For fund holders, the new "National Nine articles" may mean that the public offering pattern in which only a small number of people make money is changing.
Chinese reporters from securities firms have noticed that with a series of institutional arrangements by regulators and the guidance of value investment, the fans who have dominated fund performance through unconventional and unconventional means for a long time.RichprizecasinoYour product may gradually give way to a head offering that covers a larger base group in the performance rankings. Despite their beautiful short-term performance, many mini-funds benefit very few people behind them, and when such mini-products attract funds with high returns, the number of fund holders who suffer damage can be greatly increased, which also leads to the phenomenon that the fund makes money and the people lose money.
In this regard, some fund companies believe that investment is "slow is fast". Investment without company research and in-depth research is like driving with closed eyes, and it is very difficult for most people to resist the temptation of short-term trading and frequent trading. with the release of the new "National Nine articles", the return of value investment also means that the theory of uselessness of fund research in the previous "speculation concept" environment has also been broken.
The effect of making money by public offering turns to a larger group.
The release of the new "National Nine articles" means that A-shares may make a gradual transition from mini-products that cover fewer fund holders to large funds that cover more holders.
"after the implementation of the new 'National Nine articles', the trend of value investment will be strengthened, and companies that can pay cash dividends will be encouraged to grow, and those companies that cannot create value for shareholders and even fraudulent companies will gradually leave the market." Yang Delong, an open source fund manager from Qianhai, told brokerage Chinese reporters that undervalued blue chips have begun to perform in the past two years, and many stocks with low valuations and high dividend yields have even reached new highs. In fact, performance has gradually dominated the market, and value investment has once again become the mainstream investment concept in the market. To make value investment, we should start from the medium-and long-term layout of a good company that has been mistakenly killed, and be a good shareholder of the company. Some subject stocks and concept stocks are short-lived and often end up with chicken feathers after hype, while value investment will blossom and bear fruit in the A-share market.
The Chinese reporter of the brokerage noted that in the past few years when the value investment system was ignored, mini-fund products have long dominated the top 10 performance of public funds. Fund managers of these products often adopt strategies such as super-conventional buying of the same track stocks, style drift, fast-in and fast-out high turnover, and obtain high performance at the expense of the net stability of fund products and the principal safety of fund holders, and after high performance is completed. The high net worth of the fund attracts a large number of funds to subscribe, turning the original mini-fund products into large funds at the high point of the market.
The above phenomenon means that when a small fund with a size of tens of millions or 200 or 300 million is ahead of the crowd with the image of the top ten products of the year, there may only be a few hundred fund holders behind it, but when it absorbs funds in the image of the top ten products, tens of thousands of people may be injured in the high net worth position from profit to loss.
Take a mini product owned by a small public offering in the north as an example, the fund entered the top 10 in 2023 through sudden liquor and sudden frequent track switching of artificial intelligence, but behind its annual high return of nearly 55%, there are very few fund holders covered. According to the information disclosed by the fund, the 55% annual performance of this mini fund product corresponds to an initial fund of only 16.55 million yuan. This amount of money means that there will be very few fund holders who really taste 55% of the high returns a year.
However, when the above-mentioned fund products attract capital subscription with an annual performance image of 55%, the high level of fund net worth also begins to appear, while the number of fund holders will become more extensive. According to the latest disclosure, the capital size of the product has changed from 16.55 million yuan at the beginning of last year to 4% at the end of December last year after a high return of 55%.Richprizecasino02 million yuan, while more fund holders attracted have lost about 16% in the last four months, about half of which was cut off at the end of March this year, and the fund has shrunk to 2% by the end of March this year.Richprizecasino20 million yuan.
The above information means that the value investment led by the new "National Nine articles" will be more conducive to large-scale public offerings covering larger base groups to assume a wider range of responsibilities and significance, and will eventually enter the forefront of the fund performance rankings with the correct investment concept.
Investment "slow is fast", and the new "National Nine articles" is conducive to solving the "fund profits and losses of the people".
It is obvious that the public offering value investment guided by the new "National Nine articles" will be of great social value to the group of fund holders, which will be of great benefit to solve the outstanding problem that the fund-making base people do not make money.
"not only is the number of base people behind the fund products, but if you also consider whether the net value of the fund is highly volatile, then a small fund earns 70%, 80%, or even doubles its performance." it may not be as good as a large fund earning 20% or 30%. A person in charge of a large fund company in Shenzhen believes that many small fund products are, on the one hand, a small number of fund holders. On the other hand, because the investment style of fund products has the characteristics of high volatility, then the number of fund holders who can experience high returns will actually be less, and this will eventually become the fund people who make money do not make money.
People from the above-mentioned fund companies further believe that compared with the holder structure and investment style of mini-fund products, large-scale fund products cover a large number of fund holders on the one hand, on the other hand, the head public offering has more stringent product risk control and management, and various operations are more compliant, although compared with the mini-product style of many small public offerings, large-scale public fund products earn "slow money". However, many star fund managers who advocate value investment have a deep understanding of value investment and "slow money" investment.
Zhang Junxiao, head of the cycle group of the Penghua Fund Research Department, pointed out that in addition to further emphasizing the regulatory thinking of "investor-oriented", Article 4 of the opinion revolves around the keyword "delisting." the goal is to form a normal delisting pattern that should be withdrawn and cleared in a timely manner. The core is to clearly put forward the establishment and improvement of different sectors of the delisting standard system, and tighten the financial delisting indicators, improve market capitalization standards and other trading delisting indicators. The process of regular delisting will be accelerated, and the supervision of high-frequency quantitative trading will be strengthened. at the same time, it is proposed to highlight the hidden risks in the field of private equity funds and guide the development of value investment.
"most people are doing fast things, although the short-term effect is very good, but this method is actually the 'Red Sea', in the long run, slow is the real 'blue sea'. Fund managers need to establish a principle is that investment and life are the same, should be responsible, and then focus. " Zhu Hongyu, chief research officer of China Merchants Fund, said publicly that in the process of doing research and investment, we should first recognize ourselves, and then recognize the life cycle of the industry. Many people often feel good about themselves, overconfident or even conceited. This is because there are usually many positions in an organization, each person's position is different, the perspective of things is different, the truth of things observed is also different. Fund managers should study some good industries and companies that can bring us very good returns in the long run, and realize that "slow is fast" in investment.
Get rid of the theory that fund research is useless, value investment is conducive to strengthening the bottom of the market.
It is worth noting that the value investment led by the regulatory thinking of the new "National Nine articles" has also dispelled the market's misgivings about the "theory of the uselessness of fund research" and further consolidated the bottom of the market in a performance-and valuation-oriented market environment.
Under the irrational investment atmosphere of some private equity and mini public funds, such as "speculation poor", fast in and out, and chasing high and hot, the astonishing high returns of some mini funds frequently crush the phenomenon of head public offering. it has also made many fund holders and investors discuss whether fund research is meaningful or not. it is obvious that the market atmosphere formed by this "fund research useless theory" At that time, the market was in an environment of falling value investment and concept stocks flying all over the place.
In this regard, Wang Li, the Great Wall Fund, believes that the new capital market management model mapped by the new "National Nine articles" has actually been reflected in the previous regulatory guidance, and this time it has mainly made specific norms in terms of institutionalization and quantification. In view of the fact that the capital market has sufficient expectations for regulatory thinking, and the expected policy will be conducive to the medium-and long-term development of the market and the consolidation of the bottom of the market, based on the understanding of the new "National Nine articles", he believes that the investment strategy emphasizes "giving priority to stability". Pay attention to the opportunities for the performance of structural sectors, such as key industrial chains with structural competitive advantages, in specific sectors Can focus on the upstream international pricing of major products, export chain plate, profit stability and high dividend plate and other directions.
"investing without corporate research and in-depth research is like driving with your eyes closed. It is difficult for most people to resist the temptation of short-term trading and frequent trading. The real value investors are always a very small number of people with strong determination and patience." Yang Delong, an open source fund from Qianhai, believes that investment must emphasize the margin of safety, which means that when buying stocks, the trading price is much lower than its true price, so that investment losses can be avoided. Even if there are some unexpected risks, but also because there is a margin of safety to reduce the risk, only investors conduct in-depth research on stocks and industries, on the basis of understanding and analyzing the industry. Looking for and buying enterprises with development prospects and competitive advantages will have the patience and perseverance to hold shares firmly in the fluctuation of the market.
Yang Delong stressed that the essence of making value investment is to choose good industries and good companies, and then wait for good prices, but good industries and good companies are generally expensive, and good prices will appear only after continuous declines. At present, after nearly three years of decline in the A-share market, many stocks have fallen by more than 50%, and some have even fallen by 60% or 70%. This is the time to get a good price. Of course, pick up a magnifying glass to look for some good companies that really have long-term investment value and can travel through the economic cycle.
Responsible editorRichprizecasinoYang Yucheng
