I have invested in the foundation for six years, which is an amateur research fund. The following is the first draft of a popular book on fund investment that I will publish at the end of the year. I need to revise and supplement it seriously, and the chapters will triple. Please correct me later!
Section 1 A Brief History of the Development of China's Securities Fund Industry
Before the promulgation of the Interim Measures for the Management of Securities Investment Funds in June, 1997, 1 1, China People's Bank and other institutions successively approved the establishment of a number of investment funds. 199 1 10 in June, when China's securities market was just starting, Wuhan Securities Investment Fund and Shenzhen Nanshan Venture Capital Fund were approved by Wuhan Branch of the People's Bank of China and Shenzhen Nanshan District Government respectively, becoming the first investment funds in China. From 65438 to 0992, 37 investment funds were approved by the People's Bank of China and other institutions, among which "Zibo Township Enterprise Fund" was approved to be listed and traded on the Shanghai Stock Exchange, which is the first fund listed and traded in China. By the end of 1997 and 10, there were 72 domestic investment funds, all of which were closed-end funds.
There are many problems in the initial stage of China's fund industry: (1) There are no clear and effective supervision institutions and rules for the establishment, management and custody of funds. ⑵ The investment operation of some funds is not standardized, and the protection of investors' rights and interests is not enough. (3) The liquidity of assets is low, and a large number of assets are invested in assets with low liquidity such as real estate, projects under construction and legal person shares. (4) The yield varies greatly. For example, 1997, Tianji Fund with the highest yield reaches 67%, while Longjiang Fund with the lowest yield is only 2,4%.
1997 1 1 After the promulgation of the Interim Measures for the Management of Securities Investment Funds, the China Securities Regulatory Commission replaced the People's Bank of China as the competent authority of investment funds, and in the same year 12 promulgated a series of implementation rules, marking that China's securities fund investment industry has entered a new stage of standardized development. The scale has expanded rapidly and gradually matured, which is manifested in the following aspects:
1. More and more people understand and participate in fund investment, and the ranks of fund investors are growing rapidly, and individual investors
The fund market has gradually replaced institutional investors as the main holders of funds, and there has been unprecedented prosperity.
2. The rapid growth of fund assets, total assets of the fund industry, various fund companies and individual fund assets.
The production scale has experienced explosive growth.
3.1Since March 1998, the first batch of fund companies in China, "cathay pacific fund Management Company" and "southern fund Management Company", have been approved at the same time. After being registered in Shanghai and Shenzhen respectively, the number of fund companies has mushroomed. In that year, four fund companies including Huaxia, Huaan, Bo Shi and Penghua were established. By the end of June 20 10, there were 20 fund management companies in China (excluding Hong Kong, Macao and Taiwan, the same below).
4. Fund products are constantly innovating, and open-end funds are launched on the basis of the original closed-end funds; On the basis of stock type, hybrid fund, bond fund and money market fund are introduced; New varieties such as capital preservation funds, ETF funds and LOF funds, which have not appeared for a long time in the international market, have also been introduced. At present, China has formed a relatively complete fund product line that can meet the needs of different investors.
5. Open-end funds have gradually become the mainstay of the fund industry. In September of 20001year, Huaan Fund Company launched the first domestic open-end fund "Huaan Innovation Securities Investment Fund", which was favored by investors. Many investors go to the sales outlets to queue up for the number one or two days before the fundraising begins. In 13 issuing cities, many cities closed their issuance within half a day, which became the first time in the history of China's securities investment funds. By the end of June 20 10, there were only open-end funds in China.
6. Since the first Sino-foreign joint venture fund company "China Merchants Fund Management Company" 10 was established on February 27th, 2002, by the end of June 2065438, there were 20 Sino-foreign joint venture fund companies, and the number will continue to increase. There are more and more joint venture fund companies, and their influence is increasing, which will have an increasing impact on the competition pattern of China fund industry.
While the fund industry is growing, some abnormal phenomena are inevitable. In 2000, Caijing magazine published "Investigation Report on shady funds", which exposed a large number of bad behaviors in fund operation, disrupted market order, infringed investors' interests and aroused strong social repercussions. The regulatory authorities attached great importance to it and seriously investigated and dealt with the fund companies and their related personnel who were responsible.
In order to standardize the operation and development of the fund industry according to law, on June 28th, 2003, the Fifth Session of the 10th the National People's Congress Standing Committee (NPCSC) passed the Investment Law of China Securities Investment Fund, which was formally implemented on June 5th, 2004, becoming a milestone for the fund industry to enter a new development stage. In a short period of time, the regulatory authorities have successively formulated and promulgated a series of supporting rules and regulations, such as the Measures for the Administration of the Operation of Securities Investment Funds, the Measures for the Information Disclosure of Capital Funds and the Measures for the Administration of Fund Companies, which were implemented on July 1 2004. Cheng Siwei, a famous economist and former deputy director of the National People's Congress Standing Committee (NPCSC), believes that the investment method of China Securities Investment Fund has two very important meanings for the securities market: "One is that a large number of experts will be added to manage money, and the investment will be more rational. Generally speaking, experts may earn more than ordinary retail investors when they make money, and they will lose less when they lose money. It is helpful to invest more rationally in the securities market and reduce excessive speculation. Another very important significance is to attract more people to the capital market and turn the stock market from a place where a few people speculate to a place where the broad masses of the people participate. It is of great significance to the future development of China capital market. "
However, the tree wants to be quiet and the wind will not stop. No matter how perfect the supervision system is, it is difficult to prevent the employees of a few fund companies from operating illegally for personal gain and harming the interests of investors. Han, the former general manager of Huaan Fund Company, known as "the first person of China open-end fund", was investigated for personal violation. In 2007, the so-called "rat warehouse" incident, that is, the fund manager, appeared.
Individuals buy a stock first, then buy a lot with fund assets, prompting the stock price to rise sharply and then sell their own stocks, so that investors are trapped. As the first person in the "rat warehouse" incident, Tang Jian, the former fund manager of Morgan Stanley, was banned from the market for life. Subsequently, the former fund managers of several fund companies were severely punished, indicating that the regulatory authorities attached great importance to regulating the behavior of fund practitioners and protecting the interests of investors.
Throughout the development of China Fund, it can be divided into three stages. From the birth of 199 1 the first investment fund to the promulgation of 1997+0 1 the Interim Measures for the Administration of Securities Investment Funds. 1997 1 1 By June 2004, the implementation of the Investment Law of Securities Investment Funds was in a stage of rapid development. Since the implementation of the Securities Investment Fund Investment Law, it is a stage of further standardization. With the attention and care of the Party and the government, the securities investment fund industry in China is advancing along a standardized and healthy development track.
Section 2 Concepts and Characteristics of Securities Investment Funds
1. Fund is a tool suitable for public investment.
In the current market, in addition to savings and treasury bonds, financial investment tools include stocks, stock index futures, bond trading, gold trading, foreign exchange trading and securities investment funds (hereinafter referred to as funds). These investment tools have their own characteristics, such as savings, national debt, etc. There is no risk of loss, but the yield is low. During the period of paying negative interest rates, the funds are actually shrinking. Stocks attract a large number of investors, and "stock trading" has become people's daily talk. Retail investors have always said that "one rises, two draws and seven losses". Although it is not accurate, it illustrates a universal reality: the risk is great. For individuals who don't have rich stock market knowledge and practical experience, the probability of loss is greater than that of profit, and even "lock-in" has become a common language for investors. Stock index futures are more risky and may have higher returns, which may make people rich overnight or bankrupt overnight; Moreover, the threshold is very high, and at least 500,000 yuan must be invested at a time. Individual investors must never get involved. The risk of gold foreign exchange trading is relatively small, but it needs to have enough professional knowledge, grasp relevant information in time, and analyze and judge the market trend. It is difficult for ordinary retail investors to have such a level. Bond trading is less risky, but the yield is also lower, and it is difficult to conduct investment transactions because you are not familiar with listed financial bonds and corporate bonds.
With the development of this fund industry, fund knowledge is spreading rapidly, and the public's understanding and understanding of the fund has not been interrupted. Especially during the big bull market in 2007, fund investment fully showed the "worry-free, labor-saving" money-making effect. "Buying funds can make money" has almost become a household name. Small vendors in the open-air market talk about funds while selling goods, and there are also many passengers talking about funds in the car. More and more people realize that the fund is a tool suitable for public investment.
2. The basic meaning of fund
The fund is approved by the China Securities Regulatory Commission and issued by the fund company. It is a kind of collective financial management method with * * * benefits and * * * risks. Fund companies concentrate investors' funds by purchasing funds from fund companies, which are managed by custodian banks. Fund companies use funds to invest in financial instruments such as stocks and bonds, and distribute investment income according to the proportion of investors' investment. This is an indirect way to invest in stocks and bonds.
3. Characteristics of the Fund
(1) collective investment
By issuing funds, fund companies pool investors' funds and invest in financial instruments such as stocks and bonds. Due to the low threshold for purchasing funds, the starting point for a single purchase is only 65,438 yuan+0,000 yuan. Ordinary people who want to invest have purchasing power, many a mickle makes a mickle, and can gather a lot of money. When investing in the securities market, the more abundant the funds, the more obvious the advantages, and you can enjoy the relative advantage of large investment to reduce the investment cost, thus obtaining higher returns than individual retail investment.
⑵ Expert financial management
It is impossible for retail investors to spend a lot of time and energy to learn securities investment knowledge and lack practical experience, so it is difficult to obtain the expected return of securities investment. By purchasing funds, experts from fund companies are entrusted to invest at low cost, which saves worry, effort and time, and solves the problem of insufficient time, energy, knowledge and experience. Fund companies have a group of highly educated and specially trained experts with rich knowledge and experience in securities investment, forming a strong research team and a professional division of labor. For example, they specialize in the stock market trends of steel, automobiles, banks, real estate, business services, medicine and other different sectors. And hold meetings every day to discuss investment strategies to minimize risks and maximize returns. Their grasp and analysis of the national economic situation is much more accurate than that of retail investors, and the relevant information obtained is much richer in time, so that they can make a more accurate prediction of the price change trend of financial investment tools in the market, avoid investment decision-making mistakes to the maximum extent and improve the rate of return.
(3) spreading risks
Any investment activity always has both risks and benefits. The greater the general risk, the higher the possible benefits. The essence of investment is to strive for higher returns with lower risks. It is difficult for retail investors to do this in securities investment. As far as stock trading is concerned, among more than 800 stocks in/kloc-0, it is not only difficult to correctly choose the stocks with upward price trend, but also difficult to choose which sector. The experts of fund companies are not only better than retail investors in stock selection, but also invest in a combination of multiple stocks and bonds, rather than a single stock. Strong financial strength, scientific and reasonable investment portfolio, avoiding "putting eggs in one basket" and effectively dispersing risks.
1. Capital security
Security here does not refer to risks and possible losses, but to the possibility of investors' funds being misappropriated.
Once the fund company goes bankrupt, will it lose everything? It can be clearly said that there is no such possibility!
According to the regulations of China Securities Regulatory Commission, the assets of fund companies are not placed in fund companies. Fund companies are only responsible for investment and operation, and they can't touch money at all. The custodian bank is responsible for bookkeeping and financial management. The fund company must open a special account in the custodian bank. Except for the cost of purchasing investment tools such as stocks and bonds, the redemption amount of fund holders and the management fees that should be accrued by the fund company according to regulations and approved by the custodian bank, the fund company cannot use the funds, so the investors' funds will not be misappropriated. In theory, it is possible for a fund company to go bankrupt, but in fact, this possibility is very small and almost impossible. Even in the case of bankruptcy, no one or institution has the right to use the funds deposited in the special account for funds of the custodian bank, and investors' investment will never go to waste, which is completely safe.