Reporter Wang Siwen and trainee reporter Peng Yanxiang.
At the beginning of 2024, the structural changes and layout plans of the public offering market are topics of great concern to the market. Recently, the reporter found that unlike other years, as of January 10 this year, the newly established ** type of "painting style mutation" in the whole market accounted for 9091%。
Is this phenomenon the beginning of changes in the public offering market in 2024? After interviewing a number of industry insiders, the reporter learned that in 2024, some of the leading public offerings have taken the index business as one of the main force points, and plan to continuously expand and improve the index business product line, while handling the relationship between quantity and quality, strengthen product innovation and differentiated layout, so as to further meet the diversified needs of investors.
Exponential ** intensively established
Wind information data shows that since the beginning of this year, as of January 10, 11 new issuance markets have been established, with a total fundraising scale of 99.4 billion yuan. Among them, 10 are exponential**, accounting for 9091%, becoming the "main force" of the public offering ** issuance market at the beginning of 2024, including 9 passive index ** and 1 index enhanced**; The other 1 is a partial debt hybrid**.
From the perspective of the type of tracking index, among the 10 indexes established this year, there are 2 broad-based index products, such as China Merchants CSI 2000 Index Enhanced Investment, E Fund CSI 100 Exchange-traded Open-ended Index Investment, Initiation Connection; 2 industry-themed index products, such as E Fund CNI Information Technology Innovation Theme Connection** and E Fund CSI Petrochemical Industry Exchange-traded Open-ended Index**Investment**Initiation Connection**; 1 strategic index product is E Fund, SSE Science and Technology Innovation Board Growth Exchange-traded Open-ended Index, Investment, Initiation Connection, and Initiation Connection.
At the same time, from the perspective of market demand, more and more investors choose to diversify their investments in different markets to build their own portfolios, and the differentiated performance of domestic and foreign markets has attracted much attention to related index products. In order to meet the needs of this market, the company has increased its layout, and the product line has expanded from the mainstream index of overseas key markets to a more subdivided track.
For example, five products, including E Fund CSI Shanghai-Hong Kong-Shenzhen 500 ETF Investment Initiation Connection and E Fund CSI Shanghai-Hong Kong-Shenzhen 300 ETF Investment Initiation Connection, which were just established this year, are all overseas index products.
Entering 2024, the index ** is intensively established, does this issuance phenomenon indicate the future market trend?
After interviewing a number of industry insiders, the reporter learned that this year, the company does pay more attention to the layout of the index product line, especially the head company.
The relevant person in charge of a leading company in Shanghai revealed to the reporter: "In addition to the original equity business advantages, the index business will be increased this year. ”
The reporter learned from Invesco Great Wall** that its ETF (exchange-traded open-ended index**) business continues to make efforts on the characteristic and international route, involving broad-based, industry themes, cross-border and other products, and meets the diversified investment needs of investors by providing various types of different underlying assets and investment strategies.
Exponential** has become a hot topic
Looking back at 2020 and 2021, among the newly established **, equity ** (type and hybrid**) accounted for more than that. 77% share, showing its strong influence in the issuance market. In 2022 and 2023, the proportion of bond** has reached 6672% and 7106%, becoming the new main force in the issuance market.
With the continuous development of China's index business, the management scale and market share have gradually increased, and the issuance of index has become a hot topic in the public offering market.
Regarding the changes in the public offering market in the New Year, Yu Fenghui, a specially invited researcher at China Financial Think Tank, said in an interview with the reporter: "At present, the company prefers to lay out the ETF track because ETF products have high demand in both domestic and foreign markets and have good development potential. At the same time, it is crucial to ensure product quality, and companies should focus on product innovation and differentiation to meet the diverse needs of investors. Strengthening the management team, conducting in-depth market research and carefully designing product planning are the keys to launching an ETF with competitive advantages. At the same time, the company must also strengthen the management of ETF liquidity risk, credit risk and other aspects to ensure the stable operation of the company. ”
In the context of the steady development of the ETF track, the market is undergoing a continuous optimization process. In 2023, a total of 42 ETF products will be liquidated, and since the beginning of this year, there are also individual ETF products on the verge of liquidation, mainly because "** net asset value is below the contract limit". According to the reporter's incomplete statistics, since the beginning of this year, 14 ETFs have issued indicative announcements, facing the risk of liquidation due to the fact that the net asset value has been below 50 million yuan for many days.
In Yu Fenghui's view, this is the result of the survival of the fittest in the market. For the market, the liquidation of ETF products is conducive to purifying the market environment and meeting the requirements of survival of the fittest, which is a positive change.
* |Station cool Hailuo production |Zhang Wenling