Monthly macro review: money market and capital price. This month (from January 1, 2022 to January 31, 2022, the same below), the central bank’s open market reverse repo expired with a total of 1290 billion yuan. The central bank invested a total of 169 billion yuan in reverse repo in the open market, realizing a net investment of 400 billion yuan. For the whole month, the overnight, 7-day, 14 day, 21 day and one month inter-bank pledge repo interest rates in the inter-bank market changed by – 18.5bp, -22.9bp, -76.59bp, -462.1bp and -13.4bp to 2.1882%, 2.319%, 2.3532%, 2.3784% and 2.4226% respectively; The overnight, 7-day, 14 day, 21 day and one month interbank pledge repo rates of deposit institutions in the interbank market changed by 13.73bp, 1.400bp, -39.88bp, 237.78bp and 242.2bp to 2.1697%, 2.3056%, 2.3515%, 2.3778% and 2.4226% respectively; Shibor’s overnight, 7-day, 14 day, 21 day and one month interest rates changed by 2.599bp, 0.099bp, – 70.2bp and -1.400bp to 2.155%, 2.272%, 2.286% and 2.417% respectively.
Monthly performance review of equity and bond assets: in terms of bonds, the yields of interest rate bonds and credit bonds generally fell this month, including the yield of 10-year Treasury bonds fell by 7.57bp, the yield of US Treasury bonds rose sharply, and the yield of 10-year US Treasury bonds rose by 27bp. In terms of China’s stock market, the CSI 300, CSI 500, SSE 50, gem and Kechuang 50 index rose or fell by – 7.62%, – 10.58%, – 6.73%, – 12.45% and – 12.08% respectively this month. The CITIC finance, cycle, consumption, growth and stability index rose or fell by – 1.55%, – 9.15%, – 10.46%, – 12.21% and – 5.28% respectively this month. In terms of industries, the top five shenwanyi industries with yield this month are banking, real estate, transportation, architectural decoration and coal, with yield of 2.33%, – 1.29%, – 2.88%, – 2.89% and – 4.21% respectively; The shenwanyi industries with the lowest rate of return are electronics, beauty care, media, pharmaceutical biology and national defense military industry, with rates of return of – 13.39%, – 14.09%, – 14.40%, – 14.94% and – 17.92% respectively. In terms of convertible bonds, the balance weighted conversion premium rate increased by 4.679% to 39.99%, and the monthly performance of the convertible bond index was significantly better than that of the positive stock index. In terms of overseas stock markets, the Nasdaq, S & P 500, Dow Jones industrial, Nikkei 225, French CAC40, FTSE 100 and German DAX index rose or fell by – 8.98%, – 5.26%, – 3.32%, – 6.22% and – 2.15%, 1.08% and – 2.6% respectively this month. The top three industries for US stocks rose or fell were energy, finance and essential consumption, and the last three industries were information technology, real estate and non essential consumption.
Monthly fund strategy evaluation: the yield ranking of various types of funds this month is pure debt fund, primary debt fund, stock long short fund, partial debt hybrid fund, secondary debt fund, balanced hybrid fund, flexible allocation fund, index enhanced fund, partial stock hybrid fund and stock fund.
This month’s simulated combination: the balanced combination of mixed strategies has warehouse adjustment operation.
Risk tips: the economic impact of covid-19 virus variants exceeded expectations; The policy is not as expected; Model failure risk; All assets allocated in the balanced portfolio of mixed strategies (including but not limited to convertible bonds, stocks, indexes, etc.) do not constitute investment purchase suggestions.
