Since the introduction of new refinancing regulations in February 2020, the A-share fixed growth market has continued to grow. In 2021, the number of fixed increase projects reached a new high. During the year, 626 listed companies disclosed fixed increase plans, and the total fund-raising amount reached trillion. The enthusiasm of public funds to participate in fixed growth has increased unabated. During the year, they spent hundreds of billions of yuan to participate in fixed growth, which has exceeded that of last year.
Fixed growth of listed companies has also won the "support" of many top flow fund managers. Xie Zhiyu, Fu Pengbo, Zhang Kun and other funds have made great efforts to participate in it and made great profits. During the year, more than 70% of the projects participated by public funds were able to achieve floating profit, and the maximum floating profit has exceeded 4 times.
For the investment strategy of fixed growth next year, the interviewed public offering said that they tend to participate in the fixed growth market through portfolio investment and fixed growth quantitative hedging. As the investment logic and investment cycle of retail investors may be quite different from that of large public funds, investors are not recommended to "copy" blindly in the industry.
the total amount of subscription and fixed increase during the year of public offering exceeded 100 billion
head fund companies are more enthusiastic
As of December 3, 422 A-share listed companies had implemented fixed growth, exceeding the number of 401 in the whole year of last year. Among them, the fixed increase of 210 listed companies was participated by public funds.
From the perspective of fund managers, choice data show that, calculated according to the announcement date of additional issuance, as of December 3, 62 fund companies have participated in the fixed increase of listed companies this year, with a total subscription of 104.62 billion yuan, more than that of last year. From the perspective of companies' participation in fixed growth, the differentiation between the beginning and the end is obvious. The top 10 companies with the largest subscription amount have a total subscription amount of 74.028 billion yuan, accounting for 70.76% of the total subscription amount.
Large and medium-sized fund companies have strong capital advantages, and their enthusiasm for participating in fixed growth is significantly higher than that of other fund companies. Among the top ten fund companies participating in fixed growth, large fund companies account for the majority.
However, the first one is indeed a small and medium-sized public fund with characteristics - CAITONG fund. According to the data, as one of the earliest institutions involved in the fixed growth market and one of the largest institutions in terms of cumulative business participation, CAITONG Fund ranked first among all fund companies in terms of the number of securities and subscription amount as of December 3 this year, reaching 201 and 22.283 billion yuan respectively, far ahead of other companies. CAITONG fund has been enthusiastic about fixed growth since its establishment. In 2020, the new refinancing policy was introduced, the fixed growth market gradually recovered and was in a healthy and controllable stage, and CAITONG fund gradually increased the fixed growth investment.
In addition, e fund, Xingzheng Global Fund and Nord fund have high enthusiasm to participate in fixed growth. Among them, Nord fund participated in the fixed increase of 89 listed companies, with a total subscription amount of nearly 8.9 billion yuan, second only to CAITONG fund. E fund participated in the fixed increase 20 times this year. Although the number of times is not large, the total scale of participation in the fixed increase is as high as 8.411 billion yuan, ranking third among all public funds.
Liu Kaiyun, general manager of the fixed increase investment center of Jiutai fund, said that the warming of public funds' participation in fixed increase investment was mainly due to the obvious decline in the threshold of fixed increase investment after the introduction of the new refinancing policy in 2020. On the one hand, the investment threshold decreased. The new refinancing policy increased the number of fixed increase issuance objects of the company to 35, significantly reducing the investment threshold of individual investors.
On the other hand, the lock-in period of fixed investment shares in the new refinancing deal has been significantly shorter, from the past year to six months. In the past, the main reason for less public offering participation in fixed increase may be that the locking cycle of fixed increase shares is too long. The fund may not participate in fixed increase investment because it is worried about liquidity risk. Now this liquidity risk has been greatly reduced.
many star fund managers
the maximum floating profit has exceeded 4 times
According to the data, as of December 3, more than 70% of the projects participated by public funds this year have achieved floating profit, with an average rate of return of 31.24% (only the companies that publish the fixed increase price are counted), and the average floating profit of all funds participating in the fixed increase is about 7 million yuan.
According to a single fund, the yield of Dacheng cutting-edge industry and Dacheng Ruijing funds participating in Yunnan Yuntianhua Co.Ltd(600096) fixed growth events has exceeded 4 times, and many funds such as Shanghai Investment Morgan alpha, Shanghai Investment Morgan power selection a, Shanghai Investment Morgan core growth and Shanghai Investment Morgan core optimization have participated in Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) fixed growth events. So far, the floating profit has exceeded 3.5 times. CAITONG fund's CAITONG Multi Strategy blessing and CAITONG sustainable development theme also achieved good returns.
In fact, since this year, many star fund managers have participated in the fixed growth projects of listed companies. Fu Pengbo's Ruiyuan growth value participated in Wuxi Shangji Automation Co.Ltd(603185) fixed increase and floating profit of more than 200 million yuan. Several funds managed by Feng Mingyuan, such as Cinda Aoyin advanced intelligent manufacturing and Cinda Aoyin new energy industry, participated in the Beijing Hezong Science&Technology Co.Ltd(300477) fixed growth project and also achieved certain floating profits.
In addition, this year's fixed value-added projects have also won the "support" of other top flow fund managers. Xie Zhiyu, Zhou Yingbo, Zhang Kun and other funds have made great participation and achieved considerable benefits.
For the reasons why 10 billion fund managers have participated in fixed growth, CAITONG Fund believes that under the new refinancing policy, the secondary attribute and tool attribute of fixed growth are being strengthened. In the case of large fluctuations in the stock and bond market and lack of market trend investment opportunities, fixed value-added investment with discount value is favored by the market. It is also the unique discount attribute of fixed increase that creates the cost performance of fixed increase target.
Some institutions believe that in this year's volatile market, the overall discount rate performance of fixed growth investment strategy is more prominent than that of last year, and the overall income performance of fixed growth investment during the year is worth looking forward to.
portfolio investment superimposed quantitative hedging
two wheel drive participates in constant increase
This year, the A-share market is obviously differentiated. It may be safe to participate in fixed increase when it is low, but some popular fixed increase shares still have different positions in public offering. In this regard, Liu Kaiyun, general manager of fixed increase investment center of Jiutai fund, said that in fact, there are generally two investment purposes for public funds to participate in fixed increase investment. One is to value the investment value of enterprises in the medium and long-term dimension, and obtain the shares of listed companies through a certain fixed increase discount for medium and long-term investment allocation. The other is that the fund currently holds the shares of a company issuing fixed increase shares. The fund obtains fixed increase shares by participating in fixed increase investment. At the same time, it reduces its holdings of non fixed increase shares through the secondary market to replace the stock position and reduce the position cost. The first type of investment is more to obtain absolute income, and the second type of investment is more to reduce the position cost. Public funds hold popular fixed additional shares, and the second type of investment demand may account for a certain proportion.
A small public fund company in Beijing said that it is a consistent investment idea to choose a high-profile track and a company whose future operation is expected to improve. The high stock price of such companies also reflects the common choice of funds in the market. The investment of growth theme is also one of the common investment ideas of public funds, The participation in some popular fixed growth mainly reflects the optimism of the public fund towards the future development of the company.
For the investment strategy of fixed growth next year, CAITONG Fund said that it tends to participate in the fixed growth market through portfolio investment and fixed growth quantitative hedging. First of all, the combination is decentralized and does not fight for a single ticket. Based on their own risk return demands, the construction of different types of portfolio position strategies, investment period and reduction rhythm are also different. Secondly, different from the quantitative strategy of simply hedging a package of fixed increase stocks with CSI 300 or CSI 500 stock index futures in the past, the fixed increase quantitative hedging strategy launched this year is to simulate the CSI 300 index by superimposing the "risk balance portfolio" with the fixed increase ticket portfolio, and invest and use the short position of Shanghai and Shenzhen 300 stock index futures, so as to strive to obtain the income after purifying the fixed increase discount.
market risks and opportunities will increase next year
For the investment opportunities brought by private placement of Listed Companies in the future, Liu Kaiyun said that private placement investment is an important way of stock investment. Its investment opportunities come more from the investment value of the industry and the company itself, and a small number of opportunities come from the income compensation that may be brought by the discount of private placement. Since the fixed increase investment must be held for at least half a year, whether the investment income can be obtained depends on the market trend on the one hand, and the development of the company's industry and the company's own competitiveness on the other hand. Fixed value-added investment is a medium and long-term holding behavior, and the income obtained may be more from the endogenous growth of the enterprise. Therefore, we must pay more attention to the investment value of the fundamentals of the industry and the company, and weaken the short-term transaction attribute based on price difference. When the market valuation is reasonable, the industry has a certain prosperity, and the company has sustainable competitiveness, adding a certain fixed increase issuance discount, fixed increase investment may be a better investment method.
From the current point of view, CAITONG Fund believes that this year's market environment requires higher screening capacity for fixed value-added projects: with the gradual resumption of production overseas, some manufacturing stocks benefiting from the epidemic this year and the stock price is at a high level, so they need to be more cautious next year. At the same time, considering that with the changes in China's regulation and the logic of interest rate increase by overseas Federal Reserve, projects with sufficient adjustment and long-term logic this year can be considered if they are discounted again. This requires further identification and screening, looking for opportunities and safety margins.
A small public fund company in Beijing said that private placement mostly means that the company has arranged new construction projects, and also implies the company's future development direction and profit growth point. By studying the specific use of fixed increase funds, we can observe the views and responses of listed companies to the industry from the side, so as to deepen the research on listed companies.
However, fixed value-added investment also has risks. Liu Kaiyun mentioned that one risk is the risk of "discount trap". Some companies have high fixed value-added issuance discount, but the industry and company fundamentals are poor. If fixed value-added investment is only based on high discount, it may face the risk of double killing of valuation performance caused by poor fundamentals. Another risk is high valuation risk. Some companies are in hot industries with high prosperity and high valuation. The company chooses to issue fixed increase for financing at a high level. If the company's performance cannot continue to exceed market expectations in the future, the company may face great pressure on valuation adjustment. Therefore, fixed value-added investment needs to avoid these two obvious risk points.
"We also need to be vigilant against the risks brought by blind expansion in the period of market overheating. Under the current market environment, there is an overheating risk brought by the influx of funds in local additional issuance projects in the future, because from past experience (such as 2016) , when the overall valuation is at an all-time high, in order to avoid valuation risk, funds will indiscriminately flow into fixed increase stocks with discount. This leads to higher valuations on the additional issuance projects of some listed companies with general qualification only because of the discount, which brings additional premium risk. On the other hand, investment in additional issuance will face greater asset fluctuation risk and higher error correction cost after wrong pricing - including what we usually call liquidity risk and opportunity cost. " A small public fund company in Beijing mentioned.
CAITONG fund also reminded investors that star fund managers frequently participate in fixed growth stocks, reflecting that the secondary attribute and tool attribute of fixed growth investment are increasing and the attraction is improving. However, it is not recommended that ordinary retail investors blindly follow up "copying" after seeing such news. For the individual stock targets held by some large public funds, when there is no periodic correction opportunity in the market, the discount created by fixed increase brings them the opportunity to change positions. The discount is like a market correction, and the discount when participating in quotation becomes the reason for them to participate in fixed increase investment. The investment logic and investment cycle of retail investors may be quite different from that of large-scale public funds, so we can not blindly believe that the follow-up purchase of fixed increase stocks participated by public funds is the "operation answer" of "guaranteed profit without loss".
(China Fund News)
