Editor's note: 2023 is the 25th year of vigorous development of China's public offering industry. In the past year, the standard level of the public offering industry has been steadily improved, the strength of the industry has been significantly enhanced, the product structure has been continuously optimized, not only the rate reform has been started, but also the innovation has been continuously increased, the index products have achieved full coverage, and the public REITs products have been continuously "new". Even in the face of equity market fluctuations, it can firmly fulfill the responsibilities and responsibilities of professional investors, play the role of "ballast stone" of long-term funds, strengthen the counter-cyclical layout, boost investor confidence through self-purchase, and steadily respond to the challenges of cold new issuance and product liquidation. The end of the year is approaching, this newspaper summarizes and reviews the ** industry in 2023 with "eight things", and looks forward to the new vitality of the public offering industry next year. Reporter Wang Ning, Leng Cuihua, Wu Shan, Wang Siwen, Chang Xiaoyu, Xi reporter Peng Yanxiang, Fang ChenchenRate reformEffectively stimulate market vitalityAs the "highlight" of the public offering industry this year, the rate reform has caused huge repercussions in the industry once it is implemented. On the whole, the reform of the public offering market rate has a far-reaching impact, in addition to benefiting holders, it also has a great positive effect on improving the product structure of the public offering, meeting the differentiated needs of investors, and stimulating market vitality. In July this year, the China Securities Regulatory Commission issued and implemented the "Work Plan for the Rate Reform of the Public Offering Industry", and the first phase of the rate reform of the public offering industry was officially launched. From the perspective of the process, the early stage of the public offering rate reform is dominated by the head public offering action, and the small and medium-sized institutions actively follow and participate in the later stage, and the whole industry has completed the first phase of the rate reform and has achieved remarkable results. For example, according to the public data of the China Securities Regulatory Commission, according to the scale at the end of June 2023, the public offering industry will save investors a total of about 14 billion yuan per year. At the same time, the first batch of floating rate products was launched. In August, the first batch of three types of floating rate products linked to scale, performance and holding period were officially approved. Towards the end of the year, the second phase of the rate reform was officially launched, marked by the China Securities Regulatory Commission's release of the "Provisions on Strengthening the Management of Public Offering **Investment*** Transactions (Draft for Comments)" on December 8 to solicit opinions from the public. The main content is to reasonably reduce the transaction commission rate of the public offering, reduce the upper limit of the transaction commission distribution ratio, strengthen the supervision of the transaction commission distribution behavior of the public offering, and clarify the disclosure requirements for the annual summary expenditure of the transaction commission of the public offering manager. Based on the first two stages of public offering fee reduction measures, it is expected to reduce investment costs by 20 billion yuan for investors every year. The regulatory authorities also put forward new requirements for optimizing the settlement model, improving quality and efficiency, etc., and the public offering still needs to be implemented in many ways. Industry experts suggest that, on the one hand, public offerings should strengthen research to improve investment capabilities, improve risk management systems and investment decision-making processes, so as to improve investment performance and risk control capabilities, and continuously optimize product strategies to adapt to changes in market demand and investor preferencesOn the other hand, the public offering should strengthen internal control and compliance management, establish and improve the internal control system and compliance management mechanism, and ensure that business operations meet regulatory requirements. In the long run, optimizing the fee structure of the public offering industry will stimulate market vitality and further enhance the competitiveness of the industry. **The company can improve profitability by providing a diversified product portfolio, strengthening active investment and research capabilities, optimizing the layout of active equity product lines, and expanding market share. **The company purchases itself on a large scaleBoost market confidenceSince the beginning of this year, based on its confidence in the future market, the company has set off two rounds of large-scale self-purchases, with a total of nearly 3 billion yuan. On August 21, the public offering announced "self-purchase", and 14 public offering companies threw out their plans to purchase their equity public offerings, with a total amount of capital to be contributed to 7300 million yuan. Since then, from October 29 to the end of November, the company once again set off a large-scale self-purchase plan, with a total capital contribution of nearly 2 billion yuan. Industry insiders believe that under normal circumstances, the company's self-purchase can play three roles. The first is to inject incremental liquidity and market confidence into the market, which is conducive to guiding the market to carry out value investment;The second is to improve the consistency of risks and interests of leading companies and investors, boost investor confidence, and stabilize market expectationsThe third is to use self-purchased funds to supplement the best assets and stabilize the first scale. When the market is volatile and sentiment is sluggish, intensive self-buying usually appears as a positive signal that the decline will stop and stabilize, which helps to stabilize investor sentiment and prevent panic selling. Looking back on history, after the peak of the public offering relay self-purchase, the market tends to be repaired or **. This means that for the company, self-purchase not only brings more liquidity and stronger confidence to the market, but also lays the foundation for the manager to obtain excess returns in the future. "Investment often needs to exchange time for space, and it takes 80% of the time to digest **and**, and then in 20% of the bull market time, you can earn most of the returns. A large ** company said on its official Weibo that looking back, those dormant "long seasons" and those deep "crisis" bottoms are the sowing period suitable for layout. Strengthen the counter-cyclical layoutImprove active investment capabilities"Strengthening the counter-cyclical layout" has become a hot spot in the market. In the package of policy measures announced by the China Securities Regulatory Commission on August 18 this year to "activate the capital market and boost investor confidence", it is clearly required to "establish a 'counter-cyclical layout' incentive and restraint mechanism for public offering managers to reduce pro-cyclical resonance". On December 14, the CSRC held a party committee (enlarged) meeting to convey the spirit of the study and Xi economic work conference, and to study and deploy the CSRC system to implement the work. It mentions that "guide investment institutions to strengthen the counter-cyclical layout". As one of the main forces on the investment side, public offering is an important link between the capital market, residents' wealth management and the development of real enterprises. This requires the public offering to not only abide by the origin of asset management, adhere to the interests of investors as the core, but also grasp the new situation, understand the new mission, comprehend the new requirements, firmly establish the concept of long-term investment and value investment, comprehensively improve the core capabilities to achieve their own development and growth, and at the same time, the construction of a modern capital market with Chinese characteristics in the same direction, to better serve the overall situation of Chinese-style modernization.
Since the beginning of this year, the public offering has increased its counter-cyclical layout and improved its active investment capabilities. On the one hand, the public offering will accelerate the innovation and development of index products, enrich the layout of China's index products, expand the index investment space and the construction of the index ecosystem, and guide more resources to gather in the key areas of the modern industrial system. At the same time, it further improves the core competence of active investment, increases the proportion of equity issuance, carries out product layout and investment operation from a rational and prudent professional perspective, and promotes the optimization of the industry structureOn the other hand, the company has reduced the management fee level of some products, improved the core capabilities of investment research and operation efficiency, promoted the industry to accelerate the transformation to the first sales model, and improved the ability of service accompaniment. Issue more diversified products at market lows, guide investors to follow the law of value investment, and share the dividends brought by economic growth and the market in long-term holding. Every time in the cold, spring is born. Relying on the solid foundation of China's long-term economic improvement and rooted in the good trend of China's capital market reform and development, the public offering industry will firmly practice the responsibilities and responsibilities of professional investors, play the role of "ballast stone" of long-term funds, and make efforts to activate the capital market and boost investor confidence. Grow "patient capital".Realize value creationIn 2023, on the occasion of the 25th anniversary of China's public offering industry, the public offering industry will practice the original intention of inclusive finance, walk in the same direction with the capital market, achieve leapfrog development, and become the main force in China's asset management market. Wind information data shows that as of December 18, there were more than 150 public offering companies, and more than 1 public offering ** products140,000, with a total asset size of 2744 trillion yuan. 
As the public offering industry enters the stage of high-quality development, more and more managers have turned to enhance investors' sense of gain as the core, emphasizing long-term layout, brand promotion and investment accompaniment, weakening the assessment of short-term scale and performance, and deeply understanding the importance and role of ** in increasing the proportion of direct financing, optimizing the capital market ecology, and serving the growth of the real economy. The above-mentioned party committee (enlarged) meeting held by the China Securities Regulatory Commission mentioned the expansion of "patient capital". This new formulation has attracted market attention. Public offerings** have always been responsible for "patient capital". From the perspective of investment, the first is the public offering to help enterprises innovate and develop and promote industrial optimization and upgrading through long-term investment and value investmentSecond, the public offering will continue to improve its asset pricing capabilities, give full play to the function of resource allocation, and explore the establishment of a valuation system with Chinese characteristicsThird, the public offering actively practices ESG responsible investment, helps listed companies improve their governance level and investment value, and promotes sustainable development. From the perspective of the product side, the first is to actively guide the flow of long-term attributes to entities with high technology content, great potential value and good development prospects through the design and development of scientific and technological innovation and other themesThe second is to actively serve the national strategy by increasing the layout of state-owned enterprises and regional integration and other related theme productsThe third is to promote the development of green economy and the realization of the "double carbon" goal by accelerating the layout of theme products such as carbon neutrality, new energy, and green environmental protectionFourth, the public offering ** improves the efficiency of the operation of existing assets through the issuance of public REITs (real estate investment trusts**) and helps the stable development of the real economy. In the next stage, it is necessary to strengthen the "patient capital", and on the one hand, the public offering will further increase the proportion of shares in A-shares by broadening long-term fundsOn the other hand, through interconnection and international business expansion, more international long-term funds will be introduced to the market. In addition, the public offering should also cooperate with insurance, bank wealth management subsidiaries, etc., to provide more high-quality "patient capital". The level of innovation is unprecedentedThe index product system is abundantWith the increasing maturity of China's multi-level capital market system and the rapid growth of residents' demand for wealth management, in 2023, the public offering industry will increase product and business innovation, continuously promote the improvement of the index system and product ecology, and effectively improve the ability to serve the real economy. Since the beginning of this year, the public offering has carried out a full-coverage "fill-in" for mainstream broad-based and industry themes, filling the gap in the product classification of sub-indexes**, and improving the broad-based index and industry theme index sequence. The related index products that have been launched this year include: the first batch of 4 ETFs (exchange-traded open-ended index**) linked to the ChiNext Mid-Cap 200 Index, the first batch of 4 and the second batch of 3 STAR 100 ETFs, the first batch of 9 CSI 2000 ETFs with small and micro cap stocks, and the first batch of Shanghai-Shenzhen-Hong Kong** Industrial ETFs covering the first batch of listed companies in the industrial chain, etc., a series of index products effectively meet the allocation needs of investors. At the same time, the public offering ** takes serving the national strategy as the foothold, focusing on scientific and technological innovation, central enterprise reform, green development, regional development, opening up and other theme investments, and has successively promoted the issuance and listing of various types of ETFs that serve the national strategy, for example, the first batch of 2 SSE Science and Technology Innovation Board biological ETFs were approved, and the first batch of 9 central enterprise index ETFs were listed in the middle of this year, etc., to continue to inject new vitality into the market and continue to enhance the ability to serve the real economy. For example, the first batch of Shanghai-Singapore ETFs were listed on the Shanghai Stock Exchange and the SGX at the same time, using ETFs as a carrier to further facilitate cross-border investment and financing needs, enrich the cross-border ** product system, and promote the continuous deepening of the two-way opening up of the capital market. In addition, the public offering focuses on guiding long-term investment, continuously expands the investment education of the index from the breadth and depth, and further effectively gives full play to the inclusive financial attributes of ETFs through "interactive" investor education and companionship activities. At present, a healthy, orderly and dynamic ETF market pattern is gradually taking shape with continuous improvement of product layout and continuous optimization of mechanism design. Wind information data shows that as of December 18, 2023, there are a total of 885 publicly offered **index** products in China, with a total scale of 196 trillion yuan, covering a variety of asset classes such as **, bonds, commodities, currencies, and cross-border**. In the next step, a number of public offering executives revealed to reporters that under the unified deployment and guidance of supervision, the public offering industry will further accelerate the construction of a high-quality index system with Chinese characteristics, accelerate the improvement of the index investment ecology, and expand the depth and breadth of cross-border ETF cooperation, so as to jointly promote China's public offering ** indexation investment to a new level and fully stimulate market vitality. It is difficult to issue a new **The scale has hit a new low in the past five yearsSince the beginning of this year, with the ups and downs of the A** market, investors' enthusiasm for trading has cooled down repeatedly, and the popularity of new ** issuance has been affected, especially the difficulty of equity ** issuance, and the phenomenon of extending the fundraising period has also increased. Wind information data shows that after the share of new ** issuance in 2022 was halved year-on-year, the new ** issuance this year has further cooled. As of December 18, calculated according to the establishment date (the same below), the total issuance scale of the whole market during the year was 105 trillion copies, a new low in the past five years, with an average issuance share of 88.4 billion copies, a record low. From the perspective of product types, except for QDII**, the share issued this year is 10.4 billion copies, more than the same period last year, and there is a gap between other types of **, such as **type**, as of December 18, this year's issuance share is 13228.8 billion copies, down from 1,583 in the same period last year9.5 billion copies. The weak performance of the equity category, the decrease in investors' risk appetite, and the increase in demand for products with stable returns have significantly affected the new issuance structure. Since the beginning of this year, the share of bond-type ** issuance has been 73893.9 billion shares, accounting for more than seventy percent, the characteristics of "strong debts and weak stocks" are highlighted. In 2020 and 2021, during the peak period of new ** issuance, hybrid ** can be called the "main force", and the annual issuance share is 1More than 6 trillion copies. While the overall shrinkage of the new ** issuance market, the extension of the fundraising period of products also occurs frequently. As of December 18, 188 ** products have extended the fundraising period since the beginning of this year, including many products of leading companies. Despite the cold of the new ** issuance, the ** manager's willingness to issue is still strong, and the product line is actively deployed at a low level to strive for more "safety cushions" for investors. This is evident from the fact that the number of initiators established this year has hit a record high. As of December 18, 375 initiators** were established during the year, an increase of 6 compared to 202253%。Since the initiator is initiated by the manager and senior executives as the promoter subscribes for a certain amount, in the lower valuation area of the market, the issuance of the initiator is conducive to motivating the manager to strive to create income and enhance investor confidence, and to a certain extent, to stabilize the situation of cold sales. The future is promising. Some ** companies have planned in advance and actively laid out the "good start" products in 2024. As of December 17, 40 of the ** products in the issuance state have a deadline set for 2024. The public offering industry will continue to innovate and provide investors with more diversified investment strategy choices and richer investment solutions to help investors cope with market fluctuations. Expansion and addition of public REITsThe total amount of funds raised exceeded 100 billion yuanIn 2023, favorable policies will frequently "care" for the development of public REITs. In March, the regulatory authorities issued a document to support insurance asset management companies to carry out asset-based and REITs businessIn October, the pilot asset type of public REITs was officially expanded to include consumer infrastructureA few days ago, the Ministry of Finance and the Ministry of Human Resources and Social Security drafted the "Measures for the Administration of Domestic Investment in National Social Security ** (Draft for Comments)", which intends to include publicly offered REITs in the scope of national social security ** investment. Thanks to the policy care, public REITs have moved from pilot to a new stage of normalized issuance, forming a new pattern of two-wheel drive of initial offering and expansion, among which there are many remarkable points - the declared projects continue to be "new", the underlying asset types are becoming more and more abundant, and the first batch of expansion of 4 duration products has been completed. According to wind information data, as of December 18, 2023, there have been 29 listed public REITs, with a total fundraising scale of 9545.2 billion yuan. Among them, there have been 5 newly listed REITs since the beginning of this year, with a total fundraising scale of 1709.2 billion yuan, involving the underlying assets of existing infrastructure such as highways, as well as new types of infrastructure such as new energy. In addition, in June this year, the expansion mechanism was officially put into practice, and the first batch of 4 expansion products were listed smoothly. At the same time, the net subscription amount of the first batch of expanded REITs was 506.4 billion yuan, superimposed on the aforementioned 29 products 954The initial offering scale of 5.2 billion yuan, the total amount of funds raised by the issuance and listing projects in the whole market exceeded 100 billion yuan. In addition to revitalizing existing assets and expanding effective investment, another essence of public REITs is to allow infrastructure construction investment and financing parties to have a "chemical reaction" in the capital market. Judging from the information disclosed by the 29 public REITs that have been listed, the performance of infrastructure assets has been excellent, and a high proportion of dividends have been formed. Among them, 27 products implemented dividends 50 times during the year, with a total dividend amount of 577.3 billion yuan, and 17 products have dividends of more than 100 million yuan during the year. There are also some REITs projects that are "on the way". The first batch of 4 consumer infrastructure REITs projects were officially approved, which marks another important step forward in the expansion and expansion of China's public REITs marketAnother 14 public REITs are "queuing up to enter". Previously, the relevant person in charge of the China Securities Regulatory Commission said in response to reporters' questions on activating the capital market and boosting investor confidence, "Accelerate the promotion of the normalized issuance and high-quality expansion of REITs." Launched REITS-related indices and REITs index**, optimized the REITs valuation system, issued an inquiry mechanism, cultivated a professional REITs investor group, and accelerated the interconnection between the REITs market and the Hong Kong market." Based on the huge scale of China's infrastructure assets and the driving role of REITs in the infrastructure industry, coupled with the continuous promotion of the policy side, the formation of a larger-scale public REITs market is just around the corner.
The liquidation** of the year has exceeded that of last yearThe pace of survival of the fittest has acceleratedSince the beginning of this year, the pace of public offering of the best survival of the fittest has been further accelerated. Wind information data shows that as of December 18, a total of 247** (A C shares are calculated together) under 88 managers during the year have entered the liquidation process, an increase of 12 over the same period last year79%, while surpassing the number of liquidations in the whole of last year (235). The 247 ETFs** liquidated during the year covered a wide range of investment types, including common investments, bonds, money market and hybrids, as well as FOF, QDII and alternative investments. Among them, the number of mixed ** and ** type liquidations is relatively large, with a total of 191 liquidations. There were 110 and 137 companies that passively entered the liquidation procedure due to the triggering of the contract termination clause and those who voluntarily entered the liquidation procedure by the vote of the general meeting of the share holders, and the ** who actively "left" accounted for the majority.
Focusing on the reasons for liquidation during the year, insufficient scale and a small number of share holders may force liquidation of the liquidation. If the number of ** share holders is less than 200 or ** the net asset value is less than 50 million yuan for 60 consecutive working days, the ** manager shall terminate the ** contract and liquidate it in accordance with the procedures agreed in the ** contract, and there is no need to convene a general meeting of ** share holders;On the corresponding date three years after the effective date of the contract, if the net asset value is less than 200 million yuan, the contract will be automatically terminated, and the contract term shall not be extended by convening a general meeting of share holders. At the same time, there are also some ** according to the changes in the market environment, in order to protect the interests of ** share holders to carry out liquidation. Looking at the number of liquidations over the years, the number of liquidations has shown an overall growth trend. According to wind information data, since 2011, there have been **liquidation, but the initial number is limited, in 2014 there were only ** active departures, according to the **maturity date, only 11 in 2014, only 38 in 2015, and 24 in 2016. However, with the gradual formation of the ** liquidation mechanism, from 2019 to 2022, the number of ** liquidations has increased, with 134, 174, 254 and 235 respectively. The continuous improvement of the liquidation mechanism has accelerated the pace of survival of the fittest products, and accelerated the liquidation of products that cannot adapt to the needs of investors and changes in the market situation, which not only enables managers to focus more resources and energy on other products with better performance, but also helps to strengthen the protection of investors' rights and interests. However, among the unfortunate ones that have entered the liquidation process, there are also some products with good performance, and for such "potential" products, the manager may be able to further strengthen its holdings. 
* |Station cool Hailuo production |Zhou Wenrui