In the first trading week of the Year of the Tiger, the Shenzhen Component Index fell for the fifth week in a row, and the ChiNext Index fell for the third week in a row. The internal differentiation of the industry is obvious, and the "cold" of publicly offered stocks such as Ningde Times and WuXi AppTec further disrupted A Shares, triggering the discussion of "huge redemption", and even pushed to the hot search.

At the same time, one private equity product after another hit the warning line and the liquidation exacerbated the panic in the market.

  Great Wall Fund believes that the "crying rise" of the market is mainly due to the inertia of last year, many investors have high expectations for the high-growth and big-track market, but this year, global liquidity has tightened, domestic economic pressure is greater, and the market is not stable. In the context of increasing certainty, high-valued sectors are under pressure to adjust, while many low-key, low-value, and low-value sectors win by safety.

  Knowing the truth that "confidence is more expensive than gold", many fund companies have purchased their own equity/partial equity funds, and wrote letters to investors and the market to encourage them.

  A week of public redemption sentiment

  CATL fell by 17.32% this week, of which it fell 6.66% on February 8.

WuXi PharmaTech's weekly decline was even more than 20.73%. On the 8th, it opened directly at the limit and fell by 7.41% on the 10th. Both trading days were listed on the Dragon Tiger List. Among them, in the Dragon Tiger List on the 8th, the top five seats were sold. Except for the first sale, which is exclusively for Shanghai Stock Connect, the rest are all institutional seats, with a total net sales of 1.283 billion yuan; the top five sales on the Dragon Tiger List on the 10th, except for the second sale, which is exclusively for Shanghai Stock Connect, the rest are all institutional seats. , selling one is more than 1.4 billion yuan, with a total net sales of 2.93 billion yuan that day.

  According to the fund’s quarterly report, as of the end of December 2021, China-Europe Medical and Health Hybrid, Invesco Great Wall Emerging Growth Hybrid, Huaxia SSE 50ETF, and ICBC Frontier Medical Stocks held 65.7161 million shares, 30 million shares, 17.5081 million shares of WuXi AppTec, 17.5081 million shares, 17,000,100 shares, of which China-Europe Medical and Health Hybrid added 24,806,700 shares in the fourth quarter.

WuXi AppTec has become the first heavyweight holding of the fund under the helm of Gulen, with a holding ratio of 10.05%.

  On February 10, there were rumors that large insurance companies, wealth management subsidiaries, FOF special accounts, etc. had redeemed 40 billion yuan of Gelan's products, mainly for new energy, of which CATL had the highest redemption.

In this regard, China Europe Fund responded that the online "large redemption" is false news.

  From the data point of view, as of the end of the fourth quarter of 2021, the total scale of the three industry-wide products managed by Ge Lan is about 20 billion yuan. According to the proportion of institutional investors at the end of the second quarter, even if the institutional investors of the three funds are all redeemed , no more than 1 billion yuan.

  But a redemption scare for some funds is happening.

On the morning of the 8th, Tianzhi Quantitative Core Selected Mixed Announcement stated that on the 7th, the net redemption application for fund shares of the product exceeded 10% of the total fund shares on the previous open day, that is, a huge redemption situation occurred, and there was a single Circumstances where the redemption application of fund unit holders exceeding 20% ​​of the total fund units on the previous open day.

  Prior to this, according to the quarterly report, the fund had a net asset value of less than 50 million yuan for 60 consecutive working days, from July 26 to December 31, 2021, and was in danger of being liquidated.

  According to Tiantian Fund.com, as of February 9, 2022, Tianzhi Quantitative Core Selected Mixed A and C have fallen by about 27% in the past year, and have fallen by nearly 7% this year.

  The net value of private equity products fell below the warning line to intensify panic

  In addition to the "huge redemption" of public offerings, which affects the hearts of investors, the net worth of private placements has fallen below the warning line and the liquidation has intensified market concerns. Among them, there are many private placement products controlled by industry leaders.

  Many products after the former "public offering brother" Ren Zesong "run away" suffered a sharp pullback.

According to the data of private placement Pai Pai.com, as of January 28, the average return of 12 private equity products under Shanghai Jiyuan Assets has exceeded -14% since the beginning of this year, of which 8 products lost more than 20%.

  The largest loss in January was Jiyuan-Xiangrui No. 1. As of January 28, the net value of the unit was 1.866 yuan, and the loss during the year had reached 29.53%, showing the characteristics of "straight up and down".

The product was established on May 24, 2016, and has been taken over by Ren Zesong since November 30, 2018.

  In addition, Jiyuan-Yeyu No. 1 lost 29.15% this year, and the largest retracement in the range exceeded 39.98%; Yufeng No. 1 fell by 28.22%, Yufeng No. 3 fell by 28.11%, and the latter fell below the face value of 1 yuan. The net unit value as of January 28 was 0.9590 yuan.

  On February 7, the private equity fund Zhejiang Shanyuan Investment Management Co., Ltd. issued a notification letter to investors, saying that the product under its management, "Lixing No. 1 Private Equity Fund", hit the stop-loss line, and the company would carry out risk-based stop-loss operations in accordance with the contract.

According to the data of private placement Pai Pai.com, as of the 8th, a total of 923 private placement products had a net value of less than 0.8 yuan, and 432 private placement products had a net value of less than 0.7 yuan.

  Dan Bin of Oriental Harbor was not spared either.

As of January 28, the unit net value of more than 50 private equity products under Dan Bin has fallen below the traditional warning line of 0.8 yuan, and the net value of another 6 products has fallen below the traditional stop loss line of 0.7 yuan.

On February 11, Dan Bin replied on Weibo that the current products have done corresponding risk control, the net value has remained relatively stable, and the market has more panic in the volatile market.

  The truth of redemption

  The most terrifying thing about emotions is that they are contagious. Under a series of actions such as multiple killings, huge redemptions, and liquidation, how is the redemption situation of Christian people?

  An insider of a large-scale public offering told reporters that the recent subscription and redemption are all good, and there is no obvious change. Generally speaking, open-end funds belong to the above situation; however, if the performance of closed-end products is not satisfactory during the closed period , Once opened, Christian Democrats' willingness to redeem is very strong.

  "Where will the large-scale redemption be invested? Now the income of wealth management products is low, and the house is also 'housing and not speculation'." The above-mentioned person added.

  Another public fundraiser revealed to reporters that there has been a large outflow of funds from fund managers' products in recent days, but funds came in the next day.

  A Christian who has bought funds for less than 3 years said that he bought products from "top-tier" fund managers last year, and now he has lost a lot of money, but he is not in a hurry to put the money in it, and he will definitely regret it when he sells it now.

  When are the most redemptions?

According to industry insiders, it is not easy for investors who are deeply trapped to leave the market. Instead, it is easy to redeem after a big drop to the cost line, or near the face value and with a profit of about 5%.

  In a weak market, many fund companies first announced that they would buy their own equity/partial equity funds, and then wrote letters to investors to cheer the market.

  On January 27, 6 public offerings announced that the self-purchased amount ranged from 50 million yuan to 200 million yuan.

According to statistics, as of February 10, 22 fund companies have made 30 self-purchases in total during the year, with an amount of 540 million yuan, of which equity funds are the main ones, accounting for nearly 90%.

  On February 10, Cinda Australia Bank wrote to investors saying that there is no need to worry too much about the overall market at present, and that the ChiNext below 2800 and the Shanghai Composite Index below 3400 should be cherished.

The recent adjustment is the concentrated release of short-term irrational sentiments in the market. It is expected that the A-share market is unlikely to decline sharply this year, and structural investment opportunities should be actively seized.

  On the 11th, the GF Fund investment advisory team stated in a letter to fund investment advisory holders that after the adjustment from 2021 to the present, the overall valuation of A-shares has gradually returned to rationality and is currently at the central level of ten years.

Investors' risk appetite is expected to rise in the short term, and A-shares are expected to rebound. It is expected that high-end manufacturing sectors represented by electric vehicles and photovoltaics, as well as low-valued sectors with valuation switching and style rebalancing, are expected to achieve excess returns in the future. The medium and long-term performance of the market is still promising.

The team said that it firmly believes that "less loss" is more important than "more profit", and the investment should adhere to the concept of "flowing water does not compete for the first, and the competition is endless".