China ** newspaper reporter Zhang Ling
In the first month of 2024, the issuance market rebounded year-on-year. The data shows that in January this year, the number of establishments and the total share of issuance increased year-on-year. 24%。
Industry insiders said that on the one hand, bonds**, as a variety with low risk appetite, are still the main choice of investors at the beginning of the year. On the other hand, although the short-term market performance is **, the ** company maintains a positive attitude towards the future of the equity market and continues to make a multi-dimensional layout. It is recommended that investors take a long-term perspective and allocation concept to look at market investment.
The number and scale increased year-on-year
Wind data shows that in January 2024, 95 new products will be established, with a total share of 5653.8 billion copies, although there was a month-on-month contraction, but compared with January last year, they all achieved varying degrees of growth, and the increases were. 24%。
In terms of types, **type** has the largest number of newly established enterprises, with a total of 33 established in January, a year-on-year increase of more than 3 times; Hybrid and bond** both established 27 of them. FOF, REITS, and QDII** have established 3, 2, and 3 respectively.
From the perspective of the share raised, the bond type ** issued the largest share, reaching 4348.5 billion copies, accounting for 76 percent of the total issuance91%。The issuance shares of hybrid ** and type** were 661.6 billion copies, 465.2 billion copies, accounting for respectively. 23%；QDII**, REITs, and FOF did not exceed 2% of the issuance shares.
In terms of the average share of issuance, the bond type ** is 161.1 billion shares ranked first, REITs ranked second with 400 million shares, and the average shares of hybrid**, QDII**, type**, and FOF were 24.5 billion copies, 18.9 billion copies, 14.1 billion copies, 1400 million copies.
In terms of specific products, a number of bond-type ** issuance shares are among the top. Among them, the share of China Life Security Interest Rate Bonds for three months reached 789.9 billion shares, Dongfanghong Huixiang issued 613.5 billion copies, ranking in the top two. CEIBS China Bond 0-3 year policy financial bonds, China Merchants Ankang and other bond-based products have raised more than 2 billion shares.
According to wind data, as of February 2, a total of 71 new ** are in the fundraising period. Among them, among the 11 ** products that were first launched in February, there were 7 ** and hybrid **, and 2 bond ** and QDII ** respectively.
The public offering is actively arrangedIt is advisable to take a long-term view of investmentLooking back on the first issuance market in January, Wang Lu, an analyst at the Shanghai Evaluation Research Center, said that first of all, the public offering managers are actively preparing for a "good start", and the number of new issuances is relatively large. Secondly, passive indexes have become the main type of issuance, and the underlying indices include small-cap broad-based indexes, dividend indexes, new energy indexes, etc. Finally, the scale of bond issuance** is the most eye-catching. Since the beginning of the year, investors have lacked confidence in the equity market, and bonds** have become the main choice of investors as a variety with low risk appetite. Among them, the medium and long-term pure bond and policy financial bond index** has the most satisfactory fundraising results.
Wang Tieniu, director of the evaluation center of Jinxin, said that due to the relatively sluggish equity market and the impact of the New Year's Eve, the issuance of ** in January this year was still relatively sluggish, and fixed income products accounted for 75% at present.
Among the new issuances and the equity categories that are ready to be newly issued**, the dividend theme** has attracted more attention. Wang Tieniu said that the main reason is that due to the characteristics of high dividend yield and relatively low valuation of dividend-related assets, dividend assets have a certain allocation value as a defensive variety in the market.
Looking forward to the future, Wang Tieniu said that in 2024, the company is still in a multi-dimensional layout of the new market. Although the market continues, the proportion of equity in the preparation of new issuance** is still more than 50%. "On the one hand, it is policy-oriented, hoping that the issuance will focus on equity, and on the other hand, it also shows that although it will take time for market confidence to recover, due to the continuous introduction of policies to support the market and other reasons, ** managers still have a relatively positive attitude towards the future of the equity market. ”
Wang Lu believes that the occurrence of the Federal Reserve's interest rate hike and other black swan events in the past few years has led to a slowdown in global economic growth, and investors' expectations for risk assets have decreased significantly, which has greatly reduced investors' willingness to allocate risk assets, and the demand for bonds** has increased sharply.
In the short term, the restoration of market confidence still needs to be confirmed by the fundamentals, and investors can continue to pay attention to the relevant policies that are conducive to the activation of the capital market and enter the market in a timely manner. Wang Lu said that it is recommended that investors look at market investment with a long-term perspective and allocation concept.
Editor: Captain Review: Xu Wen.