A shares fluctuated greatly, and the fund self purchase boom continued.
This year, A-Shares continued to decline. Since the beginning of the year, the share prices of nearly 4200 companies have fallen, 590 companies have fallen by more than 20%, and the net value of more than 1700 funds (calculated separately) has fallen by more than 10% during the year. As of the 27th closing, the Shanghai index fell 1.78%, the Shenzhen composite index fell 2.77% and the gem index fell 3.25%.
According to the statistics of Chinese journalists from securities companies, a total of 17 public funds announced self purchase funds in recent 2 days, with an amount of 1.2 billion yuan. Among them, Ruiyuan fund, headed by Chen Guangming, said that the total amount to be purchased should not be less than 130 million yuan.
The fund company pointed out that the Fed's consideration of raising interest rates may lead to excessive expectations of market pricing, and there may be more "Dove" correction in the follow-up. With the recovery of risk appetite, the continuation of liquidity easing and the continuation of the boom direction, the market is expected to usher in a wave of "decent repair".
It is worth noting that the peripheral market is picking up, and the U.S. stock market rebounded in the front V-shape. As of 22:30 p.m. Beijing time on January 27, US stocks were all red, with the Dow index up 0.76%, NASDAQ up 0.02% and S & P 500 up 1.02%.
The trend of Russian stock market is even more gratifying. As of press time, it rose 6.79% and soared by more than 8% during the session.
the proposed self purchase amount of public funds is 1.2 billion yuan
Recently, market volatility intensified. In order to boost market sentiment, a number of fund companies announced self purchase. On January 27 alone, 15 public funds such as e fund, Huaxia Fund, GF fund and Nanfang Fund issued self purchase announcements, and fund self purchase ushered in a climax.
According to the announcement of Huaxia Fund, based on the confidence in the long-term healthy and stable development of China's capital market and the principle of sharing risks and benefits with investors, Huaxia Fund Management Co., Ltd. has invested a total of 120 million yuan in its partial share public funds since December 2021, The company will continue to invest 50 million yuan in its equity public offering fund within 30 trading days from the date of this announcement, and promise to hold it for no less than 1 year.
huitianfu Fund announced that based on the confidence in the long-term healthy and stable development of China's capital market and the company's investment management ability, and in line with the principle of sharing risks and interests with the majority of investors, the company used its own funds of 200 million yuan to purchase its partial share fund and promised to hold it for no less than one year.
Ruiyuan fund, headed by Chen Guangming, said that the company and fund manager will apply for its public funds within 30 trading days of the announcement, with a total amount of no less than 130 million yuan and a holding time of no less than 2 years, including no less than 5 years for the subscription of inherent funds.
In addition to the fund company's contribution with inherent funds, China Merchants Fund also encourages senior managers, fund managers and all employees to actively apply for / subscribe for the company's stock and hybrid public funds and hold them for a long time.
Incomplete statistics by Chinese reporters of securities companies show that as of January 27, 17 public funds have announced self purchase in recent 2 days, with a total self purchase amount of 1.2 billion yuan, of which the self purchase amount of huitianfu fund, Ruiyuan fund, ICBC Credit Suisse and e fund is 100 million yuan or more.
Public funds have shot to purchase their partial share funds with their own funds. By binding the interests of fund holders, it shows that they are willing to share the short-term fluctuations of the market with investors and are optimistic about the long-term future market.
Why did the A-share market fall sharply?
A shares have continued to fall sharply since the beginning of the year, which is related to the high valuation of the high boom track and the callback, which is mainly affected by the external market.
China Merchants Fund said that the relevant guidelines for interest rate increase and table reduction given in the written document of the Federal Reserve's interest rate meeting in January were basically in line with market expectations. However, Powell said at the press conference that the point of exceeding expectations was that he was open to raising interest rates more than four times during the year and the range of interest rate increases, which led to the market's expectation of raising interest rates four to five times during the year, and triggered the rapid fall of asset prices to hawks. After Powell's above statement, asset prices also adjusted significantly, gold almost wiped out all the gains in the past week, and the US dollar index returned to strength. This concerns about the valuation end of A-share assets.
Ping An Fund believes that since the beginning of 2022, there has been a sharp shock in a shares, on the one hand, it is worried about China's economic growth, on the other hand, it is affected by overseas markets.
Xie Yi, fund manager of Nord fund, said that due to the rising expectation of interest rate increase by the external Federal Reserve, the recent market correction has been relatively large, and the situation in Ukraine has also exacerbated the range of adjustment.
Li Weikang, fund manager of the fixed income Department of Hang Seng Qianhai fund, said that at present, the number of interest rate increases by the Federal Reserve is the main uncertain factor in the market. At the FOMC meeting in January, the Fed did not appease the market as before, but chose to fill hawkish expectations at one time to let the market accept various possibilities. At present, the market may set the expectation of raising interest rates this year to the extreme.
how to go in the future?
From the perspective of fund companies, most said they would continue to be optimistic about the future development of the market. After full adjustment of the A-share market, the market is expected to usher in a wave of repair market.
China Merchants Fund believes that the first adjustment before the year means that the market opportunities after the year, and there will still be a shock pattern before the A-share Festival.
Ping An Fund said that from the perspective of the Chinese government's Cross cyclical adjustment of the economy, there is no need to worry too much about liquidity. We are still optimistic about the opportunities of automobile intellectualization and supply chain reconstruction driven by new energy vehicles, technological manufacturing opportunities under the wave of digital development, the recovery of consumption profitability brought by the narrowing of cpi-ppi scissors difference, and the industrial chain brought by energy reform. With the adjustment of the market, what investors can do is to actively track the fundamentals of various industries and key companies, and strive to seek alpha of individual stocks in the volatile market.
Qianhai open source Fund said that the current fund issuance has warmed up, self purchase has also increased significantly, and the positive basis difference of if and IC has also begun to converge, indicating that the pressure from quantitative capital deleveraging has been significantly released, and the congestion of popular tracks has also decreased significantly. In addition, after the sharp decline of US stocks, the ratio of put to call option trading volume of S & P 500 has dropped significantly, indicating that the adjustment of US stocks may be coming to an end, and the subsequent impact on China's A-share market will gradually decrease. From the above indicators, the negative release has been relatively sufficient, the adjustment is coming to an end, and the market is already at the bottom. Subsequently, with the recovery of risk appetite, the continuation of loose liquidity and the continuation of the boom direction, the market is expected to usher in a wave of "decent repair".
Xie Yi said that he was optimistic about the whole year. External factors will gradually dissipate, and internal factors in China's economy will become the dominant factor. At the same time, with the decline, a considerable number of sectors have shown configuration value, such as the high cost performance of the real estate industry chain, the long-term value of household appliances, furniture and consumer building materials. The profits and valuations of some export-oriented industries and manufacturing industries that set up factories overseas are expected to rebound. With the adjustment of the market, new energy, chips and other high growth industries, There are universal opportunities.
Li Weikang also pointed out that at present, the expectation of market pricing may be excessive due to the Federal Reserve's consideration of raising interest rates, and there may be more "Dove" amendments in the future. In China, it is expected that China's monetary policy and economy will still maintain their own rhythm. Wide money has appeared, and the follow-up should mainly focus on the effectiveness of "wide credit and wide finance", the setting of the economic objectives of the two sessions, the bottom of the real estate industry and other internal factors.
