Review on the development of various types of public offering products in 2021: 1) active equity: the scale reached a new high, and the issuance decreased compared with the same period last year; Innovative products will continue in 2021; Small and medium cap growth style, carbon neutrality and manufacturing theme funds have outstanding performance. 2) Index products: scale continues to soar; Equity ETF broke the trillion yuan mark for the first time; Continuous innovation, the market from blue ocean to red ocean; The index is enhanced and the product performance is outstanding. 3) Fixed income + products: the scale continues to grow and the performance is bright. 4) Pure debt fund: dingkai products are popular. 5) Fof: the development has exceeded 200 billion yuan, entering the fast lane and welcoming the highlight moment at the beginning; The performance is stable and the income is relatively considerable. 6) The first year of public REITs: the market is hot and the income is outstanding.
Summary of public offering development in 2021 and outlook for 2022: 1) the scale of non goods rose to 15.01 trillion yuan, an increase of 29.37% over the end of 20 years, Highest active equity (37.19%) ）In terms of investors, the fund is not very profitable, and investment and teaching have a long way to go. The key is long-term investment concept + reducing transaction frequency. 6) The second anniversary of the pilot fund investment adviser, the system was initially completed, with assets of more than 50 billion yuan.
Suggestions on the allocation of public fund portfolio in 2022: 1) stable portfolio: the allocation ratio of shares, bonds and cash is 10%: 80%: 10%, Focus on the allocation of pure bond funds (mainly pure debt funds with sound style, supplemented by pure debt funds with credit sinking and other strategies). 2) balanced portfolio: the proportion of stock, debt and cash allocation is 40%: 50%: 10%. Equity assets are mainly configured with fund products with balanced allocation style, supplemented by products with theme style and industry rotation. 3) aggressive portfolio: the proportion of stock, debt and cash allocation 80%: 10%: 10%, pay attention to the short and medium-term investment logic of the stock market, and adjust the position of equity assets appropriately. In terms of equity assets, fund products with balanced allocation style are the main allocation, and products with theme style and industry rotation are the auxiliary allocation.
Suggestions on product allocation of public funds in 2022: 1) equity funds are optimistic about two types of products: first, withdraw relatively stable balanced allocation funds with value growth style, scattered industry allocation and certain rotation ability in the industry; Second, it is a theme fund that focuses on investment in the theme areas of carbon neutralization, TMT, high-end manufacturing, military industry and other industries with relatively large fluctuations. 2) Fixed income + funds, Two types of products are recommended: one is fixed income + fund, which is good at stock selection (and convertible bonds) without credit sinking; the other is fixed income investment (credit sinking, duration and other strategies), supplemented by stocks, convertible bonds and innovation (small positions or investment in stable products), strong defensive products and absolute returns. 3) for pure debt funds, two types of products are recommended: one is short-term pure debt funds with certain credit sinking, which can not only be used as a substitute for monetary funds, but also have high returns; the other is medium and long-term pure debt funds with strong comprehensive management ability and obvious investment characteristics in duration, credit and other dimensions Type fund.
Risk tips: 1) this report is an objective analysis based on the historical data of the fund. There may be errors and omissions in the sample fund, resulting in deviation of the results. 2) The past situation of the fund does not represent future performance. 3) The funds covered in this report do not constitute investment recommendations.
