Unexpectedly, the first failed new fund in the lunar year of the tiger fell in the hottest new energy sector last year.
On February 12, BOC International securities issued the announcement that the national securities new energy vehicle battery ETF contract could not take effect, which also means that the fund still failed to meet the threshold for the establishment of the public fund after three months of raising.
In the view of insiders, in recent months, the issuance of new funds has fallen to the freezing point. Even the scale of new fund raising led by star fund managers is only at the "single digit" level. The industry is generally under pressure to guarantee the establishment of new funds. For ETFs with trading attributes such as floor funds, customers' bargain hunting also prefer the old funds that have been listed, which also aggravates the difficulty of new issuance of ETFs to a certain extent.
the new energy fund failed to raise funds for the first time in the year
The drastic adjustment of the A-share market in the lunar year of the tiger not only failed the "good start" of the new fund, but also led to the birth of the first fund that failed to raise this year.
On February 12, BOC International securities issued an announcement on the ineffectiveness of the Boc International (China) Co.Ltd(601696) Guozheng new energy vehicle battery trading open-ended index securities investment fund contract.
According to the announcement, Boc International (China) Co.Ltd(601696) Guozheng new energy vehicle battery trading open-end index Securities Investment Fund (fund code: 159756, hereinafter referred to as "the fund") was approved to register and raise by CSRC in Document No. [2021] 1677, and has started to raise on November 12, 2021. As of February 11, 2022, the fund raising period expires, and the fund fails to meet the conditions for fund filing specified in the fund contract, so the fund contract cannot take effect.
"The approval date of the ETF is May 12 last year. According to relevant regulatory regulations, the issuance of the new fund shall be started within 6 months at the latest after the approval, and the initial date of the fund is November 12, which can be said to be the latest issuance period." According to an insider, "The threshold for the establishment of a new fund is 200 million yuan. For ETF, it also needs to meet the minimum number of holders listed. For fund companies that are not particularly small, it is not difficult to raise 200 million yuan. It may be that the company has other considerations, such as considering the issuance time or giving priority to the issuance of other products, so it postponed the issuance of the ETF. However, the market was depressed at the beginning of the year, The maximum raising period for the issuance of new funds cannot exceed 3 months. The ETF still fails to meet the conditions for establishment and filing at the expiration of the issuance period, and can only end in failure. "
"At present, the market situation is poor, and many new funds are facing the problem of issuance and establishment. In fact, many ETFs launched recently are passive choices with the approval expiring soon. In addition, the fund manager may have uncertainty about the future trend and did not choose to ensure the establishment, but let it go naturally and let its issuance fail." A fund company judge.
Some fund companies believe that ETF issuance is very dependent on market performance. Recently, the A-share market has continued to adjust, and previous popular tracks such as new energy and medicine have taken turns to dive, which has also affected investors' willingness to subscribe to a certain extent.
multiple battery ETFs in the field "absorb gold against the trend"
According to the official website of the national securities index, the national securities new energy vehicle battery index is prepared to reflect the market performance of Listed Companies in the new energy vehicle battery industry in the A-share market. The sample selection space is for A-share listed companies in the company's business fields involving new energy vehicle batteries (positive material, negative material, electrolyte, diaphragm, etc.), new energy vehicle battery management system and new energy vehicle charging pile.
The index is based on 31 December 2002. As of February 13, 2022, the index includes 30 constituent stocks, and the top five heavyweight stocks are Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) , Ganfeng Lithium Co.Ltd(002460) .
Affected by the style conversion of the A-share market, as of the closing on February 11, the national securities new energy vehicle battery index has callback more than 27% from the high on November 30 last year.
However, compared with the cold issuance of the new fund, ETFs that only track the national securities new energy vehicle battery index in the venue have opened the "gold absorption against the trend" mode.
According to wind data, there are five ETFs tracking the national securities new energy vehicle battery index. As of February 12, four ETFs, including GF battery ETF and Jingshun Great Wall battery 30etf, have been listed for more than five months. Since November 30, the market share has increased by 1.503 billion. Calculated according to the average transaction price of the range, the capital inflow has exceeded 1.635 billion yuan.
In view of the "cold" of new ETFs and the "gold absorption against the trend" in the market, a person from a fund company said that compared with new funds, ETFs that have been listed have a relatively superior scale and liquidity, and are more likely to be favored by bottom reading funds. Moreover, new ETFs are still some time away from listing and cannot be sold during the period, which does not reflect the advantage of efficient trading.
\u3000\u3000 "Many ETF floor investors adhere to the reverse investment thinking, which is reflected in the trading as' the more they fall, the more they buy, the more they rise, the more they sell ', while many OTC investors participating in new ETFs will sell when ETFs are listed. These investors often hope to obtain absolute returns during the period from the issuance of ETFs to listing. However, the performance of the secondary market of new energy sector is still volatile in the near future It is more difficult to make money, so we take a wait-and-see attitude towards subscribing for new funds. " An analyst from a fund company in Shenzhen.
"ETFs that track the same index are relatively homogeneous products. Homogenization means that many of the same products divert limited market demand. For investors who want to take advantage of market adjustment to copy the bottom, the first choice must be ETFs that have been established in the market and have good liquidity, rather than new ETFs that still need to build positions." A person from a fund company also holds a similar view.
the adjustment of new energy sector reflects the slowdown of its growth rate
What factors have triggered the continuous adjustment of the new energy sector since the beginning of the year? When can relevant sectors stabilize and recover? Insiders also talked about their views.
Western Securities Co.Ltd(002673) said in the recently released research report that "de Ninghua" is another feature of the market since the beginning of the year, and the higher the "content of Ninghua", the greater the decline of the index. In addition, since the end of last year, there has been absolute return on the part excluding "Ning" in Shanghai Stock Exchange 50 and Shanghai and Shenzhen 300, relative return on the part excluding "Ning" in gem, relative loss on the part including "Ning" in Shanghai Stock Exchange 50 and Shanghai and Shenzhen 300, and absolute loss on the part including "Ning" in gem index, China Securities 1000 and China Securities 500 index.
In Western Securities Co.Ltd(002673) view, the extreme deduction of "steady growth" and "de Ninghua" market reflects the marginal reversal of the dividend of new energy policy, from maintaining supply and stabilizing price to double carbon correction, and then to the delay of carbon peak in the steel industry, the revaluation of China's asset price under the rapid rise of the expectation of interest rate increase by the Federal Reserve, and the interference of the fluctuation of China's broad credit expectation on asset valuation.
Western Securities Co.Ltd(002673) believes that on the whole, the "de Ning" of gem and SSE 50 is relatively sufficient, but the "de Ning" process of most A-share indexes may not be over.
Whether the subsequent "de Ninghua" process is completed through the decline of "Ninghua part" or driven by the rise of "Ninghua part" is still difficult to determine.
Boshi fund analysis pointed out that the recent correction of the new energy vehicle sector has been large, mainly because the Fed's interest rate hike has suppressed the valuation of the global growth sector, and the short-term market's preference for the stable growth sector has increased under the background of China's strong expectation of stable growth, and the current market lacks incremental admission funds, Phased suppression of the formation of new energy vehicle sector.
However, at the current time point, Boshi fund is still firmly optimistic about investment opportunities in the new energy vehicle industry. Globally, the policies of new energy vehicles are continuously increasing, which is in line with the theme of carbon neutrality and the direction of energy conservation and emission reduction. At the same time, it is also one of the ways for China to promote consumption and domestic demand. At present, the penetration rate of new energy vehicles is still less than 10% in the world. The industry still has a high outlook and strong certainty of long-term growth.
Boshi Fund believes that after the early correction, the valuation of the sector has gradually approached the bottom of history, and the industry fundamentals are in the stage of short-term, medium and long-term upward at the same time. The darkest moment of the new energy vehicle sector has passed. Looking back, the correction range will not be too large, and the current valuation cost performance is higher than that before the adjustment, Relatively more optimistic about the performance of core leading companies in the industrial chain.
Shi Cheng, fund manager of SDIC UBS, also said that the recent continuous adjustment of new energy may more reflect the slowdown of its growth rate. However, in the long run, the growth rate of new energy is still very fast. Compared with fuel vehicles, new energy vehicles have high cost performance, especially combined with the use cost, so a strong substitution trend has been formed. Their advantages are still very prominent in all industries, so there are still opportunities in the long run.
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