The issuance of new funds has obviously cooled down compared with last month, with a decrease of over 40% from the previous month. Overview In the first seven months of 2022, the issuance scale of new funds decreased by nearly 60% year-on-year, hitting a new low since 20 19. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
In July, the issuance scale of new funds decreased by over 40% month-on-month.
In the first month of the second half of 2022, the issuance of new funds dropped sharply compared with the previous month.
Wind data shows that according to the fund establishment date, in July, new funds were established 109, which was 2 1.58% lower than that in June. In July, the issuance scale of new funds was126.898 billion yuan, which was 4.6 19% lower than that of 235.8438+0 billion yuan in June.
In this regard, Debon Fund believes that the total fundraising scale of 16 interbank deposit receipt index funds established in June is close to 100 billion, contributing nearly half of the fundraising scale in June, which is also the main reason for the cliff-like decline in the fundraising scale of new funds in July compared with June.
Observing the issuance of new funds in the first half of 2022, June is the month with the highest fundraising scale. In July, the issuance scale of new funds was126.898 billion yuan, ranking second in 2022. In the first five months, the issuance scale of new funds was1654.38+08.820 billion yuan, 33.767 billion yuan,12/kloc-0.242 million yuan and 835655 yuan respectively. In the first seven months of 2022, the scale of newly-increased funds totaled 8118.46 million yuan, a decrease of 56.47% compared with the same period of last year and the lowest value since 20 19.
Liu Yiqian, head of Shanghai Securities Fund Evaluation and Research Center, said that overall, in the first seven months of this year, the new fund issuance market showed the structural characteristics of first cooling and then repairing. The poor issuance scale of new funds in the first half of the year is mainly related to the sluggish domestic A-share market since the beginning of the year. In the first half of this year, the domestic and international environment was extremely complicated, and the investment risk appetite continued to be low, so the pressure on new funds, especially equity funds, rose sharply. In this context, bond funds have become the main types of funds issued by fund companies, especially the innovative inter-bank deposit receipt fund, which sold well in the first half of the year.
In addition, the issuance of holding funds has also increased significantly. The issuance of holding funds in a weak market shows that managers are more inclined to insist on long-term investment from the perspective of product design, lock in the investment time of customers and avoid emotional interference and improper redemption caused by short-term market fluctuations. However, since Shanghai announced the gradual resumption of work and production in May, the new fund market has gradually picked up. From the two dimensions of issuance quantity and scale, there is an upward trend compared with that before May, especially the investment demand of stock funds has improved significantly.
The issuance of stock funds increased.
From the perspective of subdivision structure, the issuance of equity funds picked up in July, while the issuance of bond funds dropped sharply.
Wind data shows that in July, the issuance scale of new equity funds (stock+hybrid) was 76.728 billion yuan, accounting for 60.46%, while in June, the issuance scale of equity funds was 26.275 billion yuan, accounting for only1.14%; In July, the issuance scale of bond funds was 44.488 billion yuan, accounting for 35.06%, which was 78.2 1% lower than the issuance scale of 203.994 billion yuan in June.
Huicheng Fund Research Center said that the main reason for the recovery of stock fund issuance is that the issuance of funds is closely related to the market trend. Since the beginning of this year, foreign factors have been complicated, the spread of the epidemic and the conflict between Russia and Ukraine have affected the global supply chain, pushed up the global inflation level, the fundamentals of enterprises have deteriorated, the Fed's expectation of raising interest rates has been rising, the market funds have weakened, and the market sentiment has been extremely pessimistic, resulting in less issuance of equity funds in the first half of this year. With the weakening of external shocks since July, the expectation of domestic recovery is increasing, and the equity market is picking up, so the number and scale of equity funds have increased.
Bond fund issuance cools down
The reason for the cooling of bond fund issuance is that from the market point of view, the expected improvement of economic fundamentals, the recovery of the stock market, the decline in investment income in the bond market and other factors have all affected the issuance scale of bond funds to some extent. From the data point of view, the issuance scale of bond funds expanded in June, and the issuance of bond funds returned to normal in July, resulting in a sharp decline. Structurally, in June, bond funds issued * * * 203.994 billion yuan, of which interbank deposit certificates issued 654.38+003.359 billion yuan, while in July, interbank deposit certificates issued only 654.38+036.5438+000 billion yuan, which is also the main reason for the decline in bond fund issuance share.
Wang Qunhang, director and deputy general manager of Baijia Fund, pointed out that the rise of new equity funds in the first two weeks of July was first related to the sudden opening of a 10 billion fund, and then to the hot sale of a number of carbon-neutral ETFs. The establishment of several CSI1000 ETFs has also helped to improve the scale to some extent. However, all these factors are external factors of the distribution market. If these factors are excluded, the overall issuance of new equity funds is still more difficult.
Looking forward to whether the follow-up new fund issuance can pick up, Liu Yiqian believes that the fund raising will still be mainly affected by the actual deduction in the capital market. Domestically, with the clarity of the epidemic and the implementation of the policy of steady growth, the domestic economy is expected to gradually recover; Overseas, the landing of the US interest rate hike boots and the easing of the conflict between Russia and Ukraine are all conducive to the repair of the capital market. Generally speaking, it is expected that the form of fund issuance will improve in the second half of the year, especially for equity funds. On the one hand, the market rebounded strongly in the past two months, the sentiment in the equity market improved obviously, and the market risk appetite is expected to continue to improve. On the other hand, the market valuation is still at a low level compared with the historical average, and the investment is cost-effective. In addition, the value of Public Offering of Fund is more and more widely recognized by the public, and the investment demand of equity funds suppressed by risk appetite in the first half of the year is expected to recover rapidly in the second half.