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The market continues to fluctuate and adjust.Private placementThe investment pressure on institutions has increased. However, many fund managers still firmly believe that the current position is the bottom of the market, and the issuance of new private equity products continues to pick up.

According to the data from Private Equity Ranking Network, private equitySecuritiesThe number of product filings increased by 16.6% month-on-month, rising for two consecutive months, indicating that investors are more willing to buy at the bottom by subscribing to private equity products. It is worth mentioning that not only individual investors subscribe, but private equity institutions are also constantly purchasing on their own. Since August, two private equity firms have issued self-purchase announcements.

Issuance of new private equity products is picking up

Since June,A sharesThe Shanghai Composite Index continued to fluctuate and adjust, falling below the 3,000 and 2,900 points mark respectively. Many sectors and individual stocks performed poorly, and market sentiment was relatively depressed.

However, the recent continued recovery in the issuance of new private equity products has undoubtedly sent certain market signals.

According to data from Private Equity Ranking Network, a total of 416 private equity securities managers registered 590 private equity securities products in July, an increase of 16.6% from 506 in June. So far, the number of registered private equity securities products has rebounded for two consecutive months, and private equity funds have a clear willingness to buy at the bottom.

Specifically,stockThe strategy is the most popular. In July, a total of 352 stock strategy products were registered, accounting for 59.66% of the total number of private equity securities products registered that month. The bond strategy, which has performed best this year, has suddenly been neglected. In July, a total of 17 bond strategy products were registered, accounting for only 2.88%, ranking last among the five major strategies.

It is worth noting that quantitative products are still popular with investors. In July, a total of 186 quantitative products were registered, accounting for 31.53% of the total number of registered products. Although this proportion has slightly decreased compared with the past, it still remains at a high level.

In general, private equity funds with a scale of tens of billions are still the main force in the issuance of new products. In July, there were 29 private equity funds with a scale of tens of billions registered a total of 64 products, accounting for 10.85% of the total number of registered products. On average, a private equity fund with a scale of tens of billions registered more than 2 products. Among them, Kuande Private Equity, a quantitative private equity fund with a scale of tens of billions, registered 11 products in a single month, becoming the "king of registration". In addition, Mingshi Fund, Ziwu Investment, Mina (Hengqin) Asset, Chengqi Asset, Liangpai Investment, Xuanxin Asset, and Zhuhai Zhicheng Zhuoyuan ranked first in the number of products registered in July, with 9, 8, 7, 6, 6, 6, and 6 products respectively, almost all of which were quantitative private equity funds.

Private equity funds worth tens of billions of yuan frequently purchase their own shares

Faced with a volatile and adjusting market, private equity firms often convey their confidence through self-purchases.

On August 5, Hanhe Capital released a self-purchase announcement stating that based on strong confidence in its own investment portfolio, it will use 10 million yuan of its own funds to add to the subscription of private equity fund products managed by the company on the basis of the fund shares currently held.

On the same day, Hainan Shiva, a private equity fund worth tens of billions of yuan, also issued a self-purchase announcement. According to the announcement, the managers of Shiva's Calf Series and Shiva's Alchemy Series funds and their immediate family members subscribed to related fund products with their own funds on August 5, totaling 6.4 million yuan. It is worth mentioning that this is also Hainan Shiva's seventh self-purchase in the past month, with a cumulative self-purchase amount of 36.1 million yuan. This year, Hainan Shiva has made 12 self-purchases, with a total self-purchase amount of 74.1 million yuan.

According to statistics from Private Equity Ranking Network, a total of 8 private equity firms have issued 23 self-purchase announcements this year, with a total self-purchase amount of 487 million yuan. Among them, private equity firms with a total of 10 billion yuan are the main force in self-purchase. During the year, a total of 3 private equity firms with a total of 10 billion yuan issued 16 self-purchase announcements, with a total self-purchase amount of 374 million yuan, accounting for 76.80% of the total amount of private equity self-purchase. In terms of specific ranking, Huanfang Quantitative ranked first with a single self-purchase scale of 250 million yuan, and Hainan Shiva and Evolution Asset ranked second and third respectively.

Institutions firmly believe that we are at the bottom of the market

Against the backdrop of growing concerns about the economic outlook, global stock market volatility has increased significantly in recent days. On August 5, the Japanese stock market plunged 12%, while the Korean, Taiwan, and U.S. stock markets also fell sharply. On August 6, the Japanese stock market rebounded strongly.

Chairman of Sino-European RuiboWu WeizhiHe said that the overseas markets have recently experienced large fluctuations. Although A-shares have also adjusted, they have shown a certain degree of resilience compared with US and Japanese stocks. With the Bank of Japan's announcement of interest rate hikes and balance sheet reduction last week, the previous situation of long US and Japanese stocks leading to crowded trading has reversed, and short Chinese transactions have also faced similar liquidation pressure.

"Personally, I think that investors don't need to take a lot of medicine and sell A-shares just because their neighbor is sick. A-shares still have their own operating logic and cycles, and have released risks for a long time. Investing in A-shares should still focus on China's economic, monetary, and policy cycles. Adhering to high-quality investment will surely help them survive all kinds of disturbances." Wu Weizhiz said.

Wangzheng Capital believes that the domestic economy is still in the recovery period. It will take time for the real estate to improve, consumption and manufacturing are still at the bottom, and exports are expected to rise steadily in the next two quarters. With the further transmission of monetary and fiscal policies, it is expected that the economic pressure will be relieved in the fourth quarter.

"The current market is still at the bottom. In the long run, we have firm confidence in the market. In 2023, the FCFF (corporate free cash flow) of all A-shares (excluding financials) hit a record high, and the ability of high-quality companies to create free cash flow continued to increase. The increase in corporate value has not been fully reflected in the current stock price, which is why we need to increase the layout of such high-quality assets.Hershey'sOpportunity." Wangzheng Capital said.