On June 25, the "Beizheng 50 constituent stock index securities investment fund" declared by eight public giants, including E Fund, Huaxia, Nanfang, Guangfa, Guo Fu, Huitianfu, Jiashi and China Merchants Fund, was officially approved. On June 26, 165438+ these fund companies issued recruitment announcements, announcing that since June 65438,
This also means that the North Exchange has ushered in a new era of index investment, and investors also have a new tool that can directly invest in high-quality enterprises of the North Exchange.
Obviously, under the background of gathering many head companies in the industry, the issuance of the first batch of Beizheng 50 index funds has also attracted much attention. Perhaps165438+1October 29th will cause another distribution war.
Eight arrows fired at once.
165438+/kloc-0 was officially launched on October 29th.
The "Beizheng 50-Component Index Securities Investment Fund" approved by E Fund, Huaxia, Nanfang, Guangfa, Guo Fu, Huitianfu, Jiashi and China Merchants Fund will be officially issued on June 29th. 165438+.
According to the fundraising documents of eight Beizheng 50 index funds, Qu Jun found that the fundraising time of eight Beizheng 50 index funds is basically between two and three weeks, among which the deadline of Huaxia Beizheng 50 constituent stock index securities investment fund is the earliest, 65438+February 65438+February 23, and Tian Huifu Bei50 constituent stock index securities investment fund is the latest.
The eight Beizheng 50 index funds launched this time all set a raising limit of almost 500 million yuan, and the South Beizheng 50 component index initiating fund chose a raising limit of 499 million shares, that is, 499 million yuan.
In terms of fees, the annual custody fees of the top eight Beizheng 50 index funds are all 0. 10%, and the annual management fees are all 0.5%. Ordinary investors subscribe, most of the Beizheng 50 funds have a subscription rate of 1% when the amount is less than110,000, and there are also Jiashi and China Merchants Funds, and the subscription rate is 0.8% when the subscription amount is less than 500,000.
It is worth mentioning that, in order to better provide investment and wealth management services for pension customers, the above eight fund companies all provide pension customers with a preferential rate of 1 (except for the fixed subscription fee) for subscribing their Class A fund shares of Beizheng 50 Index Fund.
Sent soldiers and powerful generals.
The issuance of the index fund of the 50 constituent stocks of the North Stock Exchange provides a new tool for investors to directly invest in the "specialized and innovative" enterprises of the North Stock Exchange, and eight public offering giants have also sent elite soldiers to take the lead.
Specifically, except that China Merchants Beizheng 50-component index initiated funds adopt double fund managers, the seven Beizheng 50-component index funds launched are all managed by a single fund manager.
In terms of work experience, among the nine proposed fund managers, the shortest work experience is five years, and two veteran investors have more than 15 years.
However, judging from the number of years as a fund manager, the longest is the fund managers of Guangfa, China Merchants and Guofu Beizheng 50 Index, all of which have exceeded 7 years. Li Jialiang, the fund manager of South North Securities 50 Index, has been a fund manager for more than 6 years. He holds a master's degree in financial engineering and a chartered financial analyst (CFA) from the University of Southern California. 20/kloc-joined southern fund in August/February, and worked as a researcher and assistant investment manager in the quantitative investment department. From August 20 16 to February 30, 2006, he was the manager of Southern Absolute Income Fund.
From the perspective of management scale, the total management scale of nine proposed fund managers of Beizheng 50 Index Fund is 89.74 billion yuan; Among them, Li Jun, Liu Jie and Wang Lele sent by Huaxia Fund, Guangfa Fund and Guo Fu Fund all exceeded10 billion yuan, which were 28.849 billion yuan, 365.438+0.45 billion yuan and 654.38+0.310.20 billion yuan respectively.
Relatively speaking, Liu Jie, the proposed fund manager of Guangfa Beizheng 50, has a large management scale. His current management scale exceeds 30 billion yuan. From July 2004 to 20 10 1, 201kloc-0/worked in the information technology department of Guangfa Fund. At present, it manages 15 funds, including Guangfa CSI 300 Index Fund, Guangfa CSI 500ETF and Guangfa CSI 500ETF Link Fund.
Li Jun, the proposed fund manager of Huaxia Beizheng 50, has a management scale of over 28.8 billion yuan. He holds a Bachelor of Laws and a Master of Business Administration from Peking University. From July 2006 to July 2008, he worked in the securities department of Beijing King & Wood Law Firm. From June 5438, 2008 to February 2008, he joined Huaxia Fund and worked as a researcher and assistant to the fund manager in the quantitative investment department. Currently managing 17 fund.
Guo Fubei is 50 years old and plans to be a fund manager, Wang Lele, with a management scale of over 10 billion yuan. He used to be a researcher at Shanghai Securities, a researcher at Huatai United Securities, a researcher at Huatai Securities and the head of the innovation planning team. 20/kloc-joined Wells Fargo Fund in May, and has served as quantitative fund manager, assistant quantitative investment director of quantitative investment department and senior quantitative fund manager. He is currently the ETF investment director and senior quantitative fund manager of the quantitative investment department of Wells Fargo Fund.
The first index of Beijing Stock Exchange
Low valuation+high profit highlights
At present, the first batch of eight Beizheng 50 index funds that are about to enter the issuance focus on the core broad-based index of the North Stock Exchange market-Beizheng 50 index, which is the first index of the North Stock Exchange, and the advantages of "low valuation+high income" are prominent.
It is reported that the North Exchange 50 Index consists of 50 stocks with large market value and good liquidity, and the total market value of initial sample stocks accounts for nearly 70% of the total market value of the North Exchange. The positioning of the index reflects the overall performance of the 50 most representative securities in the North Stock Exchange market. It provides an important reference for all parties in the market to follow up and invest. According to this, investors can understand the overall performance of the securities listed on the North Stock Exchange.
As of June, 2022, 165438+ 10/2 1, the constituent stocks of this index cover 16 sub-industries, including machinery and equipment, medicine and biology, power equipment, basic chemicals, automobiles, electronics, national defense, food and beverage, etc. The average total market value is 2.723 billion yuan. According to Pang Yaping, general manager of the research department of E Fund, the total market value, operating income, net profit and R&D expenditure of the 50 constituent stocks of Beizheng account for about 65%~70% of the current total market value of Beizheng, which is very representative. At the same time, constituent stocks are mainly concentrated in strategic emerging industries, with outstanding innovation and growth attributes.
At present, the top ten constituent stocks in the North Securities 50 constituent stock index are Jilin Carbon Valley, Liancheng CNC and Betray respectively.
According to Wells Fargo Fund, the Beizheng 50 Index has four major investment values of the North Stock Exchange. First, the policy dividends in important links of the capital market are frequent; Second, the index valuation is at a low level or is expected to repair the market. At present, the PE (price-earnings ratio) of the 50-component index of Beizheng is 19.89 times, which is lower than the similar growth index. The third is money with high growth, high profitability or profitable performance growth. Earnings per share is the core of pushing stock prices. According to the data of the third quarterly report in 2022, the profitability of listed companies in the North Stock Exchange exceeded 90%, and 50 constituent stocks of the North Stock Exchange maintained a high profit growth rate. Fourth, the scientific and technological attributes highlight the scarcity of the "little giant".
"As the first broad-based index of the North Exchange, the 50-component index of the North Stock Exchange has both good characterization and investability." Yan Yang, manager of Huitianfu Fund, also said.
Optimistic about the investment value of Beizheng 50
At present, the A-share market is volatile, and many fund managers think that it is time for medium-and long-term investment layout, and they are also optimistic about the investment value of the Beizheng 50 Index.
Regarding the investment value of the 50-component index of North Securities, Li Jialiang, the proposed fund manager of the 50-component index of North Securities, pointed out that the North Stock Exchange is the gathering place of specialized and new "little giant" companies released by the Ministry of Industry and Information Technology. At present, 46 enterprises in Beijing Stock Exchange have been rated as "little giants" with national characteristics and novelty, which are widely distributed in high-end equipment manufacturing, biomedicine, new chemical materials and other industries, and are the backbone of promoting the development of Beijing Stock Exchange.
Li Jialiang said that in the long run, China's determination to support the innovative development of small and medium-sized enterprises and cultivate specialized and innovative small and medium-sized enterprises will not change. The Beizheng 50 Index, which is positioned as a professional innovation giant, has great growth space and development potential. At present, due to the liquidity problem of the North Exchange, the valuation level of the North Exchange is much lower than that of the GEM and science and technology innovation board, and the average valuation is only 38% of the average valuation of the GEM and science and technology innovation board, with good cost performance. We believe that with the attention of more and more institutional and individual investors in the future, the market liquidity of the North Stock Exchange is expected to be improved to a higher degree, thus driving the repair of valuation.
Li Jialiang pointed out that the launch of the North Stock Exchange 50 Index and its index products means that the ecological construction of the North Stock Exchange will gradually enter a more mature stage, and the North Stock Exchange will enter a stage of rapid development. It is expected that the launch of the Beizheng 50 Index product will not only provide individuals and institutional investors with important tools configured by the North Stock Exchange, but also bring great help to the overall trading activity of the North Stock Exchange.
Looking ahead, Li Jialiang said that with the improvement of various systems of the North Exchange, the increasing number of listed companies and the expanding scale of various investors, the investment and financing attraction of the North Exchange is expected to be further enhanced. Investors draw fresh water from the source by borrowing index funds, which is helpful to realize the high-quality development of innovative small and medium-sized enterprises through services, and is of great significance to improve the ecological system construction of the North Exchange, support the national innovation and technology-driven development strategy, and help financial services to improve the real economy.
Li Jun, director of the quantitative investment department of Huaxia Fund, said: First, the financial market can serve the real economy and guide social funds such as public offerings, insurance and banks to flow to innovative small and medium-sized enterprises such as "specialization and innovation" to solve the development dilemma of financing difficulties for small and medium-sized entities; Second, through the development of indexed products, it is more convenient to provide market investors with opportunities to participate in the North Stock Exchange market and share the growth and development dividends of small and medium-sized enterprises.
It is worth mentioning that in recent years, the North Stock Exchange has frequently reported good news to further enhance the investment value of listed companies. First, the North Stock Exchange lowered the stock transaction fee standard from 0.5‰ of the transaction amount to 0.25‰ of the transaction amount, a decrease of 50%; Second, in order to further promote market reform and innovation, improve the market trading system, and enhance market vitality, Beijing Stock Exchange has drafted the Detailed Rules for Stock Market Trading of Beijing Stock Exchange and the Guidelines for Stock Market Trading of Beijing Stock Exchange, soliciting opinions from the market publicly, and the mixed market maker system is ready to emerge in Beijing Stock Exchange. The third is to incorporate the shares of Beijing Stock Exchange into the cross-market index system of CITIC Jiantou and CITIC Jiantou. The further integration of the shares of the North Exchange into the cross-market index system can not only improve the representativeness of the index, but also form a synergistic effect with the release of the 50 index of the North Exchange, further guide the medium and long-term capital allocation of innovative small and medium-sized enterprises, and introduce more flowing water to the market.
In addition, Liu Jie, the proposed fund manager of Guangfa Beizheng 50 Index Fund, also said that Beizheng 50 Index is the first important broad-based index representing the overall trend of Beizheng in the whole market. The approval of Guangfa Beizheng 50 Index and other related products can, on the one hand, introduce more long-term passive investment funds into the North Stock Exchange market, improve market liquidity and create a good environment conducive to the growth of small and medium-sized technology enterprises; On the other hand, it is also possible to provide convenience for ordinary investors to share the dividend of the accelerated growth of innovative SMEs in China through index funds.