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On the last trading day of July, the three major A-share indices rose across the board. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed up 2.06%, 3.37%, and 3.51%, respectively. With the end of July, the performance of public funds in the first seven months was officially released. Public data shows that as of the end of July, more than half of the 19,085 funds in the market (calculated separately by shares, excluding QDII, the same below) achieved positive returns during the year. However, the performance gap between the top and bottom of the products also widened from 68.86 percentage points at the end of June to 71.67 percentage points. While the market continues to fluctuate, the issuance and dividend amounts of funds during the year have increased to a certain extent month-on-month. Looking ahead to the future market, some industry insiders believe that with the increase in risk appetite, the market may usher in a rebalancing of styles, and the valuation of growth stocks is expected to rise further in the future. Investors are advised to remain patient.

The difference between the first and last positions widened to 71.67 percentage points

The performance of public offerings in the first seven months is out. According to the data from Oriental Wealth Choice, as of July 31, 10,443 of the 19,085 funds in the market had achieved positive returns during the year, accounting for 54.72%.

Specifically for active equity funds, as of now, a total of 1,916 funds have achieved positive returns this year, accounting for 25.37% of the 7,551 products. Among them, the annual return rate of Morgan Stanley Digital Economy Hybrid A/C exceeded 30%, at 31.91% and 31.48% respectively, leading the rest of the products.

In addition, the top ten active equity funds in the first seven months include Oriental Cycle Preferred Flexible Allocation Mixed A, Yongying Dividend Preferred Mixed A, Tibet Dongcai Digital Economy Mixed Initiated A, Yongying Dividend Preferred Mixed C, Tibet Dongcai Digital Economy Mixed Initiated C, Manulife Economic Pilot Two-Year Holding Mixed, Manulife Economic Smart Selection 18-Month Holding Mixed A, and Huisheng Leading Preferred Mixed A. As of the end of July, the annual returns of the above eight funds were 26.72%, 26.55%, 26.44%, 26.41%, 25.86%, 25.7%, 24.36%, and 24.17%, respectively.

At the same time, there are also products that have lost nearly 40% this year. Data shows that as of the end of July, the annual returns of Jinyuan Shunan Industry Select Mixed A/C shares were -39.67% and -39.76%, respectively, ranking last. As a result, the difference between the top and bottom of public offering performance has reached 71.67 percentage points. Looking back at the end of June this year, the value was 68.86 percentage points.

It is worth mentioning that the annual return rate of Jinyuan Sunan Industry Select Hybrid C has been at the bottom for many consecutive months. The latest disclosed second quarter report data shows that as of the end of the second quarter, the top ten holdings of Jinyuan Sunan Industry Select Hybrid were Goertek, China Shipbuilding, CRRC, NARI, Fuyao Glass, AVIC Shenyang Aircraft, Dinglong, Shanghai Hanxun, ZTE, and China General Nuclear Power, which was a "major change" compared with the top ten holdings at the end of the first quarter.

Growth stock valuations are expected to rise further

Although the market continued to fluctuate this year, the scale of fund issuance has increased year-on-year. According to data from Oriental Wealth Choice, as of the end of July, the total scale of new issuances this year, based on the date of fund establishment, was 703.602 billion yuan, an increase of 24.84% from 563.608 billion yuan in the same period last year.

Among them, the newly issued scale of bond funds was 583.803 billion yuan, accounting for 82.97% of the total newly issued scale. The products with the highest first issuance rankings this year are all bond funds. Among them, the issuance scale of products such as Anxin Changxin Enhanced Bond and Taikang Stable Double-Yield Bond both reached 8 billion yuan, leading the rest of the products.

In addition, the amount of dividends paid during the year also increased slightly year-on-year. Data shows that as of the end of July, the total amount of public offering dividends paid during the year was 99.97 billion yuan, an increase of 0.55% from 99.424 billion yuan in the same period of 2023. Among them, there are 15 funds with a total dividend of more than 500 million yuan during the year.

Specifically, Huatai-PineBridge CSI 300 ETF leads the rest of the products with a year-to-date dividend of 2.494 billion yuan, and is the only fund with a year-to-date dividend of over 2 billion yuan. In addition, Southern CSI 500 ETF, BOC Securities Anjin Bond A, and Golden Eagle Tianying Pure Bond C all have year-to-date dividends exceeding 1 billion yuan, at 1.206 billion yuan, 1.201 billion yuan, and 1.149 billion yuan, respectively.

Looking ahead, China Asset Management believes that as risk appetite increases, the market may see a rebalancing of styles, and the valuation of growth stocks is expected to rise further in the future. Companies listed on the Science and Technology Innovation Board are mainly concentrated in the new generation of information technology industries, such as artificial intelligence, semiconductors, and high-end equipment. Currently, they are experiencing a triple resonance of strong policy support, a recovery in the technology industry, and expectations of loose monetary conditions at home and abroad. We recommend paying attention to investment opportunities on the Science and Technology Innovation Board in the long term.

Golden Eagle Fund also said that it recommends investors to remain patient. In the short term, domestic policies tend to be implemented and fine-tuned. After the old-for-new policy is implemented, the policy intensity and specific measures related to real estate storage need to be further clarified. After the interest rate cut is implemented, the market still has positive expectations for the domestic policy efforts.

Yang Delong, chief economist of Qianhai Kaiyuan Fund, also mentioned that the market has fully released risks after continuous adjustments in the previous period, and many high-quality stocks have fallen, and opportunities also come from falling. When the market continues to adjust, we must adhere to the concept of value investment, dare to deploy at lows, and make reverse investments. It is recommended that investors strengthen their confidence and remain patient, seize opportunities by deploying high-quality stocks or high-quality funds, and believe that the "slow bull and long bull" market in the A-share market will only be late, not absent.

Beijing Business Daily reporter Li Haiyuan