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securities times reporter pei lirui

on september 26, an equity fund manager wrote his judgment on the market in four words in his wechat moments - "comprehensive turn."

in the past week, the stock market staged a super counterattack under the combination of a package of major favorable policies. from september 24 to september 27, in just 4 trading days, the shanghai composite index rose by 12.32%, regaining the 3,000-point mark, and the gem index rose by 23.19%. on september 27, it even increased by 10%. it set the largest single-day increase in history; during the same period, hong kong stocks also surged, with the hang seng index and hang seng technology index soaring 13.07% and 20.41% respectively.

"comprehensive turn" may be a signal given by the surge in market prices, or it may be the hope of the fund industry after three years of silence.

on the one hand, with the oversold rebound of many funds' heavy holdings, some funds have rebounded by about 30%. although some fund managers are still lamenting that "they cannot catch up with the index and have no time to add positions," they have to admit that public funds have finally ushered in a new era. it has been an exciting week, and major fund companies and agency sales platforms have already scheduled hundreds of fund live broadcasts. investment research, marketing, sales, investment education... all business lines of fund companies have begun to get busy.

what's even more rare is that in addition to the confidence brought by the rise in the stock market, a number of policies recently introduced have also optimized various institutional measures in the fund industry, giving reassurance to the steady reform of the industry, and the public fund industry has ushered in double benefits. .

the regret of not being able to keep up with the index

“this is an unexpected retaliatory rise.” in an interview with a securities times reporter, a fund manager described the recent stock market this way, “from 2021 to now, everyone has been suffering in the bear market for three years, and many funds have a 30-40% retracement, so the recent rise is a catalyst for policy and a release of emotions. everyone is looking forward to a hearty rise. "

wind data shows that from september 24th to 27th, 218 funds in the entire market rebounded by more than 20%. among them, boshi fintech etf, huabao fintech etf, and huaxia fintech etf surged by 29.76%, 29.67%, and 29.67% respectively. 29.36%, brokerage stocks led the fintech etf to dominate the rebound list. in addition, e fund hong kong securities etf, china merchants csi liquor index, and penghua liquor etf all rose by more than 25%. 15 of the top 20 in the range increase list are index funds.

this unexpected rise is a rapid restoration of net worth for index funds, but for most active equity funds, it is quite a "trouble of not being able to catch up with the index."

from september 24 to september 27, the chinext index, which rose the most, rose by 23.19%, the csi 300, the performance benchmark commonly used by funds, rose by 15.28%, and even the shanghai composite index, which had the smallest increase, rose by 12.32%; during the same period , the wind partial stock hybrid fund index rose 11.71%, significantly underperforming the major mainstream indexes. among the active equity funds, only huatai-pinebridge new economy shanghai-hong kong-shenzhen, huatai-pinebridge hong kong stock connect era opportunities, and beixin ruifeng optimized growth about 70 funds such as , green boyan and hsbc jinxin core growth rose by more than 20%, and more than 600 funds rose by more than 15%.

“the market is coming too fast, like a tornado.” in an interview with a securities times reporter, a fund manager used a lyric to express his feelings about the recent market, “in fact, both for ordinary investors and our institutions, "the rapid development and violent rise of this market are beyond expectations, and the speed of adding positions cannot keep up with the rise."

some fund evaluators believe that this is due to the position restrictions of active equity funds on the one hand, and also because many active funds previously held heavy positions in defensive assets such as high dividends and failed to keep up with the current rapid rise in the market in time.

it is worth mentioning that several tens of billions of fund managers have shown their talents again in the recent rebound. for example, invesco great wall dingyi and invesco great wall emerging growth managed by liu yanchun have both risen by more than 20%, and zhang kun’s e fund blue chip select , zhao yi's quanguo xuyuan three-year holding, hu xinwei's universal consumer industry, zheng weishan's galaxy innovation growth, gulen's china-europe medical and health, etc. all rebounded by more than 15%, and these funds generally have heavy positions in consumer, pharmaceutical and other fields. rising sectors.

hundreds of fund live broadcasts a week

at the same time, as the market picks up and funds soar, the market lines of fund companies have also become busy. marketing, sales, and investment education work go hand in hand, and they are extremely busy.

a person from the marketing department of a fund company said frankly that in the past, the trading days before the national day were often the time when colleagues took a large number of vacations. however, this year, department leaders called on everyone to try not to ask for leave. even if they go out, they should ensure that they carry their computers with them and respond to work at any time. , seize the latest precious window period. since september 24, he has been working overtime for several days in a row, and the amount of content output is 2 to 3 times the usual amount.

"we are now mainly focusing on the key products that have gained the most recently, and output some market information and investment research opinions. this wave of market conditions is too fast, and the current marketing strategy is to output content in a short and flat manner, with high frequency, speed, and repetition. , don’t waste a minute or a second of market trends,” said the above-mentioned marketing department person.

major fund distribution platforms have also followed the market and begun to repost equity funds. on the ant wealth platform, words such as "the bull is coming! what to buy" and "a-shares have risen for 8 consecutive years, returning to 3,000 points" are very eye-catching. the special page recommends the csi 300 etf connection, the csi a50 etf connection, and the gem etf. there are many etf link funds such as link, consumer etf link, etc.; on the fund page of china merchants bank, there is also a topic on "how to take advantage of this big move of a-shares with another 3,000 points", with an interpretation of favorable policies, and recommended shanghai and shenzhen 300etf link, hang seng etf link and other funds.

at the same time, because the market was caught off guard, some fund companies revealed that the number of investor inquiries received by the company's backend has also increased suddenly. for this reason, fund companies have also strengthened investment education articles, financial management live broadcasts and other forms of investor companionship.

comprehensive statistics from securities times reporters found that since september 24, more than 50 fund companies have launched hundreds of financial management live broadcasts, with themes centered around "bulls are coming back quickly, how to allocate stocks and bonds", "how can stocks and bonds be allocated now that the market is hot?" cars?", "should i hold stocks for the national day?", "october market outlook and analysis of investment opportunities" and many other hot topics. several popular live broadcasts have more than 100,000 views. even on weekends, companies such as huaan fund and hui’an fund have arranged live broadcast content.

well-known fund managers speak out collectively

it is worth mentioning that many well-known fund managers have also made a rare collective statement recently and publicly conveyed optimistic signals to the outside world.

for example, du meng, deputy general manager and investment director of j.p. morgan asset management china, said that a series of recent meetings reflect the government’s emphasis on the economy and capital markets, and investors are beginning to look forward to the implementation of more targeted and effective policies. investment sentiment gradually pick up.

he believes that the early stage of the market often shows the characteristics of a highly elastic oversold rebound. over a long period of time, high-quality companies may show sustainable upward space, and changes in sentiment may push the market to gradually return from excessive pessimism in the early stage. with a relatively rational pricing framework, outstanding companies whose early valuations are already at a relatively bottom level may gradually see their value recover.

jin zicai, deputy general manager and equity investment director of caitong fund, said more clearly that as decision-makers actively respond to concerns and consolidate confidence, the market's upward space is expected to further open up.

he believes that after this policy shift, residential mortgage interest rates will be reduced, and the suppressive effect of early loan repayment on consumption is expected to be significantly alleviated; the availability of fiscal expenditure funds will also help the advancement of local projects; and the promotion of the real estate market to stop falling and stabilize will also start from expectations and funding support the recovery of the real estate market. next, the positive sentiment in the equity market may continue to be released and gradually enter the verification stage of policy effects. in the next step, the scale of incremental fiscal policy may be the next important node. we must focus on the recovery of market confidence and the impact on the industrial level in the process of policy refinement and implementation, and actively grasp the recovery of market confidence and economic fundamentals in the future. window period for marginal changes.

"the policy bottom has appeared and the capital market has thawed, but whether we can usher in a prosperous spring and summer depends on the actual effect of subsequent policy implementation. when the subway and elevators are full of people discussing stocks, it is difficult not to although we are overwhelmed by emotions, we still advise everyone in internal meetings to be rational and be wary of any short-term emotional shocks,” a fund manager told a reporter from the securities times.

various institutional measures are being optimized

in addition to the investment confidence brought by the above-mentioned market rise, what is even more rare is that a number of policies recently introduced have also optimized various institutional measures in the fund industry and pointed out the direction of high-quality development of the industry. the public fund industry has actually ushered in a new era. double benefit.

on september 26, the political bureau meeting of the cpc central committee emphasized the steady advancement of public fund reform; on the same day, the central financial office and the china securities regulatory commission jointly issued the "guiding opinions on promoting the entry of medium and long-term funds into the market" (hereinafter referred to as the "guiding opinions"), focusing on three measures were proposed to continuously optimize the capital market ecology, vigorously develop equity public funds, and strive to improve supporting policies and systems for the entry of various medium and long-term funds into the market.

for example, the "guiding opinions" clarify that it is necessary to strengthen the construction of core investment research capabilities of fund companies, formulate a scientific, reasonable, fair and effective investment research capability evaluation index system, guide fund companies to transform from scale-oriented to investor return-oriented, and strive to create opportunities for investors. long-term stable income.

this is after the supervision clearly stated in march this year that "continuously optimize the evaluation system of fund managers", and the "guiding opinions" once again mentioned the need to formulate a scientific, reasonable, fair and effective evaluation index system for investment research capabilities. chen danyi, a senior fund analyst at the shanghai securities fund evaluation research center, pointed out that optimizing the evaluation index system and putting the interests of fund practitioners and investors in a consistent position is a way to fundamentally improve investors’ investment experience and also promote the long-term development path of the industry.

for another example, the "guiding opinions" clearly state that it is necessary to enrich the types of investable assets for public funds, establish a fast approval channel for etf index funds, and continue to increase the scale and proportion of equity funds.

chen danyi said that index investment is a trend that cannot be ignored in recent years. etfs provide efficient investment tools with their low fees, transparent holdings and high degree of directionality, and have become the first choice of many institutional funds. in addition to the traditional broad-based index funds that developed earlier, various industry-based, theme-based, strategy-based etfs and other subdivided tracks still have considerable room for development, providing development opportunities for fund companies.

in addition, the "guiding opinions" also mentioned the steady reduction of the comprehensive fee rate of the public fund industry, and the promotion of public fund investment advisory pilot projects to become routine. xiao wen, president of yingmi fund, believes that with the fee reduction reform of public funds and the shift to investment advisory services, fund companies will further accelerate their transformation into buy-side investment advisory services.