Since 2022, many asset management institutions have issued self purchase plans, and the scale of this round of self purchase has exceeded 2.3 billion yuan. In order to further boost market confidence, institutions such as Donghai securities, Qianhai open source fund and BOC fund have gradually implemented self purchase.
Public funders believe that there is no need to entangle too much with the short-term market trend. With the gradual emergence of the influence of some positive factors, the market will gradually return to temperature, and the subsequent market is expected to force along the direction of value and undervaluation.
self purchase initiatives have been implemented
On February 15, Donghai securities announced that based on its confidence in the long-term, healthy and stable development of China's capital market, it plans to use its own funds of no more than 1 million yuan to subscribe for its "Haixin Zunli bond type collective asset management plan of Donghai securities" on February 17.
On February 11, Qianhai open source Fund released the further announcement on the application of the company's inherent funds for its partial stock public offering funds, which showed that based on the confidence in the long-term healthy and stable development of China's capital market, Qianhai open source fund had used the inherent funds of 50 million yuan to apply for the partial stock public offering funds of the company from February 7 to February 9, and promised to hold them for more than 3 years. As early as January 28, Qianhai open source Fund announced the self purchase plan: within five trading days from the date of the announcement of the purchase plan, it will purchase the partial share public offering fund of the company with its own funds, with a total capital contribution of no less than 50 million yuan and hold it for more than three years.
BOC Fund announced on February 8 that based on full confidence in the long-term healthy and stable development of China's capital market, it has recently invested a total of 100 million yuan in the company's equity funds with its inherent funds. Specifically, BOC fund invested 25 million yuan to purchase BOC new wealth flexible allocation hybrid securities investment fund, 25 million yuan to purchase BOC Minfeng return hybrid securities investment fund, 30 million yuan to purchase BOC new economy flexible allocation hybrid securities investment fund, and 20 million yuan to purchase BOC high-quality development opportunity hybrid securities investment fund.
According to the announcement of Huaxia Fund on January 27, 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 the majority of investors, Huaxia Fund has invested a total of 120 million yuan in its partial share public offering funds since December 2021. The company said that within 30 trading days from the announcement date, it will continue to invest 50 million yuan in its equity public offering fund and promise to hold it for no less than one year.
Li Han (pseudonym), a Shenzhen market person, pointed out that the large-scale self purchase of asset management institutions is an act of boosting market investment confidence with real gold and platinum. The fund companies that previously issued the self purchase plan are gradually implementing the self purchase plan.
since this year, the public offering has purchased more than 2.3 billion yuan
This round of self purchase began around January 27 before the Spring Festival holiday. At that time, public offerings such as e Fangda, GF, huitianfu, Fuguo, Nanfang and harvest released self purchase plans. After the Spring Festival holiday, Penghua Fund, BOC fund and Great Wall Fund followed up one after another.
It should be pointed out that after the Spring Festival holiday, the initiator of self purchase behavior has also expanded from the fund company to the individual level of fund managers. For example, following the release of the company's self purchase plan on January 27, China Southern Fund announced on February 11 that Luo An'an, the proposed fund manager of the southern emerging industry hybrid securities investment fund, invested 1 million yuan to subscribe for the southern emerging industry hybrid fund based on the principle of sharing risks and interests with the majority of investors; Sun Lumin, the proposed fund manager of Nanfang Baoyu hybrid securities investment fund, invested 1 million yuan to subscribe for Nanfang Baoyu hybrid fund. The final amount of subscription application confirmation shall be subject to the results calculated and confirmed by the fund registration authority.
According to incomplete statistics, as of February 16, the self purchase of public funds (including self purchase at the company level and fund manager level) has exceeded 2.3 billion yuan since 2022.
According to the Research Report of China International Capital Corporation Limited(601995) , historically, most of the periodic peaks of self purchase scale of fund companies occurred in the falling range of a shares, and in recent years, the type of self purchase fund has changed to stock fund. Since 2015, the periodic peak of the net self purchase scale (stock + hybrid) of fund companies has occurred in the third quarter of 2015, the first quarter of 2018, the first quarter of 2020 and the first quarter of 2021, which corresponds to the decline range of a shares.
don't be pessimistic about the market trend
Wang Hongyuan, honorary chairman of Qianhai open source fund, pointed out that looking forward to 2022, it is inevitable that the global stock market will enter a risk release period under the background of unsustainable water release, rising inflation and the Federal Reserve's tightening monetary policy. China, which has always adhered to prudent policies in previous years and has a large reserve of policy tools, now has the ability, willingness, tools and executive power to support the economy.
Based on this, Wang Hongyuan believes that the long-term strategic inflection point of global capital actively chasing China's high-quality stocks and bonds has emerged, and excellent institutional investors will take action to seize rare strategic opportunities. In 2022, China's stock market is expected to become one of the most beautiful markets in the world.
According to the analysis of Cinda Aoyin fund, there are obvious signs of "steady growth" of China's economy. In 2022, investment needs to further focus on the mining of subdivided industries. We should cherish the layout opportunities of gem index below 2800 and Shanghai composite index below 3400. In terms of industry investment choice, we can pay attention to the following three aspects: first, over falling industries such as transportation, tourism, breeding and real estate chain; Second, the long-term development logic of green power, new energy, wind power, photovoltaic and other tracks in the "double carbon" field has not changed; Third, environmental protection, construction and other counter cyclical sectors, whose performance growth certainty will be more fully reflected in 2022.
China Merchants Fund pointed out that the core focus of the current market risk preference is the rhythm of wide credit. As the leading factors of wide credit, local bonds and real estate have become an important observation direction of market risk preference. In the future, under the demand of "stable growth", the infrastructure field will continue to work as an important starting point. In the near future, the market will force along the direction of value and undervaluation. With the acceleration of China's steady growth policy, infrastructure and real estate expectations will be gradually raised. At present, the market value style will still dominate at this stage, and the opportunities of growth companies, especially track companies, need to wait for the further recovery of risk appetite.
