Securities Times reporter promises
The stock market is at an important moment. Yesterday, the eight leading public funds and the asset management of two securities companies announced that they would buy their own funds, releasing a positive signal for the market.
The Securities Times reporter noticed that on October 17, eight public funds including E Fund, Southern Asset Management, GF Fund, China Universal Fund, China Asset Management, Harvest Fund, Huaan Fund, and China Europe Fund, as well as Guotai Junan Securities Asset Management, Zhongtai Fund, etc. Two securities companies, including Securities Asset Management, issued an announcement to invest in self-purchased equity fund shares.
Industry insiders believe that the A-share market is building a bottom before the disclosure of the third quarterly report. The multiple self-purchase this time highlights the timing behavior of fund companies, and the technical rebound of extreme events may continue.
Public fund brokerage asset management
Coincidentally initiate self-purchase
On October 17, E Fund Fund announced that based on its confidence in the long-term, healthy and stable development of China's capital market, E Fund Fund will invest a total of 150 million yuan in its own funds to invest in its equity funds in the near future.
GF Fund also announced on October 17 that based on its confidence in the high-quality development of the public fund industry and the long-term, healthy and stable development of China’s capital market, GF Fund will use a total of 100 million yuan of inherent funds to invest in its equity funds in the near future.
On the same day, Southern Asset Management also announced on its official website that, based on its confidence in the long-term, healthy and stable development of China's capital market, it will invest 100 million yuan in its own equity hybrid fund.
China Universal Fund also issued an announcement stating that based on its confidence in the long-term healthy and stable development of China's capital market and the company's active investment management capabilities, and in line with the principles of risk sharing and benefit sharing with the majority of investors, China Universal Investments, a subsidiary of the company, Management Co., Ltd. decided to invest 100 million yuan on October 17, 2022 to invest in two products of China Universal Consumer Industry and China Universal Selection.
On the evening of October 17, China Europe Fund issued an announcement saying that based on its confidence in the long-term, stable and healthy development of China's capital market, the company will use its own funds to purchase its partial stock funds and funds-of-funds (FOF) with a total of not less than 50 million in the near future. Yuan.
In addition, China AMC, Harvest Fund, and Huaan Fund also announced their own purchases on October 17, with capital contributions of 100 million yuan, 100 million yuan, and 30 million yuan, respectively, to invest in their respective equity public funds.
It is worth mentioning that, in addition to public funds, brokerage asset management also announced a self-purchase plan on October 17.
The official website of Zhongtai Securities Asset Management announced that, based on the long-term healthy and stable development of China's capital market and confidence in the company's investment management capabilities, the company recently subscribed with its own funds of 100 million yuan and will hold its partial stock fund for a long time. period of not less than 1 year.
Guotai Junan Securities Asset Management stated in the announcement that it has decided to use a total of 110 million yuan of inherent funds to subscribe for Guotai Junan Shanwu Pension Target 2045 Five-Year Hold Mixed Origination (FOF) and Guotai Junan Shanyuan Pension Target One-year Hold Mixed Origination (FOF) Two public offering fund products.
Long-term layout opportunities have been highlighted
The focus of self-purchase shifts to equity
Talking about this initiative to purchase fund shares, Yang Xiaosong, general manager of China Southern Asset Management, said that the core guarantee for the sustainable and high-quality development of China's economy and society lies in the party's strategic planning and unified leadership. An efficient, fairer, more sustainable and safer development path. China's economy is resilient, has great potential, and is full of vitality. The fundamentals of long-term improvement will not change. This is our long-term optimism for China's capital market. Maximum confidence.
At present, A-shares are at the intersection of multiple bottoms such as valuation, performance, liquidity, and policy expectations, and high-quality assets have ushered in a long-term allocation window.
Zhang Hui, general manager of China Universal Fund Co., Ltd. believes that public funds, as an important part of institutional investors, have witnessed the changes in China's capital market, and play a role in practicing inclusive finance, achieving common prosperity, and maintaining the reform, development and stability of the capital market. playing an increasingly important role.
Zhang Hui said that the fundamentals of the long-term improvement of China's economy will not change. China is the market with the most potential for global domestic demand growth. It not only has the most complete supply chain and industrial chain supply, but also has rich engineer dividends.
At present, the overall valuation of A-shares may have returned to a reasonable range, and the superimposed market liquidity continues to remain reasonably sufficient. China Universal Fund believes that the market contains abundant investment opportunities, and is firmly optimistic about the medium and long-term performance of A-shares, and is determined to serve the national strategy. , Serve the real economy and continuously enhance its own strength, and create long-term and sustainable investment returns for the holders.
A relevant person from China Europe Fund also said that my country's economy has shifted from a high-speed growth stage to a high-quality development stage.
In the process of accelerating the construction of a new development pattern and focusing on promoting high-quality development, a number of high-quality local enterprises, innovative industrial upgrading directions and rich value investment opportunities are emerging in my country.
As an important participant in the capital market, public fund companies actively deploy various products, play the role of financial instruments in resource allocation, guide the flow of financial resources to real industries and key areas, and further improve the strength and quality of serving the real economy.
It is worth mentioning that during the year, public funds have been bundling the interests of institutions and fund holders through self-purchase.
Wind data shows that as of October 17, more than 90 public funds have made self-purchase during the year, with a total of about 15 billion yuan in self-purchased funds.
Among them, the fund company with the highest self-purchase scale has accumulated about 6.2 billion yuan in self-purchases so far.
However, different from the self-purchase of funds in the first three quarters of this year, this round of self-purchase on October 17 all pointed to equity fund products, which to a considerable extent highlighted the investment confidence of public funds and the confirmation of the market grinding stage. .
In contrast, in the previous fund self-purchase, taking a fund company with the largest self-purchase scale as an example, money market funds were the largest self-purchases, with a total self-purchasing of 6.13 billion yuan, while stock funds self-purchased about 11 million yuan. RMB 38.98 million self-purchased by the hybrid fund.
Building the bottom is often self-purchased
The rebound may continue
"Top fund companies collectively buy their own equity funds, which may indicate the confirmation of the bottom of the market." Some fund people commented on this. From historical experience, after each round of market bottom is formed, the top domestic public fund companies will take action Self-purchased equity funds; Judging from the current market form of A-shares and the issuance of funds as a reverse indicator, the A-share market may have been building a bottom when the third quarterly report was disclosed.
The fund company's judgment on the current A-share market also roughly confirms the fund's self-purchase move.
Ping An Fund believes that the real estate policy introduced at the end of September shows that the steady growth is increasing, and the social financing and credit data in September exceeded expectations. At the same time, after the adjustment in the third quarter, the market valuation has been below the historical average. Investors need not be overly pessimistic. There may be opportunities for long-term layout.
The expectation of steady growth in the fourth quarter is relatively strong. Under the expectation of policy force, relevant sectors will dominate in stages, and growth stocks represented by technology, manufacturing, medicine, and consumption will still be the main line of the market in the future.
"Things must be reversed, and A-shares have technical rebound requirements." Wei Fengchun, chief economist of Chuangjin Hexin Fund, told the Securities Times reporter that the sentiment index of A-shares has dropped to a freezing point, and the history is comparable to the level after July 2018, and a V-shaped market appeared last week. , the rebound is still sustainable, but the process may be repeated, so the structural choice of A-share stocks will become more and more important. It is expected that among the sectors that have been oversold since July, the main line with improved fundamentals and economic expectations will prevail.