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88彩票登陆:Behind the stock market turmoil: capital transfer structure 100 billion blood transfusion ready to enter the market

时间:2018/2/5 23:19:52  作者:  来源:  浏览:0  评论:0
内容摘要: This week, A shares exposed a number of listed companies, "bombing", investors opened the "mine clearance" mode. Analys...

This week, A shares exposed a number of listed companies, "bombing", investors opened the "mine clearance" mode. Analysis of the industry, some listed companies pre-disclosure poor performance, stacked with capital plate "run away", causing the market turmoil in the short term. However, on the occasion of the market adjustment, there are hundreds of billions of yuan funds are quietly entering the market.

Public and Private Offering Fiery

"More money is coming in the direction of the shock," said a private equity investment officer in Shanghai.

China Securities Depository and Clearing Corporation Limited data show that the number of A-share investors increased steadily this year, in January a week were 178,400, 266,400, 304,100 and 30.07 million, a change since July last year, a new The downward trend of the number of investors, the chain growth was obvious.

Public Fund, Fund Research Central data shows that January weekly new base The number of gold trades is 26, 37, 34 and 31 respectively. At the same time, 99 funds have been set up this year, starting with a total size of 170.8 billion yuan. Among them, equity funds and hybrid funds total 68, accounting for 68.69%; the total starting size of 114.2 billion yuan, accounting for 66.86%. In addition, according to the fund estimates, as of January 27, stock funds and standard hybrid funds were jiacang positions, the current positions were 92.14% and 61.12%, partial shares The overall position of the gold positions in the history of the highest level .

"The fund is selling well, regulators have to suggest Fund companies Prudently set the target size of the offering period, the issuance of this week's Harvest core advantage will be the initial offering cap of 9 billion yuan, Fund 'fund is more widely known in the market. "A large public channel personnel said.

As for private equity funds, since October last year, the number of founding funds has been steadily rising. For the three consecutive months, more than 1,400, more than 2,000 and more than 1,900 have been established. Since 2018, private placement has slowed down. However, of the 579 products that have been established, 557 are ordinary stock-based strategic funds, accounting for 96.2% of the total.

Zeng Linghua, Research Director of Fund Research Center, said: "Only relatively well-known funds will be raised in mid-2017, but now if funds are divided into first-fifth and third-tier funds, third-tier funds can raise funds and single fund large-scale, private equity fund part of lock-up period of three years even. "

north to continued capital inflows

At the same time, continued net inflow of capital to the north has also become an important source of incremental funding. GF Strategy Research Report pointed out that the weak dollar is conducive to promoting the northbound fund flow into the A share. The U.S. dollar index fell 3.5% in the first four weeks of this year. The cumulative net inflow of funds to the north for the same period was 35.5 billion yuan, a sharp acceleration from the 16.1 billion yuan last year.

Among them, the north to accelerate the flow of funds into the cycle plate. In absolute terms, the capital flows of in the first three weeks of 2018 are 7 billion yuan, which is significantly higher than the inflow of 1.1 billion yuan in December 2017, higher than that of the second quarter of 2017 In the fourth quarter, the average monthly average of 4.4 billion yuan; from the relative value of the capital flows into the large cycle of plate proportion from 13% in December last year, a substantial increase to 40%.

"Emerging markets with greater investment flexibility are favored by the weak dollar environment and there is still room for improvement in the valuation of A-shares compared to the global market," a Hong Kong-listed equity fund manager at Beijing Securities told reporters.

"Since the end of last year, foreign private placement activities have been frequent." On November 20, 2017, UBS launched the 'UBS China Private Equity Fund No.1', and the first foreign-funded private equity fund in China was born. At the beginning, Fidelity International announced the launch of two private equity investment funds, including private equity funds in China, which will become the new force in incremental capitalization of A-shares in 2018. "The chief investment officer of Shanghai-based private equity fund Said.

Currently, ten foreign-funded institutions, including BlackRock , Schroder and Fidelity, have been granted private equity fund managers' licenses in China. Among them, Fidelity, UBS, The fund issued by Shimang is to apply the quantitative model to the trading of China's commodity futures market and the other two issue products focusing on the A-share market.

Capital Structure A blood transfusion

In addition to the above incremental funds, the capital structure adjustment also delivers fresh blood to A-shares.

GF Strategy Research Report pointed out that the new regulation will squeeze out some of the original investment in non-standard assets of funds, such funds will instead look for other high-yield standardized products. In addition, 2018 real estate policy difficult to substantially loose, so real estate weaker competition for liquidity. In the process, earnings sustainability and investment behavior gradually rationalized, and there is a money-making A-share market will become an important influx of funds investment structure adjustment target.

Investment Strategy Research Report mentioned that as of the end of June 2017, Bank The remaining balance of wealth management was about 28.38 trillion yuan, a decrease of 670 billion yuan or 2.3% from 29.05 trillion yuan at the end of 2016. This shows that deleveraging has achieved results, Return to steady growth is expected to remain at the end of 2017 the basic 29 trillion yuan. Meanwhile, the scale of financial management will also stabilize in 2018, but the structure may be adjusted. In 2016, the asset allocation of bank wealth management products accounted for about 7% of equity assets, the bank will not be too aggressive in financial management, with a prudent style. Suppose the proportion of equity investments increased to 7.5% in 2018, The stock market brought about 145 billion yuan of new capital.

"The attributes of bank financing are low-cost, low-risk and low-yielding. In the past, this part of the outflow of investment usually went to lower-risk bond investments. However, this year, many outsourced funds have increased the allocation of equity assets , Which is equivalent to an indirect increase in the proportion of equity funds in bank financial management.Because of the large scale of bank financial management funds and their own capital attributes, this change will not only bring a small capital increment for A-share market on the one hand, On the one hand, such funds are usually selected blue-chip or white-white, in the market style material has been strengthened. "Beijing a public equity fund manager said.


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