In recent years, the performance of infrastructure funds is relatively average, even when the fund market is generally rising, the performance of infrastructure funds is also average. Then do you know why the infrastructure fund has been falling?

1, the growth rate of fund investment declined.

China has invested heavily in infrastructure construction. China's infrastructure investment has maintained a growth rate of about 20% in previous years. China High-speed Railway, Hong Kong-Zhuhai-Macao Bridge and Qinghai-Tibet Railway are all super projects completed under this background.

However, due to the increasingly strict supervision of infrastructure industry, credit contraction, increasing pressure of infrastructure refinancing and other reasons, the growth rate of infrastructure investment in China began to decline from 20 17.

2. The infrastructure index is undervalued.

Capital construction is a representative index in the field of capital construction, and the stocks of listed companies involved in construction and engineering business are selected as constituent stocks. It can basically reflect the performance of listed companies related to the infrastructure industry.

Relevant data show that the index of infrastructure projects has been in a downward trend since 20 17, and the valuation of the index of infrastructure projects is in a position.

3. Poor financial data of large construction enterprises.

Infrastructure enterprises are mainly high-speed rail, highways, bridges, tunnels and other infrastructure buildings. In the past few years, many large construction enterprises have failed to meet the standards in financial indicators such as operating income and non-net profit deduction.

Compared with enterprise industry, there are more uncertainties in infrastructure projects. For example, it is basically difficult for infrastructure enterprises to have accounts receivable in advance, and there will be more accounts receivable waiting to be paid.