I. public funds: Jimin increased its position against the market, and the share of equity funds increased by 3%
The decline in the size of equity funds was mainly due to the decline in the net value of the fund. By the end of January, the scale of equity + hybrid funds in China’s public offering open-end funds was 8.1 trillion yuan, with a month on month ratio of – 6.5% and a year-on-year ratio of + 16.4%. The scale of non monetary funds was 15.8 trillion yuan, a month on month increase of – 1.6% and a year-on-year increase of + 28.4%. The decline in scale was mainly caused by the decline in net fund value. In January this year, the CSI 300 index fell 7.6% and the partial stock fund index fell 10.4%.
Jimin increased its position against the market, and the share of equity fund increased by 3%! By the end of January, the share of equity + hybrid funds in China’s public offering open-end funds was 5.9 trillion, with a month on month ratio of + 3% and a year-on-year ratio of + 37%. The share of non monetary funds was 12.8 trillion, a month on month increase of + 4% and a year-on-year increase of + 39%. In the case of the sharp decline of the partial stock fund index, the choice of the adverse market layout by the foundation reflects the improvement of the foundation’s cognition and the weakening of the cyclical characteristics of the equity fund.
New development funds fell to the freezing point. In the case of market shock, Jimin began to pay attention to old funds. From January to February this year, the newly established share of equity funds (stock + mixed + partial stock fof) was only 126.5 billion, a significant decrease of 82% compared with the same period last year. The decline of new development funds to the freezing point is partly due to the market shock, the decline of fund net value and the decline in the attractiveness of incremental funds to the market. On the other hand, Jimin began to pay attention to old funds with traceable performance. In January, the newly established share of equity fund was 104.4 billion, and the total share of equity fund increased by 170.8 billion. It can be roughly estimated that the net increase of old fund share in January was 66.4 billion, accounting for 39% of the total increase.
II. Private Equity Fund: the prosperity of the private equity fund industry continues to rise
By the end of January 2022, the existence scale of private equity funds was 6.3 trillion yuan, with a month on month increase of + 3.6% and a year-on-year increase of + 45.6%; The survival scale of private equity funds was 10.7 trillion yuan, a month on month increase of + 2.1% and a year-on-year increase of + 8.3%; The survival scale of venture capital fund was 2.4 trillion yuan, with a month on month increase of + 5.2% and a year-on-year increase of + 40.4%; The total scale of private equity funds was 20.3 trillion yuan, a month on month increase of + 2.6% and a year-on-year increase of + 18.9%.
In January, the newly recorded private securities fund was 40.12 billion yuan, with a month on month ratio of – 59.5% and a year-on-year ratio of – 42%; The scale of private equity fund was 28.928 billion yuan, with a month on month ratio of – 24.8% and a year-on-year ratio of – 45.9%; The scale of venture capital fund was 26.732 billion yuan, a month on month increase of – 16.71% and a year-on-year increase of + 97.97%. The total scale of private equity funds newly filed by the association was 95.89 billion yuan, a month on month increase of – 43.6% and a year-on-year increase of – 29.6%.
Under the catalysis of two rounds of fundraising and exit, the prosperity of the private equity fund industry continued to rise. According to the data of Zero2IPO Research Center, the amount raised by China’s equity investment fund reached 2.2 trillion in 2021, a year-on-year increase of + 84%. We judge that China’s private equity investment market is about to usher in a golden period of development. On the supply side, insurance capital, bank financial management and pension will continue to provide incremental funds. On the demand side, China is in a critical period of industrial structure transformation. More than 10000 “specialized new little giants” need support, which will provide a steady stream of high-quality assets for private equity funds.
Investment suggestion: the growth trend of public funds is in line with our previous judgment. It is suggested to pay attention to the long-term investment value of the wealth management industry and China stock market news, CICC h, Huatai Securities Co.Ltd(601688) . The development of private equity funds has accelerated and the prosperity has continued to rise. It is recommended to pay attention to Sichuan Shuangma Cement Co.Ltd(000935) !
Risk tip: the capital market fluctuates sharply, the fund growth is less than expected, and the environment of the venture capital industry is deteriorating
