The big waves wash the sand, and if you don't advance, you will retreat!
Author: Wen Dao.
Editor: Jun Jie.
Style: Mengqi.
*: Rhodium Finance - Rhodium Finance Research Institute.
Reducing management fees and strengthening investment, turbidity and clearing the market, accelerating the market reshuffle, the industry is undergoing great changes.
Wind data shows that as of November 30, the number of liquidations this year has reached 237, which has exceeded the same period last year. Among them, equity ** products became the main force in liquidation, accounting for more than 76%, a record high.
On November 22, CCB CSI Beverage ETF, a subsidiary of CCB, issued an announcement on the distribution of remaining assets, and the product will be liquidated on November 28, with a scale of less than 40 million.
According to wind data, during the year, Jianxin ** has liquidated 8 ** and issued liquidation announcements, with a cumulative liquidation scale of about 3300 million yuan.
The downturn in the equity market has accelerated the liquidation of "mini **", and at the same time, it has also made some star managers lose their income halo and "reduce the burden" ** caused heated discussions.
On November 18, Cinda Australasia** announced that Feng Mingyuan stepped down from the position of manager of Xinao Xingyi Mixed ** and Xinao Science and Technology Innovation One-year Fixed Opening Mixed 2**, due to work adjustment, Xinao Xingyi Mixed ** hired Li Bo as ** manager, and Xinao Science and Technology Innovation hired Wu Kai as ** manager for one year.
Wind data shows that as of December 31, 2021, Feng Mingyuan has a management scale of 4585.3 billion yuan, and the active equity management scale of Cinda Australasia was 64.7 billion in the same period0.6 billion yuan, Feng Mingyuan's management scale accounts for nearly 70%, which can be called the company's "first brother". Since 2022, 6 have stepped down one after another. As of December 1, 2023, Feng Mingyuan still has 4** under his name, with a total scale of 1620.9 billion yuan.
The income in the management ** is negative
Why is the scenery of "Brother Yi" no longer beautiful
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According to the data of Tiantian**.com, as of November 29, the scale of Cinda Australasia**Hybrid + ** equity ** was 4833.5 billion yuan, Feng Mingyuan accounts for about 30% of the scale under management.
The influence of celebrity managers is still visible to the naked eye, but platform development has become a major trend. While Feng Mingyuan stepped down intensively to reduce the burden, Cinda Australasia** is also deliberately cultivating new talents. Taking Xinao Science and Technology Innovation as an example, the ** manager has only served for 11 days for Wu Kai.
As of September 30, 2023, the third quarter report of Xinao Science and Technology Innovation has a fixed opening of a mixed ** scale of 2 in one year300 million yuan, with a yield of -17 in the past 1 year05%, and the yield loss in the past 2 years is as high as -4023%。
It is worth noting that there is a "cloning" of Xinao's new energy industry, and although the plate of more than 200 million is not large, it is also the real gold of investors. There is a limit to the patience and tolerance of the market, and after the passing of Feng Mingyuan's halo, Wu Kai's "burden" is not light.
As the main force of Feng Mingyuan, Xinao New Energy Industry is its fame. As of September 30, 2023, the scale is 823.2 billion yuan, a month-on-month decrease of -1460%, which is also the fourth consecutive quarter of decline in scale after September 30, 2022.
On September 30, 2022, the ** scale was 1164 billion yuan, a decrease of more than 3 billion yuan in one year. The yield is also unpleasant, with -14 in the past year51%, compared to -39 in the last two years50%。
*The top 10 heavy stocks are Putailai, Luxshare Precision, GigaDevice, Shunluo Electronics, Longsys, Baolong Technology, Crystal Optoelectronics, Xinquan Co., Ltd., Huafon Aluminum, and iKedi.
It can be found that the heavy stocks are mainly in the new energy automobile industry and consumer electronics, among which Putailai, as the leader of lithium battery materials, ranked first for four consecutive quarters.
However, this "favorite" secondary market is not satisfactory, with a cumulative decline of -36 from the beginning of 2023 to December 145%。On December 1, it hit an intraday record of 2242 yuan a new low in the year. The main lithium carbonate contract fell by 697%, reported at 101,500 yuan, a new low since listing.
Putailai's main business is anode materials, automatic coating machines, and coated separators. The continuous development of lithium resources will also drive the price of lithium battery materials lower, and the follow-up performance trend of Putailai is still not optimistic.
Rebalancing efforts are also increasing. According to the daily ** website, as of December 21, 2022, the turnover rate of Xinao new energy industry was 16832% and 230 as of June 30, 202307%。
Judging from the information of the top ten heavy stocks, the position adjustment in the third quarter continued, and as of September 30, Luxshare Precision and GigaDevice rose to the top one.
Second, the third largest heavy stocks. In the first quarter, the second largest heavy stock, Kodali, withdrew from the top 10 heavy stocks, and the third largest heavy stock, iKedi, was reduced to the top 10 heavy stocks. iKedi is a lithium battery company, and iKedi is an auto parts company, both of which belong to the new energy automotive industry.
It remains to be seen how effective it will be. According to the daily ** network, as of November 29, Feng Mingyuan's annual rate of return under management was negative. The smallest decline was -931%, and the three-year holding period of Xinao Zhiyuan Mixed C fell the most by -1124%, 3,000 similar rankings are in the middle of the ranking.
In addition, the top 10 shareholders of the four companies in the management have a high degree of duplication. In the view of industry analyst Yu Shengmei, the phenomenon of similarity in positions is serious, and the "cloning" of manager products is not new. Clonal products have the problem of both losses and prosperity, and whether they can play differentiation, characteristics, and enhance personalized investment and research capabilities is the key to breaking through the situation.
The yield is not good, and the management fee is not low
laocai
Judging from past cases, the frequent resignation of star managers and the products under management are mostly precursors of resignation. Looking back at 2023, there have been many rumors of Feng Mingyuan jumping ship.
In the end, whether to stay or not, do not evaluate, leave time to answer.
It is certain that the development of the platform has been the general trend, compared with the fame and qualifications, investors in the second half pay more attention to the strength and professionalism of the platform, and improving the investment and research capabilities and improving the rate of return are the top priorities of Cinda Australasia.
According to the daily ** network, as of November 29, there were a total of 87 Cinda Australasia *** plus hybrid equity **, and only 2 ** achieved positive returns during the year.
The biggest loss was the Xinao performance-driven hybrid C, which earned -41 this year25%, and the highest yield is Xinao New Energy Select Blend managed by Li Bo, reaching 1054% %
As of September 30, the scale of Xinao New Energy Select Blend ** was 434.5 billion yuan. The yield of the last 3 months and the last 6 months is 1617% vs. 2206%, the quartile rankings of Tiantian** network are all excellent.
According to the daily ** network, as of September 30, the first place in the top ten heavy stocks of Xinao New Energy Select Mix is Cialis, accounting for 1058%。
As we all know, relying on Huawei's concept of Dongfeng, the share price of Cialis has continued to soar since the second quarter, and only 9 trading days from September 28 to October 18 have gained 5 price limits. Betting on this big ** is also the key to the outstanding performance of the **.
Check out the top 10 heavy stocks of Xinao New Energy Select Mix, with a total position of 8438%。In contrast, the more stable style of the "first brother" Feng Mingyuan's Xinao new energy industry accounted for only 2126%。
The shareholding ratio is concentrated, and it is necessary to be vigilant against the risk of fluctuations. It is worth mentioning that the proportion of Cialis holdings of Xinao New Energy Select Mix exceeds the "single ** position market value to **net value ratio shall not exceed 10%", is it too aggressive?
As of December 1, the price of Cialis ** is 7738 yuan, compared to 99 on November 7The high point of 97 yuan has shrunk by more than 20%.
* Practitioner Li Aifang believes that ** is a long-term investment, which requires hard work in the ordinary, solid industrial accumulation, market insight and prediction are the top priorities, and the high return of the betting game is accompanied by high risk, and failure will only exacerbate the loss of investors.
In 2022, after betting on photovoltaic and new energy tracks, the All In style began to be unrecognized by more investors.
It is worth noting that although the yield of Xinao New Energy Select Blend is bright, the share of the company has not changed much. According to the daily ** website, on December 31, 2022, the total share of Xinao New Energy Select Blend was 367.3 billion copies, compared to 3675, an increase of only 2 million copies.
As of November 30, the yield of ** products in the past year was -1823%, and the average yield of the same category** is -983%。Hybrid** yields -16 over the past year58%, with an average yield of -957%。
The rate of return is lower than the average of the same category, and it is urgent to improve the overall investment and research capabilities.
On the other hand, the annual management fee rate of Cinda Australasia is still 15% with an annual hosting rate of 025%。In contrast, after a round of fee reductions and concessions, the average management fee rate of the industry is 12% and the average escrow rate is 02%。
In July 2023, the heads of relevant departments of the China Securities Regulatory Commission answered reporters' questions on the reform of public offering rates. According to the actual development of the industry and the needs of investors, the China Securities Regulatory Commission has formulated a work plan for the reform of the rate of the public offering industry, guided the public offering industry to carry out the reform of the rate mechanism in a steady and orderly manner, and supported the public offering managers and other industry institutions to reasonably reduce the rate of the industry.
Guo Xing, an industry analyst, believes that since the second half of the year, several leading public offering companies have taken the lead in opening the fee reduction mode, and the industry fee reduction has become a trend. Combined with the general negative income of equity class ** during the year, Cinda Australasia** still charges a higher management fee, and the reasonableness is debatable.
REITs folded
How to make up for the shortcomings of the equity class
laocai
Compared with the celebrity manager "reducing the burden", Jianxin is worried about the shrinkage of the scale and the liquidation.
According to wind data, CCB ** has liquidated 8 "mini-base" products during the year. Among them, 6 of them, including CCB CSI Beverage ETF and CCB Hong Kong Stock Connect Hang Seng China ETF, are equity ETFs.
According to the daily ** network, as of November 21, the scale of CCB ** under management was 73364.9 billion yuan, compared to 7774 on December 31, 20223.3 billion yuan, a decrease of 437$8.4 billion.
Profits have also stagnated. According to the financial report of China Construction Bank, in the first half of 2023, CCB's net profit will be 59 billion yuan, a year-on-year increase of 017%。
As of September 30, the size of its currency** products was as high as 53176.2 billion yuan, and equity ** assets are only 60.9 billion yuan, accounting for only 816%。
As of September 30, the equity category of China Merchants was as high as 210 billion, and the total assets accounted for more than 25%. ICBC Credit Suisse** also exceeded 160 billion, accounting for 22% of total assets.
Combined with the above-mentioned liquidation, CCB ** is obviously a little lagging behind in terms of equity**.
In this regard, Zhang Junhong, the former chairman of Jianxin, once said that Jianxin has always been concerned about the shortcomings of equity and has been working hard to improve it in the past few years. Reform is not something that can be achieved overnight. Especially in the area of investment, it is necessary to form a correct investment concept, to have a consensus, and to cultivate investment and research strength, which requires the accumulation of time.
That being said, the action has to be faster. After all, the market waits for no one, and competing products don't wait for anyone.
To be continued......
This article was originally written by Rhodium Cai