January is usually the "hot season" for fund issuance. But this year has been a bad year, especially the issuance of public funds. Although the fund issuance is cold, the sales of star private placement are hot!
On January 10, the new products of Zeng Xiaojie, the head of private placement source Lesheng assets, who managed 40 billion yuan, were sold in China Citic Bank Corporation Limited(601998) , Citic Securities Company Limited(600030) , China Merchants Bank and other channels. They sold 4 billion yuan in two hours in the morning, and the whole day raised scale reached 4.5 billion yuan, becoming a rare hot product since the beginning of the year in 2022.
just last week, 10 billion private equity Panjing investment sold 3.5 billion in two channels.
However, according to the Chinese reporter of the securities firm, the pressure of private placement at the beginning of this year is not small. The products of some medium and large private fund managers are sold in multiple channels, but the sales are less than 10 million yuan, and the industry differentiation is huge.
Zeng Xiaojie's new products sell well
On January 10, the new private placement products managed by Zeng Xiaojie, chairman of yuanlesheng and chairman of the investment decision-making committee, were sold in Citic Securities Company Limited(600030) , China Citic Bank Corporation Limited(601998) , China Merchants Bank, Bank Of Ningbo Co.Ltd(002142) , Agricultural Bank Of China Limited(601288) , Guotai Junan Securities Co.Ltd(601211) and other channels, which attracted much market attention.
It is worth noting that the product is sold well in the channel. It sold 4 billion yuan in two hours in the morning and raised 4.5 billion yuan throughout the day. It has become a rare hot product since the beginning of the year in 2022. The products will be sold for another week, and the total sale scale is expected to reach 6 billion yuan.
It is understood that Zeng Xiaojie's new product is a three-year product, which will be opened in the quarter after three years of hard closure, and more than 5% of the excess performance reward will be withdrawn every year, which is more conducive to customers to obtain a better investment experience through long-term holding.
The relevant person in charge of yuanlesheng told the Chinese reporter of the securities firm, "the performance commission of new products will not be withdrawn during the lock-in period, that is, if they are redeemed after 3 years, more than 15% of them will be withdrawn, and customers are encouraged to hold them for a long time."
According to public data, Zeng Xiaojie, a Bachelor of economics and a master of finance from Peking University, once worked in China Life Insurance Company Limited(601628) Capital Utilization Center and China Life Insurance Company Limited(601628) Asset Management Co., Ltd. and founded Beijing yuanlesheng Asset Management Co., Ltd. in 2008. At present, the management scale of the company exceeds 40 billion yuan.
Many private placement said that yuanlesheng's new products adopt a closed period of three years and extract excess performance compensation for more than 5%, which has been widely praised. This way of performance benchmark and back-end profit transfer may be followed by the industry.
the differentiation of private placement is obvious, and the sales of quantitative products are cooling
In addition to Yuan Lesheng, Cui tongkui, the cutting-edge investment manager of RMB 10 billion private equity Panjing investment, ended the raising of the new product in the channel last week. The locking period of the product was one year. Since the end of December, the product was sold in Zheshang Securities Co.Ltd(601878) and Citic Securities Company Limited(600030) channels, and finally sold for RMB 3.5 billion.
However, according to the reporter, in fact, the pressure of private placement at the beginning of this year is not small. The products of some medium and large private fund managers are sold through multiple channels, but the sales are less than 10 million yuan.
"Sales have been cool recently, which is much more difficult than last year. Last year we were second to none, and the channel also feels that today's circulation is not easy, because the overall profit-making effect in 2021 is not as good as that in the previous two years, so the public offering can\'t be made." The relevant person in charge of yuanlesheng said.
In addition, last year's hot quantitative private placement, due to the sharp withdrawal of performance in the fourth quarter, the recent issuance in the channel has also cooled down significantly, and investors have gradually calmed down.
According to the data of private placement network, in the first week of the new year, 364 private placement managers filed 457 private placement securities. Except that Shenzhen 10 billion quantitative private placement faner investment filed 8 products, the head quantitative private placers who used to dominate the list did not appear, and maintained a cautious and convergent trend in the issuance of new products.
However, when fund products are not easy to sell, it is better to do performance; If the sales are hot, the performance is difficult to do. In particular, public funds are the most obvious. Whenever there are frequent bursts of funds, "sunshine base" and "10 billion base" are unprecedented, they are often at the market high point. For example, at the beginning of 2021, they start to fall sharply in February and March, and the final income is obviously lower than that in 2019 and 2020.
optimistic about opportunities for mid and downstream manufacturing and domestic substitution
Two weeks ago, Zeng Xiaojie, chairman of yuanlesheng, accepted an exclusive interview with Chinese journalists from securities companies. Zeng Xiaojie believes that with the number of listed companies reaching more than 4000 and more comprehensive industries involved, the structural characteristics of the whole A-share are very obvious, and it is difficult to return to the previous market of rising and falling together.
Looking forward to 2022, Zeng Xiaojie believes that according to the keynote of the central economic conference, the high probability of 2022 will change from "structural adjustment" in 2021 to "steady growth", which is a big change of thinking. From historical experience, every year of "steady growth" in the capital market has more opportunities than the year of "structural adjustment".
In the industry, Zeng Xiaojie is still optimistic about the opportunities for middle and lower reaches of the manufacturing industry and domestic substitution, because the decline of commodity prices will lead to the transfer of profit margin from the upstream to the middle and lower reaches, and many consumer goods that have oversold this year also have good opportunities.
For the new energy sector, Zeng Xiaojie pointed out that the upstream and midstream prices have risen a lot. For example, the price rate of polysilicon and lithium will peak in 2022, which is expected to benefit the downstream battery enterprises and vehicle enterprises.
recently, yuanlesheng assets also released its annual strategy for 2022.
Zeng Xiaojie believes that the new energy industry related to double carbon is still worth focusing on. In particular, many investors are withdrawing from the new energy industry in the past month, and the relevant stocks have also decreased greatly. In the long run, we believe that there are still great opportunities for some industrial links with good industrial structure, Of course, the links of deteriorating competition pattern or imbalance between supply and demand in the industrial chain should also be avoided as much as possible.
At the same time, we are also optimistic about domestic industries with low penetration, such as semiconductors and some medical subdivided industries, which will maintain high-speed growth under the trend of domestic substitution.
(source: China Securities Company)
