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last week, the financial regulatory authorities issued a series of major policies to boost the capital market. as the "combination punch" of stabilizing the capital market continues to work hard, public funds help build a "long-term long-term investment" ecology, increase layout efforts, add strong vitality to the a-share market, and also ignite the enthusiasm for long-term a-shares.

recently, the first batch of 10 csi a500 etfs have been announced one after another, raising a total of 20 billion yuan, bringing incremental funds to a-shares. the scale of stock etfs has grown rapidly this year, with the latest scale reaching 2.38 trillion yuan, an increase of nearly one trillion yuan from the beginning of the year. as the largest professional institutional investor in a-shares, public funds also play an important role in promoting the effective allocation of resources and high-quality development of the capital market, maintaining the "basic market" of a-shares.

promote "long-term funds" to enter the market

recently, the china securities regulatory commission held a party committee (enlarged) meeting to convey and study the spirit of the political bureau meeting of the central committee on september 26, and study and deploy implementation measures.

it is worth noting that the meeting emphasized the need to focus on the implementation of the guidance on promoting the entry of medium and long-term funds into the market, seize the key to improving capital supply, vigorously develop equity public funds, continue to increase the scale and proportion of equity funds, and strive to provide investment to create long-term stable returns. it is necessary to implement classified policies to open up the blocking points for all types of medium and long-term funds to increase their entry into the market, and accelerate the improvement of the policy system of "long-term money and long-term investment".

regarding the definition of "long-term money", tian yuanquan, head of the ccb fund research department, believes that long-term funds generally meet five conditions: first, the investment cycle is long, and the investment period is generally more than 5 years or even 10 years; second, the stability of the source of funds it has high financial requirements and is highly dependent on domestic banking sectors and institutional investors that can convert residents’ long-term savings into loanable funds, such as commercial banks, investment banks, sovereign wealth funds, pension funds, etc.; third, it focuses more on investment entities and investment industries ; fourth, it has stronger risk tolerance and risk tolerance than traditional investment capital; fifth, the investment structure and types of instruments are diversified, involving the allocation of large categories of assets, including equity, fixed income, alternative investments and other assets.

in order to further support the entry of medium and long-term funds into the market, li zhan, chief economist of the china merchants fund research department, suggested: first, vigorously develop equity public funds, optimize the registration of equity fund products, vigorously promote the innovation of index products such as broad-based etfs, and launch new products in a timely manner. most of them include small and medium-cap etf fund products such as gem and science and technology innovation board. the second is to improve the institutional environment for "long-term money and long-term investment". the focus is to improve the regulatory inclusiveness of medium- and long-term capital equity investments. it is necessary to fully implement long-term assessments of more than three years, reduce the excessive pursuit of short-term performance, and focus on long-term stable investment returns. . the third is to further support relevant arrangements made by central huijin company to increase its holdings and expand its investment scope, and promote various medium and long-term funds including central huijin company to invest in the stock market.

build a benign ecosystem of "long-term money and long-term investment"

there are public funds with a scale of 31 trillion yuan, and the current scale of equity products is only 6.8 trillion yuan, accounting for nearly 20%, with huge development potential. recently, the china securities regulatory commission stated that it is necessary to seize the key to improving capital supply, vigorously develop equity public funds, continue to increase the scale and proportion of equity funds, and strive to create long-term stable returns for investors.

as an important participant in the capital market, public funds are also practitioners of long-term investment. tian yuanquan said that fund managers should firmly establish the concepts of rational investment, value investment and long-term investment, and focus on the sustainability of investment and the long-term growth potential of enterprises. at the same time, with investor returns as the guide, we will launch more products and services that match medium- and long-term capital needs, further increase the allocation ratio of equity assets, strive to meet investors' needs for long-term investment returns, and enhance investors' expectations for the capital market. , to build a benign ecosystem of "long-term money and long-term investment".

“this requires public funds to adhere to long-term investment concepts, focus on the sustainability of investment and the long-term growth potential of enterprises, abandon short-term speculation, guide capital flows to key areas and strategic industries, and better play the role of stabilizer and ballast in the capital market. functional role." harvest fund said.

china europe fund believes that, on the one hand, public fund managers themselves must continuously improve their professional investment research capabilities, participate in the governance of listed companies in multiple dimensions, and improve the stability of medium- and long-term investment performance and excess returns. specifically, in terms of investment philosophy, public funds must adhere to long-term investment and value investment; in terms of investment behavior, they must break through the past model of being limited to secondary market investment and financial investment, participate in the governance of listed companies in multiple dimensions, and strive to be the best in the stock market. stabilizer; in terms of investment research system, it is necessary to move towards specialization, industrialization and digital intelligence; in terms of research coverage, it is necessary to achieve full coverage of macro, strategy, industry and company; in terms of talent echelon, it is necessary to further improve investment research personnel proportion, improve the investment research personnel echelon training plan, and do a good job in the accumulation and inheritance of investment research capabilities.

on the other hand, the public fund industry must also improve its service level, do a good job of accompanying investors, and vigorously promote the development of investment advisory business. public funds provide investment and financial management services to the public, but individual investors are susceptible to short-term market fluctuations. the development of investment advisory business, especially robo-advisory, can allocate high-quality assets for individual investors from a medium- to long-term perspective, guide customers' trading behavior, avoid irrational transactions due to short-term market fluctuations, and effectively enhance investors' sense of gain.

ding lin, fund manager of ping an fund, said that as one of the main forces in the capital market, public funds must choose industries that are in line with the direction of the times and companies with excellent governance based on a long-term perspective. it is necessary to develop products that meet the diverse needs of residents. for public funds to be market stabilizers, they must first establish long-term trust relationships and good communication with investors. in this way, when the market fluctuates, you will not be forced to trade passively due to large purchases and redemptions, exacerbating market fluctuations. secondly, the products developed need to be diversified and attention should be paid to the balance of the products. finally, a healthy competitive environment is needed. public equity fund companies, public equity and private equity, and other institutional investors need to work together to support high-quality development.

chen xianshun, chief equity strategist of boshi fund, believes that as important institutional investors, public funds should play the role of patient capital and become the ballast of the capital market, providing long-term investors with sustained and stable returns while insisting on financial services for the real economy. specifically, you can start from the following aspects. first, we insist on long-term investment and value investment. public funds aim at long-term investment, focus on fundamentals, tap long-term investment value, stay calm in the face of short-term market fluctuations, hold high-quality assets for the long term, and accompany the growth of outstanding companies. the current volatility in the a-share market is high. strengthening the power of public funds will help improve the market's pricing power and build a more robust capital market. the second is to adhere to socially responsible investment. under the requirements of high-quality development, public funds must guide more funds to invest in green energy, technological innovation and other fields to help high-quality economic development. the third is diversified investment and risk management. good and stable returns are an important foundation for the long-term operation of patient capital. on the one hand, public funds conduct diversified investments, and on the other hand, they will fully consider all risk factors when making investment decisions. in the face of market fluctuations, remains stable.

actively play the role of value discovery

dou yuming, chairman of china europe fund, said that as professional institutional investors, public funds should play the role of "financial services for the real economy" and lead social funds to gather in strategic emerging industries and high-tech industries.

tian yuanquan believes that "technology finance", as the first of the five major articles, demonstrates the important mission of finance to serve the real economy and serve technological innovation, and is also the key to promoting the cultivation of new productivity. as an important hub of the "technology-industry-finance" cycle, the capital market plays a strong supporting role in the research and development of emerging technologies, the transformation of scientific and technological achievements, the construction of modern industrial systems, and the formation of new productive forces.

tian yuanquan said that from an investment perspective, the capital market improves the efficiency of resource allocation by tapping the investment value of high-quality technology companies. on the one hand, it can guide more resources to be allocated to strategic emerging industries and "specialized and new" enterprises, effectively support technological innovation and industrial upgrading, help high-quality development of technological enterprises and enhance the stability of the capital market; on the other hand, create public offerings technology-themed financial products such as funds and bank financial management can adapt to the diverse risk preferences of investors and better meet the wealth management needs of residents.

from a transaction perspective, the capital market can provide reasonable valuation and pricing for technology companies by leveraging its investment and research capabilities. in the primary market, with the implementation of the comprehensive registration system, corporate issuance pricing adopts a market-based inquiry model, and many institutional investors in the capital market play an active role in the process of reasonable pricing for the listing of technology companies. in the secondary market, asset management institutions can provide continuous price discovery functions for listed technology companies through investment decisions and transaction execution, prevent their prices from deviating from value for a long time, and help technology innovation companies become bigger and stronger.

so, which sectors do “long-term funds” prefer? regarding investment direction specifically, harvest fund pointed out: “the national strategic direction must be the direction in which income is generated.”

according to harvest fund analysis, judging from the distribution of public fund holdings in recent years, the direction is highly consistent with the national strategy. therefore, all returns in the investment industry fundamentally come from the growth of the real economy. only by grasping this foundation can we truly achieve high-quality development goals.

harvest fund also said that judging from the data, public funds have further accelerated the deployment of technology-related products in recent years, focusing on mainstream technology segmentation tracks, covering high-end equipment, smart cars, high-end medical care, innovative drugs, new materials, information industry, electronics and other industries have enhanced support for technology companies through in-depth integration of investment and research. at the same time, public funds are also vigorously developing and expanding etf product lines, deploying new energy vehicles, new materials, innovative drugs, etc., and launching innovations such as science and technology innovation board funds, science and technology innovation 50 etfs, chip etfs, artificial intelligence etfs, and carbon neutral etfs. products can help guide social resources to gather in national strategic scientific and technological innovation industries, effectively assisting the development and growth of scientific and technological innovation enterprises.

currently, our country is in a critical stage of innovative development, industrial structure transformation, and economic transformation and upgrading, and some areas are subject to external constraints. ding lin believes that the current economy is in a critical stage of transition between old and new driving forces. as a bridge, public funds connect investment and financing, and more importantly, they play a role in discovering value. in terms of product development, public funds can comply with policy guidance, such as the direction of new quality productivity.

in terms of investment, the main thing is to increase the tolerance of the valuation of high-quality new productivity companies, and pay attention to balancing the long-term and short-term relationships. generally speaking, it is to help high-quality new productivity companies grow through investment and financing after passing professional evaluation on the premise of compliance. "we closely follow various national development plans during the investment process, and our focus focuses on hard technologies, such as artificial intelligence, intelligent driving, biopharmaceuticals, etc." ding lin said.

it’s time to invest in a-shares with long-term funds

in terms of the secondary market, ding lin said that during the previous continuous decline, many high-quality assets did fall out of the "value pit", and the following types of assets were relatively optimistic:

the first is assets with relatively stable performance, good cash flow, and relatively high dividend ratio. such assets themselves already imply low-speed economic growth expectations, and their own value is measured by the cash-to-market ratio and has entered the "value range." the current high level of the hong kong stock market dividend assets have relatively more attractive dividend yields. secondly, there are hong kong-listed internet technology companies. these platform companies themselves have high barriers to entry and are gradually coming out of the industry adjustment period. their valuations are also at a relatively low level in history. finally, there are the so-called core assets, among which some leading companies have entered a very cost-effective allocation range. , itself has implicit pessimistic expectations, and its own operating conditions are relatively benign, and it only needs to wait for the recovery of the economic situation.

the investment research team of a public fund in north china believes that with the current federal reserve interest rate cut cycle coming, with the favorable rmb exchange rate, there may be more balanced allocation directions for global assets and increased investment in a-shares. at the same time, the federal reserve's interest rate cuts have opened up more room for domestic central banks to operate. recent interest rate cuts, reserve requirement ratio cuts and other "stabilizing growth" combinations are expected to further enhance market risk appetite and effectively enhance liquidity. a-share industries that were previously oversold have been affected. policy catalysis is expected to usher in a compensatory increase.

looking forward to the market outlook, the large financial sector has a strong driving effect on the overall market sentiment. if the rebound continues, large finance is expected to continue to play an important role. at the same time, as financial support for high-quality economic development sounds the clarion call for incremental policies, the institutional construction of the capital market continues to advance, which is expected to benefit index component companies such as the csi 300 and csi a500.

the aforementioned public offering shows that after long-term adjustments, the valuation of hong kong stocks is already at a low level. after the federal reserve enters the interest rate cut cycle, the hong kong stock market, as an offshore market, is more sensitive to loose global liquidity and is easier to absorb the liquidity brought about by interest rate cuts in markets such as europe and the united states, thereby promoting the strengthening of the entire asset price. "in addition, the premium of ah shares the index has continued to maintain an upward trend in the past 10 years. as the center of the us dollar index moves downward during the interest rate cut cycle, the ah share premium index may have room to decline. hong kong stock dividend assets have a higher possibility of repairing their discounts. as funds continue to flow into the hong kong stock market, hong kong stocks are likely to rise. investing in the future may be more cost-effective.”