Approaching the end of the year, the public offering ** new market ushered in a small climax. As of December 24, the scale of new public offerings since December has reached 14216 billion yuan, a significant recovery from the previous period.
In terms of active equity** (including ordinary**, partial stock hybrid, balanced hybrid, and flexible allocation**, the same below), the new issuance scale of Yongying Ruixin Hybrid and SDIC UBS Shengxuan Hybrid is more than 1.4 billion yuan;In terms of bonds, Huaan China Bond 0-3 Year Government and Financial Bond Index, Penghua Fengjing Bond and other new bonds raised 8 billion yuan.
Looking forward to next year, the relevant ** manager said that the equity market has been in an important bottoming range, and is currently at a high cost-effective level. In the bond market, if you look at it from a term spread or curve perspective, the short-end yield is higher and the long-end yield is relatively low.
New highlights continue
Wind data shows that as of December 24, the total fundraising scale of newly established public offerings** since December is as high as 14216 billion yuan, looking at the whole year of 2023, is currently second only to the 1442 newly raised in March6.9 billion yuan, up from 545 in October0.3 billion yuan, 1310 in November9.7 billion yuan, the momentum of recovery at the end of the year is obvious.
It is worth noting that since December, there have been frequent highlights in the new development of active rights**. On December 23, Yongying ** issued an announcement saying that the "debut" of the well-known ** manager Gao Nan after joining the company - Yongying Ruixin Mix, the net subscription amount during the ** fundraising period was 145.1 billion yuan, and the total number of valid subscriptions raised was 10,256. Among them, the manager uses the inherent funds to subscribe for the **999930,000 shares, ** managers of the practitioners subscribed to the **1227210,000 shares, and the manager of the ** subscribed for more than 1 million shares.
On December 22, SDIC UBS Shengxuan, which is planned to be managed by Zhou Sijie, ended its fundraising. China's ** newspaper reporter learned from the relevant channels that the ** in the Bank of China single channel issuance scale of as much as 1.4 billion yuan, in a letter to investors, Zhou Sijie said that he will invest 1 million yuan in the **, expressing confidence in the market next year.
The first batch of floating rates** launched after the public offering rate reform this year were also intensively established in December, such as Dacheng Zhixin Return Three-year Regular Open Mix managed by Liu Xu, E Fund Balanced Vision Mixed managed by Yang Jiawen, and Industrial Securities Global Sustainable Investment Three-year Fixed Open Mix managed by He Yiguang, all of which raised more than 300 million yuan.
In addition, Jinyuan Shun'an Industrial Reserve Mix announced on December 19 that it would hire Zhou Boyang as the manager to jointly manage the ** with Min Hang. As of December 22, the return of Jinyuan Shun An Premium Select Flexible Allocation Mix A managed by Zhou Boyang has reached 26 this year16%。
The debt base has become the main force of the new issuance
In addition to the new issuance of active equity**, the recent bond-type ** has also frequently appeared in the new issuance of "Big Mac" products. Wind data shows that as of December 24, the total amount of newly established bonds** since December was 12308.2 billion yuan, accounting for more than 85% of the overall new issuance scale in December.
Specifically, Huaan China Bond 0-3 Year Government and Financial Bond Index, GF China Bond 0-2 Year Government and Financial Bond Index, Hive Shanghai Clearing Exchange 0-3 Year Government and Financial Bond Index, and JPMorgan CSI Interbank Certificate of Deposit AAA Index 7-day holding period of new offerings are all more than 5 billion yuan, including these passive index bonds, the total fundraising scale since December has been close to 40 billion yuan.
In addition, Penghua Fengjing Bond, Bosera Jinyuan Interest Rate Bond, Harvest Zhiyu Pure Bond, Minsheng Jiayin Ruiyi 3-month Fixed Opening Bond, SPDB Yuexiang 30-day Holding Bond, AVIC Ruian Interest Rate Bond 3-month Fixed Opening Bond, Invesco Great Wall Jingtai Tongli Pure Bond and Pengyang Chunxu Bond are all newly issued and raised with a scale of more than 5 billion yuan.
Among them, Huaan China Bond 0-3 Year Government and Financial Bond Index, Penghua Fengjing Bond, GF China Bond 0-2 Year Government and Financial Bond Index, Bosera Jinyuan Interest Rate Bond Bond, Harvest Zhiyu Pure Bond Bond, Minsheng Jiayin Ruiyi 3-month fixed bond The new issuance scale is about 8 billion yuan, and the fundraising period of GF China Bond 0-2 Year Government and Financial Bond Index, Minsheng Jiayin Ruiyi 3-month fixed bond and other bond bases is even less than a week.
The equity market is in the bottom-grinding range
For the judgment of the market at this stage, Gao Nan believes that the equity market is in an important bottoming range, and the current equity assets are at a high cost-effective level. With the economic recovery and the stabilization of external demand, the performance of domestic listed companies is expected to continue to improve
Gao Nan said that at present, the focus is on three major directions: first, key technological breakthroughs, industry opportunities with significant increments in the next 2-3 years, such as semiconductors, consumer electronics, etc.;The second is the opportunity for the reversal of the dilemma, such as innovative drugsThe third is the opportunity to stabilize economic growth, such as blue-chip white horse stocks.
Based on Made in China, Zhou Sijie hopes to find companies with strong competitiveness and management focusing on the main business at the low point of the industry cycle. Specific to the industry, he believes that there are obvious investment opportunities in the four major directions of new chemical materials, medicine, advanced equipment and high-end manufacturing.
From the perspective of the comparison of stocks and bonds, Zhou Boyang judged: "In the current environment, from the perspective of the price comparison relationship, equity assets are better assets, but the price comparison is long-term, and it may need to be held for one or two years to be cashed, and there will be a lot of fluctuations in the process." In his view, in addition to allocating equity assets, it is also necessary to allocate some bond-like assets. "I prefer short-term bonds, if you look at it from the perspective of term spreads or curves, it is very flat right now, which means that the short-end yield is very high, and the long-end yield is relatively low. Zhou Boyang said.
Original**: China ** Daily, China Securities Network.