Stock speculation is based on the Jin Kirin analyst Research report, authoritative, professional, timely and comprehensive, to help you tap potential theme opportunities.Maxim99!
Original Liu Junling
Compared with the end of last year, the size of the money fund increased by 2%.Maxim99.16 trillion yuan, far more than itMaxim99His variety, stock funds increased by 3459Maxim99.87 billion yuan, 62.553 billion yuan.
Since the beginning of 2024, the size of public offering funds has increased by more than 3 trillion yuan, an increase of 11.52 percent over the end of 2023. The size of the fund continues to grow, and the performance of new fund issuance also continues to improve. In March and April this year, the issuance share of newly established funds exceeded 100 billion in a row, with bond funds having the highest share.
The scale of public offering funds has grown rapidly since the beginning of this year.
Recently, the China Foundation Association released public fund market data, as of the end of April 2024, there were 148 mutual fund management companies in China, and the net asset value of public funds under management broke through the 30 trillion yuan mark for the first time, reaching 30.78 trillion yuan.
According to the data, there are 148 fund management companies in China, including 51 foreign-invested fund management companies (including Sino-foreign joint ventures and wholly foreign-owned) and 97 domestic fund management companies. There are 13 securities companies or asset management subsidiaries of securities companies qualified for public offering fund management and 1 insurance asset management company.
In recent years, the scale of public offering fund management in China has continued to grow. since the issuance of the first batch of funds in 1998, the scale of public offering fund management has exceeded 10 trillion yuan in June 2017 and reached 20 trillion yuan at the beginning of 2021. The market began to fluctuate in 2022, and the growth rate of fund size slowed down. this year, the market situation improved significantly, and the growth rate of fund size accelerated. The scale at the end of April increased by 3.18 trillion yuan compared with the end of last year, exceeding the sum of the increments of 2022 and 2023.
Monetary funds become the main growth force
From a variety point of view, monetary funds are the absolute main force of the growth of public offering funds. Compared with the end of last year, the size of money funds increased by 2.16 trillion yuan, far exceeding that of other varieties. In addition, bond funds, stock funds, QDII funds and closed-end funds increased by 826.188 billion yuan, 345.987 billion yuan, 62.553 billion yuan and 22.278 billion yuan respectively, while mixed funds relatively shrunk by 233.959 billion yuan.
By the end of April, the total size of monetary funds and bond funds reached 19.57 trillion yuan, accounting for nearly 2/3 of the total size of public offering funds. Compared with equity funds, these two funds have less risk and are favored by investors. According to the annual report of public offering funds, individual investors prefer currency funds, with more than 70% of net worth held by individual investors, while institutional investors prefer bond funds, accounting for more than 80% of net value.
A number of institutions said that they are optimistic about the continued expansion of monetary funds and bond funds in the future. Tianfeng Securities Research report believes that the scale of monetary funds in the first quarter of this year is driven by both institutional and retail expansion, with a faster month-on-month growth rate than institutional-end cargo base, and more retail-end cargo base expansion in absolute terms. Looking ahead, there is still a favorable basis for the expansion of the monetary fund.
Huachuang Securities Research News believes that in the long run, under the trend of lowering bank deposit interest rates, banning the allocation of high-interest deposits through financial management, and rectifying and reforming manual interest compensation, institutions' demand for short-term debt funds and monetary funds may rise.
The issuance scale of the fund has exceeded 100 billion for two consecutive months.
The continued growth in the size of the fund is partly due to the increase in the contribution of newly issued funds. According to data Bao of the Securities Times, based on the establishment date of the fund, a total of 472 new funds have been established since the beginning of this year, with a total issuance share of 434.908 billion, of which the number of new funds established in March and April exceeded 100. the share of issuance is more than 100 billion, which is significantly higher than that from January to February.
Fund issuance situation warms up, and the market is inseparable. As of the latest closing day, the Shanghai Composite Index was up more than 15% from the low of the year, boosting the confidence of the basic people to participate in the fight. In terms of subscription days, the average subscription days of fund-raising funds completed in March and April were 23.4 days and 21.97 days respectively, which was 4.68 days less than that in February. In addition, 55 and 47 new funds were raised ahead of schedule in March and April, respectively. From another point of view, it shows the recent popularity of the basic people.
Bond funds have been popular with the people since the beginning of this year. During the year, a total of 149 bond funds were issued, accounting for about 30% of the total, with an issuance share of 341.032 billion, of which April and May accounted for more than 80% of the total, far more popular than other varieties. In terms of average issuance share, the average issuance share of bond funds in April was close to 3 billion, reaching 2.948 billion, the highest since September 2022.
In contrast, the popularity of mixed funds declined significantly, with a total of 106 hybrid funds issued during the year, lower than equity funds, which are also equity funds. Since March, the share of hybrid fund issuance has fallen below 7 per cent, while it has continued to exceed 40 per cent in 2020, when hybrid funds are most popular.
The decline in the popularity of mixed funds may be related to poor performance. Data show that the profit of 7791 mixed funds in 2023 is-572.52 billion yuan, which is a loss. Bond funds have the highest profits, with a total profit of 238.081 billion yuan from the 5427 bond funds involved in the statistics.
Disclaimer: all the information content of Databao does not constitute investment advice, the stock market is risky, investment should be cautious.