At the end of January 2024, the A** field has come out of the bottoming trend twice. "Mystery funds" have entered the market at the bottom many times, stabilizing the momentum of the market, and finally the State-owned Assets Supervision and Administration Commission and the Securities Regulatory Commission have made a heavy statement, and the ** of the "Chinese word" has led the market to rebound. At the end of January, the Shanghai Composite Index still fell 627%。
At the same time, a lot has happened in the private equity industry, which has a strong correlation with A-shares. A female star was exposed to invest in an "automatic knock-in knock-out product" (hereinafter referred to as "snowball structure product"), which attracted the attention of many investors; The bottom of the private placement rebounded, and the head private placement took out real gold to buy; Recently, securities lending has ushered in the strongest supervision, among which the new policy of T+1 for securities lending is said to have a greater impact on intraday quantitative long and short; Tens of billions of private placements have spoken out at the beginning of the year, and the investment outlook for 2024 has flowed out.
In January, the major industry events that happened in the private equity industry were reviewed by readers on the private placement network.
What's going on with the "snowball structure product" knock-in? Dong Chengfei and Dan Bin once revealed that they had bought "snowball structure products".
In January, a female star was exposed to the liquidation of the "snowball product" invested in, and went to the brokerage headquarters in person, and was later confirmed that the so-called relevant scene was the shooting scene, but this incident aroused the attention of many investors to the "snowball product".
The "Snowball Structured Product" is a derivative that carries a high time value while hiding a great tail risk. Specifically, snowball structured products are similar to selling put options, and when the underlying assets (such as CSI 500 Index and CSI 1000 Index) are linked to the asset** and the decline is controllable, they can continue to obtain a certain coupon (which can be regarded as an option handling fee) over time, and do not need to bear market fluctuations.
When the underlying asset reaches the "knock-out" in advance, the snowball structure product can be terminated in advance to obtain the actual settlement of coupon income; Conversely, if the underlying asset reaches the "knock-in", the investor needs to bear all losses since the inception of the product, including the coupon income accumulated before the knock-in.
Figure: Scenario analysis of the revenue of products with a "snowball" structure.
*:CSI**.
Generally speaking, snowball structured products mainly come from brokers, but some private equity products will also be allocated. In January 2023, Dong Chengfei, a well-known "public and private" manager and partner of Ruijun Assets, admitted that he had initially tried snowball structure products, and nearly 10% of his products were equipped with derivatives before January 2023, mainly airbags, supplemented by "snowballs". Dan Bin, the founder of Oriental Harbor, also said last year that some of its structured products are also equipped with certain blue-chip "snowball" structured products.
So, how did Dong Chengfei's products perform last year? According to the Paipai.com database, Dong Chengfei has a total of three products with performance displays, among which "Ruijun Youfu No. 3" is in the top performer, with a first-class income in 2023
In accordance with compliance requirements, private placements** cannot publicly display performance, and the income data involved in the article is replaced by ***, and qualified investors can view the earnings data. ]
In January, private placements rebounded, and two more private placements of 10 billion yuan announced their own purchases
At the bottom of A-shares, the overall private placement hit a new high in the past 11 months, and the head private equity chose to increase its position. According to the data of the private placement network portfolio master, as of January 19, 2024, the **private placement** index is 7915%, an increase of 037%, and since the beginning of November 2023, the overall **private** index is on an upward trend.
The intention of tens of billions of private placements to increase positions is obvious, and the increase in positions is also the largest. According to the data of the private placement network, as of January 19, 2024, the 10 billion private placement** exceeded 75% and reached 7549%, a new high in the past 11 weeks like the **private equity** index. Specifically, the current 4299% of the 10 billion private placements choose full position operation, 5193% of the 10 billion private placements** exceeded 5 percent, and the total proportion of low and short 10 billion private placements was 508%。
For many leading private placements, the current A-share market has certain structural opportunities, which are worthy of medium and long-term layout. In addition to adding positions,In January, a number of leading private placements also took out real money for self-purchase, namely two 10 billion private equity evolution assets and Hainan Shiva.
On January 22, Hainan Shiva announced that some of the company's ** managers and their immediate family members subscribed or subscribed for a total of 8.18 million yuan of the company's products with their own funds on the same day, and its affiliated company Shanghai Shiva announced on January 31 that it would use its own funds to subscribe for a total of 5 million yuan of Hainan Shiva's ** products;
On January 26, Evolution Asset announced that the company's shareholders, employees and immediate family members will use 25 million yuan of their own funds to subscribe for the company's ** products on the recent product open day.
ActuallyIn 2023, many private placements will also announce self-purchases, such as in April and September 2023, Yingshui Investment announced self-purchases of 10 million yuan respectively; In August, Zhishan Private Equity announced its self-purchase of 10 million yuan, and in October, Zhongou Ruibo announced its self-purchase of 10 million yuan.
So what is the performance of these self-purchased private placements in the past three years? From the perspective of income in the past five years, the top income is Yingshui Investment, the income in the past five years is *** data show that Yingshui Investment was established in June 2015, mainly engaged in value investment and arbitrage investment in the field of investment, such as fundamental stock selection, quantitative stock selection, convertible bonds, offline new, event-driven arbitrage, etc. The team comes from well-known universities such as Fudan, Nankai, Zhejiang University, Shanghai Jiao Tong University, Shanghai Finance and Tongji.
The top income in 2023 is Zhishan Investment, with a scale of 5-1 billion yuan, and the income in 2023 is *** According to the data, Zhishan Investment was established in 2016 and is a distinctive secondary market value investment private equity, committed to becoming a global value investment model in the era of artificial intelligence.
Securities lendingNew Dealt+1What are the limits to quantifying long-short strategies?
At the end of January, the China Securities Regulatory Commission (CSRC) took action to carry out the strongest supervision of securities lending business, mainly involving two aspects: first, the lending of restricted shares was completely suspended, which was implemented from January 29; The second is to adjust the market-based declaration of refinancing securities from real-time availability to next-day availability (T+1 for securities lending), and limit the efficiency of securities lending and lending, which will be implemented from March 18.
In the new securities lending policy, the restrictions on the lending of restricted shares have been reflected in November last year. For example, raising the margin for securities lending and lending, restricting listed executives and employees from lending securities lending, etc. A number of industry insiders said through **: The new policy on securities lending and borrowing will have a greater impact on institutions is T+1 securities lending, especially for quantitative private placement, if it has a market-wide long and short and intraday long and short quantitative products, it will have an impact.
For example, if you trade T0 in a small-cap stock, you can sell the securities after the same day** to lock in profits. After T+1 for securities lending, not only will it be impossible to lock in profits, but it may also be discounted with interest for a few more days, and the intraday long-short strategy will be affected. However, there are also many private placements that say that the long-short strategy is rarely operated in small-cap stocks, and the impact is expected to be small.
So, how will the products of the long-short strategy and the market-neutral strategy perform in 2023? According to the data of the private placement network, as of December 31, 2023, the average yield of domestic ** long and short products in 2023 is -180%, *The average yield of a market-neutral strategy is 707%。
So what are the top private placements in the **long and short strategy and **market-neutral strategy products, the author has sorted out the products with a private placement scale of more than 500 million yuan and the top performance in 2023 for readers' reference:
Among them, the top long-short products with a scale of more than 500 million yuan in 2023 are from Tongxiang Capital, the product name is "Tongheng Cai Shopkeeper Shareholding Treasure No. 22", * The manager is Zhuang Chengkai, and the income in 2023 is ***, and the excess return in 2023 is ***
The top market-neutral product comes from Shenzhen Fuhua, the product name is "Fuhua Quantitative Hedging No. 6", the manager is Zhu Bo, Ren Hao, Xiong Daoming, and the 2023 income is *** The excess return in 2023 is ***
A joint venture private placement between two major insurance giants"Lightspeed filing", the head state-owned private equity actually has these!
According to the information disclosed by the China Investment Industry Association, on January 8, Guofeng Xinghua (Beijing) Private Equity Management (hereinafter referred to as "Guofeng Xinghua") completed the filing, which was established on December 22, 2023, with a registered capital of 10 million yuan and a paid-in capital of 10 million yuan.
From the perspective of the filing process, Guofeng Xinghua submitted the application for the first time on December 28, and it took less than 4 trading days from January 3 this year to January 8 to complete the filing, which can be described as a "light-speed" filing.
According to the information disclosed by the China **Investment Industry Association, the actual controller of Guofeng Xinghua is Chinese Life Asset Management *** Xinhua Asset Management Co., Ltd. *** are Chinese Life Holding Subsidiary and Xinhua Insurance Holding Subsidiary respectively.
In addition,The legal representative of Guofeng Xinghua is from the Chinese life side。According to the information disclosed by the China **Investment Industry Association, the legal representative and executive director of Guofeng Xinghua is Yang Lin, who has worked in Chinese Life Insurance since May 2001 and is currently the general manager of the equity investment department of Chinese Life.
*: China Investment Industry Association.
ActuallyIt is not uncommon for state-owned capital to set up private placements, but the number is small and the scale is inThere are only 8 private placements of more than 5 billion yuan. Among them, the actual controller of the head private equity Guangjin Meimei is Guangzhou Financial Holding Group***, which is jointly held by the people of Guangzhou Municipality and the Guangdong Provincial Department of Finance with more than 99% of the shares, and there is also a private equity Guoxin New Pattern (Beijing) under the central enterprise China Guoxin Holdings Co., Ltd. The following is a list of private placements with a scale of more than 5 billion yuan and penetrating through which the actual controller is state-owned capital:
Banxia Investment, Oriental Harbor, Jinglin Assets, and Linyuan Investment spoke out at the beginning of the year
Entering 2024, tens of billions of private placements have sent letters to investors, their views on the current industry, and the response measures to the current situation have entered the public eye. Among them, the author has sorted out the views of four famous managers of Banxia Investment, Oriental Harbor, Jinglin Asset Management and Linyuan Investment on the market outlook for readers' reference.
ForIn 2024, Dan Bin, the founder of Oriental Harbor, believes that the influence of AI technology will far exceed that of Internet technology, and the next decade will usher in its first development period.
In order to grasp the opportunities of this era, he proposed to first look for leading companies in the field of computing power, such as GPUs, ASIC chips and AI CPUs. Secondly, it excavates and tracks AI application scenarios, such as intelligent driving, multi-editing software, game production software, AI chat tools and AR equipment manufacturers, and finally cloud computing.
In 2024, the world will enter the eruption period of AI innovation and application, and a new "flywheel effect" will be formed. As the pandemic eases and inflation falls, the world will enter a "rate cut channel", which will have a positive impact on asset valuations and the economy.
Gao Yuncheng, the ** manager of 100 billion private equity Jinglin Assets, also believes that the peak and fall of US interest rates will be a high probability event, and 2024 will be a year in which the benefits far outweigh the risks under the condition that various expectations are at a low level.
Gao Yuncheng said that after continuous adjustment, many Chinese listed companies are now very cheap, the valuation of the photovoltaic and electric vehicle industry chain is comparable to that of traditional cyclical industries, and the valuation of branded consumer goods companies is also at the bottom of history. In 2024, once China's nominal GDP growth picks up, corporate earnings will return to growth, at which point there should be a double hit in performance and valuation.
Li Bei, the head of 10 billion private equity Banxia Investment, also spoke, and she posted in her *** article: Ready to fight a protracted war, but still do not doubt the fortune of the country.
In the article, it is said that the current is the bottom of the medium and long-term and short-term resonance, not just the bottom of the small cycle, and the level of this round of China's **bull market** in the future may exceed the past round of small bull market, with a high probability of surpassing the level of once in 5 years, and may be the level of once in 10 years or even 20 years.
The order of incremental funds and market evolution is roughly as follows: the national team supports the bottom, and the insurance market enters the market to promote the first wave of bottoming out; After the fundamental concerns eased, foreign capital reversed, and institutions continued to increase their positions, triggering a second wave**; The money-making effect triggered the transfer of deposits and drove the third wave of bubbles.
Lin Yuan, who pays attention to "mouth" investment, is also not idle, and frequently spoke out in January. He said that the current point is very suitable, and there are very big opportunities at this time, regardless of policy or valuation, so the current investment strategy is very active.
Specific investment opportunitiesLin Yuan focuses on the pharmaceutical track, and believes that the future development of the pharmaceutical industry will be much greater than the current market expectation. In particular, the investment direction of population aging related to hypertension, heart disease, and diabetes is the future of Lin Yuan20 to 30 years is the most bullish and the only area that will increase positions.
As tens of billions of private equity companies that continue to speak out, how have they performed in recent years? The following is the income of Banxia Investment, Oriental Harbor, Jinglin Assets, and Linyuan Investment in the past three years and the past five years, among which the income performance of Banxia Investment is outstanding, and the income in the past three years and the past five years are *** and *** respectively
Risk Disclosure:Investment is risky, the past performance of ** mentioned in this information is not indicative of its future performance, and the other ** performance managed by **Manager does not constitute a guarantee of **performance performance, and our company does not promise or ** future returns of the product in any way, expressly, implicitly or otherwise. Investors should pay careful attention to various risks, carefully read the sales documents such as the contract and the product key facts statement, fully understand the risk-return characteristics of the product, and make investment decisions according to their own circumstances, and be responsible for their own profits and losses in investment decisions.