This year, the public offering industry is still wonderful, showing a vigorous development trend, but compared with previous years, there is a new development main line-high-quality development. Starting from this policy, Public Offering of Fund's industry will set sail again in 2022, taking the first step from high-speed development to high-quality development. As the saying goes: "Although Zhou was an old country, his life changed."
This year, the fund industry launched the biggest salary reform in history. A series of regulations, such as more than 40% of deferred performance pay, more than 20% of self-owned funds such as executives, and more than 30% of fund managers' investment in performance funds, all point to establishing a fair, transparent and standardized fund industry; The personal pension system landed as expected, and the public offering industry practiced inclusive finance with 129 pension target fund, becoming a powerful builder of the third pillar of pension; With the help of banking department, brokerage department, personal department and foreign capital, the public offering industry also ushered in a great expansion in 2022.
In this year, the number of fund public offerings exceeded 1 10,000, and the management scale of the whole market once reached a record of 27.29 trillion yuan. Public offering REITs and interbank deposit receipt funds with continuously diversified basic assets are the most innovative fund products this year. After the number of licensed institutions exceeds 60, the format of fund investment will be further diversified in 2022, and "three-point investment and seven-point investment" will gradually become the knowledge of industry development.
The five elements of the Year of the Tiger belong to gold, and the coldness runs through the fields of equity, bonds and exchange rate throughout the year. Star fund managers who bet on popular tracks have stepped down from the altar, "fixed income+"has been lost, and the debt base has plummeted rarely. But, as Nietzsche said, "What can't kill you will eventually make you stronger." In 2022, the public offering industry launched three waves of bargain-hunting, and company executives and fund managers took out the biggest real money in history.
High specification and high quality development
In April this year, the CSRC issued the Opinions on Accelerating the High-quality Development of Public Offering of Fund Industry (hereinafter referred to as the Opinions), and put forward 16 opinions, such as actively cultivating professional asset management institutions, comprehensively strengthening professional capacity building, striving to create a good development ecology of the industry, and continuously improving the efficiency of regulatory transformation, which provided a "good prescription" for accelerating the construction of a new development pattern of the fund industry and realizing high-quality development.
The Opinions pointed out that high-quality development is to adhere to the interests of investors as the core, effectively improve the ability of Public Offering of Fund's industrial service capital market to reform and develop, serve residents' wealth management needs, serve the real economy and national strategy, correctly handle the relationship between scale and quality, development and stability, efficiency and fairness, high growth and sustainability, and effectively promote industry development and investors' interests.
After years of rapid development, Public Offering of Fund, as the "vanguard" of the asset management industry, has become an important choice for public financial management, and is also the "ballast stone" and "stabilizer" of the capital market. The high-quality development of capital market is inseparable from the high-quality development of Public Offering of Fund industry. Standing in the new stage of development, the fund industry should be based on "the country is the biggest", constantly enhance its ability to serve the reform and development of the real economy and the capital market, effectively promote the development of the industry and the interests of investors, and make progress. Public Offering of Fund will make efforts from two paths: "serving residents' wealth management" and "supporting the development of the real economy" to promote high-quality development and transformation.
After the tone of "high quality development", a series of changes have taken place in the public offering industry.
The reform of the salary system has landed.
In 2022, the fund industry launched the biggest salary reform in history. On June 10, China Foundation issued the Guidelines on Performance Appraisal and Salary Management of Fund Management Companies (hereinafter referred to as the Guidelines), encouraging fund management companies to adopt diversified incentive and restraint measures such as equity, options, restricted equity and dividend rights, which will inevitably affect the long-term development of the company and the long-term interests of the holders. The period and amount of deferred payment of performance pay shall be consistent with the long-term interests and operational risks of fund share holders, and the period of deferred payment shall not be less than 3 years.
Generally speaking, there are five highlights in this round of salary system reform: first, the basic principles of salary in fund industry are clarified: giving priority to the interests of holders and the long-term sustainable development of fund companies; Second, it emphasizes that it is necessary to effectively motivate talents in the industry, but also help prevent risks and improve compliance, and does not stipulate the highest salary in the industry; The third is to urge the reduction of short-term assessment, requiring senior managers, heads of business departments, fund managers, heads of subsidiaries and core personnel of fund companies to delay performance pay by more than 40%; The fourth is to urge fund companies to establish a strict accountability mechanism; Fifth, executives and heads of major business departments should invest more than 20% of their performance in their own funds, and fund managers should invest more than 30% of their performance funds in their own funds.
The promulgation of the "Guidelines" is conducive to the establishment of a sustainable salary system, further binding the long-term interests of fund managers and investors in the system, and enhancing the long-term investment income of fund investors in view of the current situation of salary differentiation such as "excessive salary and excessive growth". Under the new regulations, fund companies will find a new balance between the interests of fund holders, companies, employees and shareholders.
Personal pension system landing
After more than 30 years, the personal pension system finally landed.
165438+1At the beginning of October, Ministry of Human Resources and Social Security, the Ministry of Finance, State Taxation Administration of The People's Republic of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission jointly issued the Measures for the Implementation of Individual Pensions. On the same day, the CSRC also issued the Interim Provisions on the Management of Personal Pension Investment and Public Offering of Securities Investment Funds. 165438+1October 18, the CSRC announced the latest list of individual pension funds, and 40 fund companies * * * 129 pension target fund products were included in the allocation, with a scale of 89.059 billion yuan to adapt to the "pension" attribute and help individuals to support the elderly.
Public Offering of Fund is an important practitioner of inclusive finance's concept and a powerful builder of the third pillar of providing for the aged. From the institutional level, fill the shortcomings of the third pillar pension insurance, build a multi-level and multi-pillar pension insurance system with more complete functions, and promote the sustainable development of the pension insurance system; Personally, adding a pension accumulation can better meet the people's multi-level pension insurance needs and make more people's pension life more secure and quality.
According to the Research Report on the Third Pillar of Pension in China released by insurance institute of china on 20021,there will be a pension gap of 8 trillion yuan to 10 billion yuan in China in the next five years. The huge pension scale is expected to bring more stable incremental funds to the stock market, thus promoting the high-quality and healthy development of the capital market and Public Offering of Fund industries.
In addition, from overseas practice, personal pension can alleviate the pressure of public pension expenditure, meet the diversified needs of the people for the aged, and concentrate the long-term stable funds of the people, become an important source of funds for long-term investment and value investment in the capital market, and promote the high-quality and healthy development of the capital market.
Four factions helped expand the public offering.
65438+In mid-February, Caixin Securities submitted an application for establishing a Public Offering of Fund company. Following the application for the establishment of Public Offering of Fund in July this year, open source securities received feedback from the CSRC on June 5438+065438+ 10. Up to now, there are more than 60 public offering institutions in the brokerage sector, which is the largest number of fund companies. There are head public offerings such as Huaxia Fund, E Fund, southern fund, Guangfa Fund, Penghua Fund and Yin Hua Fund, as well as small and medium-sized public offerings such as Jinchuang Hexin Fund, Huashang Fund, Great Wall Fund and anxin fund.
According to Morningstar's China Public Offering of Fund Manager Development Analysis Report (1998-2022), by the end of June 2022, the total management scale of securities companies' public offering had reached 14.24 trillion yuan, accounting for 55% of Public Offering of Fund's scale and higher than 20 17 14.
In June this year 165438+ 10, Su Xinjin, who holds 56% of the shares of Suzhou Bank, was approved to be established, and Public Offering of Fund New Army was added to the bank after six years. Up to now, including Su Xin Fund, the number of public offerings in the banking sector has reached 15, which is the backbone of the public offering industry. As early as around 2002 to 2006, state-owned banks set up Public Offering of Fund companies, such as China Merchants Fund under China Merchants Bank, China Construction Bank, Bank of China Fund under China Bank and ICBC Credit Suisse Bank Fund under Industrial and Commercial Bank of China. After that, joint-stock banks such as Shanghai Pudong Development Bank and Minsheng Bank entered the market, and established public offerings such as Puyin AXA Fund and Minsheng Plus Bank respectively. From about 20 13, Nanjing Bank, Shanghai Bank, Bank of Ningbo and other city commercial banks made great efforts to set up Xinyuan Fund, Shanghai Bank Fund, Yingyong Fund and other public offerings.
1 1 In the same month, Lubomai Fund Management (China) Co., Ltd. was approved for public offering; More than 5% shareholders and actual controllers of TEDA Manulife Fund were approved to apply for equity transfer and change, becoming the fourth wholly foreign-owned Public Offering of Fund company Manulife Finance Co., Ltd. 100% holding company after BlackRock Fund, Fidelity Fund and Lubomai Fund. In addition, in 2022, two individuals were born in public offering, namely Quanguo Fund and Huibaichuan Fund.
The number of funds exceeds 1 10,000
Despite the unsatisfactory performance of A-shares this year, the scale and quantity of Public Offering of Fund still hit record highs. According to the data of China Foundation, as of the end of June, the total number of public offerings of funds in the whole market was 1 006,5438+00, exceeding the "mark" of 10,000. By the end of August this year, the management scale of 154 fund managers reached a record 27.29 trillion yuan, and the number of products reached 10262.
From the amazing start of 1998 to the number of funds exceeding 10,000, the leap from 0 to 10000 in 24 years shows the vigorous development trend of "asset management vanguard". Looking at the development course of these years, it took nearly nine years for China fund products to grow from five at the end of108 to 100 in 2003, and China fund products to grow from102 at the end of June, 2065, and from/kloc-0.
However, from the perspective of product structure, the homogeneity of fund products is still serious, and the proportion of equity funds is still small. Of the tens of thousands of funds, about 1 1,000 are mini funds with a scale of less than 50 million yuan, and the market structure still needs to be continuously optimized. With the continuous strengthening of the marketing concept of paying attention to the interests of investors in Public Offering of Fund industry, the phenomenon of "emphasizing the first round and neglecting operation" in the industry has changed.
Judging from the current situation, the issuance speed of new funds is much higher than the liquidation speed, which means that the number of market funds will continue to increase in the future. Under this trend, investors are still willing to buy funds that can create long-term performance, which is a minority in the whole market. Funds with good short-term performance and poor long-term performance can hardly stand the market test. This means that the optimization of fund product structure needs to answer the following questions: How many fund products does the fund market need? How many stock funds with over 10,000 yuan are effective products that can really meet the demand? How much is unnecessary waste of resources? How to clear the Public Offering of Fund market in the future?
Public offering REITs and interbank deposit receipt funds dance together
In 2022, the new fund has cooled down, but there are still many innovative and explosive products.
On the basis of the first batch of pilot projects in 20021,the expansion of public offering REITs will be accelerated in 2022, and 13 products will be established during the year. By the end of 2022, the number of publicly offered REITs in the whole market has reached 24, and the basic assets have expanded from the initial expressways and industrial parks to the fields of energy and affordable rental housing.
In 2022, the public offering of REITs attracted investors such as brokers, insurance companies, trusts and private placements, and the proportion of placements continued to decline, including many products with a scale of over 10 billion. The offline sale of China Resources Youchao REIT of Huaxia Fund attracted a total of 7.2155 million yuan, and the total number of subscriptions was 29.853 billion, which was 210.24 times of the first offline sale share of140 million shares, setting a new record for offline inquiry of publicly offered REITs at that time.
In addition, under the demand of steady income investment, the interbank deposit receipt fund will become the most innovative product in 2022. As of February 20th, 12, there were 43 interbank deposit certificates funds in the whole market, of which 37 were established in 2022. The average issuance share of 37 funds is 5.826 billion, with a median of 5.508 billion, and the issuance share of 12 funds exceeds 8 billion. The product distribution scales of Huaxia, Guangfa, ICBC Credit Suisse, Harvest, Huitianfu and China Merchants all reached 10 billion.
Star fund managers step down from the altar
The structured market that started on 20 19 has enabled Public Offering of Fund to achieve a new round of vigorous development, and a number of star fund managers with distinctive tracking styles have emerged. They manage tens of billions of large funds and are warmly sought after by the general public. However, in 2022, the track with big consumption, new technology and new energy was appraised, and they were "hard to turn around" and walked off the altar.
Wind data shows that as of February 20th, 12, there are about 90 equity funds with initial fund scale exceeding10 billion yuan and established before 2022. Most fund managers who manage these funds are familiar "top" stars with industry labels such as medicine, liquor, semiconductors and new energy. Since the beginning of this year, the average rate of return of 90 funds has been -20.56%, and the loss rate of 10 funds has exceeded 30%, and the maximum loss rate is close to 40%.
There is no "winning general" in the stock market. Times make heroes, and heroes also respond to them. The performance of a fund manager does not fully represent the manager's real ability. Therefore, fund companies should avoid making use of past brilliant achievements to create "personnel design" with superior fund managers' ability, so as not to be bitten by the power of average return, thus damaging the long-term reputation of companies and individuals; Fund investors should avoid being automatically reduced to "iron powder" and blindly investing because they are attracted by the brilliant performance of a fund manager for a while.
The debt base of "fixed income+"plummeted.
In 2022, there was a rare two-way fluctuation in the stock and debt market, and the "fixed income+"funds (mainly partial debt hybrid funds and secondary debt base) which focused on "steady income" suffered from Waterloo. Wind data shows that as of February 20th 1600, among nearly 1600 fixed-income funds, nearly 1 100 funds have negative returns during the year, and the loss ratio is close to 70%. Among them, the highest loss rate exceeds 45%, and the number of funds with losses exceeding 10% exceeds 70.
The change from "fixed income+"to "fixed income-"is mainly due to the high proportion of equity assets in the portfolio (the equity ratio of individual funds has reached 50%), so it is difficult to be immune to the comprehensive correction of the stock market. However, there are also "fixed income+"to achieve positive returns through lower equity positions and flexible operations. In September this year, the regulatory authorities gave a window guidance on fixed income+products, making it clear that funds with an investment ratio of more than 30% in equity assets cannot declare and promote new products in the name of fixed income+funds, and new funds with a holding period and partial debts within the range of 10%-30% can be called "fixed income+".
In addition, due to factors such as the sharp interest rate hike by the Federal Reserve, the continuous correction of the bond market in the past 1 1 month triggered a rare decline in the debt base. Taking165438+1October 14 as an example, Wind data shows that nearly 2,400 pure debt funds (with different shares calculated separately) have negative single-day returns, accounting for nearly 80%, and the single-day net value of many pure debt funds has dropped by nearly 1%. From the analysis of the industry, although the decline of the bond market is related to financial sentiment, bank balance sheet, bank financing and other operating factors, the main reason is the change of interest rate.
The scale of fund self-purchase reached a record high.
Although the market was full of twists and turns in 2022, Public Offering of Fund still produced the biggest real money in history. According to the data of Choice, as of February 20th of 12, in 2022, the net self-purchase subscription scale of fund industry's public offering exceeded 6.4 billion yuan, exceeding the whole year of last year, setting a record high.
Public Offering of Fund launched three waves of self-purchase in June, March and June this year at 65438+ 10.
On the occasion of the spring of June 5438+ 10, the markets fell one after another. southern fund, China Merchants Fund, Huitianfu Fund, ICBC Credit Suisse Bank Fund, Ruiyuan Fund, etc. made enthusiastic purchases by themselves, with the amount ranging from 50 million yuan to 200 million yuan. From mid-March to April, E Fund, southern fund, Baoying Fund and other public offerings were purchased by themselves. In 2022, southern fund purchased more than 250 million yuan of its equity funds, and E Fund invested 200 million yuan in its equity funds and FOF products. In mid-June, 5438+ 10, companies such as Guangfa Fund, Huaxia Fund and harvest fund bought their own equity funds, and many companies invested more than 65438+ billion yuan.
In 2022, fund managers also participated in public offerings and self-purchases. 2021March "Double Champion" Cui contributed10.5 million yuan to purchase three fund products under management; Qiu Dongrong subscribes for the intertillage value quality fund of not less than 654.38+0.5 million yuan; Zhang Zhongwei, the fund manager of Baoying Fund, invested RMB 6,543,800 yuan to subscribe for its two funds; In June, Lin Lefeng, the fund manager, invested RMB 6,543.8+0,000 to subscribe for the Southern Jiabao Hybrid Fund; Subsequently, Deng Binbin, the fund manager, invested 2 million yuan to buy Pengyang Industrial Intelligence for one year, and Yang Aibin, the general manager of Pengyang Fund, invested 1 10,000 yuan to follow up the investment.
Fund investment welcomes "transformation" in three years
Since the first batch of fund investment business pilots landed on 20 19, fund investment will celebrate its third anniversary in 2022. Including Yin Hua Fund, Wells Fargo Fund, cathay pacific fund, Everbright Securities, Ping An Securities, Industrial Securities and other institutions that launched fund investment business during the year, by 2022, the number of fund investment licensees has exceeded 60, forming a "four-way competition" among fund companies, brokers, banks and independent fund sales organizations, and the business formats tend to be rich and diversified.
"Three-point investment and seven-point care" has gradually become the knowledge of industry development. Specifically, the market's attention to fund investment has expanded from the initial scale and number of users to indicators such as holding time, reinvestment and retention of users. At the same time, investment institutions have begun to attract more big V's to join, extensively absorb non-governmental forces, and pay more attention to the integration of online and offline models and the application of financial technology.
In practice, in 2022, China-Europe Fortune upgraded its investment strategy and services, pushed supporting contents such as investment decision-making and logic behind it, and provided customers with a buying plan that matched the current market. Huaxia Fortune has established the buyer's investment concept of "knowing investment and knowing you better", and provided all-round companion services for investors through online and offline methods, among which diversified series of activities such as "knowing reading", "knowing health", "knowing life" and "knowing art" were held for investors with specific preferences.
In just three years, the fund investment business has shown a good development trend, and has steadily advanced in terms of scale, institutional managers and service model innovation, laying a solid foundation for future development. Under the background of the accelerated transformation of wealth management and the rapid development of Public Offering of Fund, the fund investment business, which takes into account the professionalism of investment and the accompanying investment, will become an important development direction in the field of wealth management.