Market conditions
The Shanghai Composite Index opened low and fell by more than 1%, the Science and Technology 50 Index fell by more than 3.7%, and more than 4,600 shares in the two markets fluttered green
1. The three major indexes adjusted across the board today, with the Shanghai Index falling by more than 1% in the afternoon, the ChiNext Index falling by more than 2%, and the Science and Technology Innovation 50 Index falling by more than 3.7%.
2. The semiconductor industry chain fell collectively, with Chiplet and photoresist leading the decline, with many stocks such as Wavelength Optoelectronics, Tongyi Shares, Yuanjie Technology, Tailing Micro, and Kaiweite falling by more than 10%, and SMIC falling by more than 8%.
3. BC battery concept stocks were greatly adjusted, and Yonghe Intelligent Control closed the limit board; The concept of robot and reducer fell, and the transmission of China and horse fell to a stop.
4. Game stocks are active against the trend, Dasheng Culture is up and down, and Xinghui Entertainment is up more than 10%; Brokerage stocks rebounded in the afternoon, and Capital Securities once hit the upper limit.
5. My Le Home fell 9.98%, with a turnover of more than 1.1 billion yuan, and the stock had previously risen for 8 consecutive trading days; The company announced at noon that due to the suspected excessive proportion reduction, the relevant shareholders received a notice of filing from the China Securities Regulatory Commission.
6. Individual stocks showed a general downward trend, with more than 4,600 shares floating green in the two markets, with a trading volume of 766.8 billion yuan today. At the close, the Shanghai Composite Index was down 1.13%, the Shenzhen Component Index was down 1.84%, and the ChiNext Index was down 2.11%.
7. Based on the daily quota balance, the northbound funds had a net outflow of 4.8 billion yuan as of the close of A-shares; In terms of trading turnover, northbound funds sold a net of nearly 7.1 billion yuan
(Wall Street News)
The Hang Seng Index closed down 1.34%, Shimao Group down nearly 19% and SMIC down nearly 8%
The Hang Seng Technology Index fell 2.04%. Semiconductor stocks led the decline, with SMIC down nearly 8 percent and Hua Hong Semiconductor down nearly 6 percent. Property stocks mostly fell, with Shimao Group down nearly 19%, Country Garden down more than 12%, KWG Pacific Group down more than 11% and Zhenro Real Estate down nearly 9%.
(Wall Street News)
Industry dynamics
This market is completely on fire, and private equity accelerates its entry!
After the release of the "19 Articles of Deep Reform of the Beijing Stock Exchange", in the first three trading days of this week, the market turnover of the Beijing Stock Exchange exceeded 7.1 billion yuan, and major securities companies launched the "one-click opening of the Beijing Stock Exchange" business, and the number of new account openings increased significantly. China Fund News reporters interviewed a number of private equity institutions investing in the Beijing Stock Exchange and the New Third Board, they believe that the new policy has increased investors' confidence and improved future expectations, the Beijing Stock Exchange market will start, and the next two or three years will be a slow bull process.
Private placement pays more attention to the introduction of more medium- and long-term funds such as public and private placements and social security into the market, and investors who open accounts on the Science and Technology Innovation Board can directly open trading permissions on the Beijing Stock Exchange, allow high-quality enterprises to make initial public offerings and list on the Beijing Stock Exchange, and establish a pre-communication mechanism to promote the transfer of the board, etc., all of which are of significance to enhance market activity and improve market liquidity and valuation. Many institutions expressed optimism about investment opportunities in the BSE market and will increase investment in the future.
(China Fund News)
Hidden heavy stocks "salt and sweet" What is the fund "hiding"? The overall market capitalization has accounted for half of the total
According to the statistics of the brokerage China reporter on the fund's 2023 half-year report data, among the active equity funds, the stock market value of the top ten heavy positions of more than 20% of the funds accounts for no more than 40% of the market value of their stock investment, reflecting the relatively scattered concentration of holdings of these fund products. Overall, the market value of the top ten heavy positions of public funds accounts for 52% of the total market value of the fund, which also means that although the hidden stock market value of the fund is slightly smaller than the market value of its top ten heavy positions, it also occupies nearly half of the total market value of the fund's holdings.
Overall, the contribution of fund hidden holdings is "salt and sweet" - the poor performance of some funds during the year is actually related to the sharp decline of their hidden holdings, and correspondingly, other hidden holdings have eye-catching performance and pushed up the net value of related funds.
(Brokerage China)
Institutional investors redeemed heavily on the cargo base to increase their positions in stocks through ETFs
Wind data shows that a total of 11 money market funds were net redeemed, with more than 10 billion shares redeemed. Money market funds have been redeemed by institutional investors, largely because of their increasingly low yields. Data as of September 6 showed that the above-mentioned funds that were redeemed by institutional investors have returned less than 1.5% year-to-date, and overall, the Wind Money Market Fund Index has yielded only 1.29% year-to-date.
Overall, institutional investors significantly increased their holdings of equity funds in the first half of this year, mainly contributed by passive equity funds. In the first half of this year, the proportion of institutional investors' holdings in equity funds increased from 30.07% at the end of 2022 to 33.15%, an increase of 3 percentage points.
(Securities Times)
Public ETF staged "head competition" known as "the most volatile track, no one"
Since the beginning of this year, the market has continued to fluctuate and adjust, but the ETF market has bucked the trend and accelerated expansion. As of September 5, the scale of equity ETF products has exceeded 1.4 trillion yuan. However, since September, some funds have "fled" from this sector, and the flow has also changed. At the same time, the competition in the ETF market has also entered a new stage of all-round competition. Major fund companies continue to increase the layout of ETFs, and the efficiency from index release to product offering and listing continues to set new records, and there are currently more than 100 ETF products waiting for approval; In the existing products, efforts are also being made to improve product competitiveness, such as reducing product management rates.
In the eyes of industry insiders, the ETF market has become the most volatile business area in the public fund industry, with a significant leading effect but still broad development prospects. From the perspective of development trends, regulatory guidance and capital flow, fund companies may accelerate product layout and holding promotion in the future.
(CBN)
Optimistic about their own products Fund company employees collectively bucked the trend to increase their positions
Data show that in the cold environment of the equity market in the first half of this year, public fund managers collectively increased their positions against the trend, increasing their holdings of a total of 1.072 billion non-commodity funds in the first half of the year, of which the share of active equity funds accounted for more than 60%.
It is worth noting that in addition to supporting its own new funds, the performance of active equity funds that increased their positions in fund managers in the first half of the year was not particularly outstanding. Industry insiders suggest that this may be related to employees' recognition of their own fund managers' ability or optimism about future market performance. Ordinary investors still have to keep rational investment and choose products that are more in line with their investment preferences.
(China Securities Network)
Fund managers "dry the market" to attract onlookers
Recently, some fund managers have "posted" their real market on the Ant wealth Management platform to show the fund investment of personal accounts. In addition, many fund managers continue to update their fixed investment and subscription progress on their personal homepage accounts, and write down their fixed investment experience and feelings.
Industry insiders said that under the volatile market, many fund managers choose a variety of ways to strengthen communication and contact with investors. The fund manager's personal real or fixed investment operation not only conveyed the attitude of "advancing and retreating with investors" to the people, but also played a positive role in enhancing investor confidence.
(China Securities News)
Another batch of holding period funds open for redemption "The rose of time" needs to be sown low
On September 6, many holding period funds, such as Western Profit Quantitative Value One-Year Holding and Golden Eagle Age Pilot One-Year Holding, ushered in the first open period. Wind data shows that 17 holding funds have been opened for redemption in September, becoming another wave of opening peaks since March this year. However, as of September 6, most holding period funds have underperformed as expected.
Public fundraisers believe that the high layout or the main reason for the poor performance of the holding period fund after maturity, the "rose of time" not only needs time to irrigate, but also needs to sow seeds at a low level. The poor performance of the holding period fund suggests that fund managers need to pay more attention to drawdown control and the ability to capture alpha returns.
(China Securities Network)
Company dynamics
Fund liquidation! BlackRock's latest response does not affect onshore fund investors
A few days ago, some media reported that "BlackRock Global Funds - China Flexible Equity Fund" announced that it will be liquidated in the near future. In this regard, fund manager BlackRock responded to China Fund News that fund liquidation is a normal product decision, and the company regularly evaluates its products and makes reasonable decisions to protect the interests of holders. In response to market rumors that "BlackRock withdrew investment from China under external pressure", BlackRock responded that the report on BlackRock's withdrawal from China was untrue, and BlackRock's commitment to the Chinese market remained unchanged.
Relevant people said that because the fund is registered overseas and is aimed at overseas investors, the fund liquidation decision will not affect investors in onshore products, especially the domestic holders of BlackRock funds. BlackRock said earlier this year that it would continue to build its domestic investment research and risk management capabilities.
(China Fund News)
The "breakup" between public offering and agency agencies has become the norm
Within one day, a number of public offerings announced the termination of cooperation with the agency agency. On September 6, Dacheng and Baoying Fund both issued announcements that they terminated their cooperation with Phoenix Jinxin (Haikou) Fund Sales Co., Ltd. (hereinafter referred to as "Phoenix Jinxin"). On September 5, China Merchants Fund issued a similar announcement terminating its cooperation with Nanjing Tuniu Fund Sales Co., Ltd. ("Tuniu Fund"). Behind the frequent announcements of termination of cooperation, the above two independent fund sales institutions have announced that their sales operations have ceased business. Looking at the long term, since the beginning of the year, 40 public offering officials have announced the termination of cooperation with sales institutions, most of which involve small and medium-sized independent fund sales institutions. Industry insiders pointed out that in the current context, independent fund sales institutions are facing competitive pressure, and at the same time need to cope with the challenge of declining market demand. In order to ensure that they are not eliminated by the market, they also need to improve service quality and their own compliance.
(Beijing Business Daily)
Product dynamics
Absorb 7 billion and another product sold out! The 1.7 trillion market is "soaring"
On the evening of September 6, four ETFs under Bosera Fund, Penghua Fund, Cathay Fund and Yinhua Fund issued an announcement on the effectiveness of fund contracts, with a total of 6.95 billion yuan raised by the four ETFs, with outstanding ability to absorb "gold", of which the Bosera Science and Technology Innovation 100 ETF raised more than 2.66 billion yuan, becoming the largest equity ETF issued and established this year.
The overall issuance market of the fund is frozen, but the new ETF products continue to explode, highlighting the popularity of the ETF market this year. Wind data shows that as of September 6, the total management scale of 793 equity ETFs in the market reached 1.69 trillion yuan, repeatedly hitting a record high.
(Brokerage China)
Personnel changes
The general manager of the 100 billion public offering China Canada Fund leaves Since the beginning of this year, the senior management of more than 100 fund companies has changed
A few days ago, China Canada Fund, a public offering institution with a management scale of more than 130 billion yuan, issued an announcement that Zong Zhe, the company's former general manager, left his post on August 28, and the current chairman Xia Yuanyang acted as the company's general manager. Xia Yuanyang also just took up his new post in March this year and is the third chairman in the history of China Canada Fund. The reporter noted that since the beginning of this year, the senior management of fund companies has changed frequently. As of press time, 250 senior executives of 103 fund companies have changed, and the number of fund companies involved in the change of chairman has reached 27. In August alone, 26 fund companies changed their senior management, and personnel changes were more frequent. In the eyes of industry insiders, the increasingly fierce public offering competition market requires fund companies to respond to opportunities and challenges with stable management and differentiated development strategies.
(Economic Information Daily)