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Original Title: Public Funds Leading the Trend for Professional A-Share Investing on the Fast Track to Development
Cheng Dan, reporter for Securities Times
The investment structure of the A-share market is quietly undergoing positive changes.
According to the data, from the beginning of 2019 to the end of November this year, the value of A-share transactions of domestic professional institutions accounted for 17.75%, an increase of 1.34 percentage points over 2018. A The end of November this year, the total market value of A shares held by domestic professional institutions was 11.50 trillion yuan, an increase of 6.26 trillion yuan from the end of 2018, more than double. Among them, the proportion of the transaction value of A shares and the proportion of positions occupied by public funds is significantly higher than that of other types of domestic professional institutions, making it the brightest professional investment force in the market. of shares A.
Several market participants interviewed by a Securities Times reporter said that with the comprehensive deepening of capital market reforms and the acceleration of two-way openness, reforms on the financing and investment side continued to take place, the enthusiasm of the professional institutions by participation increased significantly and the investor structure showed a marginal improvement. The enthusiasm of public funds to participate is significantly higher than that of other types of national professional institutions. Depending on the changes in the market ecology, the professional capabilities of public funds will continue to dominate in the future.
Year of development of the equity fund
2020 is the great year for the issuance of equity funds.Oriental wealthElection data shows that, as of December 9, the number of newly established hybrid fund shares on the market during the year reached 1,475,279 million and equity fund share reached 346,866 million. The two represented 50.5% and 11.87% of the newly established funds.
There are two direct reasons for hot casting. On the one hand, the successive establishment of hot funds has contributed greatly to the growth of equity fund shares; on the other hand, the money-generating effect of the funds has also attracted a large inflow of capital. According to the data, as of December 8, the overall average performance of stock funds significantly outperformed the benchmark, and the average annual return of common stock funds and partial stock funds exceeded 45%.
inZhongtai ValuesAccording to chief economist Li Xunlei, this is related to the change in the valuation structure of A-shares. He said that the valuation level of underperforming portfolios of stocks that have been speculated in the past is declining, and the structure Shares of institutional investors who advocate value investing have gradually begun to have “advantages”. While the scale of public funds has expanded rapidly, the public has also become more Recognizing the investment capabilities of public funds, the two have gradually formed a positive interaction, and the enthusiasm of public funds to enter the market has significantly increased.
A dataset can intuitively see how active public funds are entering the market. In 2019, the newly established public offering funds raised a total of 511.6 billion yuan, and this figure rose sharply to 1.87 trillion yuan from the beginning of 2020 to the end of November, an increase of 6% and 287%. respectively compared to 2018. At the same time, the transaction value of share A of public funds accounted for 3.92%, which was significantly higher than that of other types of national professional institutions. The market value share of A shares held by public funds increased by 2.63 percentage points to 6.67%.
“Public funds have becomeCommon peopleAn important part of asset allocation. Han Xianwang, chief economist of the Universal Fund of China, pointed out that this is inseparable from the comprehensive deepening of the capital market reform, and is a full manifestation of the effectiveness of the reform.
In late 2019, the China Securities Regulatory Commission clearly proposed to vigorously develop equity funds. The 2020 China Securities Regulatory Commission System Working Conference once again proposed to continue to increase the share of equity funds, expand medium and long-term sources of funds, and promote the balanced development of investment and financing . Since then, regulatory authorities have further developed and expanded the team of public fund managers, implemented a classified supervisory system for public fund managers, improved the medium and long-term incentive mechanism for fund managers, launched a Investment advisory pilot fund and the scope of the investment advisory pilot agency also changed from the original fund. The companies and subsidiaries have expanded into banks, securities firms, independent fund sales agencies, etc. At the same time, it will increase the offering of fund product innovations and support fund and securities management institutions to focus on serving the real economy and wealth management needs, and present fund product innovation plans. public to the department of supervision of securities and fund institutions. Efforts were made to improve the product structure, especially the optimization of the registration mechanism for mutual fund products, and improve the efficiency of product review under the conventional registration mechanism, so that the registration cycle was shortened by more than 50% on average.
Han Xianwang said that it is these reform measures that have made fund product registration more market-oriented, standardized and more efficient. The number of pilot investment advisory institutions increased to 18 in one year, which has promoted the explosive growth of public funds, especially public equity funds. .
Professional institutional investment power
Will also improve
The performance of equity funds over the past two years has shown the market that the concept of “modeling stocks is not as good as buying bases.” The market expects public funds to continue to dominate next year, relying on their strong management capacity. However, compared to the degree of institutionalization in mature foreign markets, the proportion of A-share institutional investors still has room for improvement. Looking at the more mature capital markets such as the United States, Japan, and the United Kingdom, we can find that professional institutional investors account for more than 60% of the market value and mature capital markets are more institutionalized. Of course, the current investment structure in mature markets does not form overnight, but has gone through a relatively long evolutionary process, gradually moving from being led by individual investors to being led by institutional investors.
The reporter learned from relevant people close to regulatory authorities that regulatory authorities will continue to make efforts to reform the investment side to promote the coordinated development of investment and financing. Promote and optimize the policy environment for third-pillar pension and other medium- and long-term funds entering the market, improve accounting, performance evaluation, and capital investment incentive mechanism, and cultivate and strengthen willingness and capacity of the capital market to invest in the long term. A special action on the governance of listed companies has been launched, which will further facilitate the entry and exit of the two gates and provide the market with higher quality investment targets. Accelerate the implementation of the securities class action system, improve the institutional mechanisms for the exercise, protection and relief of investors’ rights, and actively promote long-term investment, investment in value and a rational investment culture.
Specifically for the public funds industry, Han Xianwang said that the rapid expansion of the public funds investment advisory business will greatly alleviate the pain points of investors choosing funds and provide new development opportunities for public funds. At the same time, with the aging of the population and the growing demand for financial management of pension funds, the role of public funds in investment in pensions has steadily increased and the demand for pension funds from residents to allocate funds public funds is increasing, providing ample room for growth in public funds.
The aforementioned relevant people close to the supervisory level said that the supervision department will continue to promote the expansion of the public fund managers team, improve the rules of the investment advisory business, and support the creation of professional asset management institutions. At the same time, it will further improve the efficiency of registration of conventional public funds products, enrich the system of public funds products, and encourage more small and medium investors to share the results of market development through public funds products.
Li Xunlei expects that the capital market will remain relatively prosperous in 2021 and will open during the boom. The return on investment to rationality is a long-term trend for emerging markets to mature. I think that as the proportion of institutional investors increases, the valuation system for A shares will increase. More reasonable.
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