Our reporter Zhou Shangdian

  Confidence is more important than gold. Since the beginning of this year, public offerings and brokerage asset managers have all made plans to buy their own products or throw out large-scale plans, and many "top-tier" public fund managers are ready to pay out of their own pockets.

In this regard, some market participants believe that public offerings and self-purchasing of securities companies' asset management are "buying signals".

  In recent years, it is not new for public offerings and securities companies to purchase their own products.

In 2021, public offerings and asset management of securities companies have accumulated a total of 5.898 billion yuan in self-purchase, and the amount of self-purchase in December is nearly 1 billion yuan.

To this end, the chief brokerage also reminded investors that self-purchase is conducive to boosting market confidence, but self-purchase scale and volume are not equivalent to the emergence of a buy signal, and it is not advisable to blindly follow the trend.

  Brokerage asset management joins the self-purchasing army

  Since the beginning of this year, A-shares have continued to fluctuate. As of March 2, the Shanghai Composite Index fell by 4.27%.

At the same time, fund issuance was sluggish. According to Wind data, according to the fund's establishment date, a total of 211 new funds were issued in January and February, with a share of 152.587 billion, a year-on-year decrease of 12.45% and 80.6% respectively.

  Based on their confidence in the long-term, healthy and stable development of China's capital market, many public fund companies, including Bank of China Fund, Qianhai Kaiyuan, and GF Fund, have thrown out their own purchase plans. Yuan, for a time, aroused the strong concern of the market.

  During this period, brokerage asset management also "showed no weakness" and started self-purchase one after another.

Similar to the public offering, the self-purchasing of securities companies’ asset management tends to be based on equity products.

On February 28, Huatai Asset Management stated that it will use no more than 50 million yuan of its own funds to invest in the company's equity public funds.

On February 21, Caitong Asset Management invested 50 million yuan of its own funds to purchase the company's equity and fixed income public funds.

Orient Securities Asset Management stated that within 30 trading days from January 28, it will subscribe for its partial stock fund with its own funds of 50 million yuan and hold it for no less than 3 years.

In addition to confidence in the long-term, healthy and stable development of China's capital market, the reasons for the self-purchase issued by securities companies also include confidence in the active investment management capabilities of their respective companies.

  It is worth mentioning that since February 9, Donghai Securities stated that it intends to use its own funds to participate in its two collective asset management plans, with a total of no more than 4 million yuan.

On February 27, Xingzheng Asset Management stated that it has recently used its own funds to invest in the company's hybrid collective asset management plan totaling 30 million yuan.

According to the "Securities Daily" reporter, Huatai Asset Management, Caitong Asset Management, and Orient Securities Asset Management all hold public fund licenses, while Donghai Securities and Xingzheng Asset Management have not yet obtained licenses.

The above two products of Donghai Securities are large-scale public offering transformation products, and Xingzheng Asset Management also has many large-scale public offering transformation products.

  In this regard, Chen Mengjie, chief strategist of Yuekai Securities, said in an interview with a reporter from "Securities Daily": "Public offerings and self-purchasing of securities companies' asset management are mainly for the purpose of boosting market confidence and optimistic about the long-term prospects of its products. On the one hand, , after the stock index fell sharply, the valuation and performance-to-price ratio have become prominent. From the perspective of long-term layout, it has become attractive, but public offering and self-purchase of securities companies’ asset management do not mean the bottom of the market; on the other hand, institutions through self-purchase and commitments Yes, deeply binding one's own interests with investors will help boost market confidence and directly and indirectly promote the operation of follow-up fund products."

  Public offering has self-purchased funds of 765 million yuan

  Public offerings and self-purchasing of products by securities firms’ asset management are not new, and they are “routine operations” in recent years.

Chen Mengjie told reporters: "From the historical stage of fund self-purchase, most of them occurred under the background of a sharp correction in the market, depressed investor sentiment, and the continuous cold of new funds. In the context of market adjustment, institutional self-purchase has formed. Positive feedback effect, thereby improving market liquidity. In the past decade, the scale of institutional self-purchased funds has been on the rise, reaching nearly 6 billion yuan in 2021.”

  According to Wind data, a reporter from Securities Daily reported that in the first two months of this year, 28 publicly offered and self-purchased 43 fund products accumulated a total of 765 million yuan (there is no brokerage asset management), a year-on-year increase of 47.12% (540 million in January). yuan, and 225 million yuan in February); among which, the publicly offered self-purchased stock funds, hybrid funds, bond funds, and FOF funds were 355 million yuan, 315 million yuan, 75 million yuan, and 10.0019 million yuan respectively.

  From the performance point of view, since the beginning of this year, the median rate of return of equity funds and hybrid funds with partial shares is -8.66%, and the median rate of return of flexible allocation funds is -6.14%.

Among the publicly offered self-purchased funds, 4 are stock funds and 18 are hybrid funds with partial shares. Except for 2 newly issued funds, all of them outperformed the median yield of similar products.

  From the perspective of 2021, 98 public offerings and asset management of securities companies have made self-purchases, with a cumulative self-purchase amount of 5.898 billion yuan.

Among them, self-purchased hybrid funds, stock funds, bond funds, FOF funds, and QDII funds were 1.743 billion yuan, 1.696 billion yuan, 1.477 billion yuan, 900 million yuan, and 80.0153 million yuan respectively.

In December 2021, public offerings and asset management of securities companies have already launched substantial self-purchases, with a total of 40 companies purchasing 985 million yuan.

Among them, China Asset Management purchased 150 million yuan and Guotai Junan Asset Management purchased 120 million yuan.

In 2020, the self-purchased amount was 4.152 billion yuan, in 2019 it was 2.867 billion yuan, and in 2018 it was 3.268 billion yuan.

  Behind the self-purchasing trend of funds and securities companies, is it an effective signal for bottom-hunting?

Li Lifeng, deputy director and chief strategist of Huaxi Securities, said that when the market falls to a certain extent or lasts for a period of time, public funds start a wave of self-purchasing, which is often one of the signals that the market is building a bottom; for example, from February to April 2020, Public funds made large net purchases, and the A-share market picked up in April.

However, the increased volume of self-purchase by public funds is not the same as a buy signal; for example, in March 2018, the net subscription scale of public offerings reached 634 million yuan, but in 2018, the A-share market accelerated to bottom out under the disturbance of a series of risk factors.

It was not until the end of 2018 that "the bottom of the policy - the bottom of the sentiment - the bottom of the market" appeared one after another, and at the same time, the inflow of foreign capital and public funds accelerated, and A shares started a new round of gains.

  Chen Mengjie told reporters: "For investors, it is necessary to rationally view the behavior of institutional self-purchasing funds. Although self-purchasing by funds is conducive to boosting market confidence, compared with the overall quantity and product scale, the number of self-purchasing and The proportion of funds is relatively small, and the direct impact on market liquidity is limited. In addition, from the historical perspective, the upsurge of fund self-purchase is not equal to the market bottom. Fund self-purchase is often for various purposes, and the main focus is on the product. Long-term investment value, so investors also need to fully combine their own situation and should not blindly follow the trend.”

  Zhongtai Asset Management issued a document in early February, saying, "Whether fund companies or fund managers, their self-purchased funds must be locked for at least one year, so large-scale self-purchasing with real money, at least not knowingly. There are tigers who prefer to travel in the mountains. However, it is also a reality that has to be faced with a rational view of the precise timing ability, including that of professional investors.” (Securities Daily)

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