Beijing Stock Exchange Fund is here, you can curve investment

  Although the investment threshold of the Beijing Stock Exchange is relatively high, with the sale of public funds, "small investors" can also participate in the investment of the Beijing Stock Exchange.

  Beijing Stock Exchange Theme Fund

  Officially on sale on the 19th

  After the market on November 15th, E Fund took the lead to release its Beijing Stock Exchange theme fund E Fund Beijing Stock Exchange Selected two-year regular open mixed sale announcement.

According to the announcement, the fund will be on sale from November 19 to November 25.

The upper limit of the initial fundraising scale of the fund is 500 million yuan (excluding interest during the fundraising period).

In the fundraising process, if the fundraising scale is close to, reaching or exceeding 500 million yuan, the fundraising will be terminated ahead of schedule.

  According to the announcement, the ratio of stock assets of E Fund Beijing Stock Exchange's selection of two-year regular open hybrid securities investment funds to fund assets is 60% to 100%, and the proportion of stocks invested in Beijing Stock Exchange is no less than that of non-cash fund assets. 80%, in addition, it can also invest in Shanghai and Shenzhen Stock Exchange and Southbound Stock Connect stocks.

  On October 18, 8 fund companies including E Fund, GF Fund, China Universal Fund, China Asset Management, China Southern Fund, Harvest Fund, Wanjia Fund, and Dacheng Fund reported to the Beijing Stock Exchange's theme funds.

In less than a month, these eight Beijing Stock Exchange themed funds were formally approved on November 12, and they will be the first batch of public fund products to participate in the investment of Beijing Stock Exchange.

  On the whole, the first batch of CBEX theme funds reported are partial-equity hybrid funds. These funds have set up a two-year closed period and operate in a "two-year regular opening" manner.

  Not less than 80% of the funds

  Invest in related subject

  It is understood that, in accordance with relevant rules, the Beijing Stock Exchange has established the existing selection layer of the NEEQ as a basis, shifting the basic systems of the selection layer in general, and simultaneously piloting the securities issuance registration system.

Before the above-mentioned fund companies reported their products, the regulatory authorities had made it clear that CBEX stocks belong to domestic stocks issued and listed in accordance with the law. Public funds can invest in accordance with the contract. Public funds' participation in the NEEQ investment still refers to previous relevant guidelines.

  China Universal Fund stated that the ability of public funds to enter the Beijing Stock Exchange for transactions will bring more liquidity to the market, broaden financing channels for SMEs, and improve financing efficiency.

At the same time, the strong investment and research capabilities of public equity funds will help to discover truly high-quality SME stocks and promote the healthy and long-term development of the market. Significance.

  Judging from the past situation, the investment ratio of the theme fund to the designated theme area is generally not less than 80%.

Industry insiders pointed out that the "Beijing Stock Exchange" theme fund declared this time will most likely be invested in the relevant subjects of the Beijing Stock Exchange with a proportion of not less than 80% of the funds.

  Harvest Fund stated that the "Beijing Stock Exchange" products declared this time mainly invest in stocks listed on the Beijing Stock Exchange.

Harvest Fund believes that the Beijing Stock Exchange is the main position for serving innovative SMEs. On the one hand, the fund provides more channels for investors to participate in the sector; on the other hand, it also provides a variety of opportunities for the development of SMEs listed on the Beijing Stock Exchange. Financial support.

  Harvest Fund pointed out that in terms of industry selection, the product will focus on in-depth research and comprehensive consideration of the industry’s industrial policies, business models, entry barriers, market space, growth rate, etc., and will be conducted under the principle of fully considering the valuation level. Industry configuration.

Focus on sub-sectors with high prosperity, good development prospects, basically mature technology, and key policy support.

  In fact, since June 2020, public funds have established a number of fund products that can only be invested in the selected layers of the NEEQ.

Wind data shows that as of October 19, there have been 19 such products.

Up to now, 8 of the 19 funds hold selected-tier stocks, and the number of shares held is 21. There is still much room for improvement in the penetration rate of public-equity funds to selected-tier stocks.

  Is expected to drive

  Valuation of high-quality companies increased

  China Asset Management Gu Xinfeng believes that the establishment of the Beijing Stock Exchange will promote the strengthening of the New Third Board: First, the latest policy of the select layer makes it possible to "invest in the third board and exit in A shares", and cross-market valuation spreads have greater investment attractiveness; From the perspective of valuation, the valuation of selected-tier coaching companies is significantly lower than that of the Science and Technology Innovation Board and ChiNext, and the valuation is attractive; thirdly, from the perspective of profitability, more than 50% of the NEEQ selected-tier coaching companies’ The annual net profit is less than 50 million yuan. From the perspective of return on net assets (ROE), companies with ROE over 20% account for 31%.

  Lei Jiayuan, the fund manager of the Southern Innovation Select Hybrid Fund, said that the establishment of the Beijing Stock Exchange is expected to enhance the liquidity of the NEEQ market, and is expected to lead to an overall increase in the valuation of high-quality companies.

According to statistics, the overall median price-earnings ratio of the NEEQ selection layer has increased to about 35 times the current value, and the weekly turnover rate has also increased significantly.

The increase in turnover rate and valuation of individual stocks will continue to attract better companies to choose to list on the Beijing Stock Exchange.

In the long run, investors will get a better return on investment.

  Gu Xinfeng pointed out that the core concept of doing a good job in innovative products of the Beijing Stock Exchange is to select growth stocks across the market, through selection of various sectors, such as the Beijing Stock Exchange, the NEEQ selected layer, the science and technology innovation board, small and medium-sized innovation and main board growth stocks. , And through strict risk control, strive to obtain the benefits of corporate growth; on the other hand, the process of rising cross-market liquidity is the process of valuation enhancement, and investment income can be obtained through cross-market valuation differences.

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