In 2023, the market environment will continue to evolve, and the public offering** will also continue to adjust. Approaching the end of the year, in the public offering market with clear style positioning, the situation of "* two heavens" has become more and more prominent, attracting attention.
On the one hand, the overall issuance of ** type, hybrid type and FOF ** was cold, and some ** had large-scale redemptions, and the liquidation of "mini-base" was acceleratedOn the one hand, index products have been approved and favored, and the scale of ETFs has exceeded 2 trillion shares. 
Tens of billions of funds continue to enter the market with the help of ETFs
Since December, as the inflow of funds has accelerated, many ETF shares have hit record highs. According to the statistics of China Merchants**, last week alone (December 11-15,) there were 188 net inflows of ETFs400 million yuan. After the share of ETFs in the whole market officially exceeded the 2 trillion mark on December 15, the trend of "buying, buying, buying" through ETFs to enter the market is still continuing. Wind data shows that as of December 19, the share of ETFs in the whole market reached 20,125900 million copies, an increase of about 40% from the end of 2022, continuing to set a new record. However, at the same time, the net asset value of ETF products did not increase in the same direction as the shares, but shrank, with the latest scale of 197 trillion yuan. And the 15 ETFs whose share increased by more than 10 billion shares during the year all achieved negative returns. Taking the ChinaAMC SSE Science and Technology Innovation Board 50 ETF as an example, the share of the first class increased by more than 53.2 billion shares during the year, of which the net subscription and redemption share reached 30 in the last 8 trading days alone3.3 billion copies;And the ** year-to-date return is -1091% and a return of -4 in the last month59%。Some analysts said that the ETF products that continue to focus on the influx of funds are mainly concentrated in the scale, theme and cross-border categories, and the reason why these three types of ETFs are sought after is that on the one hand, the depth adjustment of the A** field, the relevant index has a high cost performance, and investors start with dips;On the other hand, it is also related to the fact that ETFs are simple and transparent, and can directly deploy a class of highly representative high-quality companies that investors are optimistic about with one click.
Bonds** have become the main force of new issuance
This year, the overall issuance scale of the new ** has further shrunk on the basis of last year. Wind data shows that about 108 trillion copies, a year-on-year decrease of 27%, a significant decrease of more than 60% compared with 2020 and 2021, of which the mixed **hair** situation is the most bleak, from nearly 17 trillion copies fell to 150 billion copies. The bond** "new" continues to be active. Up to now, the scale of new issuance of bonds has exceeded 760 billion during the year, accounting for more than 70% of all new issuances. This is not unrelated to the performance of bond **, according to statistics, nearly ninety percent of bond ** reaped positive returns during the year. It is worth mentioning that the first batch of 20 floating ** launched after the reform of the public offering rate has been announced one after another recently, with a total initial offering scale of more than 7.6 billion yuanAt the same time, the index ** has also shown a lively scene of centralized reporting, and since December, the number of index ** in the products that have submitted application materials has exceeded 1 3.
Redemption pressure increased at the end of the year
Various statistics show that the recent public offering** is facing greater redemption pressure. Let's start with four sets of data:
According to wind data statistics, in the third quarter of 2023, more than 60% of the net subscription and redemption amount (subscription amount - redemption amount) in the public offering ** of the whole market will be negative;According to the statistics of Soochow**, in November, the net subscription of all ** in the public offering ** market was 5 days, and the net redemption was 17 days, and the redemption sentiment was stronger than the subscription;Since December, more than 10 bonds** and hybrid** have issued announcements to improve the accuracy of the net value of shares, in response to large redemptions, to ensure that the interests of holders are not adversely affected by the accuracy of the decimal point retention of the net value of shares;According to the strategic research report recently released by CITIC**, according to the survey of CITIC ** channels, the average weekly net redemption rate of active public offerings from February to July this year was 03%, during the rapid market adjustment period from August to mid-October, the net redemption rate fell to 02%, but the weekly net redemption rate has improved to 06%。
Although the above four sets of data cannot provide an overview of the market, to a certain extent, they reflect that some public offerings** are indeed facing redemption pressure recently. CITIC** believes that the lack of money-making effect for two consecutive years has led to the beginning of investors' patience to disappear, and the redemption pressure at the end of the year has increased. In addition, overseas asset management institutions are also facing redemption pressure. In the view of Tian Lihui, dean of the Institute of Financial Development of Nankai University, at present, some of the best performance is poor, the net value is declining, and many ** have some problems in operation and management mode, and many factors have led investors to choose to redeem.
The number of "mini-bases" accounts for more than half
According to wind statistics, the number of "mini-bases" with a scale of less than 200 million yuan currently accounts for nearly 55% of the whole market, and many of them have been established for less than a year. Analysts said that with the acceleration of the survival of the fittest in the public offering industry, more and more "mini-bases" may face the fate of liquidation. The so-called liquidation refers to the realization of all assets and the distribution of the proceeds to the holders. The "Investment Law of the People's Republic of China", the "Measures for the Administration of the Operation of Public Offering Investment" and the new regulations on asset management respectively clarify the circumstances under which ** is liquidated, and there are three main categories: first, the scale is too small or the number of holders is too small;The second is that the contract term has not been extended after the expiration of the contract itself;Third, policies and regulations require the overall removal and rectification of a certain category of ** products (such as capital preservation **, grading**). Since the beginning of 2023, as of December 19, the number of ** liquidations has reached 250, exceeding the number of last year. Among them, there are 61 **type**, 132 mixed **, 36 bond**, and 12 FOF**. Judging from the liquidation since December, the triggering of the contract termination clause has become the main reason. Taking Damo Modern Service Industry A C as an example, because the net asset value of ** for 50 consecutive working days ** is less than 50 million yuan, the termination conditions agreed in the ** contract are triggered, and the ** property liquidation procedure is entered. * The eventual liquidation may be related to its continued poor performance and accelerated redemptions by investors, resulting in a vicious circle of shrinking scale. A ** person said. Since the beginning of this year, the return of equity** (not counting those established for less than one year) has shown an overall downward trend. Wind data shows that as of now, there are ordinary **type**, passive exponential **, mixed ** and FOF**. 46% and 1003% of the products achieved positive returns, with an average return of -1173%、-8.60%、-11.01% and -599%。On the one hand, the liquidation mechanism can help investors avoid the small scale of poor operation but high rates, and at the same time, it is also conducive to the better concentration of corporate resources and the healthy development of the industry. But on the other hand, the liquidation of the ** held also reflects the poor investment experience of this part of the people to a certain extent. Some industry experts remind that ordinary investors should pay attention to avoid choosing products that are too small (open-ended **less than 50 million yuan, initiated** less than 200 million yuan) or too few holders (less than 200 people), and at the same time, maintain a cautious attitude towards ** products with too high a proportion of single institutional holders or a sudden sharp decline in scale, pay attention to the operation and investment ability of ** companies and managers, and attach importance to stability.
**: Financial Times Client Reporter: Zhang Chi Editor: Yang Jingyi E-mail: fnweb@126com Follow the Financial Times*** for more exclusive news