interbank certificates of deposit does not exceed 20% of the fund's assets.
The fund is managed by Jin Xingjian.Jin Xingjian graduated from East China Normal University with a master's degree in finance. He has 12 years of experience in the financial industry. He has served as investment manager of Baosteel Group's capital department, investment manager ofHuaan Fund, and senior project manager of Huaan Future Asset Management Co., Ltd. He joinedChina Resources Yuanta Fundin 2017 and will be in 2021. He has served as a fund manager since February 23, and is currently the head of investment research.
5.In 2016, it has maintained the record of "positive annual returns", and the scale of Harvest Fund's non-bond base only exceeds 140 billion yuan
As one of the "Old Ten Companies" in domestic public offerings, Harvest Fund is one of the earliest companies in the industry to deeply cultivate fixed income investment.In 2003, Harvest Fund provided investors with the first batch of bond funds,Harvest Bonds, and created an annualized return of 6.34% in 19 years.In 2006, Harvest Fund provided investors with the first short-term debt fund in the whole market, which has maintained a record of "positive annual returns" for 16 years.
If the product and performance are the final delivery to investors, the "big fixed income" platform capability behind it is the source of sustainable and stable income.Especially in recent years, Harvest Fund's "Cornerstone Fixed Income" system has been continuously accelerated and upgraded, forming a "Cornerstone Fixed Income" business map with currency, short-term debt, pure debt and "Fixed Income+" as the main lines.As of the first quarter of this year, the scaleof Harvest Fund's non-stock bond fundsalone exceeded 140 billion yuan, ranking among the top in the industry.
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3.Issuance ofnew funds
1.E Fund launched new hybrid products, and Liu Chaoyang's 3 products that have worked for more than 6 years have all returned red.
On May 26, E Fund Fund launched a hybrid fund, which is a 7-day holding period securities investment fund for E Fund China Securities Interbank Depository AAA Index (hereinafter referred to as "E Fund China Securities Depository Deposit AAA Index 7-day Holding"), the fund The manager is Liu Chaoyang.
According to public information, the 7-day holding of E Fund China Securities Interbank Depository AAA Index aims to “strive to obtain a total return similar to the underlying index on the basis of controlling the risk of deviation from the underlying index through indexed investment”. It mainly invests in The constituent bonds and alternative constituent bonds of the underlying index can also be invested in non-constituent bonds and other interbank certificates of deposit, bonds (includinggovernment bonds,central bankbills, local government bonds, financial bonds, subordinated bonds,corporate bonds,Short-term financing bills, medium-term notes, ultra-short-term financing bills, non-financial corporate debt financing instruments, government-backed institutional bonds, corporate bonds,the pure debt portion of detachableconvertible bonds , etc.), asset-backed securities,bond repurchase,bankdeposits , money market instruments and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to invest in the fund.The Fund does not invest in stocks,warrants, or convertible bonds (convertible bonds only invest in the pure debt portion of convertible bonds that can be traded separately), exchangeable bonds and other financial instruments with equity attributes.
Liu Chaoyang, who joined E Fund Fund in April 2015, is currently the general manager of the Cash Management Department, and is the fund manager of E Fund EasyMoney Market Fund, E Fund Everyday Money Market Fund, and E Fund Anyue Ultra Short-Term Bond Bond Securities Investment Fund.Before that, Liu Chaoyang worked for China Southern Fund.
From May 18, 2022, Liu Chaoyang began to work as a fund manager for the 7-day holding of the E Fund China Securities Interbank Depository AAA Index.As of May 27, 2022, Liu Chaoyang has served as the fund manager of 1 hybrid fund, 1 bond fund, and 3currencyfunds.Among them, as of May 27, 2022, Liu Chaoyang has served formore than 6 years in E Fund Express Currency A,E Fund Easy Wealth Management Currency A, andE Fund Daily Wealth Management Currency A, and the tenure returns are 19.86%, 19.85%, and 18.56% respectively.
2.Yingda Fund has launched a new debt base, and Lu Yinan is in charge of a product whose growth rate this year is low in the same category.
On May 27, Yingda Fund released a bond fund, which is Yingda Anyue Pure Bond Bond Securities Investment Fund (hereinafter referred to as "Yingda Anyue Pure Debt Bond A"), and the fund manager is Lu Yinan.
According to public information, Yingda Anyue Pure Debt Bond A aims to "strive to obtain investment returns that exceed performance benchmarks through active investment management under the premise of strictly controlling risks, and pursue long-term stable appreciation of fund assets". The investment scope is financial instruments with good liquidity, including bonds (including government bonds, central bank bills,financial bonds,corporate bonds, corporate bonds, medium-term notes, short-term financing bills, ultra-short-term financing bills, subordinated bonds, government-backed institutional bonds, Local government bonds, pure debt portion of detachable convertible bonds, short-term corporate bonds ofsecurities companies, asset-backed securities and other bonds approved by the China Securities Regulatory Commission), bond repurchases, interbank certificates of deposit, money market instruments, bank deposits ( Including agreement deposits, call deposits and other bank deposits such as time deposits),treasury bond futuresand other financial instruments allowed by laws and regulations or the China Securities Regulatory Commission to invest in the fund.
Lv Yinan, successively served as investment analyst in the investment department of Hong Kong Dah Sing Insurance Service Co., Ltd., assistant investment manager in the investment management center of China Life Pension Insurance Co., Ltd.,assistant fund manager in the fixed income department and special account investment department ofBank of Communications Schroders FundManagement Co., Ltd. Investment Manager, Fund Manager of the Fixed Income Department ofBeixin Ruifeng FundManagement Co., Ltd. (to be appointed), currently the Fund Manager of the Fixed Income Department of Yingda Fund; currently the Fund Manager of Yingda Tongying Pure Debt Bond Securities Investment Fund.
Since May 24, 2022, Lu Yinan has served as the fund manager of Yingda Anyue Pure Bond A.As of May 27, 2022, Lu Yinan has served as the fund manager of 4 bond funds and 1 monetary fund.Among them, as of May 26, 2022, Lu Yinan worked forYingda Tongying Pure Bond A.The stage growth in the past June was 1.42%, underperforming the average of 2.03% in the same category, and ranking 1868|2224 in the same category; the stage growth this year is 1.18 %, underperformed by an average of 1.61%, ranking 1790|2287.
(Responsible editor: RobotRF13015)
