At the beginning of May 2019, the first seven science and technology innovation theme funds in the public fund industry were established, and now they have been operating for five years. From the perspective of performance, as of April 26, 2024, the first seven science and innovation theme funds have all achieved positive returns since their establishment; In terms of the development in the industry, in the past few years, the sci-tech innovation theme fund has continued to expand. At present, public offering of Nugget hard technology has stepped into "acceleration", and the scale of investment in the science and technology innovation board market is expected to maintain a rapid growth momentum
◎ Reporter Zhao Mingchao
At the beginning of May 2019, the first seven sci-tech innovation theme funds were all set up, which marks that the public funds have officially made efforts to develop the golden sci-tech innovation board. After five years of hard work and development, the Science and Technology Innovation Board has become an important direction for public offering. Not only the number of active equity funds continues to increase, but also the number of index products continues to increase.
In the opinion of insiders, public funds should strengthen the construction of scientific and technological innovation investment capacity, actively invest in scientific and technological enterprises, and help smooth the virtuous circle of "science and technology industry finance".
The scale of science and innovation theme fund exceeded 200 billion yuan
On April 29, 2019, E Fund Science and Technology Innovation Fund was established, which launched the "first shot" of public fund science and technology innovation board investment. Since then, South Scientific and Technological Innovation, Fuguo Scientific and Technological Innovation, Huaxia Scientific and Technological Innovation, ICBC Scientific and Technological Innovation, Huitianfu Scientific and Technological Innovation, Harvest Scientific and Technological Innovation and other funds have been established in early May 2019. This is the first batch of seven science and technology innovation theme funds in the public fund industry, which has been operating for nearly five years.
From the performance of the above funds, as of April 26, 2024, the first seven science and innovation theme funds have all achieved positive returns since their establishment. Among them, the return rate of E Fund for Science and Technology Innovation since its establishment has reached 118.18%, Harvest Fund for Science and Technology Innovation has reached 82.85%, and South Fund for Science and Technology Innovation, Huitianfu Fund for Science and Technology Innovation and other funds have exceeded 70%. Fuguo Science and Technology Innovation Fund and ICBC Science and Technology Innovation Fund are close to 30%, and only Huaxia Science and Technology Innovation Fund has a yield of less than 20% since its establishment.
In terms of the development in the industry, in the past few years, the sci-tech innovation theme fund has continued to expand.
From the perspective of active equity funds, there are both science and innovation theme funds and science and technology innovation board regular open funds. The passive index products are constantly "updating", and the investment theme is increasingly subdivided. Specifically, it includes science and technology innovation board 50ETF, science and technology innovation 50 enhancement strategy ETF, science and technology innovation 100ETF, science and technology innovation entrepreneurship 50ETF, science and technology innovation board new material ETF, science and technology innovation board growth ETF, science and technology innovation board biomedical ETF, etc.
In addition to the intensive placement of ETFs related to the science and technology innovation board by public offerings, small and medium-sized public offerings are also stepping up the placement of OTC index funds related to the science and technology innovation board. For example, since this year, Wanjia Fund, CITIC Prudential Fund, Winwin Fund, SPDB AXA Fund, etc. have reported Shanghai Science and Technology Innovation Board 100 Index Enhanced fund, which is also the first batch of enhanced funds of the 100 index of the Science and Technology Innovation Board.
From the perspective of development scale, Choice statistics show that as of the end of the first quarter of this year, the total scale of 132 science and innovation theme funds was 218.5 billion yuan. Among them, passive products account for the majority, and many "Big Mac" products have emerged. According to Choice's estimation, as of April 26, the scale of ETFs related to the science and technology innovation board had exceeded 170 billion yuan in total. Among them, the 50 component ETF scale of Huaxia Shanghai Science and Technology Innovation Board was 72.502 billion yuan, and the 50 component ETF scale of E Fund Shanghai Science and Technology Innovation Board was 34.779 billion yuan.
From the perspective of holders, many institutions have begun to deploy products related to the science and technology innovation board. For example, as of the end of last year, according to the latest list of top ten holders of Boshi Kechuang 100ETF China Life Insurance Co., Ltd., AIA Life Insurance Co., Ltd. - dividends and other holding shares are more than 100 million.
Scientific innovation becomes an important position for institutions to dig gold
according to CICC It is estimated that, as of the end of the first quarter of this year, the allocation proportion of the initiative equity biased fund's science and technology innovation board was 10.5%, and the over allocation of the science and technology innovation board was 3.6 percentage points.
A number of science and technology innovation board companies are among the top 50 large positions in public offerings. According to the data of Tianxiang Investment Advisors, as of the end of the first quarter of this year, 250 funds held heavy positions Microenterprise , holding more than 80 million shares. Similarly, 216 funds hold heavy positions Median Holdings , holding more than 37 million shares.
In addition, recently, several funds announced that they could invest in the Science and Technology Innovation Board. For example, on April 25, HSBC Jinxin Fund announced that HSBC Jinxin Huixin six-month holding bond fund could invest in science and technology innovation board stocks. On April 23, Cathay Pacific Fund also announced that Cathay Pacific's high-quality pilot hybrid fund could invest in science and technology innovation board stocks.
In order to explore investment opportunities on the Science and Technology Innovation Board, institutions also intensively investigate listed companies on the Science and Technology Innovation Board. Choice data shows that since April, as of April 28, more than 100 science and technology innovation board listed companies have received institutional research in less than a month. From the survey list, well-known institutions have emerged intensively. For example, Xingzheng Global Fund, Huitianfu Fund, Hua'an Fund, Dunhe Asset Management, etc Disney's Aladdin ； Bosera Fund, Freshwater Spring Investment and other institutions investigated Aiwei Electronics 。
Public Offering of Gold Digging Hard Technology Step into "Acceleration"
On April 19, the China Securities Regulatory Commission issued the Sixteen Measures for the Capital Market to Serve the High level Development of Science and Technology Enterprises, clearly proposing to give greater support to the high level development of science and technology enterprises. Support securities fund management institutions to develop science and technology theme fund products, improve their active management ability, and actively invest in science and technology enterprises.
Changjiang Xiangyang, the director of Bosera Fund, said that public funds should strengthen the construction of scientific and technological innovation investment capacity, help smooth the virtuous circle of "science and technology industry finance", and build first-class investment institutions in the process of serving scientific and technological innovation.
In Jiang Xiangyang's view, public funds should provide more science and innovation oriented ETFs and indexes for the market, including broad base, industry segmentation and investment theme products. For actively managed fund products, we should improve performance and make public praise, so as to attract more funds to technology enterprises.
China Southern Fund believes that public funds are a bridge connecting industries and capital. Through in-depth fundamental research, it will give play to the pricing ability and product creation ability of professional institutional investors and guide social capital to flow to excellent and potential enterprises in strategic emerging industries. This will help improve the convenience of equity financing for science and innovation enterprises, promote the formation of high-quality innovation capital, and promote the improvement of innovation efficiency of the real economy.
CITIC Prudential Fund has judged that the scale of the publicly funded scientific innovation board market is expected to maintain a rapid growth momentum: on the one hand, China has always taken scientific and technological innovation and the development of high-tech industries as an important strategic direction, and will increase support for scientific and technological innovation in the future, including financial support; On the other hand, scientific and technological innovation is an important driving force to promote economic growth, transformation and upgrading. With the promotion of economic transformation and upgrading, the demand for scientific and technological innovation will continue to grow.
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