January** came to an end in the small and mid-cap style. In the case that the equity market is still sluggish, coupled with the impact of factors such as New Year's Eve and the approaching Spring Festival, the issuance of ** in January is still sluggish, with a total of 84 ** established, raising 47.2 billion yuan, and the average issuance size is only 56.2 billion yuan, a significant decline from November and December last year, and the issuance scale of bonds accounted for more than 70%. However, the reporter of the Financial Investment News noticed that as of January 31, there were still hundreds of ** in the issuance channel, in the state of issuance or waiting to be issued, of which more than half were equity **.
Data**: wind
Equity ** issuance sluggish
From the point of view of the issuance scale, the issuance scale in January this year has declined significantly compared with the previous two months, but from the experience of previous years, it is also in line with the tradition of relatively light issuance at the beginning of the year.
According to wind statistics, a total of 84 ** were established in January this year, raising a total of 47.2 billion yuan, and the average issuance size was only 56.2 billion yuan. In November and December last year, the issuance scale of the new ** was more than 100 billion yuan for two consecutive months, 131.1 billion yuan and 193.2 billion yuan respectively, and the average issuance scale was 92.3 billion yuan and 127.1 billion yuan. Compared with the previous two months, the total size of issuance and the average size of issuance in January both decreased month-on-month.
However, compared with previous years, except in the bull market, especially the bull market highs, January and February are often the off-season for issuance. The data shows that from January 2013 to January 2024, among the 12 natural years in January, only January 2018, January 2020, January 2021, and January 2022 have an issuance scale of more than 100 billion yuan. Among them, January 2018 and January 2022 are both at the inflection point when the bull market turns into a bear market.
From the perspective of issuance categories, the largest issuance scale in January was bonds**, with a total of 22 bonds** established, raising 35.2 billion yuan, accounting for about 75% of the issuance scale in January. The issuance scale of ** type ** and hybrid ** was only 4.4 billion yuan and 6.6 billion yuan respectively, accounting for 9% and 14% respectively. In terms of a single **, the three-month fixed opening of China Life Security Interest Rate Bond and the 0-3 year policy financial bond issuance scale of China Europe China Bond ranked first, with 7.9 billion yuan and 5 billion yuan respectively, both of which reached the fundraising target of the two **. These two ** are pure bonds** and bond index**, which are likely to be customized products for institutions. Ping An Xinhui 90-day holding, China Merchants Ankang issuance scale of 3 billion yuan and 2.5 billion yuan respectively, these two ** are the primary bond base and the secondary bond base. The issuance channel is still hot
Although with the decline of the A** field, the enthusiasm for the subscription of equity ** is low, dragging down the entire issuance market, there are still not a few ** who are still issuing and waiting for issuance, and there is still a certain degree of heat on the issuance channel, of which the equity ** accounts for more than half. In addition, a number of **managers have laid out dividend strategies**.
According to wind statistics, as of January 31, a total of 71 ** are being issued, and a total of 29 ** have been announced but will not be issued until after February, which also means that a total of 100 ** are in the issuance channel, of which 52 will be issued across the Spring Festival. In addition, as of January 31, there are more than 10 ** that have closed their distribution but have not yet been announced, and these ** will be announced in February. The reporter of the Financial Investment News noticed that more than half of the ** issued or to be issued are equity **. Among them, there are 34 mixed stocks, 20 passive indexes, 3 enhanced indexes, and 2 ordinary indexes, totaling 59. It can be seen that the relatively flexible but conducive to style constraint of the partial stock hybrid ** is still the most valued by the ** manager in the equity category, and the number of index ** accounts for a relatively high proportion, reflecting the strong strength of the ** manager to deploy the passive index. From the perspective of investment direction and theme, the dividend theme is valued by managers. Among the 59 equity categories**, a total of 8 are dividend themes, including a number of dividend indexes, such as BOCOM CSI Dividend Low Volatility 100 Index, ChinaAMC CSI Hong Kong Stock Connect Central Enterprises Dividend ETF, Pengyang CSI State-owned Enterprises Dividend Connection, E Fund CSI Dividend Low Volatility Connection, and Wanjia CSI Dividend ETF. In addition, there are 3 actively managed dividend strategies**, including Win Win Dividend Selection, Huaxia State-owned Enterprise Dividend, and Bank of Shanghai State-owned Enterprise Dividend.
Article**: Financial Investment News).