Huaxia Fund Pushes New Index Fund Xu Meng's performance of 1 product in hand has outperformed the average of similar types in the past 3 years

In the first three quarters of this year, 2.35 trillion new funds belonged to 45 custodians, of which 11 new funds exceeded 100 billion yuan. Among them, the new fund custody scale of China Merchants Bank, Industrial Industry and Industrial and Commercial Bank of China ranks among the top three. At the same time, in order to provide investors with more low-volatility, high-liquidity and low-risk financial tools, fund companies will direct the layout direction to interbank certificates of deposit. Around the National Day holiday, a total of more than 40 fund companies intensively reported interbank certificate of deposit index funds. Not only that, since the beginning of this year, many newly established fund companies have adopted the brokerage settlement model for new products, and some old fund companies have also begun to test the brokerage settlement model. At the same time, many newly issued coupon settlement model funds ended their fundraising in advance, and the initial offering scale was quite large, and some even became explosive funds.

In terms of the Cinki market, on October 11, Huaxia Fund Management Co., Ltd. (hereinafter referred to as "Huaxia Fund") and Tianhong Fund Management Co., Ltd. (hereinafter referred to as "Tianhong Fund") each sold an index fund, and Bodao Fund Management Co., Ltd. (hereinafter referred to as "Bodao Fund") launched an equity fund.

First, the fund industry dynamics

1. In the first three quarters, the custody scale of 11 institutions exceeded 100 billion yuan, and China Merchants Bank, Industrial Bank and Industrial and Commercial Bank of China ranked in the top three

According to the data, in the first three quarters of this year, 2.35 trillion new funds belonged to 45 custodians, of which 11 new funds exceeded 100 billion yuan.

The total initial offering size of the 212 funds managed by China Merchants Bank in the first three quarters was 318.916 billion yuan, accounting for 13.43% of the market, ranking first in the list; Industrial Bank of China ranked second with more than 270 billion yuan, accounting for 11.4%; Industrial and Commercial Bank of China followed with a scale of 233.797 billion yuan; Bank of China and China Construction Bank ranked fourth and fifth respectively, with custody scales of more than 180 billion yuan.

2. Layout of low-risk financial management tools, certificate of deposit index funds are reported together

In order to provide investors with more low-volatility, high-liquidity and low-risk financial tools, fund companies will direct the layout direction to interbank certificates of deposit. Before and after the National Day holiday, more than 40 fund companies intensively reported interbank certificate of deposit index funds, and the public offering of low-risk products was more abundant.

On September 30, the official website of the China Securities Regulatory Commission disclosed that 12 fund companies, including Nanfang, Huaxia, Penghua, Fuguo, China Merchants and Ping An, reported interbank certificate of deposit index funds. On the first working day after the National Day holiday, 30 fund companies reported such new products at the same time, and large, medium and small fund companies in the industry such as E Fangda, GF, Harvest, and Boshi were all in the layout; on October 9, Shenwan Lingxin Fund took over the baton and reported it. Judging from the product names reported, most fund companies report funds that track the AAA index of CSI interbank certificates of deposit, and there are also ordinary interbank certificates of deposit funds. In terms of holding period, most funds set a holding period of 7 days.

3. Since September 1, the net inflow of A-share ETF funds has been 46.69 billion yuan, and the broad-based ETF has been favored by funds

Since September, the three major A-share indexes have maintained a volatile trend, the consumer industry has picked up, and the cyclical, military, photovoltaic, new energy and other industries have led the decline. A-share ETFs diverged, with a total turnover of $716.977 billion from September 1 to October 8. Overall, based on the average price of range transactions, the net inflow of A-share ETF funds since September 1 is about 46.69 billion yuan.

From the perspective of capital flows, broad-based index ETFs have recently been favored by funds. According to the data, in terms of the average price of the range transaction, from September 1 to October 9, the net inflow of funds from A-share ETFs was about 46.69 billion yuan. Among them, the net inflow of funds from the Southern CSI 500 ETF was 5.325 billion yuan, the net inflow of the 50 component ETF of the Huaxia SSE Science and Technology Innovation Board was 3.991 billion yuan, the net inflow of the Huaxia SSE 50 ETF was 2.985 billion yuan, the net inflow of the Huatai Berry CSI 300 ETF was 2.824 billion yuan, and the net inflow of the E Fangda CSI Science and Technology Innovation 50 ETF exceeded 1 billion yuan.

4. Since the beginning of this year, the "blowout" growth of the bond settlement fund, some products have become "explosive base"

Since the beginning of this year, many newly established fund companies have adopted the brokerage settlement model for their newly issued products. Among them, the first public fund product of BlackRock Fund, the first public fund company with 100% foreign control, BlackRock China New Vision Hybrid Initial Offering, has a scale of about 6.681 billion yuan; the first public fund product under the individual fund company Huiquan Fund, Huiquan Strategic Preferred Subscription Scale exceeded 3.5 billion yuan; the limit of 8 billion yuan, and the final subscription scale of more than 17 billion yuan Suzaku Perseverance holds for one year and the subscription scale of nearly 4 billion yuan bodao Jiafeng and other new funds are funds that adopt the brokerage settlement mode.

In addition to the securities settlement model for the products issued by some newly established fund companies, some old fund companies have also begun to test the settlement mode of securities companies, including Boshi Fund, China Merchants Fund, ICBC Credit Suisse Fund, Southern Fund, etc. At the same time, many newly issued coupon settlement model funds ended their fundraising in advance, and the initial offering scale was quite large, and some of them even became explosive funds. With the help of the settlement mode of securities companies, the commission income of many securities companies has increased significantly.

5. Many constituent stocks of the Xinhua News Agency National Brand Index performed strongly, and many consumer stocks rebounded strongly

Between September 27 and October 8, the Shanghai Composite Index fell by 0.58%, the Shenzhen Component Index rose by 0.39%, the ChiNext Index rose by 1.1%, the CSI 300 Index rose by 1.66%, and the Xinhua National Brand Index rose by 5.03%.

From September 27 to October 8, many constituents of the Xinhua National Brand Index performed strongly, and many consumer stocks ushered in a strong rebound. Specifically, Luzhou Laojiao ranked first in the list of increases with a 20.89% increase, Katazai Zhen rose by 16.58%, Changchun High-tech rose by 14.37%, Wuliangye, Yiwei Lithium Energy, Haida Group and Haitian Flavor Industry rose by 13.81%, 12.44%, 12.13% and 11.18% respectively, and many constituent stocks such as Angel Yeast, Jinjiang Hotel, and Jinshan Office also rose by more than 10%. Since the beginning of the year, Huayi Group has risen 99.37%, North Huachuang has risen 95.38%, Zhonghuan and Coworth have risen by 81.55% and 72.08% respectively, and Haier Biotech and Guodian NARI have also risen by more than 60%.

Second, the dynamics of fund companies

1. Bosera leading home appliance ETF went on sale on October 12, and the scale of the first fundraising was capped at 8 billion yuan

On October 9, bosera state securities leading home appliance trading open-ended index securities investment fund (hereinafter referred to as "Bosera leading home appliances ETF") announced that the fund will be publicly offered from October 12, the initial fundraising scale is capped at 8 billion yuan (excluding interest and subscription fees during the fundraising period).

According to the prospectus, the fund mainly uses the full replication method for investment, that is, to construct an indexed portfolio according to the benchmark weight of the constituent stocks in the underlying index, and adjust accordingly according to the changes in the constituent stocks of the underlying index and their weights. Specifically, the proportion of assets invested by the Fund in the constituent stocks of the underlying index and the alternative constituent stocks shall not be less than 90% of the net asset value of the Fund, and the proportion of investment in the underlying stocks of the Hong Kong Stock Connect shall not exceed 10% of the assets of the Fund's stocks. Bosera leading home appliance ETF will have Yin Hao as the fund manager. Yin Hao has worked in Huabao Securities and Guojin Securities since 2012, joined Bosera Fund in 2015, successively serving as senior researcher, senior researcher and assistant fund manager, and is currently a fund manager of Bosera GEM trading open-ended index securities investment fund and other products.

2. Qiu Dongrong called on the holders to vote and review the changes in the major matters of Zhonggeng Value Pilot

Zhonggeng Fund recently issued the "Announcement of Zhonggeng Fund Management Co., Ltd. on Convening the General Meeting of Shareholders of Zhonggeng Value Pilot Hybrid Securities Investment Fund by Means of Communication", and decided to convene a general meeting of fund shareholders by means of communication to consider major matters such as changing investment objectives, investment strategies, investment restrictions, performance comparison benchmarks, valuation methods and so on.

Qiu Dongrong, manager of Zhonggeng Value Pilot Fund, who is known for his "deep value" style, stressed that the investment team of Zhonggeng Fund is more optimistic about the long-term allocation value of Hong Kong stocks, especially its value stocks, and after joining the Hong Kong Stock Connect stocks, it hopes to better play the value of the strategy through the Zhonggeng Value Pilot Fund in order to meet the real investment needs of investors. In other words, the value stocks in Hong Kong stocks are currently in the bottom area, providing an investment opportunity to increase allocation.

3. Huaan Fund launched a new pension FOF product, and Huaan Minxiang Stable Pension FOF was issued on October 12, 2012

On September 29, it was learned from Huaan Fund that Huaan Fund will launch a new pension FOF product on October 12 - Huaan Minxiang Stable Pension ONE-year FOF to further meet the pension needs of investors.

It is understood that the upcoming Huaan Minxiang Stable Pension One-Year FOF is a target risk strategy fund. In terms of investment strategy, the target risk strategy is mainly used to allocate large types of assets, with the portfolio volatility controlled at the target level as the core, and the risk at the product level is relatively constant by adjusting the allocation ratio of portfolio equity and fixed income assets. Under the premise of strictly controlling downside risks, we will strive to achieve long-term appreciation of fund assets and meet the financial needs of investors for pension funds.

4. Zhang Kun, the "public offering brother", exposed the latest position adjustment trend and bought China Merchants Bank for two consecutive working days

Recently, E Fangda issued the "Announcement on Major Related Party Transactions of Its Funds", which shows that the three-year-old hybrid fund held by E Fangda High-quality Enterprises managed by Zhang Kun bought 16.3 million shares of the shares of China Merchants Bank, the custodian of the fund, on September 29, with a purchase amount of up to 832 million yuan. After only one trading day, on September 30, E Fangda Quality Enterprise Three-Year Holding Period Hybrid Fund continued to buy China Merchants Bank, buying 500,000 shares on the same day, with a purchase amount of 25.2052 million yuan. A total of 16.8 million shares were purchased in the two trading days, with a cumulative purchase amount of more than 850 million yuan.

From the secondary market trend, on September 29, China Merchants Bank's stock price rose 2.26%, closing at 51.56 yuan, the average daily transaction price of 51.06 yuan; on September 30, it fell by 2.15%, the stock price was adjusted back to 50.45 yuan, the average daily transaction price was 50.51 yuan, from the announcement, the average purchase price of the mixed fund held by E Fangda high-quality enterprises for three years was less than the average price of the day. It is worth noting that China Merchants Bank is the custodian of the three-year holding period hybrid fund of E Fangda high-quality enterprises, and according to the relevant regulations of public funds, it is necessary to disclose the relevant related information in a timely manner.

5. Strive to create a "comfortable" investment experience for the holders, and the 12-month holding period of Fuguo Ancheng Return is about to be closed

The Shanghai Composite Index encountered a phased retracement after challenging 3,700 points, and at the current node, some people were "afraid" and some people were "greedy". For fund managers, how to balance risk and return is a very important issue. Yu Bo, fund manager of Wells Fargo Fund, believes that low drawdowns are one of the core sources of long-term compound interest. It is reported that it is proposed that due to the bohai management of Fuguo Ancheng return 12-month holding period mix is about to end the offering, this fund will be through position management and selected stocks scientific and effective control of drawdown, to the premise of risk control, to obtain a continuous record high of product net worth, and strive to create a "comfortable" investment experience for holders.

From the perspective of resume, Yu Bo has 12 years of experience in the securities industry and more than 6 years of investment management experience. According to Yu Bo's own introduction, when she first started investment management, it was the high point of 2015, and it did not take long to encounter a sharp decline in the market, which made her attach great importance to controlling risks. Yu Bo's investment goal is to continue to reach new highs under the premise of controllable risks, which has two connotations, one is to control the drawdown, and the other is to obtain returns.

3. Issuance of new funds

1. Huaxia Fund launched a new index fund, and Xu Meng's performance of 1 product in hand in the past 3 years has outperformed the average of similar types

On October 11, Huaxia Fund launched an index fund for the Huaxia CSI Subdivision Food and Beverage Industry Thematic Traded Open-ended Index Securities Investment Fund Initiation Linkage Fund (hereinafter referred to as "Huaxia CSI Subdivision Food and Beverage Industry Theme ETF Initiation Linkage A"), with the fund manager Xu Meng.

According to public information, Huaxia CSI subdivided the food and beverage industry theme ETF initiation form A to "pursue the tracking of the underlying index through investment in the target ETF fund share, and obtain a return similar to the index return." The Fund strives to have an absolute value of no more than 0.35% of the average daily tracking deviation and an annual tracking error of no more than 4% as the investment target, and mainly invests in the target ETF fund shares, underlying index constituent stocks, and alternative constituent stocks. In order to better achieve its investment objectives, the Fund can also invest in non-constituent stocks (including depositary receipts, gems and other stocks registered or approved for listing by the CSRC), bonds (including treasury bonds, central bank bills, financial bonds, corporate bonds, corporate bonds, medium-term notes, short-term financing bonds, ultra-short-term financing bonds, subordinated bonds, local government bonds, convertible bonds, exchangeable bonds and other bonds permitted by the CSRC), derivatives (including stock index futures, stock options, treasury bond futures), Asset-backed securities, money market instruments (including interbank certificates of deposit, bond repurchases, etc.), bank deposits, and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to allow the fund to invest.

Xu Meng, who joined Huaxia Fund in February 2006, has served as the assistant fund manager of the Quantitative Investment Department, the fund manager of the Shanghai Raw Materials Exchange-traded Open-ended Index Initiation Securities Investment Fund, and is currently a member of the Investment Committee, a fund manager of hang seng exchange-traded open-ended index securities investment fund linked fund, a Hang Seng exchange-traded open-ended index securities investment fund, and a small and medium-sized enterprise 100 exchange-traded open-ended index fund. Previously, Xu Meng was an assistant researcher at Fortune Securities and a former researcher at Zhongguancun Securities.

Since September 28, 2021, Xu Meng has been working as the fund manager of China Securities Subdivision Food and Beverage Industry Theme ETF Initiation Connection A. As of October 11, 2021, Xu Meng served as a fund manager for 8 QDII funds and 11 index funds. Among them, Xu Meng has been working in the Huaxia SME 100 ETF for 4 years and 315 days so far, and as of October 8, 2021, the fund's stage increase in the past 3 years has been 77.1%, outperforming the average increase of 71.81% in the same period.

2. Bodao Fund sacrificed the new stock base, and Yang Meng's 4 products in the past 1 year have risen less than the average of the same kind

On October 11, Bodao Fund sold an equity fund, which is the Bodao Growth Zhihang Equity Securities Investment Fund (hereinafter referred to as "Bodao Growth Zhihang Stock A"), and the fund manager is Yang Meng.

According to public information, Bodao Growth Zhihang Stock A takes "focusing on the investment opportunities of listed companies related to the growth style, active portfolio management and risk control through quantitative methods, and striving to achieve long-term investment returns that exceed the performance benchmark", and the investment scope includes domestic stocks issued and listed in accordance with the law (including chinext and other stocks and depository receipts approved or registered by the China Securities Regulatory Commission), bonds (including treasury bonds, central bank bills, financial bonds, corporate bonds, corporate bonds, corporate bonds, Medium-term notes, short-term financing bonds, ultra-short-term financing bonds, subordinated bonds, government bonds, local government bonds, exchangeable bonds, convertible bonds (including segregated convertible bonds) and other bonds permitted by the CSRC), asset-backed securities, bond repurchases, interbank certificates of deposit, bank deposits (including agreement deposits, time deposits and other bank deposits), money market instruments, stock index futures and other financial instruments permitted by laws and regulations or the CSRC to invest in the fund.

Yang Meng, who joined Bodao Fund in August 2017 as chief quantitative analyst, is currently the manager of Bodao Qihang Hybrid Securities Investment Fund, Bodao CSI 500 Index Enhanced Securities Investment Fund, And Bodao CSI 300 Index Enhanced Securities Investment Fund. Previously, Yang Meng worked for ABC Huili Fund Management Co., Ltd., Huatai Asset Management Co., Ltd., and Shanghai Bodao Investment Management Co., Ltd.

Since September 15, 2021, Yang Mengqi has been the fund manager of Bodao Growth Zhihang Stock A. As of October 11, 2021, Yang Meng has served as the fund manager of 4 equity funds, 3 hybrid funds and 2 index funds. Among them, as of October 8, 2021, the stage increase of Bodao CSI 300 Index enhancement A in the past year was 11.22%, which was inferior to the average increase of similar types in the same period by 15.7%; the stage increase of Bodao Sanbai Zhihang Stock A and Bodao Wubai Zhihang Stock A in the past year was 17.63% and 21.41%, respectively, which were inferior to the average increase of 22.56% of similar types in the same period; the stage increase of Bodao Jiuhang Mixed A in the past 1 year was 15.26%, and the average increase of similar shares in the same period was 19.94%.

3. Tianhong Fund issued a new index product, and Yang Chao's "one drag thirteen" 3 funds had a negative return rate

On October 11, Tianhong Fund launched an index fund, tianhong CSI high-end equipment manufacturing index enhanced securities investment fund (hereinafter referred to as "Tianhong CSI high-end equipment manufacturing enhancement A"), fund managers are Yang Chao and Liu Xiaoming.

According to public information, Tianhong CSI High-end Equipment Manufacturing Enhancement A takes "on the basis of passive investment that effectively tracks the benchmark index, combined with enhanced active investment, and strives to obtain investment income higher than the target index", and the investment scope is financial instruments with good liquidity, including domestic stocks issued and listed according to law (including small and medium-sized boards, ChiNext boards and other stocks and depository receipts listed with the permission of the China Securities Regulatory Commission), bonds (including treasury bonds, financial bonds, local government bonds, corporate bonds, corporate bonds, corporate bonds, Subordinated bonds, convertible bonds (including separable convertible bonds), exchangeable bonds, central bank bills, medium-term notes, short-term financing bonds, ultra-short-term financing bonds), money market instruments, interbank certificates of deposit, bank deposits, bond repurchases, stock index futures, asset-backed securities and other financial instruments permitted by laws and regulations or the China Securities Regulatory Commission to invest in the fund.

Yang Chao, who joined Tianhong Fund in January 2019, has successively served as fund manager of Tianhong ChiNext Index Initiated Securities Investment Fund, Tianhong CSI 300 Index Initiated Securities Investment Fund, Tianhong CSI 500 Index Initiated Securities Investment Fund, etc.; currently deputy general manager of Index and Quantity Investment Department, Tianhong CSI 500 Index Enhanced Securities Investment Fund, Tianhong ChiNext Trading Open Index Securities Investment Fund, Tianhong ChiNext Trading Open Index Securities Investment Fund Associated Fund and other fund managers.

Liu Xiaoming is currently the fund manager of Tianhong CSI Technology 100 Index Enhanced Initiated Securities Investment Fund, Tianhong Guozheng Consumer 100 Index Enhanced Initiated Securities Investment Fund, Tianhong CSI New Materials Theme Trading Open-ended Index Securities Investment Fund and other fund managers.

Since September 9, 2021, Yang Chao and Liu Xiaoming have been working as fund managers of Tianhong CSI High-end Equipment Manufacturing Enhancement A. As of October 11, 2021, Yang Chao had served as fund managers of 12 index funds and 1 hybrid fund, while Liu Xiaoming had served as fund managers of 8 index funds for less than one year. Among them, yang Chao's Tianhong Hengsheng Shanghai-Shenzhen-Hong Kong Innovative Drug Selection 50 ETF, Tianhong CSI Science and Technology Innovation Entrepreneurship 50 Index A, and Tianhong Guozheng Consumer 100 Index Enhancement A have a return rate of -8.21%, -7.72% and -2.14% respectively.