Our reporters Gu Mengxuan and Xia Xin report from Guangzhou and Beijing.
Recently, the trust system established for nearly 21 years, Taixin, announced that Zhang Binglin, the company's former deputy general manager, was the new general manager, and Li Gaofeng, the chairman of the board, was no longer acting on behalf of the company. Half a year ago (August 23, 2023), Gao Yu, the former general manager of Taixin**, resigned for personal reasons.
In an interview with a reporter from China Business Daily, a relevant person from the Tianxiang Investment Advisory Evaluation Center said that during Gao Yu's tenure, the total scale of Taixin Company has increased by nearly 15 times and achieved breakthrough development. In terms of performance, the absolute return of Taixin's bonds** was 1613%, during which the performance exceeded most similar products.
Brokerage veterans took office
Similar to the previous general manager Gao Yu, the new general manager Zhang Binglin also has a deep background in the brokerage industry. According to the announcement issued by Taixin**, Zhang Binglin has successively served as the ** investment manager of Bank of China International**, the head of UBS**, the general manager of the self-operated branch, the general manager of Shenwan Hongyuan** Asset Management 9 Headquarters, the deputy general manager of Taixin** and the chairman of Shanghai Ruiyi Asset Management.
Gao Yu, the former general manager, also worked in various positions in Chinese banks, foreign banks and securities firms, and worked in Everbright ** for eight years before joining Taixin**. In February 2020, Gao Yu joined Taixin**, and began to serve as the general manager of Taixin** in April of the same year, and then left his post on August 23, 2023.
After leaving Taixin**, Gao Yu returned to the brokerage. On October 11, 2023, Donghai ** issued an announcement on the appointment of senior executives, appointing Gao Yu as a member of the company's executive committee. It is reported that Gao Yu is in charge of asset management business.
Also announced are the deputy general manager Wang Gongjian. According to the announcement, Wang Gongjian used to be the senior trust manager of Zhongyuan Trust, the investment manager of the capital operation center of Industrial Bank, the investment manager of the asset management department, the general manager of the financial market department of Nanning Branch, the director of the marketing department, the director of the institutional business department and the director of the asset management department of the hive.
An industry insider close to Taixin told reporters that Gao Yu himself was very diligent and hard-working, leading the company to achieve scale growth during his tenure, and shareholders also gave high support. However, the company's incentive system has been criticized obviously, which may also be an aspect that the company needs to improve in the later stage.
Talking about the new general manager Zhang Binglin, Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, said that the new general manager Zhang Binglin showed excellent professionalism and leadership during his tenure as the deputy general manager of Taixin**. Zhang Binglin has extensive experience in the financial industry and has an in-depth understanding and mastery of asset management, investment management, risk management and other fields.
Bai Wenxi pointed out that Zhang Binglin has a solid foundation in financial theory and rich practical experience, and has keen insight and judgment on market trends. He is good at integrating resources, building teams, building corporate culture, and focusing on talent training and motivation to achieve the company's long-term development goals. In addition, Zhang Binglin has excellent communication and coordination skills, and is able to establish good cooperative relations with various stakeholders to create a favorable external environment for the company's development. Bai Wenxi said.
Rely on fixed income to increase scale
Looking back at Gao Yu's three years of service, Taixin's ** scale has achieved certain development. In terms of scale, wind data shows that the total scale of the company's ** has increased from 32700 million yuan increased to 513 in the second quarter of 2023400 million yuan.
Taixin** said that in the process of wealth management net worth reform, we recognize that the majority of investors need asset management products with stable absolute returns as a medium for wealth preservation and appreciation, which provides favorable conditions for the public offering with natural investment and research advantages in asset allocation and alpha asset mining. With the absolute return investment goal as the underlying concept, Taixin has focused on the layout of the short and medium-term bond product line in the past two years, and has won the recognition and choice of a large number of customers by virtue of the stable performance reputation accumulated before, and the scale has grown rapidly.
However, after careful study, it will be found that the scale growth of Taixin** is mainly due to the contribution of fixed income **, which also matches Gao Yu's circle of competence. It is understood that Gao Yu was once known as one of the "first generation of traders in China's bond market", and his ability in bond investment can be seen.
Wind data shows that at the end of the first quarter of 2020, the scale of Taixin** was only 32700 million yuan. Among them, the non-monetary ** scale occupies the lion's share, at 259.3 billion yuan, with a monetary ** scale of 67.5 billion yuan, the scale of the bond ** is only 1400 million yuan. However, by the end of the second quarter of 2023, Taixin **513Among the scale of 3.5 billion yuan, the scale of currency ** has reached 3674.8 billion yuan, accounting for 716%, and the size of bonds** also rose to 920.9 billion yuan.
The performance of Taixin** bond ** is indeed remarkable. Wind data shows that Taixin** currently has a total of 20 bonds** (shares are separated), and all bonds** with the last three years of performance have achieved positive returns, and the returns are all floating at 10% and 20%. Among them, the highest income in the last three years is Taixin's enhanced income A share, with an annual income of 212%；The lowest income in the past three years is Taixin Double Interest and Double Interest, and the income has also reached 1129%。
When analyzing the reasons for the good performance of Taixin** bonds, the relevant people of Tianxiang Investment Advisors** Evaluation Center used the net value regression method - CamPisi performance attribution model to conduct attribution analysis of bonds**. Specifically, the total return is broken down into: factor return, convertible bond factor return, credit factor return (high-grade credit bond return), duration factor return, equity factor return and term structure return. The results show that the factor has contributed positive returns in the past three years, except for the fourth quarter of 2020 and the first quarter of 2021 reporting period, and is the main source of bond returns in the second quarter of 2022 and beyond.
Having said that, among the ** companies established in the same period (established in 2023), Taixin** lags far behind its "classmates" in scale. According to wind data, there are 11 ** companies founded in 2003 like Taixin**, and up to now, the scale of GF** has exceeded one trillion yuan. In addition, China Industrial Securities Global**, Invesco Great Wall**, Huabao**, Nuoan**, etc. have also exceeded 100 billion yuan. Taixin** ranked fourth from the bottom among the ** companies established in the same year, followed by Morgan Stanley**, Chinese Insurance Asset Management and Tianzhi**.
According to the analysis of the relevant person of the evaluation center of Tianxiang Investment Advisory, it can be seen that by observing the scale structure of various types of Taixin, Taixin ** company has invested resources in the development of product lines in a targeted manner. In recent years, it has focused on the field of fixed income, and through the rapid growth of the scale of fixed income products, it has realized the expansion of its total scale. At the same time, relatively speaking, the number and types of equity products are not rich enough, and the proportion of scale is relatively low, which may become the company's focus on strengthening in the future.
The "dilemma reversal strategy" wins
Compared with the good performance of the debt base, the performance of Taixin**'s equity** was weak. Before 2023, the "top three rights and interests" independently cultivated by Taixin were once praised, namely Dong Jizhou, Wu Bingtao, and Xu Muhao. They are all Taixin's "cultivation system" players who have been trained from researchers to managers.
According to the daily ** network, Dong Jizhou's tenure is 4 years and 229 days, and there are three in the management, namely Taixin Xinxuan's flexible allocation of A share and C share, with a return of -4761% and -4755%；Taixin Small & Mid Cap Select Blend**, with a return of 3901%。
Wu Bingtao's tenure is 4 years and 220 days, and the five ** under his management are Taixin Advantage Pilot Mixed (with a return of -30.).23%), Taixin's low-carbon economy hybrid initiated A share (return on tenure was -52.).95%) and C share (return on tenure is -53.).49%), Taixin Quality Life Mix (-50 returns03%) and Taixin National Policy Driven Flexible Allocation Hybrid** (return on tenure was 104.).63%）。
Taixin** "top three" in the relatively outstanding performance is Xu Muhao. It is reported that his researcher specialized in medicine and chemical industry, and has a deep understanding of the cyclical industry34% and 11625%。
In addition to the "top three", Taixin's ** equity investment also has a "dark horse". In 2023, under the interpretation of media and AI extreme, Taixin** veteran Dong Shanqing stood out, and the Taixin Industry Select Mix he managed became a candidate on the "Champion Base" competition list at the end of last year, and finally ranked ninth, a blockbuster.
In an interview with reporters, a relevant person from Taixin said that Dong Shanqing's investment style is long-term value investment, and he is good at reversing the dilemma on the left side. For Taixin Industry Selection, under the premise of determining a low valuation and a high probability of reversal, Dong Shanqing chose the cultural tourism media industry as the direction of heavy positions, focusing on the layout at the bottom of the valuation and firmly holding it for a long time. Last year, thanks to the development of AI and micro-cap stocks**, Taixin Industry Select achieved very bright results.
Dong Shanqing himself once pointed out: "The price paid for the advance layout is a long wait and suffering, and such a strategy requires the best manager to be able to endure loneliness and have enough patience; However, as long as you don't make a mistake in your research direction, the wait is worth it. ”
In the analysis of the "dilemma reversal strategy", the relevant person of Tianxiang Investment Consulting ** Evaluation Center pointed out that the advantage of the dilemma reversal strategy is that, on the one hand, the margin of safety is high. A distress reversal strategy usually steps in when the industry or company is at a low point, when the stock price is usually low and therefore has a high margin of safety. Once the fundamentals of the industry or company improve, there is more room for stock prices. On the other hand, avoid chasing up and down. The dilemma reversal strategy emphasizes when the industry or company is at a trough**, avoiding the risk of chasing the rally when the market is feverish. At the same time, selling after the fundamentals have improved also avoids the loss of killing the market when it crashes. "Distress reversal strategies often need to wait for a significant improvement in the fundamentals of the industry or company before they can make a profit, so the investment cycle can be longer. In the process, investors need to bear the pressure of market volatility and uncertainty. A person from the Tianxiang Investment Evaluation Center said.