After a sharp correction, A-Shares finally ushered in a strong rebound yesterday. Previously, when pessimism spread, the voice of various funds entering the market continued to amplify, and actively contributed to maintaining market stability.
Since the beginning of this year, various funds including public funds, bank financial management, asset management of securities companies and listed companies (including major shareholders and directors, supervisors and senior executives) have launched multiple rounds of “bottom reading” through self purchase or increase of holdings. Data show that as of April 26, 448 listed companies have announced the completion of repurchase or released repurchase plans this year.
all funds “borrowed into the market”
Recently, market volatility has increased, but various signs show that the general trend of residents’ savings flowing to the capital market through public funds has not changed. At present, the fund shares of many funds are in a state of net growth, indicating that many funds “borrow funds into the market”.
On April 7, Huaxia China Communications Construction Company Limited(601800) reits was officially put on sale. The raising ceiling of 9.399 billion yuan attracted rush purchase of more than 150 billion yuan, of which the subscription scale of the public offering part exceeded 84 billion yuan, and the placement proportion of 0.84% set a new record for the placement proportion of public funds, making many market people call it “not bad money”.
On April 25, the stock market made a sharp correction, and the Shanghai index fell more than 5%, falling below the 3000 point mark. According to data statistics, the stock ETF, which is regarded as the “investment vane”, bucked the trend on the same day and obtained a net inflow of more than 11 billion funds. The net subscription amount of many products such as Shanghai and Shenzhen 300etf and Shanghai Stock Exchange 50ETF exceeded 1 billion yuan, and the funds surged in.
Although the market has continued to adjust this year, equity ETFs have received net subscription as a whole. As of April 25, fund shares had increased by 107815 billion. If calculated according to the average transaction price of each stock ETF, about 110.2 billion yuan of funds were flowing into the market through ETFs.
According to the statistics of galaxy securities, in the first quarter of this year, the overall net subscription of stock funds was 103892 billion, the net redemption of hybrid funds was 114538 billion, the net subscription of monetary funds was 597258 billion, the net subscription of bond funds was 131606 billion, and the net subscription of QDII was 62.419 billion.
“China is striving to achieve the medium and long-term high-quality development goal, and the capital market may be an important carrier to carry this goal. The reform of IPO registration system and the implementation of new asset management regulations have also completed the infrastructure construction of the market slow bull mechanism from both supply and demand, and the medium and long-term slow bull pattern may have gradually taken shape.” He Xiaobin, director of Bodao fund research department and fund manager, said.
public funds and asset management of securities companies
hand copy
Data show that public funds and asset management of securities companies are “bottom reading” through self purchased products.
According to the reporter, up to now, 63 companies have sold, with a cumulative self purchase amount of more than 1.8 billion yuan. As the main force of the “self purchase army”, the self purchase scale of public funds has reached 1.636 billion yuan, and the self purchase amount of asset management of many securities companies has also been nearly 250 million yuan. It is worth noting that since April, the amount of self purchase by public funds and asset management of securities companies has increased by 229% year-on-year.
In terms of public funds, self purchased products are mainly stock funds, hybrid funds, bond funds and fof funds, with self purchased amounts of 516 million yuan, 575 million yuan, 255 million yuan and 150 million yuan respectively. The self purchase amount of four public funds, including China Southern Fund, ICBC Credit Suisse fund, Xingzheng Global Fund and Cathay Pacific Fund, exceeded 100 million yuan.
In addition, asset management of securities companies have successively joined the self purchase army. The self purchased products mainly include stock funds, hybrid funds and bond funds. Among the self purchased asset management of securities companies, the self purchased amount of Huatai asset management and Changjiang asset management reached 100 million yuan. According to the analysis of insiders, the asset management of securities companies actively self purchase, which shows that they are full of confidence in the long-term healthy and stable development of the capital market, but also full of confidence in their own active investment management ability.
trillion Pension Fund
urgent mobilization
In addition to the funds that have entered the market, the medium and long-term funds that will enter the market are also very considerable.
Recently, the general office of the State Council issued the opinions on promoting the development of individual pension and the CSRC issued the opinions on accelerating the high-quality development of public fund industry, which made it clear that the funds in individual pension accounts can be used to buy bank financial management, commercial pension insurance and public funds, and also expressed support for more excellent public fund managers to participate in pension management. This means that the capital market will welcome long-term funds again.
China International Capital Corporation Limited(601995) chief strategist and managing director Wang Hanfeng said that according to the data of the Ministry of human resources and social security and the National Bureau of statistics, by 2020, the number of people participating in urban basic endowment insurance and urban and rural residents’ endowment insurance was 450 million and 540 million respectively, indicating that the population base that can participate in the individual pension system is relatively wide. At the same time, based on the current regulations, the upper limit of participants’ annual payment of personal pension is 12000 yuan, which means that from a long-term perspective, the capital scale of personal pension account is expected to exceed trillion yuan.
In addition, according to the difference between the existing position proportion of each stock in the fund and the upper limit of the stock proportion specified in the fund contract in the first quarterly report of 2022, Galaxy Securities Fund Research Center calculated the maximum available funds for public funds to buy a shares. Among them, the fund that has disclosed the first quarterly report has 592698 billion yuan of remaining funds available to buy A-share shares at the end of the first quarter of 2022; The asset scale of the stock direction fund raised and established in February and March 2022 without disclosing the quarterly report is about 47.872 billion yuan. Assuming that 40% of the positions have been established by the end of the first quarter of this year, the remaining 40% of the stock fund position is about 19.149 billion yuan. In April 2022, stocks raised a total of 8.055 billion yuan of assets from funds. These funds should have not had time to build positions on a large scale, with 4 billion yuan calculated according to 50%.
Galaxy Securities Fund Research Center believes that if there is a sustained low in the stock market recently, the above-mentioned new funds can absorb and complete the position building on bargain hunting. Coupled with the remaining capital position of the stock direction fund that has disclosed the quarterly report, the maximum available funds for public funds to buy A-share stocks in the near future is as high as 615.7 billion yuan.
“Xinli army” participated in the war for the first time
Under the fluctuation of the stock market, many financial management subsidiaries of the banking department also sent letters to investors this spring for “psychological massage”. The data show that up to now, the self purchase scale of five bank financial management subsidiaries has totaled about 2.85 billion yuan.
It is worth mentioning that this is also the first time since the establishment of the “new force” of the asset management market, the financial management company, has publicly purchased its products from the company level.
On March 23, Everbright financial took the lead in announcing self purchase. Based on the confidence in the long-term healthy and stable development of China’s capital market, the company will increase its holdings of financial products managed by the company and subscribe for its products with its own funds of no more than 200 million yuan.
Nanyin financial immediately followed up and announced the information of self purchase the next day.
The announcement shows that the company has invested about 500 million yuan of its own funds to subscribe / subscribe for the company’s financial products. It is announced that the above 600 million yuan of self financing products will be used in the above two self financing products.
The financial subsidiary announced that the self purchase behavior did not stop abruptly. Subsequently, two large-scale financial companies, China Merchants Bank financial management and xingyin financial management, launched a larger self purchase again. Among them, xingyin wealth management invested about 1 billion yuan of its own funds in its managed wealth management products. Subsequently, China Merchants Bank financial management also invested about 500 million to join the ranks of self purchase.
“The self purchase behavior of financial subsidiaries is similar to that of funds, and it is also transmitting information to the market.” Some people in the banking industry told the securities times that the self purchase of its products by the financial management subsidiary, on the one hand, is out of confidence in its own products, on the other hand, it is also based on understanding the products to maximize revenue as much as possible, “there is also a certain advertising effect, which shows the attitude of sharing revenue and risk with customers”.
“Financial companies show their confidence in the healthy development of the capital market through repurchase, which helps to stabilize the confidence and expectation of financial investors and maintain a good development trend of the financial market.” Dong ximiao, chief researcher of Zhaolian finance, said.
On April 24, the data released by the financial management Registration Center showed that the scale of the financial management market remained stable in the first quarter of this year, creating a cumulative income of 205.8 billion yuan for investors. Among them, financial management companies cashed 100.4 billion yuan of income to investors, a year-on-year increase of 1.81 times; Banking institutions cashed 105.4 billion yuan of income to investors.
At the same time, the net worth performance of many financial products is returning to positive growth. The average return of financial products in Shanghai and Shenzhen was – 78.0% in the same period, reflecting the steady return of – 28.0% in the same period.
According to the reporter of the securities times, as of April 24, the bank’s financial management subsidiary had issued 8680 bank financial products, of which the net value of 1106 products was lower than “1”, and the net breaking rate was 12.74%, slightly better than 14.43% at the beginning of the month.
448 listed companies
join the repurchase army
Data show that as of April 26, 448 listed companies have announced the completion of repurchase or released repurchase plans during the year. Among them, more than 50 companies have issued repurchase announcements since April. From the perspective of repurchase purpose, most companies say that repurchase is to maintain the share price of the secondary market and be optimistic about the long-term development of the company.
The reporter of the Securities Times noted that recently, the CSRC, the SASAC and the all China Federation of industry and Commerce jointly issued a notice on further supporting the healthy development of listed companies, proposing to encourage listed companies to repurchase shares for equity incentive and employee stock ownership plans, and support qualified listed companies to repurchase shares to stabilize the stock price.
Many companies have launched large-scale repurchase or released repurchase plans. After many listed companies issued repurchase plans, they immediately implemented repurchase At the end of the Haier Smart Home Co.Ltd(600690) with a \ and other more than 10 listed companies plan to repurchase more than 1 billion yuan.
At the same time, the reporter of the securities times also noted that many shareholders and management of listed companies have increased their holdings. According to choice data, as of April 25, a total of 98 listed companies have thrown out shareholder increase plans this year, and the lower limit of the cumulative increase amount has reached 6.323 billion yuan.
