Securities Times reporter Xie Zhongxiang Li Yingchao
Perry
After a sharp correction, A shares finally ushered in a strong rebound yesterday.
Previously, when pessimism spread, the voices of various funds entering the market continued to increase, and they actively contributed to maintaining market stability.
Since the beginning of this year, various funds including public funds, bank wealth management, securities company asset management and listed companies (including major shareholders, directors, supervisors and senior managers) have launched multiple rounds of "bottom-hunting" through self-purchase or increased holdings.
Wind data shows that as of April 26, 448 listed companies have announced the completion of repurchases or issued repurchase plans this year.
All kinds of funds "borrow base into the market"
Recently, market volatility has increased, but various signs show that the general trend of household savings flowing to the capital market through public funds has not changed.
At present, the fund shares of many funds are in a state of net growth, indicating that many funds are "borrowed into the market".
On April 7, Huaxia China Communications Construction REITs officially went on sale. The 9.399 billion yuan raised cap attracted more than 150 billion yuan of funds to buy, of which the subscription scale of the public offering exceeded 84 billion yuan, and the 0.84% placement ratio refreshed the public offering. The historically low record of the fund's allotment ratio has made many market participants call "not bad money".
On April 25, the stock market pulled back sharply, and the Shanghai Composite Index fell by more than 5%, falling below the 3,000-point mark.
According to Wind statistics, the stock ETF, which is regarded as an "investment vane", bucked the trend and received a net capital inflow of more than 11 billion yuan. The net subscription amount of many products such as the CSI 300 ETF and the Shanghai 50 ETF exceeded 1 billion yuan, and the funds were surging. and enter.
Although the market has continued to adjust since the beginning of this year, stock ETFs have received net subscriptions as a whole.
As of April 25, the fund share has increased by 107.815 billion shares. If the average transaction price of each stock ETF is calculated, about 110.2 billion yuan of funds are continuously flowing into the market through ETFs.
According to statistics from Galaxy Securities, in the first quarter of this year, stock funds as a whole received a net subscription of 103.892 billion, mixed funds net redemption of 114.538 billion, currency funds net subscription of 597.258 billion, bond fund net subscription of 131.606 billion, QDII net subscription of 62.419 billion .
"China is striving to achieve the goal of high-quality development in the medium and long term. The capital market may be an important carrier to carry this goal. The reform of the IPO registration system and the implementation of new regulations on asset management also complete the underlying infrastructure of the market slowdown mechanism from both supply and demand. Construction, the medium and long-term slow bull pattern may have gradually formed." said He Xiaobin, director of the research department and fund manager of Broadway Fund.
Public funds, securities brokerage asset management
bargain hunter
Data shows that public funds and brokerage asset management are "buying the bottom line" through self-purchased products.
According to the reporter's review, as of now, 63 companies have taken action, with a cumulative self-purchasing amount of more than 1.8 billion yuan. As the main force of the "self-purchasing army", the self-purchasing scale of public funds has reached 1.636 billion yuan, and the self-purchasing amount of many securities companies' asset management has also increased. Nearly 250 million.
It is worth noting that since April, the amount of self-purchased by public funds and securities companies’ asset management has increased by 229% year-on-year.
In terms of public funds, self-purchased products are mainly stock funds, hybrid funds, bond funds, and FOF funds.
China Southern Asset Management, ICBC Credit Suisse Fund, Industrial Securities Global Fund, Cathay Pacific Fund and other four public funds have self-purchased more than 100 million yuan.
In addition, brokerage asset management has gradually joined the self-purchasing army, and the products purchased by itself mainly include stock funds, hybrid funds, and bond funds.
Among the self-purchased securities company asset management, the self-purchased amount of Huatai Asset Management and Changjiang Asset Management both reached 100 million yuan.
According to industry analysts, the active self-purchasing of securities companies' asset management shows that they are not only confident in the long-term healthy and stable development of the capital market, but also show confidence in their own active investment management capabilities.
Trillion-level pension funds
in urgent need of entry
In addition to the funds that have entered the market, the medium and long-term funds that are about to enter the market are also very considerable.
Recently, the General Office of the State Council issued the "Opinions on Promoting the Development of Personal Pensions", and the China Securities Regulatory Commission issued the "Opinions on Accelerating the High-quality Development of the Public Fund Industry", clarifying that funds from personal pension accounts can be used to purchase bank wealth management and commercial pension insurance. , public funds, etc., and also expressed support for more outstanding public fund managers to participate in pension management.
This means that the capital market welcomes long-term funds again.
Wang Hanfeng, chief strategist and managing director of CICC, said that according to the data of the Ministry of Human Resources and Social Security and the National Bureau of Statistics, as of 2020, the number of people participating in the urban basic endowment insurance and the urban and rural residents endowment insurance were 450 million and 540 million, respectively. The population base participating in the individual pension system is relatively broad.
At the same time, based on the current regulations, the annual limit for participants to pay individual pensions is 12,000 yuan, which means that from a long-term perspective, the size of individual pension accounts is expected to exceed one trillion yuan.
In addition, based on the difference between the current holding ratio of each stock in the fund’s 2022 quarterly report and the upper limit of the stock ratio specified in the fund contract, the Galaxy Securities Fund Research Center has calculated the maximum available funds for public funds to buy A shares.
Among them, the funds that have disclosed the first quarterly report can use the remaining funds to buy A shares at the end of the first quarter of 2022. The remaining funds are 592.698 billion yuan; the stock-oriented funds raised and established in February and March 2022, which have not disclosed the quarterly report, have an asset scale of 47.872 billion yuan. It is assumed that 40% of the positions have been opened by the end of the first quarter of this year, and the remaining 40% of the stock capital position is about 19.149 billion yuan.
In April 2022, the stock-directed funds raised a total of 8.055 billion yuan in assets. These funds should not be able to open large-scale positions in the future. According to the ratio of 50%, there are 4 billion yuan.
The Galaxy Securities Fund Research Center believes that if the stock market continues to low in the near future, the above-mentioned new funds can absorb the dips and complete the position building work. Coupled with the remaining capital positions of the stocks that have disclosed the quarterly report, the most recent public funds can be used to buy. The capital of A-share stocks is as high as 615.7 billion yuan.
The "new force" entered the war for the first time
Under the volatility of the stock market, many wealth management subsidiaries of the banking department also sent letters to investors this spring for "psychological massage".
According to the data, as of now, the total self-purchase scale of the five bank wealth management subsidiaries is about 2.85 billion yuan.
It is worth mentioning that this is also the first time since the establishment of a wealth management company, the “new force” in the asset management market, that it has publicly purchased its products from the company level.
On the evening of March 23, Everbright Financial was the first to announce self-purchase.
Based on its confidence in the long-term, healthy and stable development of China's capital market, the company will increase its holdings of wealth management products managed by the company and subscribe for its products with its own funds of no more than 200 million yuan.
Nanyin Wealth Management immediately followed up and announced the self-purchasing information the next night.
The announcement shows that the company has invested about 500 million yuan of its own funds to subscribe/subscribe for the company's wealth management products.
China Post Wealth Management also announced at a similar time to the above two that it will use 650 million yuan to purchase its wealth management products.
The announcement of self-purchasing by wealth management subsidiaries did not stop abruptly.
Subsequently, CMB Wealth Management and Xingyin Wealth Management, two large-scale wealth management companies, launched a larger-scale self-purchase again.
Among them, Xingyin Wealth Management invested about 1 billion yuan of its own funds in the wealth management products under its management.
Subsequently, CMB Wealth Management also invested about 500 million to join the ranks of self-purchases.
"The self-purchasing behavior of wealth management subsidiaries is similar to the self-purchasing of funds, and it is also transmitting information to the market." Some bankers told the Securities Times reporter that the self-purchasing of wealth management subsidiaries' products is partly out of confidence in their own products. On the other hand, it is also based on the understanding of the product to maximize the profit as much as possible. "There is also a certain advertising effect, which shows the attitude of sharing the benefits and risks with customers."
"Wealth management companies show confidence in the healthy development of the capital market through repurchase behavior, which helps to stabilize the confidence and expectations of wealth management investors and maintain a good development trend of the wealth management market." said Dong Ximiao, chief researcher of China Merchants Union Finance.
On April 24, data released by the Wealth Management Registration Center showed that the scale of the wealth management market remained stable in the first quarter of this year, and a total of 205.8 billion yuan was created for investors.
Among them, wealth management companies paid 100.4 billion yuan to investors, a year-on-year increase of 1.81 times; banking institutions paid 105.4 billion yuan to investors.
At the same time, the net worth performance of many wealth management products is returning to positive growth.
From the perspective of income, as of April 25, the average return of 28,360 wealth management products during the year was 0.68%, significantly ahead of the performance of the CSI 300 Index -22.78% over the same period, which once again reflects the stable characteristics of wealth management products.
According to a reporter from Securities Times, as of April 24, bank wealth management subsidiaries had issued a total of 8,680 bank wealth management products, of which 1,106 products had a net worth lower than "1", with a net breaking rate of 12.74%, compared with 14.43% at the beginning of the month. Slightly better.
448 listed companies
Join the repo army
Wind data shows that as of April 26, 448 listed companies have announced the completion of repurchases or issued repurchase plans during the year.
Among them, more than 50 companies have issued repurchase announcements since April. From the perspective of the purpose of repurchase, most companies say that the repurchase is to maintain the stock price in the secondary market, and they are optimistic about the long-term development of the company.
The Securities Times reporter noticed that recently, the China Securities Regulatory Commission, the State-owned Assets Supervision and Administration Commission, and the All-China Federation of Industry and Commerce jointly issued a notice on further supporting the healthy development of listed companies, suggesting that listed companies should be encouraged to repurchase shares for equity incentives and employee stock ownership plans, and support qualified listings. The company repurchases to stabilize the share price.
Many companies have launched large-scale buybacks or issued buyback plans.
After many listed companies issued repurchase plans, they immediately implemented repurchases.
Haier Zhijia, Vanke A, GF Securities, Hengli Petrochemical, Tuori Xinneng, Hengrui Medicine, Yonyou Network, Tongkun, Century Huatong, Mindray Medical and other more than 10 listed companies plan to repurchase the maximum amount of more than 1 billion Yuan.
At the same time, the Securities Times reporter also noticed that many shareholders and management of listed companies have entered the market to increase their holdings.
Choice data shows that as of the evening of April 25, a total of 98 listed companies have thrown out shareholder increase plans this year, with a cumulative increase of 6.323 billion yuan.