165438+1On October 23rd, Shanghai Yin Bao Investment announced that it planned to use its own funds and employee funds totaling 654.38 billion yuan to purchase company fund products this year.

According to incomplete statistics, as of165438+1October 23, 22 private placements had issued announcements of self-purchase during the year, and the total amount of self-purchase exceeded 3 billion yuan.

Yin Bao invested 654.38 billion yuan.

165438+123 October, Shanghai Yin Bao investment said in the announcement that based on the expectation of the long-term healthy and stable development of the capital market and confidence in its investment management ability, it plans to purchase fund products managed by the company with its own funds and employee funds totaling 6,543.8 billion yuan this year.

Up to now, Yin Bao Group and its internal funds account for more than 20% of the total scale of RMB and USD fund management. Yin Bao said that in the future, he will continue to increase the investment scale of his own funds and share risks and benefits with investors.

It is understood that Yin Bao currently manages total assets of over 30 billion yuan and its own funds of over 6 billion yuan. Among them, US dollar funds account for more than 50%, and some customers' products have been held for more than 17 years. Sources of funds include sovereign funds, endowment funds, listed companies' own funds, family offices, etc.

The person in charge of Yin Bao Investment told this newspaper that there are two main reasons for self-purchasing: On the one hand, Yin Bao Company has always had the tradition of self-purchasing, and actively encourages employees to invest in the company's funds. The investment amount of the company and employees accounts for the management scale of the company. The proportion has been in the forefront of the industry for a long time and is highly consistent with the interests of investors; On the other hand, although the current market sentiment is depressed, I am full of confidence in the future market investment opportunities and the company's management ability, so it is difficult to prepare this self-purchase plan with customers.

According to the data, Wang Qiang, founder and chief investment officer of Yin Bao Investment, is the first generation fund manager in China. He founded Yin Bao Investment on 1999. The Yin Bao Greater China Fund (PCF Fund) he managed was established more than 17 years ago, and earned commission income of 16 times in 17 years. It is understood that Yin Bao investment is based on the concept of value investment and adopts the investment strategy of hedging individual stocks in the industry.

During the year, the amount of private placement purchases exceeded 3 billion yuan.

Since the beginning of this year, private equity funds have set off a wave of self-purchase, with 10 billion private placements as the main force.

According to the data of private placement network, as of 1 65438+123 October, 22 private placements have issued announcements of self-purchase during the year, with the total amount of self-purchase exceeding 3 billion yuan, of which12 private placements have the amount of1100 million yuan and above.

Billion private placement is the main force of self-purchase. During the year, there were 15 private placements with a total subscription amount of about 2.808 billion yuan, accounting for more than 80% of the total subscription amount. Among them, Kaifeng invested about 800 million yuan, the highest amount of private placement this year. According to the statistics of Jiukun Investment and Rubik's Cube, the self-purchased amount during the year exceeded 300 million yuan, while the self-purchased amount of Ningquan Assets, Shifeng Assets, Ling Jun Investment, Lin Jing Assets and Sixie Investment all exceeded 6,543.8+billion yuan, and that of Yongan Guo Fu, Hanhe Capital and Yin Bao was 6,543.8+billion yuan. The self-purchased amount of Jiukun's private investment, Rubik's cube quantification and average investment all exceeded 654.38 billion yuan, reaching 360 million yuan, 350 million yuan and 654.38+0.5 billion yuan respectively.

"Now is the beginning of a bull market"

Private equity managers took out "real money" and bought it themselves, which also expressed their firm confidence in the market outlook.

"With the adjustment of real estate policies, more accurate and efficient epidemic prevention and control policies and the slowdown of the Fed's interest rate hike, several factors that have had the greatest impact on the macro economy and the capital market in the past two years have turned around. We are neutral and optimistic about the structural investment opportunities of Huaxia Assets in the capital market for some time to come. " Yin Bao Investment said.

Kaifeng Investment is relatively optimistic about the future stock market. Gao Bin, chief economist of Kaifeng Investment, pointed out that the first level of optimism is the mitigation of risks; First, the influence of platform monopoly is gradually dissipating; second, the influence of epidemic situation is also weakening; finally, China is favorable in geopolitics. The second level of optimism is the abundance of funds. In the past two years, residents' deposits have increased from 9 1 trillion yuan to 1 15 trillion yuan. The credit pulse is generally six months to one year ahead of the stock market, and the changes here are also obvious. The new funds and existing funds for the credit pulse will be the same as those for supporting stocks.

Xiangju Capital also said that although both A-shares and Hong Kong stocks have picked up to some extent recently, there are still many investors who lack confidence, stay put and even take defensive measures.

"At such a node where there are still differences, we give a very clear view: we are now at the starting point of the bull market and are very positive and optimistic about the market outlook." Hui Liang, general manager of Xiangju Capital, pointed out.

Hui Liang believes that the historical trend of A shares in the past 10 years can be traced back to the conclusion that the current market valuation is already at a very low level. Within Juju Capital, the relative valuation level of the market is measured by the relative price-earnings ratio (ERP). At present, it is near the historical quantile 10%. If you hold it at this valuation level for more than one year, the probability of obtaining positive returns is close to 100%. Although the trend of the index was not good in the past year, it can be said that the worst is over.

Juming Investment believes that there is a great possibility that the economy will start to pick up in the second half of next year. Once the declining economy starts to stabilize and rebound, the trend of the whole stock market will change. In addition, the global economy may bottom out next year, and I hope that 2024 will usher in a good environment. Under this deduction, hedging will give way to opportunities, and industries damaged by the epidemic and economic downturn will bottom out and rebound in the future. Such assets happen to be industries that have fallen sharply in the past, so it is possible that the operating logic of the stock market will turn in the future, safe-haven assets will lose their value, and risky assets will be valued.