According to the performance monitoring data of domestic private equity institutions released by domestic third-party institutions in the first four months of this year, private equity institutions achieved a small positive return in April as a whole, and the annual average loss by the end of April has narrowed to about 3%. According to the latest position monitoring, the average position level of current private equity institutions has also rebounded to a relative high of 79.01% in the year. The issuing end also showed a warming trend. Judging from the future research and judgment of several front-line private placements, positive thinking has become the mainstream view in the private placement industry. Some private equity institutions said that at this stage, the A-share market as a whole may be on the "slow road", and the investment opportunities in the market this year will be more diversified.
Performance of private placement of shares rebounded
Performance monitoring data from Chaoyang Yongsu shows that, driven by factors such as the mild recovery of the market in April, a total of 3607 private equity institutions had an average loss of 2.89% in the first four months of this year by the end of April; Compared with the 3.08% loss in the previous three months, the loss decreased slightly by 0.2 percentage points. Among the stock private equity institutions monitored by the institution, 1396 private equity institutions achieved positive returns in the first four months, accounting for 38.70%; In the first three months of this year, 34.98% of private equity institutions achieved positive returns.
From the comparison of the performance of private equity institutions of different scales, among the six scale groups below 500 million yuan, 500 million yuan - 1 billion yuan, 1 billion yuan - 2 billion yuan, 2 billion yuan - 5 billion yuan, 5 billion yuan - 10 billion yuan, and more than 10 billion yuan, the average return rate of private equity institutions of more than 10 billion yuan in the first four months of this year was 1.41%, ranking first.
Industry insiders said that since this year, the "relatively stable high position" of 10 billion stock private placement has not been "missed" in the market recovery stage. Since February, the overall performance has experienced a round of rapid recovery.
The average position has risen to the highest level in the year
From the perspective of the average position level of domestic private equity institutions, the overall position level of private equity institutions continues to rise with the continued recovery of performance. The latest monitoring from the private placement network shows that as of April 26 (due to the compliance of product information disclosure and other reasons, the product net worth and position measurement data of private placement institutions are relatively lagging behind), the average position of domestic stock private placement institutions is 79.01%, 0.21 percentage points higher than the previous week, and the average position of stock private placement has achieved "three consecutive increases".
Since the average position of domestic private equity reached a new low in the year on February 8 of this year, the data has maintained a fluctuating upward trend. From January to April, the average positions of stock private placement were 78.70%, 76.39%, 77.31% and 78.69% respectively.
Compared with the position of public equity fund products, the position measurement data from Haomai Fund shows that as of April 30, the position of public equity fund with high position (including common stock and mixed partial stock, and some types of products have minimum position constraints) has decreased by 0.06 percentage points, and the average position at the close of April 30 was 88.58%. In vertical comparison, the average position of public offering high position stock funds is also at a historical high level.
It is worth noting that in April, the issuance end of new securities private placement products also recovered. According to the monitoring data of private placement network, as of April 30, a total of 513 private placement institutions had filed 797 private placement securities products in that month.
Positive strategy research and judgment
A number of private equity institutions are more active in the late research and judgment of A-share and Hong Kong stock markets. Shicheng Investment said that the deeper reason for the rapid rise of A-shares and Hong Kong shares in the near future stems from the positive changes in foreign investors' expectations of China's fundamentals. From four aspects, multiple positive factors may continue to drive the market to continue to strengthen. First, with the support of macro policies and industrial policies, the macro economy continues to improve; Second, from the micro level, the performance of listed companies has bottomed out; Third, more A-share listed companies improve shareholder returns through high dividends; Fourth, liquidity factors are also showing signs of improvement. Over the past three years, individual investors have continued to withdraw from the stock market. From the latest financial reports of listed banks, it can be found that the trend of moving deposits to banks and regularization has shown signs of easing, and individual investors are expected to gradually return to the stock market after the previous serious under allocation of risky assets.
Yao Shangkun, chairman of Guoxiong Capital, said that China's assets have rebounded strongly recently, and the replenishment of foreign capital is undoubtedly the key factor. To a large extent, the covering of foreign short positions in the recent stage reflects that in the current complex international context, overseas investors are gradually recovering from their overly cautious expectations of China's economic prospects. From a long-term perspective, we can be optimistic about the A-share and Hong Kong stock markets this year. Yao Shangkun said: "Take the Hong Kong stock market as an example, the rapid rise of this round of Hong Kong stocks is mainly due to the fact that the valuation has been very cheap. After the market's more pessimistic expectations, the original long-term balance will be easier to break."
Dan Yi Investment said that at this stage, the A-share market as a whole is on the "slow road". From the perspective of core drivers, after more than two years of long-term adjustment, "cheap is the absolute truth". The agency is optimistic about the performance of the stock market in the next few years. From the perspective of market structure, Dan Yi Investment also believes that this year's investment opportunities will be more diversified. On the one hand, with the gradual recovery of the domestic economy, industrial policies will continue to generate new hot spots; On the other hand, the high level operation of overseas economy will also bring more opportunities, including both Chinese brands going overseas and overseas priced commodity related investment opportunities.
