What is new?
Playing new means using funds to participate in the subscription of new shares. If you win the lottery, you will buy new shares. Only offline organizations can purchase, and I can purchase online. Playing new shares is divided into playing new shares and playing new funds.
Can the primary debt base be renewed?
The splendid primary debt base has become a thing of the past. Recently, the primary debt base "IPO" has been suspended, which also means that the concept of primary debt base defined as "only participating in the subscription of new shares in the primary market and not participating in stock trading in the secondary market" will be just an empty shell. In the future, the issuance of bond fund products will mainly be based on pure debt and secondary debt.
A debt-based fund manager believes that the cancellation of the first-level debt-based innovation qualification by the regulatory authorities is conducive to curbing "speculation". "Although the regulatory authorities have been reminding the risks of new shares, as a variety that specializes in making new investments to obtain expected annualized expected returns, the enthusiasm of tier-one debt-based companies for making new investments has never diminished, and prohibiting them from participating in new investments is also conducive to protecting the interests of investors."
"Cancel is also a good thing. Personally, I have never recognized the primary debt base. While they want to get the expected annualized expected return in the bond market, they also want to speculate in the stock market to get the so-called risk-free expected annualized expected return, which is unreasonable. " The above-mentioned person in charge bluntly said that bond funds mainly invest in bonds, and if they have sufficient investment and research capabilities, they will innovate and invest in the secondary market.
Risk warning:
1. If the number of new shares is gradually increasing in the future, especially with the arrival of the registration system, the scarcity of new shares will gradually decrease, and the crazy pursuit of the whole market is likely to decline. Many new shares may not be sold, and the skyrocketing listing of new shares will become a legend, or there may be no opening price limit. Then, holding a new fund may no longer be a sure bet.
2. At present, the historical expected annualized expected return of the new fund can reach 20%, and the general historical expected annualized expected return is about 8- 15%, which is considered as a low-risk and high-expected annualized expected return product. As innovation is getting hotter and hotter, the scale of innovation funds is getting bigger and bigger, and as a result, the expected annualized expected rate of return is declining. Because playing a new fund has a large transaction cost, including subscription fee, redemption fee, management fee and so on. Especially if investors want to quit after the IPO stops, deducting the higher redemption rate, according to the exit time, it is likely to expect the annualized expected return to be less than 2%.