"Super heavy"! The country's magnified moves, the impact is too great!

China Fund News reporters Li Shuchao, Fang Li, Lu Huijing, Cao Wenjing

Recently, the State Council issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" (hereinafter referred to as the "New "National Nine Articles"). The opinions promulgated this time have a total of 9 parts, which is the third "national nine articles" in the capital market.

The interviewees and people said that the new "National Nine Articles" systematically put forward the development goals of the capital market for the first time, and formulated a roadmap and timetable for promoting the high-quality development of the capital market, which will lead the mainland capital market into a new era, better promote the construction of a financial power, and serve the overall situation of Chinese-style modernization.

1. Taking promoting the high-quality development of the capital market as the core has strategic guiding significanceSpeaking of the significance of the release of the new "National Nine Articles", E Fund said that the new "National Nine Articles" fully implement the spirit of the 20th National Congress of the Communist Party of China and the spirit of the Central Financial Work Conference, point out the development direction and provide specific guidance for the construction of a high-quality capital market, and reflect the leadership of the Party Central Committee, The State Council's great attention to and ardent expectations for the capital market will promote the capital market to maintain the correct direction of development, better play its functional role, boost the construction of a financial power, and serve the overall situation of Chinese-style modernization. China Universal Asset Management also believes that the new "Nine Articles" point out the medium and long-term development direction of the mainland capital market, and is a guiding document of great significance to the capital market. The new "Nine Measures" are not only far-sighted, systematic and comprehensive, but also problem-oriented and progressive, highlighting the political, popular and functional nature of the capital market, and strengthening the reform direction of market-oriented rule of law, which is of great significance for further improving the basic system of the capital market, optimizing the investment and financing functions of the capital market, and promoting the high-quality development of investment institutions. CEIBS also stressed that the new "China Nine Measures" provide solid policy support and a clear development direction for the future development of China's capital market. Wei Fengchun, chief economist of Chuangjin Hexin Fund, said that the new "National Nine Articles" is a relatively major institutional change, laying the ecological foundation of the capital market, and is a necessary condition for the normal performance of the capital market function in the new era, which is of strategic significance. "The new 'National Nine Measures' is not only expected to greatly boost market confidence, but also effectively drive the whole industry to achieve sustainable and high-quality development. Li Xuanjin, general manager of HSBC Jinxin Fund, said.

The interviewed institutions and people also said that the new "National Nine Articles" focus on promoting the high-quality development of the capital market, and also put forward clear guidance for public funds, which are expected to play a more important role.

J.P. Morgan Asset Management believes that a series of policy measures under the new "National Nine Measures" reflect the firm determination of the senior management to the healthy development of the capital market, and also reflect their in-depth thinking on optimizing the market ecology and protecting the rights and interests of investors, which is expected to lay a solid foundation for the long-term development of the capital market. As one of the most professional institutional investors in the capital market, public funds should adhere to the function of professional buyers and become the "stabilizer" and "ballast stone" of the capital market. Zhang Lu, general manager of Debang Fund, believes that high-quality development is the main theme of the public offering industry in recent years, and it has been a clear fundamental goal of the whole industry to handle the relationship between functionality and profitability and better serve the construction of a high-quality capital market that matches the financial power. The promulgation of the new "National Nine Articles" has pointed out the tasks of each stage for us to achieve this goal, and will effectively lead the development of China's capital market into a new stage. Second, the high-quality development of the capital market is "divided into three steps" to further highlight the "investor-oriented" concept

The overall requirements of the new "National Nine Articles" are clear, and the high-quality development of the capital market is "divided into three steps", with a clear timetable, and the concept of "investor-oriented" is further highlighted.

The new "National Nine Articles" require that in the next five years, an overall framework for the high-quality development of the capital market will be basically formed, the institutional mechanism for investor protection will be more perfect, and the formation of a good ecology of the capital market will be accelerated. By 2035, a capital market with a high degree of adaptability, competitiveness and inclusiveness will be basically built, the legitimate rights and interests of investors will be more effectively protected, and the regulatory system and mechanism of the capital market will be more complete. By the middle of this century, the modernization level of the capital market governance system and governance capacity will be further improved, and a high-quality capital market will be built that matches that of a financial power.

E Fund said that the new "National Nine Articles" have set development goals for the next five years, 2035 and the middle of this century (2050). First of all, an overall framework for the high-quality development of the capital market will be formed, and a capital market with a high degree of adaptability, competitiveness and inclusiveness will be basically built by 2035, and a high-quality capital market matching the financial power will be finally built. From the aspects of investor protection, the quality of listed companies, the development of industry institutions, regulatory capabilities and the construction of governance system, etc., it will be deployed in stages and progressively at all levels, and a systematic and complete roadmap will be planned for the realization of the blueprint for the high-quality development of the capital market.

China Universal Asset Management also said that the new "National Nine Measures" is the first time that the mainland has systematically put forward capital market development goals, and has formulated a roadmap and timetable for optimizing the capital market governance system and governance capacity, which is in line with the strategic deployment of realizing Chinese-style modernization and building a financial power.

Li Xuanjin believes that the short-term focus in the next five years is to build a development framework and promote the formation of a good ecology of the industry; the medium-term goal in the next 10 years is to cultivate a sound and high-quality domestic capital market to better serve the domestic economy and domestic investors; and the long-term goal is to build the financial industry into a new national business card. The three goals outline an exciting blueprint for financial practitioners, and also point out the future development direction and goals for the mutual fund industry.

The Macro Strategy Department of Bosera Fund believes that the key task of the new "National Nine Articles" is the basic system construction of the capital market, and the short, medium and long-term goals are carried out around the system construction. The medium- and long-term goals clearly reflect that the development of the capital market is part of the grand undertaking of building a financial power.

Wei Fengchun also stressed that "the short-, medium- and long-term goals of the capital market are consistent with the goal of Chinese-style modernization, which is based on clarifying the basic functions of the capital market and the new positioning, and is the program of action." ”

Pengyang Fund also said that the setting of these goals provides market participants with a clear development direction and expectations, and will effectively protect the rights and interests of investors and promote the standardized and orderly high-quality development of the capital market. Strive to promote the formation of a high-level and fast-paced virtuous circle of industry, technology and capital, which will help enhance investors' confidence in the market, thereby attracting more long-term funds to enter the market and promoting the stable and healthy development of the capital market. 3. Make multi-dimensional efforts to build capacity and take the road of high-quality development

The new "National Nine Articles" require to promote the high-quality development of securities and fund institutions, and promote industry institutions to strengthen wealth management capacity building. In terms of practicing these concepts, many fund companies have their own strategies.

E Fund said that it will conscientiously implement the relevant requirements, practice the concept of serving the country and serving the people with finance, cultivate a good industry culture and investment culture, focus on the main business, adhere to the priority of investors' interests, continue to improve the core capabilities of investment and research, and strengthen the "platform-based, team-based, integrated and multi-strategy" We will build an investment and research system, further deepen the digital and intelligent transformation, improve the accompaniment system of diversified financial products and services suitable for the needs of various investors, and strive to enhance investors' sense of gain, strive to become a first-class investment institution, and lead the high-quality development of the industry with its own high-quality development.

China Universal Asset Management Co., Ltd. said that it will anchor the goal of building a financial power, focus on the main line of high-quality development of securities and fund institutions, always adhere to long-termism, comprehensively strengthen professional capacity building, take customer needs as the starting point, create underlying assets with clear and stable style and long-term performance, accelerate the promotion of "buy-side investment advisory" wealth management, provide customers with suitable wealth management solutions, and do a good job in customer life cycle consulting and companion services; Employees bind the long-term interests of customers, strive to increase residents' property income, and contribute to the protection of investors' money bags and the preservation and appreciation of social wealth.

"The first is to correct the positioning, adhere to the return orientation of investors, and operate more counter-cyclical operations in product issuance and market expansion, so as to avoid the situation of 'funds make money, investors do not make money'; Bosera Fund Macro Strategy Department said.

Pengyang Fund also said that in the face of the industry trend of high-quality development and the increasing wealth management needs of the people, public funds, as asset management companies, must also strengthen wealth management capacity building. Asset management business and wealth management cannot be viewed in isolation, both are organic components of the securities and fund industry to participate in the high-quality development of the capital market. From the perspective of the relationship between the two, the wealth management business is more focused on providing solutions for clients, but at the same time, it is also inseparable from the assets as raw materials, as well as the core competitiveness of investment research in pricing and combining raw materials.

Therefore, Pengyang Fund believes that to strengthen wealth management capabilities, it is necessary to continuously consolidate the cultural concept of customer first, improve internal control and team building, and build a talent team with the original mission of serving customers; Investor education theme activities can be used to empower customer service with financial technology, enhance the investment and trading ability of holders, and help investors enhance their sense of gain, combine the needs of investors and their own core competitiveness in investment research to create more distinctive and complete product shelves, actively manage products from the bottom up, do a good job in investment research and risk management, and make full use of the characteristics of the asset side to form a recognizable net worth curve.

Fourth, strengthen the construction of investment and research and enrich the type of products, from scale-oriented to investor-return-oriented

The new "National Nine Articles" require that fund companies comprehensively strengthen their investment and research capabilities, enrich the types of investable assets and investment portfolios of public funds, and transform from scale-oriented to return-oriented investors, which are being actively implemented by all fund companies.

"The funds of the public offering industry come from the people, and the significance of the existence of the public fund company is to invest in the capital market for investors with professional and excellent investment and research capabilities, and seek better investment returns for investors. Scale is only the result, and investor returns-oriented are the driving force that can be sustained. In order to improve investor returns, it is fundamentally necessary to improve investment performance and improve service quality. Zhang Luo, general manager of Debang Fund, said bluntly.

Pengyang Fund said that there is an old saying in the asset management industry that "scale is the enemy of returns", and this is often true for actively managed products. The core is to achieve the matching of management capabilities and scale, avoid blind expansion, make full use of the principle of asset allocation, and expand the effective frontier of the portfolio and improve the level of risk-adjusted returns by enriching asset classes and carrying out scientific and reasonable portfolio allocation.

However, Peng Yang Fund also emphasized that scale orientation and investor return orientation are not absolute conflicts, index products, bond products often have "economies of scale" effect, expanding the scale is conducive to reducing the management cost of unit shares, improving the liquidity of the portfolio, and improving customer returns.

From strengthening investment and research construction, enriching product types, and transforming from scale-oriented to investor return-oriented, China Universal Fund, China Europe Fund, HSBC Jinxin, JPMorgan Asset Management, and Bosera Fund are all making continuous efforts. According to CEIBS, after several years of polishing, the "4P+1C" investment and research development framework with CEIBS characteristics has been initially formed, aiming to establish a professional, industrialized and digital intelligence modern investment and research system. In terms of products, it has built a diversified product line of "1+1+N", and "1+1+N" refers to based on equity, strengthening fixed income, and upgrading multi-asset and quantitative investment at the same time to incubate more diversified product lines. J.P. Morgan Asset Management also emphasized that, on the one hand, based on investment research capacity building and based on the principle of giving priority to the interests of holders, it has established an investment performance evaluation mechanism from a long-term perspective to create an investment research culture that pursues long-term competitive performance. At the same time, it integrates the concept of investment and research platform construction in mature markets into local practice, attaches importance to the comprehensive and diversified development of platforms and teams, and avoids excessive publicity of individual stars. On the other hand, in terms of product layout, we have continuously strengthened the enrichment and optimization of product lines. Fifth, vigorously develop equity public funds to release a positive signal to promote the development of the public offering industry

The new "National Nine Articles" proposes to vigorously develop equity public funds and greatly increase the proportion of equity funds, which is undoubtedly a positive signal for the public fund industry.

J.P. Morgan Asset Management said that public funds are important institutional investors in the A-share market, with the functions of value discovery and resource allocation. Vigorously developing equity funds is conducive to increasing the proportion of public funds in the A-share market, optimizing the investor structure of the capital market, and is of great significance for activating the capital market, giving full play to the role of the capital market in optimizing resource allocation, and promoting it to better serve the real economy. China Universal Asset Management pointed out that after years of development, public funds have become the largest professional institutional investors in A-shares. Further vigorous development of equity funds is not only conducive to attracting medium and long-term funds such as insurance funds, social security funds, and pensions into the market, enhancing the internal stability of the capital market, but also conducive to smoothing the financing channels of real enterprises, helping the construction of a modern industrial system, and promoting the development of new quality productive forces. E Fund particularly emphasized that while vigorously developing equity funds, public fund managers should strive to enhance investors' sense of gain and promote the formation of a virtuous cycle of investment and financing. On the one hand, we adhere to value investment, long-term investment and rational investment, continue to optimize and iterate the investment and research methodology system at the macro, meso and micro levels, actively explore scientific investment methods, and continuously improve forward-looking layout and valuation and pricing capabilities. Wells Fargo Fund also believes that the vigorous development of equity public funds will undoubtedly put forward higher requirements for the public fund industry. "Based on this, fund managers themselves first need to effectively improve their investment and research capabilities to provide more stable and reliable long-term investment performance, and secondly, to implement long-term assessment to better realize the consistency of the long-term interests of fund managers and investors, so that 'long-termism' runs through the entire investment. Li Xuanjin, general manager of HSBC Jinxin Fund, suggested that public equity funds can give full play to their role as inclusive finance, expert financial management and bridge, closely connect ordinary investors and the capital market, provide financing support for the innovative economy, help the new economy become bigger and stronger, and help investors better share the dividends brought by China's economic transformation and upgrading and high-quality development, and promote the realization of the goal of common prosperity. 6. Establish a fast-track approval channel for ETFs to attract medium and long-term funds to enter the market

In the past year, domestic ETFs have reached a record high in terms of total fund share, total size and new fund size. With the advantages of low fees, transparent holdings, and clear style, ETFs have been further recognized by investors for their allocation and trading value. "Establish a fast approval channel for exchange-traded funds (ETFs) to promote the development of indexed investment. It is also written into the new "National Nine Articles".

"International experience has proved that ETFs are a better asset allocation tool, because of their low transaction fees, accurate tracking of asset beta returns, and more avoidance of unsystematic risks than actively managed funds, they have become assets favored by investors. Wei Fengchun, chief economist of Chuangjin Hexin Fund, very much recognized the investment value of ETFs.

In E Fund's view, with the improvement of the basic system of the mainland capital market and the continuous improvement of the efficiency of the A-share market, the conditions for the development of indexed investment are becoming more and more mature. The establishment of a fast approval channel for ETFs will shorten the approval time for ETF products, promote the acceleration of innovative layout, complete the ETF product map, and provide more abundant underlying tool products to meet the medium and long-term capital allocation needs of pensions and insurance and build residents' wealth management solutions, and further promote the development of indexed investment.

"In recent years, index funds have been recognized by the market for their characteristics such as investment rules and clear and transparent style. The establishment and improvement of the ETF fast-track approval channel will effectively promote public funds to accelerate the improvement of ETF product layout, actively explore product innovation, strategy innovation and service innovation, better meet the allocation needs of investors, and attract medium and long-term funds to enter the market. China Universal Asset Management takes a similar view.

J.P. Morgan Asset Management emphasized that ETF investors show the characteristics of "buying more and more when they fall", and play a good role as a market stabilizer in a falling market environment. "In the future, with the improvement of ETF approval speed and the abundance of product supply, it will further promote the long-term and healthy development of ETFs, and also contribute to the continued high-quality development of the mainland capital market. ”

7. All parties will work together to promote the high-quality development of the capital market

Promoting the high-quality development of the capital market is inseparable from the joint efforts of all parties. Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, pointed out that "in a good market ecology, institutional investors and individual investors coexist and grow together, long-term and short-term funds have their own places, issuers and investors achieve each other, all participants in the market are responsible, and supervision and the market interact benignly." ”

A number of industry insiders said that Wu Qing, chairman of the China Securities Regulatory Commission, pointed out the key to the high-quality development of the capital market. From the perspective of the development history of the mutual fund industry, excellent products that meet the needs of investors and the ability to continue to create excess returns are the key to promoting the public fund industry to become bigger and stronger.

Li Xuanjin, general manager of HSBC Jinxin Fund, said frankly that the public fund industry and investors are a community of interests achieved by each other, and no one can do without each other. For fund companies, they should always put the interests of investors first. In the future, we will continue to improve the assessment and evaluation mechanism oriented by investors' sense of gain and investor returns, and will jointly practice the principle of "reverse sales" through joint sales channels, and strive to create a good long-term investment experience for investors. China Universal Asset Management said that as a professional institutional investor, it should firmly practice the concepts of rational investment, long-term investment and value investment, continue to improve its core capabilities such as investment research, compliance and risk control, and customer service, and strive to build a first-class investment institution. Actively promote the construction of a large asset management ecosystem, and work with all parties to write the "five major articles" of finance, and jointly help residents maintain and increase their wealth. "The company will give full play to its own investment and research capabilities, so that the source of living water in the process of serving national strategies such as scientific and technological innovation, green development, state-owned assets and state-owned enterprise reform, in the process of supporting the development of new productive forces in line with the national industrial policy guidance, breakthroughs in key core technology enterprises and other new quality of productivity to better realize value added, and effectively enhance the sense of gain of investors. Zhang Lu, general manager of Debang Fund, said. J.P. Morgan Asset Management said that it will continue to vigorously develop equity funds to further enrich the product supply of different investment strategies and investment styles. In addition, we will continue to actively deploy ETF product lines to provide investors with more abundant instrumental products. Actively carry out product innovation to provide investors with attractive product solutions. Pengyang Fund pointed out that from the point of view, the first is to continue to improve investment management and risk control capabilities, as well as strong global asset allocation capabilities. The second is to create a comprehensive management platform of "investment research + product + sales" to provide customers with diversified solutions. The third is to uphold integrity and innovation, and strengthen the application and empowerment of science and technology. Fourth, we will continue to improve the level of corporate governance and stimulate the vitality of mechanisms and talents. 8. The new "National Nine Articles" have had a positive impact on the capital market

In 2004 and 2014, the "National Nine Articles" were launched respectively, and since then they have ushered in a round of big bull markets. In response to the impact of the new "National Nine Articles" on the capital market, a number of industry insiders said that a number of macro data are positive at present, and the launch of the new "National Nine Articles" is conducive to breeding a new round of rising market.

Wei Fengchun, chief economist of Chuangjin Hexin Fund, believes that the bull market is the result of the role of comprehensive forces, and the new "National Nine Articles" provide an institutional guarantee for the healthy development of the capital market. It is believed that with the implementation of various measures, the capital market ecology will gradually improve. Catalyzed by a proactive fiscal policy and a prudent monetary policy, China's economy will recover steadily, liquidity will be abundant, and the wealth effect will gradually accumulate, and the bull market will come naturally. "After the introduction of the past two 'national nine articles', they have respectively led to the reform of equity division and the outbreak of the public fund industry, and have achieved 'upgrading and shifting' at the institutional level, which has effectively promoted the accelerated development of the domestic capital market and asset management industry. Li Xuanjin said that he believes that the new "National Nine Articles" will also play a similar role, further improve the institutional framework of the domestic capital market, promote the formation of excellent industry culture and good industry ecology, promote the further maturity of the capital market, and drive the entire asset management industry to achieve high-quality development. Pengyang Fund pointed out that from the perspective of domestic policy, the release of the new "National Nine Articles" has boosted the confidence of investors, and "confidence is more important than gold" is the law that has been verified in the financial market countless times in history. This time, the policy release not only promotes the capital market to strengthen the foundation and achieve high-quality development, but also resonates with the macroeconomic recovery cycle at home and abroad in terms of the timing of the release, so it is more optimistic about the trend of the capital market this year. The Macro Strategy Department of Bosera Fund emphasized that the previous two rounds of bull market have their own special reasons, and the reform of the capital market is one aspect, as well as the changes in economic fundamentals and the medium and long-term situation of industrial development. At present, China's economy is recovering in twists and turns, and a series of problems faced by the economy are gradually being dealt with and resolved, and the prospects for the medium- and long-term development and upgrading of the capital market and the relatively more sustainable and stable returns for investors will not change. "The new 'National Nine Articles' is the new 'policy outline' of the capital market, and the regulatory thinking pays more attention to the 'investor-oriented', which points out the direction for the construction of the capital market system and the consolidation of policies, and makes the expectations of market participants clearer; Zhang Junxiao, head of the total cycle group of the research department of Penghua Fund, said.

Editor: Xiao Mo

Review: Xu Wen