(a) the name of the collective plan
Huatai Zijin 1 Collective Asset Management Plan.
(2) Types of collective plans
Restricted set plan.
(3) Investment objectives of the collective plan
On the premise of ensuring the principal security and liquidity, realize the best value-added potential of the collective plan assets.
(D) the concept of collective planned investment
Take bonds as the main investment object, build a low-risk investment portfolio, follow the principle of prudent investment, be research-oriented, and realize the best value-added potential of collective planned assets through portfolio investment and quantitative management under the premise of strictly controlling risks.
(5) The investment scope and portfolio proportion of the collective plan.
The investment scope includes domestic bonds, stocks, securities investment funds and other financial instruments permitted by China Securities Regulatory Commission. Mainly invest in government bonds, financial bonds, corporate bonds, convertible bonds, short-term financing bonds, central bank bills and reverse repurchase; The assets invested in subscription of new shares and equity securities investment funds shall not exceed 20% of the net assets of the plan.
Huatai Securities
(six) the term of the collective plan is 3 years.
(7) Opening period
The assembly plan will be opened once every 1 month for three months after it is formulated, and the opening period will be the 6th, 7th and 8th days of every 1 month (postponed in case of holidays).
(8) Target scale of collective plan
The target size is 2 billion copies.
(nine) the face value and participation price of the collective planning unit.
The face value of the unit share of this collective plan is RMB 65,438+0 yuan.
During the promotion period, the unit share participation price of the collective plan is RMB 65,438 +0.00; On the open day, the unit share participation price of the collective plan is the net value of the collective plan unit on that day.
(10) The minimum participation amount of a single customer is 50,000 yuan.
(eleven) the characteristics of the collective plan
1. Set special allocation clauses, which shall be borne by the risk manager first.
This clause only applies to the plan shares that have participated in this collective plan during the promotion period and have not withdrawn at the time of compensation, except those held by the manager.
On the last trading day of each year when the collective plan expires, if the cumulative unit net value of the shares that the principal participates in during the promotion period is less than 65,438+0.0225 yuan, the manager has the obligation to use only his own funds to contribute part or all of the assets of the collective plan share and compensate the principal in the form of amount compensation until the cumulative unit net value of the principal's share reaches 65,438+0.0225 yuan or the asset compensation of Huatai Securities holding the plan share is completed;
On the last trading day of the first year of the collective plan, if the cumulative unit net value of the shares participated by the principal during the promotion period is higher than 65,438+0.05 yuan, Huatai Securities has the right to withdraw 20% of the value-added part of the planned share assets exceeding 65,438+0.05 yuan as a reward.
2. The collective plan will be opened once a month three months after its establishment to meet the client's demand for liquidity.
3. There is no participation fee.
(twelve) the important commitment of the plan manager.
Huatai Securities Co., Ltd., the manager of this collective plan, will fully subscribe for the plan share according to 3% of the total plan share during the promotion period of this collective plan, and will not quit during the existence of the collective plan, and assume corresponding obligations and enjoy the agreed rights.
(thirteen) the promotion object and promotion organization of the collective plan.
1, promotion object
Individual investors and institutional investors in People's Republic of China (PRC), and have been clients of Huatai Securities and China Merchants Bank.
2. Promotion agencies
Huatai Securities, China Merchants Bank and Ping An Bank.
(14) Promotion period
No more than 60 days from the date when the China Securities Regulatory Commission issued a written opinion without objection on this collective plan specification, and the specific promotion time shall be subject to the promotion plan of this collective plan.
(15) popularization method
Publicize the collective asset management plan directly to customers mainly through the business outlets of the collective plan manager and the outlets of other promotion agencies, and cooperate with the website publicity of the collective plan manager and other promotion agencies to make customers know the characteristics, risks and rights and obligations of the collective asset management plan in detail. However, it is not allowed to publicize the collective asset management plan through public media such as radio, television and newspapers. General situation of Huatai Zijin No.2 collective asset management plan
(a) the name of the collective plan
Huatai Securities
Huatai Zijin No.2 Collective Asset Management Plan
(2) Types of collective plans
Unrestricted aggregate plan
(3) Investment objectives of the collective plan
This collective plan takes the securities investment fund as the main investment object, and strives to realize the stable appreciation of the assets of the collective plan during the operation of this collective plan on the premise of effectively controlling risks and maintaining sufficient liquidity.
(D) the concept of collective planned investment
This collective plan follows the investment philosophy of value investment and active investment, is research-oriented, and realizes the best value-added potential of collective plan assets through portfolio investment and quantitative management under the premise of effectively controlling risks.
(5) The investment scope and portfolio proportion of the collective plan.
The investment scope is financial instruments with good liquidity, including various domestic securities investment funds, new shares and other financial instruments permitted by China Securities Regulatory Commission. The main investment scope is:
1, open-end securities investment funds and closed-end securities investment funds;
2. Cash assets, including bank deposits, bank bills, money market funds and bond reverse repurchase;
3. Subscription of new shares.
Portfolio ratio:
1. The investment ratio of non-money market securities investment funds to the net asset value of the collective plan is: no more than 95%;
2. The investment ratio of cash assets to the net asset value of the collective plan shall not be less than 5%.
(six) the term of the collective plan is 5 years.
(7) Opening period
1 month after the establishment of the collective plan is the closed period, and the duration after the closed period is the open period. This collective plan accepts the client's application for participation or withdrawal on any working day during the opening period.
(8) Target scale of collective plan (total share)
During the promotion period of this collective plan, the maximum raising scale is 2 billion shares (including the participation share of managers, excluding the interest transfer share of participating funds).
The maximum fundraising scale during the duration of this collective plan is 3 billion copies (including the participation share of managers).
When the scale of collective plan on dividend day reaches the maximum scale, the share of collective plan increased due to dividend reinvestment is not limited by the maximum scale.
(nine) the face value and participation price of the collective planning unit.
The face value of the unit share of this collective plan is RMB 65,438+0 yuan.
During the promotion period, the unit share participation price of the collective plan is RMB 65,438 +0.00; On the open day, the unit share participation price of the collective plan is the net value of the collective plan unit on that day.
(10) The minimum participation amount of a single principal.
The minimum amount for a single customer to participate for the first time is RMB 654.38+10,000.
(eleven) the characteristics of the collective plan
1, risk * * * bear, income * * * enjoy.
This collective plan has a special participation clause for managers. The collective plan manager participates in this collective plan with his own funds and promises not to quit early during the existence of this collective plan. The manager and the principal of the collective plan will enjoy the benefits and bear the risks according to the share proportion of this collective plan.
2. Strong liquidity
After the establishment of this collective plan, it will be open every working day 1 month to meet customers' demand for liquidity.
3. There is no participation fee.
(twelve) the important commitment of the plan manager.
At the end of the promotion period of this collective plan, Huatai Securities Co., Ltd., the manager of this collective plan, will participate in 5% of the total share subscription as planned, but the maximum amount will not exceed 654.38 billion yuan. The manager of this collective plan will bear the risks and enjoy the benefits in proportion to the plan share held by the client.
(thirteen) the promotion object and promotion organization of the collective plan.
1, promotion object
Individual investors and institutional investors in People's Republic of China (PRC) who are already customers of promotion institutions.
2. Promotion agencies
Huatai Securities, China Merchants Bank, Industrial Bank, Ping An Bank, Industrial Securities.
The manager of this collective plan may, according to the requirements of relevant laws and regulations, choose other qualified promotion agencies to sell this collective plan as agents, and notify them in each promotion agency in time, and report to the dispatched office of China Securities Regulatory Commission at the place of registration and promotion for the record.
(14) Promotion Time
It will take no more than 60 working days from the date when the China Securities Regulatory Commission issues the approval document of this collective plan specification, and the specific promotion time shall be subject to the promotion announcement of this collective plan.
(15) popularization method
Huatai Securities
Publicize the collective asset management plan directly to customers through the business outlets of the collective plan manager and other promotion agencies, and cooperate with the website promotion and other private placement promotion methods of the collective plan manager and other promotion agencies to make customers know the characteristics, risks and other rights and obligations of the collective asset management plan in detail, but it is not allowed to publicize the collective asset management plan through public media such as radio, television and newspapers. General situation of Huatai Zijin No.3 collective asset management plan
(a) the name of the collective plan
Huatai Zijin No.3 Collective Asset Management Plan
(2) Types of collective plans
Unrestricted aggregate plan
(3) Investment objectives of the collective plan
The investment goal of this collective plan is to seek long-term and stable returns for the clients under the controllable risks. Based on their accumulated investment management experience, relying on the professional research strength of the company research institute and the excellent research results of peers, managers will seize the dynamic adjustment opportunity of the relative value changes of various securities assets, effectively control investment risks, and seek further asset appreciation for customers on the basis of asset preservation.
(D) the investment strategy of the collective plan
Asset allocation strategy with capital preservation strategy as the core and strict and meticulous securities selection strategy are the main guarantee for obtaining stable income, and income management is an important means to maintain income. Therefore, this collective plan will use three levels of investment strategies: asset allocation, selected securities and income management to achieve the investment objectives of the collective plan.
1, asset allocation strategy
This collective plan takes the steady appreciation of assets as the primary goal, and will strive to achieve the balance between the security and appreciation of assets in the process of allocating large-scale assets. In order to achieve the goal of balance, this collective plan introduces the idea of capital preservation strategy.
At present, there are not enough effective hedging tools and hedging mechanisms in China, so CPPI and TIPP are the most widely used capital preservation strategies.
This collective plan modified the capital preservation strategy by introducing conditional finite risk exposure. The significance of risk exposure is that when market opportunities arise, managers have the opportunity to create certain conditions for customers and seize the opportunities decisively.
2. Select the securities strategy
This collective plan adopts GARP strategy (Growthatreasonableprice), follows the stock selection idea of "optimizing industries and selecting individual stocks", uses fundamental analysis to select undervalued enterprises in booming industries, and pays attention to analyzing and grasping their future growth potential while selecting enterprises, so as to further build a portfolio.
(1) preferred industry
Industry analysis can provide detailed industry investment background for the collective plan, optimize the booming industries with undervalued value, and thus determine the scope and focus of industry investment.
The first step is to find the industry in the boom cycle.
In the long run, the appreciation of financial capital comes from the development of industrial capital, and the institutional changes brought about by the completion of the share-trading reform further strengthen the relationship between financial capital and industrial capital. The investment theme mainly lies in three aspects: the demand of industrial structure adjustment put forward by China's further economic growth provides sufficient opportunities for the development of manufacturing industry in the middle reaches and the merger and reorganization of advantageous industries; During the appreciation of RMB, the price of non-tradable goods in China is bound to rise, and the appreciation will highlight the opportunity of asset revaluation; The rapid increase of residents' income under the background of demographic dividend will promote consumption upgrading, and the growth of brand consumption and service industry will enhance the value of related listed companies.
The second step is quantitative analysis to optimize the booming industry.
For the industries preliminarily screened by qualitative analysis from the macro-economic perspective, this collective plan will be based on the analysis and prediction of the future macro-economy, especially GDP growth rate, and the analysis and prediction of the future growth space of related industries, and the following criteria will be adopted to further screen out the top ten industries that are closely related to macro-economic growth and have growth prospects.
① It is estimated that the annual growth rate of the industry will be significantly higher than the GDP growth rate in the next two years;
It is estimated that the annual growth rate of the industry will be in the forefront of all industries in the next two years;
③ It is expected that the next two years will be in the rising stage of the industry cycle;
(4) The technical or financial barriers in the industry are high, and the domestic and international markets are large.
(2) Select individual stocks
The stock selection of this collective plan will continue the screening idea of "value-based, giving consideration to growth", conduct in-depth research on the selected industries, select listed companies with low absolute valuation and outstanding relative valuation, carefully analyze and inspect their future growth, and build a core stock pool. The specific steps for selecting individual stocks are as follows:
The first step: eliminate the problem stocks through the fundamental analysis of the company.
Make a preliminary fundamental analysis of all stocks in the preferred industry. First, eliminate the st stocks announced by the CSRC, investigate the assets, liabilities and cash flow of the remaining stocks, eliminate the stocks with poor asset quality and financial hidden dangers, and form an alternative stock pool.
Step 2: Choose the best among the best-choose the undervalued varieties by using various valuation methods.
Among the key research companies selected by industry researchers, various valuation methods (PE, PB, EV/EBITDA, REP, DDM, FCF, etc. ) is used to select listed companies with low valuation relative to the market and the average level of the same industry.
The third step: choose the best among the best-choose the growth stocks whose value is undervalued.
For low-value listed companies, professional researchers and investors will establish a special profit forecasting model to analyze and grasp their future growth, and select enterprises with high compound growth rate of net profit, obvious growth trend and less uncertainty of development prospects in the next two to three years to build a core stock pool.
3. Revenue management strategy
The collective plan will use quantitative risk management techniques (such as variance, Sharp index, VAR, etc.). ) Carry out income risk management, effectively control downside risks and lock in realized income, convert relative income into realized income, and realize the growth of net value of collective plan.
For asset allocation, the revenue management strategy is mainly quantitative and qualitative analysis. When the market trend changes, adjust the allocation of large-scale assets in time and reduce the proportion of risky assets in time; For stock investment, it is mainly to hold stocks strategically. According to the market trend and the market performance of individual stocks, the trading opportunity can be grasped by analyzing the relative fluctuation and deviation between stock price and value, so as to realize gains or control losses in time in the fluctuation of stock price.
(5) The investment scope and portfolio proportion of the collective plan.
The investment scope covers stocks, treasury bonds, financial bonds, corporate bonds, convertible bonds, warrants, asset-backed securities, bond reverse repurchase, bank bills, bank deposits, securities investment funds and other financial instruments approved by China Securities Regulatory Commission.
The main investment targets of this plan are listed companies with sustained growth in prosperity or at the turning point of prosperity and valuation advantages. The specific strategy is to refer to the experience of international mature markets and emerging markets, and find core assets for allocation through the judgment of industry prosperity and the analysis of quantitative forecast data.
Portfolio ratio:
1. The investment ratio of equity assets is 0%-80%. Equity assets include stocks, partial stock securities investment funds and warrants. Among them, the warrant investment follows the following proportional restrictions: ① The total amount of warrants bought by the collective plan on any trading day shall not exceed 0.5% of the net asset value of the collective plan on the previous trading day; ② The market value of all warrants held in this collective plan shall not exceed 3% of the net asset value of the collective plan; ③ The same warrant held by this collective plan and other collective plans managed by this collective plan manager shall not exceed 65,438+00% of the warrant.
2. The investment ratio of fixed income assets and cash assets is 20%- 100%, of which the investment ratio of cash assets is not less than 5%. Fixed income assets include government bonds, corporate bonds, convertible bonds and asset-backed securities. Cash assets include cash, bank deposits, bank bills, money market funds and bond reverse repurchase.
(six) the term of the collective plan
Five years from the date of the establishment of the collective plan.
(7) Opening period
Three months after the establishment of the collective plan is a closed period, and the duration after the closed period is an open period. This collective plan accepts the client's application for participation or withdrawal on any working day during the opening period.
(8) Target scale of collective plan (total share)
During the promotion period of this collective plan, the maximum fundraising scale is 3.5 billion shares (excluding the share of interest transfer of participating funds). When the collective plan is close to the maximum scale, the administrator has the right to confirm the client's application for participation according to the principle of "time priority", and the participation time is subject to the confirmation result of the registration system; When the plan reaches the target scale, the administrator has the right to suspend accepting the client's application for participation.
The maximum fundraising scale during the existence of this collective plan is 3.5 billion. During the existence period, when the plan reaches the maximum scale, the administrator has the right to suspend accepting the client's application for participation.
When the scale of collective plan on dividend day reaches the maximum scale, the share of collective plan increased due to dividend reinvestment is not limited by the maximum scale.
(nine) the face value and participation price of the collective planning unit.
The face value of the unit share of this collective plan is RMB 65,438 +0.00.
During the promotion period, the unit share participation price of the collective plan is RMB 65,438 +0.00; On the open day, the unit share participation price of the collective plan is the net value of the collective plan unit on that day.
(10) The minimum participation amount of a single principal.
The minimum amount for a single customer to participate for the first time is RMB 654.38+10,000.
(eleven) the characteristics of the collective plan
1. Pursue absolute returns with capital preservation strategy.
This collective plan will aim at absolute positive returns, and strive to grasp the investment and arbitrage of low-risk products such as subscription of new shares and convertible bonds, targeted fundraising participation and arbitrage of convertible bonds; On the premise of correctly judging the market trend and using the capital preservation strategy, we should properly invest in stocks with high margin of safety and seek higher returns under moderate risk. Moreover, this collective plan takes the one-year time deposit interest rate (before tax) as the comparison benchmark, and does not take the stock index rise and fall in the same period as the judgment standard of investment performance, and pursues positive returns every year. 2. Take business cycle and valuation comparison as investment basis.
The equity asset investment of this collective plan is based on business cycle judgment and valuation comparison. The specific strategy is to refer to the experience of international mature markets and emerging markets, and find the core assets for allocation through the judgment of industry prosperity by investment researchers and the analysis of quantitative forecast data.
3. Lock in investment income with continuous cash dividends.
The collective plan seeks stable income for investors, and at the same time locks in the return on investment of holders through continuous cash dividends. The maximum number of dividends in each fiscal year can reach 12, and the dividend amount is at least 50% of the distributable income of the collective plan.
4. Open every day for investors to enter.
Three months after the establishment of this collective plan is a closed period, and the duration after the closed period is an open period. On any working day during the opening period, investors can participate in and withdraw from this collective plan.
(twelve) the promotion object and promotion organization of the collective plan.
1, promotion object
Individual investors and institutional investors in People's Republic of China (PRC) who are already customers of promotion institutions.
2. Promotion agencies
Huatai Securities, China Merchants Bank, Industrial Bank, Ping An Bank, Industrial Securities and United Securities.
(XIII) Promotion time
It will take no more than 60 working days from the date when the China Securities Regulatory Commission issues the approval document of this collective plan specification, and the specific promotion time shall be subject to the promotion announcement of this collective plan.
(14) popularization method
Innovative cash management such as Huatai Tiantianying, Huatai Tiantianfa and Huatai Dingcunbao have been launched one after another.