Introduction: Today, let's talk about the public offering that countless shareholders love and hate, and how has the scale of China's public offering market changed in 2023?
In 2023, the total scale of public offerings will increase from 25 at the beginning of the year7 trillion grew to 27 by the end of the year3 trillion, an increase of about 6%, this data is beyond the understanding of many people. Obviously, in 2023, the Shanghai Composite Index will decline at the end of the year compared with the beginning of the year, but the scale can still rise?
The answer appears in the structure of **. Just take a look at the 2023 scale change table of **. Before explaining the answer, let's first understand the specific structure and distribution of China's public offering.
Everyone has seen "Gourd Baby", there are a total of 7 gourd babies, China's public offering of ** varieties, more than gourd babies, according to the caliber of investment objects to classify, can also be divided into 8 categories.
The above table records the scale and quantity of all domestic public offerings, with a total of 8 categories and 10 sub-categoriesThey are:
Currency**. The typical representative of this kind of ** is Yue Bao, the core feature is that it is about equal to currency, with payment and other functions. According to the report of **Star, in 2018, the central bank has marked that "all the money markets held by the non-depository institution sector have been included in the statistical caliber of M2 broad money".
This is a typical textbook classification, and the core feature is that the main investment object is; Specifically, it can be divided into active (** manager active management) and passive (** manager does not manage, directly buy the index or copy the index).
Bond**. The main investment object is bonds;
Mix**. The main investment object is bonds;
Commodity**. The main investment objects are commodities;
6. FOF (female**).The main investment object is other **, which is a bit of a "nesting doll" feeling, build 1**, and then invest in other people's management**.
7. Overseas market**. It mainly invests in overseas products, such as the NASDAQ market, Nikkei, etc.
8. Others**. This is similar to the bottom item, and all the ** products that cannot be included in the previous classification will be classified here.
Okay, after the structure of science popularization, you can solve this problem next. Why is the market in 2023 **average, but the total size**?
We need to evoke the consciousness that things correspond to each other: **corresponding**, so it should be **related** mapped to**, what are the **related** related to**?
The answer is the serial number and "mixed" in the figure above at the end of 2023, and the total size of the two is about 67 trillion, a decrease of about 06 trillion, that is, the scale of **market-related** is shrinking, which is logical.
Let's take a look at what type of scale is in?
It is not difficult to observe the chart and find that the scale of pure index bonds, money markets, and overseas investment has grown better.
Investigate the reason: This actually reflects the characteristics of people's risk aversion, seeking advantages and avoiding disadvantages, and following the trend. Specifically:
4.1. The scale of bond type ** and money market ** reflects everyone's risk-averse psychology.
Due to the overall bias towards fixed income, the safety is higher, and the profitability is low, which can be regarded as a defensive choice made by everyone under the premise of unclear future;
4.2. The scale of overseas investment reflects the psychology of seeking advantages and avoiding disadvantages.
According to the International Finance News, in January 2024, the Nikkei 225 index continued to rise, reaching the fastest increase in 10 years and a new high in 34 years.
4.3. Passive index **. It reflects the increasing preference of people to enter the ** market by investing in indices.
Let's put aside the author's personal conclusion: the scale of passive indices may continue in the future.
This data is also established in the United States, and by the end of 2023, the passive ** scale of US stocks will reach 13$3 trillion, surpassing the initiative of the United States for the first time**13$2 trillion.
Warren Buffett also once said: Most smart managers will not be able to outperform the index in the future.
Therefore, the author believes that in the future, China may have a sustained growth of passive scale, which is a reference law for developed countries. As for the changes in the other seven sub-categories, it is necessary to make a comprehensive judgment based on factors such as the stage of the economic cycle, the psychological characteristics of market participants, and the pros and cons of relevant policies.
References: The warehouse is full;
*Star (Yue Bao is included in the statistical caliber of M2 broad currency):
morningstar direct asset flows；
International Finance News