Overall, this will help guide the rational pricing of new shares. Since the beginning of this year, the reform of the new share issuance system has started again. In order to curb the unreasonable IPO price caused by speculative "innovation" behavior, the effective way is to eliminate investors whose main purpose is to obtain the price difference between the primary and secondary markets, and let the IPO inquiry institutions make rational pricing based on the fundamentals of enterprises and long-term holdings. In this way, the primary bond fund may be classified as an investor "for the purpose of obtaining the price difference between the primary and secondary markets" by the regulatory authorities. The "Notice" stops the qualification of offline inquiry and placement of tier-one bond funds in the hope of excluding such speculative and short-term funds from the inquiry system of new shares, hoping to help guide the rational return of the issue price of new shares.
After the "Notice" was issued, the market interpreted that tier-one bond funds could no longer participate in new share investment, which was wrong. In fact, the "Notice" mainly restricts the qualification of offline placement of tier-one bond funds. The starting point is to prevent tier-one bond funds from affecting the rationality of IPO pricing because of their "impure" and "innovative" motives, and its fundamental purpose is not to restrict their subscription of new shares. Therefore, although Tier-1 bond funds can no longer conduct offline inquiry and placement of new shares, nor can they affect the issuance pricing of new shares, if there are new shares with reasonable pricing, they can still participate in the investment of new shares through online subscription.
In the short term, this will impact the income of some tier-one bond funds. 20 1 1, the contribution of new shares based on open tier 1 debt is positive as a whole, and the average income contribution is 1.52%. Judging from the number of new shares participated by the primary debt base, during the period of 20 1 1 year, the average number of new shares subscribed was only 1 1.30, of which 42 were the most. In 20 1 1 year, the total number of new shares based on Tier 1 debt is about 8010.40 billion yuan, most of which are obtained through offline placement. 20 1 1, a total of 7.938 billion yuan of new shares were placed under the tier-one debt-based network, accounting for 97% of the total "innovation". According to the experience of 20 1 1 year, the subscription income of new shares based on tier-one debt contributes greatly, and "innovation" relies heavily on offline subscription. Therefore, after the suspension of "innovation" under the primary debt-based network, it is expected that the debt-based income with frequent subscription of new shares will be affected in the short term.
In the long run, it is in line with the direction of returning to the source of bond investment to stop the "innovation" of offline first-tier bond funds. In recent years, bond funds generally have the characteristics of high equity, high credit and high leverage. This investment style can often significantly improve the portfolio returns in a bull market, but it also invisibly increases the volatility of bond fund returns, making its risk-return characteristics far away from the bond market itself.
After 20 1 1 bond funds generally deviated from the benchmark and underperformed the stock index, the regulatory authorities paid more attention to the return of bond funds to "debt". Looking at the development trend of bond funds since this year, the development of pure debt funds has accelerated, and it has been gradually valued and recognized by the market. For example, the introduction of index bond funds, the pure bond funds that were suspended for several years were restarted in June 5438+February last year, and the short-term financial bond funds that were popular in the first half of this year were also pure bonds. The return of bond funds to the origin of bond investment has attracted more and more attention from the market, and its enhancement of the stability and instrumentality of performance will also become an important direction for the development of bond funds.