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Hello everyone, welcome to the 35th issue of my fund's regular investment, today is Friday afternoon, and I just have time to update the real investment.
Among the major events of this year, the Federal Reserve's second interest rate meeting was held as scheduled:
First, keep the federal funds rate unchanged at 5-5.25%, which is in line with market expectations;
Second, the pace of balance sheet reduction of US$60 billion/month of U.S. bonds and US$35 billion/month of MBS remains unchanged, which is in line with market expectations.
In all Fed meetings since September 2024, these two aspects of operation have remained unchanged, and there is nothing to discuss in this regard, the key is the Fed voting committee's expectations for the future level of interest rates (dot plot) and the thinking shown by Fed Chairman Powell in his answer to reporters' questions.
In his speech, President Bao began by emphasizing that the U.S. economy is strong, unemployment remains low, and inflation has slowed but remains relatively high, but the Fed remains "committed to full employment and 2% inflation over the long term."
It's been 8 years!The Bank of Japan has ended its negative interest rate policy!
Earlier, Japan's headline and core CPI for January 2024 were stronger than expected.
Japan's headline CPI rose 2.2% year-on-year in January, beating expectations of 1.9% and exceeding 2% for 22 consecutive months, core CPI (excluding fresh food) rose 2% year-on-year, beating expectations of 1.9%, and core CPI (excluding fresh food and energy) rose 3.5% year-on-year, beating expectations of 3.3% and exceeding 3% for 14 consecutive months.
On the morning of March 19, the Bank of Japan raised the benchmark interest rate from -0.1% to 0-0.1% with a 7-2 vote, which was fully in line with market expectations, but the yen exchange rate did not rise as expected, but fell rapidly, falling below the 150 mark and could not stop. (The chart below shows the recent performance of Nikkei ETFs)
In the past year, my fund portfolio has returned 0.48%, and the CSI 300 has realized -11.88% over the same period
My fund portfolio for the year was -1.28%, compared to 2.9% for the CSI 300 over the same period
In this issue, I still made regular investments in three funds: healthcare, NASDAQ and insurance, which came from reducing my holdings in the global Internet.
To be honest, the performance of our NASDAQ index fund during this period of time is not good enough, and the overall index can be described as rising and falling, but it also gives me the opportunity to increase my position, which is basically a rhythm of 100 a day to increase my position. There will be fluctuations before and after the Fed interest rate meeting, which is a normal situation, and the winner is the one who holds it.
In terms of Chinese concept stocks, Tencent recently announced a huge amount of buybacks, and from the perspective of stock prices, the performance is okay, but considering the strategic reduction of his major shareholder South African newspapers. It can only be described as tongue-smacking
Alibaba's recent stock price performance is also unsatisfactory, and like the Chinese concept stock fund, it rises one day and falls for two days, and I will sell if this urine continues. It's not that I don't love you enough, I really can't afford to love you
There is still a little left in the global Internet part, and the current operation is still to sell in batches for regular investment
Recently, with the correction of A-shares, the income of our fund has also fallen, and the current return is 3%. Last week's gain was 7.8%. This week, the Shanghai Composite Index once fell below 3,000, as if it was about to start a 3,000-point defense battle again.
The biggest boost to the A-share rally on March 28 was a rumor: there was news that the central bank may buy bonds, and the "Chinese version of QE" is about to begin.
A capital market tycoon bluntly said that this means that the central bank will expand its balance sheet and curb the passive contraction of credit. For the equity market, this is naturally a big positive. Liu Yuhui, a well-known economist, is also suspected of posting three arrows in the circle of friends: 1. The central bank expands its balance sheet to buy treasury bonds, 2. Data is included in the table to curb the passive contraction of credit, and 3. Issuance of treasury bonds into people's livelihood.
However, after the market, Morgan Stanley said that the People's Bank of China will not QE, but only to improve the open market operation mechanism, from the use of central bank bills, reverse repo and loan facilities (LFs) to the increasing use of treasury bond trading to control financial conditions, which is the standard practice of global central banks.
Although Da Mo has denied the idea of QE, I guess the regulator is still holding back the big move, the reason is very simple, the domestic consumption economic data is so poor, following the four trillion in 08, and the monetization of the shed reform in 15 years, are all ways to directly benefit a group of people, as long as you don't want to run out of the money and use it in the country, it is just to stimulate the economy.
On March 21, Ping An released its annual report:
China Net Finance, March 15 Yesterday, Ping An Bank released its 2023 annual report. During the reporting period, the Bank achieved operating income of RMB164.699 billion, down 8.4% year-on-year, net profit attributable to shareholders of the Bank RMB46.455 billion, year-on-year increase of 2.1%, average return on total assets of 0.85%, weighted average return on equity of 11.38%.
In terms of scale indicators, as of the end of 2023, the total assets of Ping An Bank were 5,587.116 billion yuan, an increase of 5.0% from the end of the previous year, of which the total principal of loans and advances issued was 3,407.509 billion yuan, an increase of 2.4% from the end of the previous year. The total liabilities were 5,114.788 billion yuan, an increase of 4.7% over the end of the previous year, of which the balance of the principal of absorbed deposits was 3,407.295 billion yuan, an increase of 2.9% over the end of the previous year.
In terms of asset quality, as of the end of 2023, Ping An Bank's non-performing loan ratio was 1.06%, an increase of 0.01 percentage points from the end of the previous year, and the provision coverage ratio was 277.63%, a decrease of 12.65 percentage points from the end of the previous year.
In terms of capital, as of the end of 2023, the core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio and capital adequacy ratio of Ping An Bank Group were 9.22%, 10.90% and 13.43%, respectively, an increase of 0.58, 0.50 and 0.42 percentage points from the end of the previous year.
Who would have thought that the net profit of Ping An, which has thick eyebrows and big eyes, could be like this.
Because of this, the fund return of my insurance index has been lowered a lot. At present, -1.8% is equivalent to giving yourself a chance to buy at a low price.
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