First, introduce new funds.
"Playing new funds" does not focus on playing new funds, nor is it a conventional fund classification such as stock type, mixed type, bond type and currency type. "Innovation" is to use the existing position to improve the income through innovation, which is equivalent to the "sideline" of the fund. Because the issue price of China stocks is generally not high, these enterprises often experience a wave of rise after listing, and then sell them after the rise, often earning considerable profits. In fact, there is no special fund called "innovation fund", but some foundations participate in innovation, and the enhancement effect brought by innovation is not bad, so it is commonly known as "innovation fund".
20 19 65438+ 10 On October 30th, China Securities Regulatory Commission issued "Implementation Opinions on Establishing Science and Technology Innovation Board and Pilot Registration System in Shanghai Stock Exchange", which set diversified and inclusive listing conditions according to the positioning of science and technology innovation board and the characteristics of science and technology enterprises. Science and technology innovation board, which took the lead in piloting the registration system, greatly lowered the threshold, facilitated the listing of enterprises, and indirectly created "opportunities" for new funds. With the implementation of the GEM registration system reform this year, innovation will also benefit from the system dividend. The expansion of the initial fundraising scale of new shares registered in science and technology innovation board and Growth Enterprise Market largely offset the decline in the winning rate. Wind data shows that as of September 20, 2020, * * 3,606 funds participated in the offline placement of new shares, with a total investment of 6 125 1 billion yuan; Funds with 1366 have been allocated more than 200 times. Since 2020, the average rate of return of Daxin Fund has been 28.8%, the highest since 20 16 years, of which Daxin contributed 12.3%, accounting for 42.7% of the total income of Daxin Fund.
Second, the gameplay is new
Because of the good income and high certainty, it has attracted the attention of many investors, not only individuals but also institutions. There are three ways to participate in innovation: online innovation (online subscription), offline innovation (offline subscription) and strategic placement.
Online innovation (online subscription): mainly refers to the direct participation of individual investors in innovation. Opening an account in science and technology innovation board requires 500,000 yuan of assets and 2 years of investment experience; At the same time, whether it is the science and technology innovation board or the main board, there are requirements for opening positions.
Offline innovation (off-line subscription): Off-line innovation adopts share allotment system. Investors are divided into three categories: ABC, A (public offering, social security, etc. ), b (finance company, trust, private placement, etc. ) and c (private placement, individual, others, etc. ), the distribution ratio is A & gtB& gt；; C. According to relevant regulations, new shares will give priority to institutions such as public offering, social security fund, pension, enterprise annuity and insurance fund. The specific distribution ratio of A, B and C is decided by the securities company of the lead underwriter, but the number of Class A investors still needs to be ensured.
Strategic Placement: The method of strategic placement is the most demanding, and the placement share needs to be locked for 12 months. The strategic placement fund can be innovative in this way with the highest certainty, but the strategic placement fund will be closed for 2-3 years to match the liquidity problem of 12 months.
Third, the strategy of playing a new fund
In order to maximize the innovation effect of fund scale, the popular innovation strategies are: "stock bottom position+innovation", "stock bottom position+bond+innovation" and "index fund+innovation".
If the strategy of "stock bottom position+innovation" is adopted, the fund size is generally controlled at about 200 million yuan, which can meet the bottom position threshold of 65.438+200 million yuan, and more than 85% of new shares can be subscribed to maximize the efficiency of fund allocation.
If the strategy of "stock warehouse+bond+innovation" is adopted, the optimal scale is about 600 million yuan, 80% of bonds provide low-volatility fixed income, and 20% of stocks are used as warehouse to enhance new income, which is also the product of "fixed income+". The bottom position can be configured with blue chips, high dividends and quantitative bulls. , and some will increase the hedging strategy on this basis.
If the strategy of "index fund+innovation" is adopted, the innovation effect will be more obvious in the case of small scale, and it will be diluted once the scale is too large.