Our reporter Chang Xiaoyu
The number of private securities products registered in April soared, hitting a new high in the year. According to the latest data of Private Placement Network, 513 private equity institutions recorded 797 private equity securities products in April, up 50.66% from 529 in March. In April, the number of private equity institutions with registered products and the number of registered private securities products both reached a new high in the year.
Zheng Yanxin, the FOF fund manager of Quanjing Fund, said to the reporter of Securities Daily, "The number of private securities products filed in April surged, mainly because the accumulated bad news of A shares in the earlier period has been exhausted, and the risks have been fully released. In terms of the main economic data and corporate earnings fundamentals in the first quarter, the most difficult period has passed, and the prospect is good. At the same time, the various mechanism reforms led by the regulatory authorities have a good effect expectation on the clean up and cultivation of a healthy investment environment. This has driven the enthusiasm of private securities product filing. "
In terms of strategies, stock strategy products are the main force for filing. According to the data of private placement, 480 stock strategy products were filed in April, accounting for 60.23%; It was followed by multi asset strategy products and futures and derivatives strategy products, with 128 and 104 registered respectively, accounting for 16.06% and 13.05%; Fund of funds and bond strategy products accounted for a relatively low proportion, with 34 and 20 recorded respectively, accounting for only 4.27% and 2.51%.
Zheng Yanxin said: "Under the background of 'converting bonds', the security of bonds has been significantly improved, and the corresponding income has declined, which to some extent has promoted the stock strategy products to become the highlight of the record."
The relevant person in charge of Private Placement said to the reporter of Securities Daily: "Investors are paying more and more attention to multi asset strategy and futures and derivatives strategy, mainly because of the low correlation between futures and derivatives strategy and stocks, the strong liquidity of futures market and the rich futures strategy; The multi asset strategy can better seize the investment opportunities brought by the macroeconomic cycle. "
The enthusiasm for quantitative private securities product filing is high. According to the data of private placement network, 259 quantitative products were recorded in April, accounting for 32.50% of the total recorded products.
From the secondary strategy, the quantitative products registered in April were mainly index enhanced products, with 121 registered products, accounting for 46.72% of the total number of registered quantitative products. In addition, the number of neutral products and quantitative CTA (commodity trading adviser) products recorded in the stock market was 86 and 52 respectively, accounting for 33.20% and 20.08% respectively.
From the perspective of the three-level strategy, the index enhancement products are mainly air index enhancement products. In April, there were 50 registered products, accounting for 41.32% of the total number of registered index enhancement products. Among quantitative CTA products, the number of quantitative multi strategy products and quantitative trend products on record is equal, 24 and 21, respectively, accounting for 46.15% and 40.38% of the total number of quantitative CTA products on record.
From the perspective of private equity institutions with registered products, small private equity institutions are the main force for filing, with the largest number of registered products in total. According to the data of private placement network, in April, 280 private placement institutions with a management scale of less than 500 million yuan recorded 355 products in total, accounting for 44.54% of the total recorded products, and each institution recorded 1.27 products on average.
The average number of registered products of large private equity institutions is leading. Data shows that in April, there were 32 private equity institutions with a management scale of more than 10 billion yuan recorded 101 products in total, accounting for 12.67% of the total recorded products, and the average number of products recorded by each institution was more than 3.
In addition, according to private placement data, in April, six private placement institutions with six or more registered products were quantitative private placement institutions, including five with a management scale of more than 10 billion yuan. Shanghai Kuande Private Equity Fund Management Center (Limited Partnership) ranked first with 16 registered products, and Beijing Borun Yintai Investment Management Co., Ltd. ranked second with 10 registered products.
Looking ahead to the future, Zheng Yanxin said that he was firmly optimistic about the recovery of the valuation of A-share high-quality targets. At present, the overall situation is still underestimated. At the moment of foreign capital repatriation, gradual improvement of economic fundamentals, and steady growth of high-quality corporate profits, it is timely to allocate China's core assets.
"We have a relatively positive attitude towards the subsequent performance of the A-share market." Xingshi Investment analyzed in an interview with the Securities Daily reporter, and will focus on investment opportunities in core assets and growth sectors in specific directions. On the one hand, the new "National Ninth Rule" leads the high-quality development of the capital market, helps to improve the A-share valuation system, and is expected to drive high-quality listed companies with strong profitability to gradually realize long-term valuation premiums; On the other hand, after a long period of adjustment, the valuation of core assets in A-share that are profitable and stable has deviated significantly from the fundamentals, and is also significantly underestimated from an international perspective. Compared with the value sector, the relative value of the growth sector is also low, which means that high-quality growth assets may have greater flexibility.
