Securities Times reporter Zhao Mengqiao
The latest data shows that the management scale of public funds in China has reached a new high, having already broken through the threshold of 30 trillion yuan.
On May 23, the latest data of China Foundation Association showed that by the end of April 2024, there were 148 fund management companies in China. Among them, there are 51 foreign-funded fund management companies (including Sino foreign joint ventures and wholly foreign-owned enterprises) and 97 domestic funded fund management companies; There are 13 securities companies or asset management subsidiaries of securities companies and 1 insurance asset management company that have obtained the qualification for public fund management. The total net asset value of public funds managed by the above institutions is 30.78 trillion yuan, which is worth mentioning that this is the first time that the management scale of public funds has reached 30 trillion yuan.
In terms of the number of funds, 112 fund products were added in April, and the growth of share and net value mainly depended on the "additional purchase" of various products and the recovery of market prices.
In terms of the amount of net value growth, in April, the money base was the main growth force. Without any change in the number of funds, the net value increased from 12.48 trillion yuan to 13.44 trillion yuan, an increase of nearly 1 trillion yuan in a single month. In response to this phenomenon, some insiders said that there has been a significant change in the liability side of financial institutions recently, that is, the deposit is out of the table, or the deposit is transferred to the goods base, debt base and financial management.
The above people said that the reason behind this phenomenon is the influence of the call to stop manual interest compensation and the previous series of policies to guide the downward trend of deposit interest rates, as well as the increase in the gap between deposit income and the yield of goods, debt and wealth management.
Also, research reports of securities companies believe that financial management may have to passively increase the proportion of bond allocation, especially short-term bonds, as the availability of "high interest" deposits, non-standard assets and other assets declines. The allocation pressure of financial management will also be transmitted to the money base and short-term debt funds, which will bring about short-term allocation demand.
Therefore, the scale of the bond base also increased significantly in April, from 5.68 trillion yuan to 6.14 trillion yuan, a month on month growth of 8.19%. Recently, the market staged another "stock and debt seesaw" market - the stock market rebounded, but the bond market continued to retreat. However, this phenomenon did not prevent bond funds from being the main issuing force in April, with the issuing share reaching 117.916 billion, and the amount of funds raised by several popular products quickly reached the upper limit of the raising scale.
However, against the background of rapid growth of debt and goods base, the scale of equity products grew more slowly. In April, A-share performance was good, with Shanghai Index rising 2.09% in a single month and Shenzhen Index rising 1.98%. Against this background, the share of stock funds increased by 0.75%, while ETFs (exchange traded funds) once again made "contributions".
According to statistics, as of the end of April, there were 947 ETF funds, with a total scale of 2.48 trillion yuan, up 3.41% month on month. From the perspective of single product, there were six ETF funds whose share increased by more than 1 billion in the month, of which the share of Shanghai and Shenzhen 300ETF increased most significantly, reaching 2.116 billion, and the net inflow of funds exceeded 7.5 billion yuan. Medical ETFs and Hang Seng Medical ETFs followed closely, with the share increased by 1.961 billion and 1.538 billion respectively, and the net inflow was 626 million yuan and 531 million yuan respectively.
In addition, although the number of hybrid funds has increased, their shares have slightly decreased in the recovery market, from 3.72 trillion shares to 3.41 trillion shares, a decrease of about 0.63%. However, driven by the market, the net value still increased by 1.86%.
In terms of QDII (Qualified Domestic Institutional Investor), as the largest destination of QDII funds, the Hong Kong stock market led the world in April, and the HSI rose more than 7% in a single month. However, markets such as the United States, the United Kingdom and France experienced a retreat, and the overall share of QDII funds also declined by 0.67% due to factors such as profit taking of some funds in the rebound of Hong Kong stocks. By the end of April, the total assets of QDII had reached 479.535 billion yuan, and some QDII funds that can hold a large proportion of U.S. stocks within the scope of the fund contract continued to increase and allocate Chinese assets. At present, half of the QDII funds are restricted.
A public fundraiser in Shanghai said that one of the key considerations for the adjustment of the purchase quota of some QDII funds was that with the influx of large amounts of funds, their foreign exchange investment quota might be strained. When the foreign exchange investment quota of the fund company is fully occupied, if investors want to continue to subscribe for fund shares, they can only wait for the quota released after redemption by other holders.
Massive information, accurate interpretation, all in Sina Finance APP
Editor in charge: Yang Hongyan
