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produced by phoenix finance's "investment observation"

recently, shuipi, the former editor-in-chief of china times and a financial influencer, "reported" that e fund, the leading domestic public fund company, continued to short the stock market through lending and financing despite the sluggish stock market, which caused heated discussion.

the incident started when shuipi pointed out in a video that as of june 30, huijin had invested a large amount of money to buy the csi 300 index, while e fund csi 300 etf had lent 35 million shares of gree electric appliances through margin trading. "investors who buy public funds and e fund csi 300 etf are buying a-shares through funds, rather than letting the funds sell (short) stocks."

in addition, shuipi also pointed out that the company with the most electrical appliance stocks allocated to the csi 300 etf according to the proportion of holdings should be midea group, not gree electric appliances, but e fund csi 300 etf did not transfer and lend to midea group because midea's affiliated company is a shareholder of e fund.

phoenix finance's "investment watch" read the e fund csi 300 etf announcement and found that as of june 30, 2024, the e fund csi 300 etf did hold 35.4454 million shares of gree electric appliances, but the 144 securities disclosed by the fund at the end of the period that participated in the securities lending business of the repo did not include gree electric appliances. in other words, as of june 30, 2024, the claim that the e fund csi 300 etf had lent 35 million shares of gree electric appliances and had not returned them is not true.

did e fund csi 300 etf ever lend gree electric appliances shares through the refinancing system? did it only lend gree electric appliances and not midea group shares?

phoenix finance's "investment observation" found that in the annual report of e fund csi 300 etf, there was a loan of 67,400 shares of gree electric appliances at the end of 2023, and the expiration date was january 2, 2024.

in the semi-annual report of 2023, e fund csi 300 etf disclosed the securities participating in the securities lending business of the transfer and financing at the end of the period, including not only gree electric appliances, but also midea group. therefore, the statement that only gree electric appliances was lent for short selling but not midea group was not lent for short selling is not very tenable.

at present, although the lending business of the transfer and refinancing system has been completely suspended, in the first half of this year, e fund csi 300 etf earned 13.7026 million yuan in interest from the lending business alone, an increase of 15.88% over the same period in 2023.

according to information, e fund csi 300 etf was established on march 6, 2013. as of now, the fund size is 194.823 billion yuan, and the fund managers are yu haiyan and pang yaping.

wind data shows that in the past three years, the return rate of the e fund csi 300 etf fund was -29.44%, in the past two years, the return rate was -16.07%, and in the past six months, the return rate was -6.77%.

not only that, according to the semi-annual report that has been released, 32 funds of e fund lent stocks in the first half of the year, with the fair value of the lent securities being 2.281 billion yuan.

through securities lending, 32 funds contributed rmb 77.7146 million in other interest income (original securities lending interest income) to e fund in the first half of this year.

so how is e fund’s overall performance in the first half of the year?

in terms of scale, e fund managed 403 fund products in the first half of the year, with a product scale of 1.85 trillion yuan, making it the absolute leader among public funds.

however, affected by multiple factors, e fund's revenue and net profit both declined in the first half of this year. wind data showed that e fund's revenue in the first half of this year was 5.374 billion yuan, down 13.11% from 6.185 billion yuan in the same period of 2023, and its net profit in the first half of this year was 1.516 billion yuan, down 6.27% from the same period last year.

in addition, phoenix finance's "investment observation" found that in the first half of the year, all e fund products had a loss of 1.012 billion yuan in the current period, and a loss of 24.335 billion yuan after deducting the current fair value changes, and collected 4.085 billion yuan in fund management fees. among them, equity products (stock and mixed funds) had a loss of 17.823 billion yuan in the first half of the year, and a loss of 27.725 billion yuan after deducting the current fair value changes, and collected 2.221 billion yuan in fund management fees.

phoenix finance's "investment observation" also found that the losses of e fund's equity products and new funds were relatively serious. from the beginning of the year to date, e fund has established 27 new stock funds, and only 6 of them have achieved positive returns since their establishment.