Over the weekend, fund Jun reported that a middle-aged man speculated in stocks after losing his job, chasing up and down 50. In case of a sudden loss of 74% in a year, it triggered a discussion on the whole network. But in front of the capital market, everyone is really equal. Jiang Chao, a well-known former chief economist in the industry, was also cut off leeks in less than a year.
On February 18 this year, Jiang Chao announced his resignation Haitong Securities Company Limited(600837) to join Zhongtai asset management. On April 12, the first product under his management was established. As of December 20, the unit net value of the product was 0.8076 yuan, with a floating loss of 19.24% in eight months. Many netizens said that the temporary withdrawal is “the gap between theory and practice” and “I believe Jiang Chao’s diligence will make a difference”.
Jiang Chao is a doctor of quantitative economics of Tsinghua University. He has been engaged in macro and bond research for 15 years. In his career, he has repeatedly won the first place in macro and fixed income research selected by new wealth. Before transformation investment, he served as deputy director and chief economist of Haitong Securities Company Limited(600837) research Institute.
In the middle of this year, Jiang Chao said that over issuance of currency is inevitable in the long run. In addition, adhering to the principle of non speculation in housing and housing, the monetary probability of over issuance will flow to the capital market in the future, which will not only drive the growth of the stock market, but also promote China’s economic transformation. It believes that looking forward to the next 10 years, holding the equity of excellent enterprises will be the best choice to enjoy China’s economic growth achievements and fight against the long-term devaluation of the currency, “which is also the reason why I choose to transform from research to asset management”.
the first battle of big coffee transformation for investment
On February 18 this year, Jiang Chao issued a document in the circle of friends saying that he had entered the China Thailand asset management, officially transformed into an investment and served as the joint chief investment officer, which caused a great sensation in the industry at that time.
After joining the new owner, the first product in charge of Jiang Chao, Zhongtai supernova 1, was established on April 12, 2021. According to public information, the custodian of Zhongtai supernova 1 is China Merchants Bank Co.Ltd(600036) , the participation threshold is 1 million yuan, and the establishment scale is 94 million yuan, of which Zhongtai asset management company invested 13 million yuan.
In terms of product investment scope, the proportion of equity assets (calculated by market value) is lower than 80% of the total assets of the asset management plan; The proportion of creditor’s rights assets (calculated by market value) is less than 80% of the total assets of the asset management plan; The proportion of position contract value (non netting calculation) of commodities and financial derivatives is less than 80% of the total assets of the asset management plan, or the equity of derivatives account does not exceed 20% of the total assets of the asset management plan.
In terms of product investment objectives, Zhongtai supernova 1 plans to build a spot investment portfolio composed of high-quality equity and fixed income securities, and use stock index futures and other hedging tools to manage systemic risks, so as to win the average growth rate of currency in the medium and long term and realize asset appreciation.
Only the goal of “outperforming the average growth rate of currency”, it should be said that Jiang Chao is more pragmatic.
However, as soon as the product was established, it began to experience a slight pullback in May. After that, it was still in a downward trend in June, July, August and September. It began to stabilize in October. At this time, the pullback rate was close to 20%. After October, the net value of Zhongtai supernova 1 began to fluctuate. As of December 20, 2021, the unit net value of Zhongtai supernova 1 was 0.8076 yuan, with a withdrawal of 19.24%.
netizen: the difference between theory and practice
For Jiang Chao’s floating loss, many netizens said that it was mainly “the difference between theory and practice” and “I believe that Jiang Chao’s diligence will make a difference in time”.
In fact, Jiang Chao is also mentally prepared for the problems that may be encountered in the transformation. In an interview with the media at the beginning of this year, he said that the transformation investment from research is a huge transformation, which is not easy to invest, and it is even more difficult to obtain good income, but it is also a career worthy of his lifelong efforts.
In June this year, when asked about the difficulties in switching from macro research to investment, Jiang Chao admitted: “I have to have a relatively achievable goal. My goal is to overcome currency growth, that is, currency over issuance. A little higher than it, so as to ensure that I will not be killed by currency over issuance.”
Jiang Chao also said that he wanted to change his career to invest for a long time. He had read the report for a long time. At first, he looked at everything, hoping to find a dark horse. Later, he found it difficult, so it was not necessary. In fact, it is to do what you can do, find Chinese high-quality enterprises, find those “desert flowers” and growth stocks. As long as these good enterprises are not eliminated, it is good to allocate their assets.
In 2015, Jiang Chao wrote a famous report – “what money should be earned and what should not be earned”. There are three main ways to make money from the capital market: one is to make money from the central bank, the other is to make money from corporate profits, and the other is to make money from others (that is, game). Obviously, what Jiang Chao wants to earn is the second kind of money, so short-term fluctuations are inevitable, and they are not so important in the long run.
strong research ability
Public information shows that Jiang Chao is a doctor of quantitative economics of Tsinghua University. He entered the Guotai Junan Securities Co.Ltd(601211) Securities Research Institute in 2006 and is responsible for macro and fixed income research. He joined the Haitong Securities Company Limited(600837) Institute in 2013, served as deputy director of the Institute, chief macro bond analyst, and then chief economist.
In the seller’s research career, Jiang Chao has repeatedly won the first place in the macro research and fixed income field in the new wealth selection of “securities business Oscar”.
In 2006, Jiang Chao won the first place in the research team of new wealth bonds during his tenure in Guotai Junan Securities Co.Ltd(601211) ; During his tenure in Haitong Securities Company Limited(600837) , he won the first place in the macroeconomic research group in 2013 and 2014 respectively. Also in 2014, Jiang Chao won the first place in the fixed income research team; In 2015, Jiang Chao continued to win the first place in fixed income research; In 2016, it won the first place in macroeconomic research.
optimistic about the capital market in the next decade
The logic of is that money flows from the housing market to the stock market
Public information shows that although Jiang Chao has made investments in transition, he has not abandoned macro research. His official account has also published analysis articles from time to time.
In May this year, Jiang Chao published a publication entitled “how to capture high-quality opportunities in the next decade when money is issued over time?” The article said that “after more than ten years of macro, there are many feelings. The biggest feeling is that life is not easy”.
Why is it not easy?
“Because you will find that sometimes choice seems to be more important than hard work. For example, in Shanghai, you bought a house more than ten years ago, and now you find that you don’t have to do anything. You may earn more than others by working hard. Money overload is the eternal theme I found after studying the macro. We must think about how to keep me in the environment of money overload Our wealth, and can create a relatively free life. ”
Jiang Chao said that in order to ensure 4-5% annual economic growth in the next decade, China’s monetary growth rate may still be 8-10% per year. If it continues, it may still be difficult to change the monetary excess.
Over the past decade, the main flow of excessive monetary development has been in the field of real estate. Because real estate is more suitable for quantitative development mode, people who buy houses in the past decade are life winners. “But the problem is that this era has passed. I believe the current policy of real estate is not speculation, and should be firm”.
In this context, Jiang Chao believes that in the future, the monetary probability of over issuance will flow to the capital market, which will not only drive the growth of the stock market, but also promote China’s economic transformation. Looking forward to the next decade, holding the equity of excellent enterprises will be the best choice to enjoy the fruits of China’s economic growth and fight against the long-term devaluation of the currency. “This is also the reason why I chose to transform from research to asset management,” said Jiang Chao.
(China Fund News)
