Wind data shows that by the end of 2023, the total management scale of 157 public offerings** exceeded 27 trillion yuan, compared with 2549 trillion yuan increased by 151 trillion yuan, the general trend of continuous net inflow of funds into the public offering market has not changed, and ETFs or fixed income products have become a new growth point for the scale of public offerings.
Under the changes in the industry, some companies have seized the opportunity to achieve corner overtaking, but there are also "lagging behind" enterprises that have shrunk in scale. Recently, the company's scale ranking in 2023 was released, among which, the asset management scale of China Universal ** decreased significantly, ranking **.
Not only that, but the star manager of China Universal has also suffered Waterloo, and the former "stock selection expert" is no longer glorious and has become a highly questioned "**assassin".
Wind data shows that by the end of 2023, the total AUM of the top 10 ** companies will reach 1055 trillion yuan, accounting for nearly 40% of the total scale of the industry of 27 trillion yuan. If the scope is expanded to the top 20 ** companies, then the total size of management will reach 1663 trillion yuan, accounting for more than 60%, reaching 616%。
After going through the era of rain and dew, the development path of the industry is more and more in line with the characteristics of the strong and the weak under the Matthew effect. At the same time, the head competition for the position is becoming more and more intense.
In the AUM range, the competition at the 800 billion level is the most intense, and the AUM of CUAM** as of the end of 2023 is 81772.6 billion yuan, compared with 8231 at the end of 20222.8 billion yuan, down 066%, and the ranking also dropped from 8th at the end of the third quarter of 2023 to 10th.
After excluding currency**, the decline in the scale of non-monetary** management of China Universal was even more significant, from 5152 at the end of 20221.3 billion yuan fell to 4,475 at the end of 20236.1 billion yuanIt is the only one of the top ten ** companies that has shrunk by more than 60 billion yuan, a decline of 1313%。
It is worth mentioning that in order to comply with the development trend of the industry, China Universal ** issued several ETFs in 2023. Among them, the company's passive index *** CUAM CSI Guoxin Central Enterprises Shareholder Return ETF released in May was quite popular with investors, not only ending the fundraising ahead of schedule, but also continuing to improve the net unit value after the issuance.
As of the end of 2023, CUAM** has an ETF AUM of 4330.2 billion yuan, compared with 364 in the same period in 20223.1 billion yuan, an increase of 1886%。Although it has achieved double-digit growth, the growth rate of the company's ETF management scale is not significant compared with the growth rate of more than 60% of Wells Fargo** and Harvest**, which are at the same level of asset size.
In addition, according to the financial report of Oriental **, China Universal ** will have a revenue of 27 in the first half of 20236.9 billion yuan, compared to 320 billion yuan decreased by 1347%；Profit from main business 105.8 billion yuan, compared to 13.8 billion yuan in the same period in 20226 billion yuan, down 2221%；Net profit 79.7 billion yuan, compared to 10.7 billion yuan in the same period in 20220.9 billion yuan, down 2101%, all financial indicators have declined.
Going back further, CUAM**'s revenue increased from 93 in 20217.9 billion yuan fell to 67 in 20228.7 billion yuan, down 2764%, a decline in income has been foreshadowed for a long time. On the profit side, the company's main business profit increased by 435.1 billion yuan fell to 28$2.5 billion; Net profit by 326.3 billion yuan fell to 209.4 billion yuan, and the profitability level also fell sharply.
Founded in February 2005, China Universal is a comprehensive asset management company jointly initiated by Oriental Co., Ltd., Wenhui Xinhe Newspaper Group and China Eastern Airlines Financial Holding Co., Ltd.
In the early stage of development, China Universal is an out-and-out "dark horse" in the industry, and the first **product, China Universal Advantage Selected Mixed Investment** initial offering scale of 10300 million yuan, setting a new high for the first issuance in the same period, the asset management scale exceeded 10 billion yuan in the second year of establishment, and further reached 76 billion yuan in the third year.
In 2014, the AUM of China Universal exceeded 100 billion yuan. According to the statistics of the Galaxy Research Center, as of the end of 2015, in the past 1 year, 3 years and 5 years, the average investment performance of the equity category of China Universal ** ranked among the top 15 ** companies.
Since 2020, China Universal has shifted its investment focus to popular industries such as liquor, medicine and new energy. In the case of betting on the industry's "cash cow", China Universal Wealth** was also crowned as a "stock selection expert" by the outside world, with an asset management scale of nearly 840 billion yuan in the same year, ranking third in the industry.
However, the growth rate of the consumer and pharmaceutical sectors slowed down significantly after that, and the market performance of China Universal Wealth, which put too many eggs in the same basket, suffered a setback, and the asset management scale has been "standing still" in the range of 800 billion yuan in the following years.
According to statistics, only 24 products have achieved an increase of more than 5% in the past year, while 106 products have fallen by more than 20%, and 44 products have fallen by more than 40%. Among them, CUAM CSI New Energy Vehicle Industry Index (LOF) C has fallen by 47 in the past year25%。
Even so, China Universal Wealth** still charged a whopping 56 in 2022$8.3 billion in management fees. Compared to the scale of assets under management for the year, the company's management expense ratio is about 69, which is much higher than the management expense rate of E Fund**, GF** and Huaxia** in the same period. 0 and 55‰。
Previously, a screenshot of "Hui Tianfu** salary" circulated on the Internet. **The content shows that the basic salary of fresh graduates in sales positions and support positions is 12k months, and there is another subsidy; The basic salary of IT posts is 1 per month60,000; The investment research post is known as a bear market with a minimum guarantee of 200,000, and a bull market can have 40 to 600,000.
Soon, the topic of "the average salary of China Universal employees is 4 times that of the Chinese Academy of Sciences" became more discussed. Although China Universal has not made a relevant response to this matter, ** and the staff have made a lot of money, but the current situation of the people being self-responsible still has caused dissatisfaction among many investors.
Hu Xinwei, who entered the industry in 2011 and began to manage China Universal Consumer Industry Mix on April 8, 2016, and in the following four consecutive natural years, the yields of China Universal Consumer Industry were respectively. 84% and 7752%, and has also created more than 300% income in 5 years.
And behind its "top road" is a "soft spot" for liquor stocks. After taking over the consumer industry of China Universal Holdings, Hu Xinwei pushed Kweichow Moutai to the first position in the first position and dominated the position for a long time. Up to now, among the top ten holdings of this **, liquor companies still occupy most of the country.
However, the liquor industry has peaked and fallen since the second half of 2021. The data shows that in 2019, it rose by 8253%, an increase of 137 in 2020After the "two consecutive rises" of 47%, the liquor index will show a trend of weakness in 2021, and it will be -11 in 2022 and 2023 respectively62%、-17.77%。
Destocking and seeking increment have become a nightmare for the liquor industry, and it has also made Hu Xinwei and his Huitianfu consumer industry mix ** into a quagmire. The net value of the ** was increased by October 2021The highest point of 03 has dropped to 471, the net value has been "cut in half", and the decline in the past year has reached -3038%。
* Sluggish performance caused investors to flee. According to the data, the net assets of China Universal Consumer Industry Mix** as of the end of the third quarter of 2023 were 1559.6 billion yuan, compared with 18.3 billion at the end of 20222.8 billion yuan has dropped by more than 2.7 billion yuan, compared with the peak of 2186.1 billion fell 2866%。
In an interview with ** in early 2023, Hu Xinwei is still optimistic about the liquor industry, saying that the business model of liquor is excellent, the profit margin and return on capital are high, and it can achieve endogenous growth without relying on financing from shareholders. In addition, he believes that consumption upgrading and epidemic recovery will provide growth opportunities for the liquor industry.
While the "famous work" was unsatisfactory, the other ** managed by Hu Xinwei also failed to hand in the qualified answer sheet. The 8 ** under its management are all green, among which the two ** of China Universal Mid-Cap Value Select Mix A and China Universal Mid-Cap Value Select Mix C have even fallen by more than 50% in the past three years.
For **, Hu Xinwei said that it is currently at the bottom of China's economy, and although it may take longer to get out of the bottom, it still has a lot of room for growth. He added that the team has focused on the medium to long term and has maintained a relatively stable position structure overall.
At the beginning of 2024, China Universal held the 2024 Annual Strategy Conference to bring investors market trend interpretation in the fields of active equity investment, index investment, fixed income investment, overseas investment, pension investment and investment advisory.
In order to realize the "New Year" proposed at the meeting, China Universal needs to make more efforts in terms of internal operation strategy and market forward-looking perspective.