I. public funds
Under the sharp market shock, the application and redemption of equity funds remained stable. As of the end of February, this year, the CSI 300 fell 7.3%, and the partial stock fund index fell 9.4%; Among publicly raised open-end funds, the scale of equity + hybrid funds increased by + 1% month on month to 8.15 trillion yuan, a year-on-year increase of + 11.9%; The share increased from + 0.01% month on month to 5.86 trillion, a year-on-year increase of + 24.1%. In February, the newly issued share of equity funds was 22.13 billion yuan, with a month on month ratio of – 78.8% and a year-on-year ratio of – 91.7%, mainly due to the small number of working days in February and the ultra-high base of last year.
Under the influence of long-term investment and teaching of the head platform, investors face short-term fluctuations and behave more rationally. As of March 9, the equity fund of ant wealth platform had a net inflow of 28.7 billion yuan in the past month and 42.7 billion yuan so far this year; In the past month, the net subscription of equity funds of Tiantian fund exceeded 7 billion yuan, and the net purchase volume exceeded 20 billion yuan.
Bond funds contribute to the increment of the public fund market. By the end of February, the scale of non monetary funds was 16 trillion yuan, a month on month increase of + 1.1% and a year-on-year increase of + 26%; The share of non monetary funds was 12.88 trillion, a month on month increase of + 0.7% and a year-on-year increase of + 34%. Among them, the scale of bond funds was 4.51 trillion, a month on month increase of + 2.4% and a year-on-year increase of + 63.2%; The share of bond funds was 3.91 trillion, a month on month increase of + 2.6% and a year-on-year increase of + 62.6%. By the end of February, the total scale of public funds was 26.34 trillion yuan, a month on month increase of + 1.8% and a year-on-year increase of + 20.9%; The total share was 23.20 trillion, a month on month increase of + 1.7% and a year-on-year increase of + 23.9%.
II. Private equity fund
By the end of February 2022, the existence scale of private equity funds was 6.34 trillion yuan, with a month on month ratio of – 0.03% and a year-on-year ratio of + 44.2%; The survival scale of private equity funds was 10.81 trillion yuan, a month on month increase of + 0.7% and a year-on-year increase of + 8.6%; The survival scale of venture capital fund was 2.41 trillion yuan, with a month on month increase of + 0.8% and a year-on-year increase of + 40.1%; The total scale of private equity funds was 20.37 trillion yuan, a month on month increase of + 0.4% and a year-on-year increase of + 18.7%.
In February, the newly recorded private securities fund was 13.84 billion yuan, with a month on month ratio of – 65.5% and a year-on-year ratio of – 81.1%; The scale of private equity fund was RMB 11.86 billion, with a month on month ratio of – 59.0% and a year-on-year ratio of – 72.9%; The scale of venture capital fund was 10.15 billion yuan, with a chain comparison of – 62.0% and a year-on-year comparison of – 33.4%. The total scale of private equity funds newly filed by the association was 35.84 billion yuan, a month on month increase of – 62.6% and a year-on-year increase of – 73.1%.
Investment suggestion: we judge that in the volatile market, the gap between investment consulting ability and investment and teaching ability of sales channels will further appear, or differentiation will usher in. With long-term investor education and customer company, the head platform will still obtain a continuous net inflow of funds in the market downturn. Moreover, when the market is depressed, customers who buy funds usually have a greater probability of obtaining a good investment experience in the future. Under this positive feedback, it will further enhance the customer stickiness of the head platform. It is suggested to focus on the main lines of wealth management and asset management that are greatly affected by market sentiment in the near future, but the logic of long-term growth remains unchanged and there are no problems in their own fundamentals, including China stock market news, Gf Securities Co.Ltd(000776) , 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
