Different from their parents, young people of this generation have been associated with investment early. For them, buying fund stocks is not only a way of financial management, but also a way of life and a kind of "cultivation".
With the ups and downs of the capital market, they see their own greed, have a stronger psychological ability to resist pressure, and realize that there is a long way to go.
—————————
Throughout February, the A-share market continued to fluctuate and adjust its pattern.
Jiang Chenfeng holds 7 partial stock funds, and the income also fluctuates accordingly.
Jiang Chenfeng is nearly 5 years old, and he joined the stock market before he graduated from university.
In 2018, when he bought his first fund, he had "no concept at all". When he saw the outflow of northbound funds, he would say indignantly, "Why do northerners keep throwing money away, and I, a southerner, keep losing money."
Now, he is a little famous in the circle.
This year's Spring Festival, 23-year-old Jiang Chenfeng sorted out his past investment experience into a document as his New Year gift.
He is very satisfied with his investment performance last year. In the case of full equity funds, his total investment return was -11.55%.
Although the return is negative, it is still something to be proud of. He outperformed the average performance of public mixed partial stock funds by more than 10 points in the same period.
Like Jiang Chenfeng, many post-95s and post-00s have explored in the fund world.
Some of them bought the first fund in their lives during their college internships, and made their first income through quick buying and selling of small amounts.
"Some post-95s or even post-00s encountered the first cycle after they had accumulated some savings, which was the rising cycle starting in 2019." In the view of Chen Jiahe, chief investment officer of Jiuyuan Qingquan Technology, every capital market boom will drive the fund boom , as a post-80s generation, he has experienced the two rising cycles of the capital market in 2005-2007 and 2014-2015, and today's younger generation happens to be in a better rising cycle in the market.
According to data from the Asset Management Association of China, as of the end of November 2022, the management scale of my country's public offering funds is 26.38 trillion yuan, covering 10,405 fund products.
The report "2023 High-quality Development Trends and Strategic Insights of Public Funds" (hereinafter referred to as the "Report") released by KPMG, an international accounting firm, shows that public funds currently lead the large asset management industry.
From 2018 to the end of 2021, the compound growth rate of public funds has reached 25.2%, surpassing the private equity, bank wealth management and insurance asset management industries.
Coinciding with the golden development period of public funds, the post-95s and post-00s among the new foundations have had good luck and also fallen into big pits. In the words of Ma Song, a post-95s generation, after investing for 5 years, he saw his own greed and had Stronger psychological resistance to stress, more aware of the long road ahead and need to work hard.
"During that time, it seemed that whatever (funds) I bought made money"
The first time he bought a fund a few years ago, Ma Song only remembered it as "fun".
One day in February 2018, Ma Song, a freshman in college, bought five or six funds in a row on Alipay at 10 yuan each.
The total amount of purchase that day was almost his daily living expenses at that time.
Some of these funds used to "test the water" went up and down on the second day. On the third day, Ma Song sold all of them and "made a profit of four or five yuan after deducting the handling fee."
This short-term trading method was used by Ma Song until 2019. In April of that year, he increased the purchase amount to 500 yuan per piece. "I bought 15 pieces and sold them within a week. I made a total of three or four hundred yuan." .
Only later did he know that it was the beginning of a bull market in the stock market, which also corresponded to the boom in the fund market.
On the last trading day of A-shares in 2019, the market index rose again. The Shanghai Composite Index rose by more than 22% for the year, and the Shenzhen Component Index rose by more than 40%.
As the main institution of A-shares, public funds have achieved outstanding results in 2019, and the average return rate of stock funds exceeded 45%.
"With the continuous rise of the stock market in 2019, it has become more and more convenient to buy funds online on third-party platforms, and more and more young people have become new Christians." A related person from China Europe Fund told China Youth Daily and China Youth Daily reporter, Before 2019-2020, the fund industry still belonged to a relatively small group, and the number of individual investors was relatively small. Mainly institutional investors."
As one of the individual investors in the fund industry in 2019, Jiang Chenfeng also experienced the hot market that year.
During the summer vacation of that year, he chose an index fund in the Internet industry and began to invest regularly every day.
Then, the income increased day by day, "It happened to catch up with the wave of market prices at the end of 2019. I am full of confidence and feel that I am very powerful and can maneuver freely in the capital market."
It was also at that time that when he saw the news that the country was strongly supporting the development of 5G, he thought he had sensed an opportunity, "I immediately opened Alipay at 1 o'clock in the middle of the night, searched for 5G as the keyword, and bought it quickly. buy together".
Jiang Chenfeng said that he didn't even know that the stock market opened during the day.
This operation allowed him to "buy at the highest point in the market", and he later realized that "the stock market had run out of expectations at that time."
But even so, Jiang Chenfeng still reduced the cost of holding positions by continuously adding positions and other methods, and waited until the fund rose.
"During that time, it seemed that I made money on whatever (funds) I bought," he said.
In Chen Jiahe's view, in the rising cycle that started in 2019, more people participated in the stock market through funds. In the past, I was able to get more exposure to funds. "Only from the perspective of promotion channels, there were many fund advertisements on subway and bus platforms, which was rare in the first two cycles."
"Upgrade monsters"
The need for personal financial management, rising market prices, curiosity about new things, and convenience in purchasing channels... In recent years, various factors have allowed the post-95s and post-00s to quickly start the road of "building a foundation".
Huang Li (pseudonym), the person in charge of Internet marketing of a medium-sized fund company in Shanghai, noticed that young Christians were really keen to buy track-type fund products when they first entered the game, "because the fluctuations are big enough and exciting, and the returns will be higher." In her impression, a video on station B at the beginning of 2020 made the fund out of the circle. At that time, technology stocks suddenly plummeted after a big rise. In the video, four technology-themed funds were called "four scumbags" .
"At that time, in addition to my colleagues who sent me videos, many of my classmates and people who were not in this industry at all also sent me videos." Huang Li said.
Jiang Chenfeng also remembered that in June and July 2020, almost everyone around him was buying and discussing funds.
Under the circle of friends he shared occasionally, some friends began to exchange information on "raising the foundation".
The younger generation of Christians also want to know what other Christians "bought" and "how to buy", but their communication place has changed from the old bank lobby to social platforms such as Moments and Weibo and knowledge sharing platforms.
Ma Song learned about investment from a financial blogger on the short video platform, "although some of his suggestions are a bit radical."
When Jiang Chenfeng first saw the fund falling, he would directly search for "what should I do if the fund is falling", and get the answer of "increasing the position".
Later, he began to read books to learn terminology, delve into various methodologies for buying funds, and "call" or complain about fund managers in the comment areas of major funds.
By the second half of 2020, he began to read regular reports of fund managers, and occasionally watched some fund managers' roadshows on third-party platforms.
Someone saw this young man's investment summary and commented that his investment in funds along the way was not just boring data and boring ups and downs, but a kind of fun of "killing monsters and upgrading".
Jiang Chenfeng said that the more he understands the market, the more he realizes his insignificance, "you must make money within your own circle of competence".
Chen Jiahe has experienced the previous two rising cycles of the capital market.
He noticed that the proportion of young Christians who are willing to understand investment-related knowledge, consider stock valuation, and consciously seek professional investors has increased compared with the past.
Huang Li also agrees with this point. Many big Vs on social platforms are actually college students. They use some pocket money to speculate in funds, gradually accumulate some experience, and share some of their investment experience. The method can also attract fans, and it can even be said that it can make money to support yourself.”
Huaan Fund, Guotai Junan Securities and Ant Financial Think Tank jointly released the "Generation Z Civilian Insights Report" last year, showing that post-95s and post-00s are more dependent on external information for their investment and financial decisions.
Among them, 45% of young Christians chose to learn about investment through short videos and tweets.
At the same time, the investment and financial management decisions of young people are easily influenced by popular lists and various key opinion leaders. However, with the growth of investment experience and the expansion of social circles, they will be more inclined to adopt the advice of bank financial managers, investment and financial management courses and professional media.
"The trust of Christians in fund companies and channels may still be relatively limited." The relevant person from the above-mentioned China-Europe Fund told reporters that for Christians, especially young Christians, the exchange of investment stories, methods, and ideas from Christians is relatively limited. may be more convincing.
In his view, when fund knowledge and investment experience become hot topics, the fund will be more real, and investors will pay more attention to the investment learning of this product type.
"The most direct investor education comes from the market"
Learning and growth run through the investment path of many new Christians "killing monsters and upgrading".
Soon, they felt the danger of the market.
In Jiang Chenfeng's words, 2021 is his year of advancement, "because I lost money this year".
This year, the "dream of getting rich" of some young Christians was shattered in their fantasy.
Some of them chase fund managers like stars, and even set up related "fan support clubs".
"Most of the fund managers being chased, the better his performance, the more vigorously everyone chases him." Chen Jiahe found that the pursuit of some star fund managers at that time was highly positive to his own performance in the first six months. Relatedly, when the size of the fund it manages increases sharply, the net value of the fund is also at a high price.
"This is often the opposite of the actual investment thinking. When a fund manager performs well, it may mean that his recent investment style is in line with the market, but this consistency is often unsustainable. Investors need to be more cautious .” Chen Jiahe said.
According to analysis by financial analysts, the fund bull market that began in 2019 has cultivated a large number of fund managers who are familiar with the gameplay, and has also pushed the consumption, TMT, medicine, and new energy sectors to a high point, but market institutions have begun to discuss the sector since 2021 When to loosen and disintegrate.
At the same time, many young Christians thought at the time: the rise will continue and the prospects are bright.
Ma Song, who has had good luck, has fully experienced the dangers of the investment road.
He summed up the curse that he couldn't escape in the past three years with "when you buy, it falls, and when you sell it, it rises".
In 2020, he made some money by buying funds intermittently in small amounts, "feeling that the fund market can't accommodate him", he began to buy stocks at the same time, and continued to increase his position.
By October 2022, he had sold all his stocks, with a loss of more than half. "I haven't dared to tell my family until now."
Today, Masson still holds the fund and waits for the return.
Referring to the past experience of falling into a curse, he said, "No one is to blame, only my greed is to blame."
"Education from the market is direct, but if many investors lack basic fund knowledge, they may not be aware of the problem, so structural investor education or knowledge companionship from fund companies is particularly important." The above-mentioned Sino-European fund related Sources told China Youth Daily and China Youth Daily that the company team found in the survey that many basic citizens may not even know what the underlying investment targets of the fund are, and they have no idea how the risk-return characteristics of the fund products match themselves. As we all know, these may lead to a very poor holding experience for them, and even lose a lot of money.
In Huang Li's view, investor education is actually a very long-term thing, "because no matter how much education is done, it is not as profound as a few market drops."
She said, "When investing, if there is a tailwind, everyone will be very confident and feel that they are simply a stock god, but when there is a headwind, everyone will realize that there is a huge gap between their own ability and their own investment. big."
"Individual investors should slowly accept that the market is volatile, and face up to the risks of investment. Even low- and medium-risk assets may experience short-term periodic declines, which cannot guarantee capital and interest." An asset manager who has worked for nearly 10 years Industry practitioners took the new asset management regulations officially implemented last year as an example. He said that a very important point in investor education is to change individual investors' concepts of market fluctuations and risks. "Only by accepting risks can there be normal investment." behavior, and make investment choices based on risk judgments.”
Improve the profit experience of investors
After experiencing regret and pain in 2022, Ma Song plans to change his short-term trading thinking and turn to long-term. The investment road is long but still promising for him.
Compared with a few years ago, the experience of investing in funds has made this young man more restrained. He will still train his judgment and forecasting skills through small purchases.
Jiang Chenfeng, who works on a fund vertical platform, continues to focus on analyzing fund managers, which has become a new point of skill growth in his life. A question and answer note he posted on the life community platform a few days ago received nearly three days. 600 comments.
In addition to reading regular reports, Jiang Chenfeng, who has gradually formed his own methodology, also pays attention to the actions of fund managers. "Some fund managers invest in coal companies and go to coal mines for research. Some fund managers study agriculture and go to pigpens for field inspections." Because The questions he asked became more and more expert. Jiang Chenfeng talked with experienced investors. In the WeChat group, which was almost all securities insiders, he could get first-hand investment research materials faster.
Following their own way of contacting the world and understanding information, many young Christians have gradually grown up. At the same time, China's public offering fund market is also maturing.
The report shows that in the past ten years, China's public funds have ushered in a leapfrog development, and the total size has increased by more than 9 times.
The report predicts that the dividend of the times will drive the scale of public funds to continue to rise, and the high growth trend of the industry is expected to be maintained.
"The ecological environment of the public offering fund industry is constantly being optimized, which is inseparable from the reform dividends of the capital market and the standardized guidance of regulatory policies." Chen Jiahe remembers that regulatory policies have been issued frequently in recent years, and one of the directions for continuous guidance is to strengthen the relationship between core fund personnel and The interests of investors are bound.
He noticed that some fund companies have launched products with a 3-year and 5-year lock-up period, which has enabled holders to hold products more stably for a longer period of time.
"The investment performance of the fund largely depends on the fund manager, and its investment operation behavior has a high correlation with the interests of investors." Liu Jianping, general manager of China Europe Fund, explained using the company's fund manager co-investment mechanism as an example. The establishment of a series of interest mechanisms such as "assessment-incentive-restraint" for employees greatly affects the starting point and behavior of employee behavior, and ultimately affects the interests of fund investors.
Zhou Yingbo, a well-known fund manager who is called "Big Boge" by Christians, also admitted that it is not easy for investors to obtain fund performance.
He said, "The investment management of public funds and fund investment behavior are separated by many processes such as fund investment research and allocation, fund issuance, and channel sales. In an interview, he said that the asset industry is a long industrial chain, "There are product forms, sales agencies, company service personnel, etc., and we need to work together to pass the dollar we earn to investors. Over there, it could be ninety-five cents or ninety-eight cents."
"Investors' philosophy is changing to long-term investment and value investment." Huang Xiaoyi, partner of KPMG China's securities and fund industry, said that when public funds are further developing with high quality, fund companies should actively build long-term incentive mechanisms internally, play a role in improving performance scale, achieving The incentive effect of long-term value should demonstrate one's own professional investment and research capabilities with long-term performance, and improve the phenomenon of "basic people not making money".
Looking forward to the new year, Liu Jianping believes that public funds will also make efforts to improve the professionalism of asset management and realize the transformation from asset management to wealth management.
He said that as a product provider, while making good products, fund companies also need to provide customers with more services to help them achieve their investment goals. In the process, investment advisory services may be able to more effectively improve investors Earning experience.
"The comprehensive promotion of the investment advisory business will help improve the industry ecology, and promote the development of the industry and the interests of investors to improve and progress together."
China Youth Daily·China Youth Daily trainee reporter Zhu Caiyun reporter Zhang Junbin Source: China Youth Daily