Financial Products Are Riding On The Stock Market.

Stock market related financial products are in high spirits. The new fund is sold out one day, and financial products are also favored. Stock classification funds are in short supply, and umbrella trust is the only one. The sale of these products also confirms that there are a few investors who share the same idea with Lu Ma Ma.

"It's hard to buy a new fund. In March 6th, I managed to snap up more than 30 thousand new funds." Huang Lin, a white-collar worker working in the human resources department of a foreign-funded enterprise, was quoted as a reporter.

In March 6th, a mixed fund which was defined by the company as "dedicated" to fight new products opened a short day after opening the purchase. "I bought it at one o'clock in the afternoon, and if I'm a little late, I won't be able to buy it." Huang Lin said.

In the second half of 2014, the domestic stock market recovered, when Huang Lin, who had just graduated, moved the idea of stock financing.

"The network inside and outside the company is isolated and can not be speculating, so I want to buy a fund, so I set up a fund." Huang Lin said. However, the fund's performance is not satisfactory.

"My colleague introduced me to a flexible allocation fund that she bought, mainly participating in the IPO, and the income was very good. The yield has been close to 20% since June 2014, and the annual yield is 30%." Huang Lin told reporters, "this makes me very heartbeat."

Just in March 4th, a new fund announced that it had opened the purchase in March 6th, so Huang Lin was ready to apply for 100 thousand funds. However, according to the purchase agreement, the fund's agreed purchase limit (including conversion, regular investment and the same amount) will be RMB 1 billion yuan. If the total amount of the valid application is more than 1 billion yuan, the fund manager will partly confirm the principle of "proportional confirmation" for the effective purchase application. As a result, the total application amount was 3 billion 189 million 600 thousand yuan and the subscription confirmation ratio was 31.35%.

Huang Lin's father Huang Jianguo (a pseudonym) is an old stock investor. Under the influence of Huang Lin, Huang also started buying new funds.

"It's harder to fight new shares than to win the lottery. Huang Jianguo told reporters, "I haven't hit any new shares this year, but I feel a bit anxious when I see the new shares issuing in waves."

Enter 2015, single month ipo The frequency has accelerated, from 15 in 2014 to 24 in 2015 and 2 in March. But the average rate of successful online issuance of new shares this year is only 0.51%. Among them, the highest rate of successful Oriental Securities was 1.62%, while the lowest Zhongtai stock (300435) was only 0.18%.

Huang Jianguo disclosed that investors themselves have many disadvantages in their own fight. First, the scale of funds must be better than that of funds.

Secondly, the Shenzhen stock market applies for a purchase unit (500 shares) at the market value of 5000 yuan, and the Shanghai stock market applies for a purchase unit (1000 shares) at the market value of 10 thousand yuan. Finally, we must rely on the support of funds. Most investors are unable to share new shares because of limited funds. The proportion of public offering funds is the highest among the offline institutions. Public offering funds and social security funds are classified into a category. Enterprise annuity and insurance products are divided into B categories, and other investment institutions and individuals are classified into C categories. Therefore, the proportion of public funds and social security funds is the highest. The eighteenth provision of the IPO rules stipulates that the placement ratio of the public offering social security should not be less than 40% of the number of shares issued under the net sale when the main underwriters and issuers are placing the placements. At the same time, the proportion of class a allocation should not be lower than that of the B class, and the ratio of B class placement shall not be lower than that of the C class. With institutional statistics, the success rate of class a institutions is generally higher than that of other institutions, with the highest success rate of up to 30 times. The winning rate on the Internet is generally higher than that under the net, but the advantage of class a institutions is not obvious.

In addition, there are two restrictions on the number of new accounts purchased by the regulators. The first is the market value of the corresponding T-2 daily accounts. The two is that the purchase scale can not exceed 0.1% of the total number of new shares purchased online. Huang Jianguo, for example, if an Internet issue amount is 12 million shares, then the market value of the stock that is required to be prepared in advance will be 12000000 shares, 0.001/500 shares, and 5000 yuan =120000 yuan.

And shareholders can only use a market value. Securities account Each securities account can only be purchased once. Shanghai and Shenzhen stock market can not be combined, Shanghai and Shenzhen securities accounts can only purchase new shares in the market.

"If you want to fight new, the premise is to have a certain size of shareholding. But buying new funds has nothing to do with stock ownership. " Huang Jianguo said.

Finally, with the help of her daughter, Huang Jianguo chose a new fund. "This is like buying a new stock. I will not miss the opportunity to fight for it."

Judging from the current situation, fighting new is basically stable. Good buy fund data show that since the issue of new shares in June last year, as of March 2nd, a total of 904 public funds have accumulated 6669 new shares, the total amount allocated to about 10 billion 115 million 440 thousand yuan. From the perspective of IPO in 2015, the average increase in the first day after the IPO in 2015 was more than 43%, and the average increase over 127% on the 5 day after the listing, and the average increase over 10 on the 10 th day after the listing. On this basis, the total income of the participating funds exceeds 20 billion yuan.

New income has also been stable, so that the new fund has achieved good results.

Changjiang Securities (000783) data show that the average yield of new funds in 2014 is higher than 8%, and the yield curve is basically a straight line up. In the view of Changjiang Securities, the number of new shares of IPO will be more in 2015, and the yield of new funds will be higher. Therefore, it is a good choice for the low risk investors who want to be steady.

There are also points for attention in the purchase of the new fund. Huang Lin Told reporters: "buying new funds can refer to the past achievements of the fund, and we can also take into account the importance and development ability of fund companies in fighting new fund products. The reason for my choice of UBS's new opportunities is that I had achieved good results in the past. Since the new shares were restarted in June 2014, the yield of UBS new opportunities fund has reached 23.83%, with an annual yield of 36.09%.

Reporters found that the Great Wall fund, ICBC Credit Suisse fund, Cathay Pacific Fund, Guolian security fund, Societe Generale global (340006) fund, investment fund, Baoying fund, South Fund, Penghua Fund and Bank of China fund, the number of new funds to fight, the number of successful, and have their own brand new fund.

And Huang Jianguo said: "like me, the old stock investors are more concerned about the stock position of the new fund, and the purchase fund is mainly complementary to their own fried stocks, so we have to choose those funds with low stock positions. If the stock positions are too high, it will be difficult to guarantee new revenue."

Insiders also remind investors to pay attention to the size of the new fund. The scale is too small and the amount of funds is insufficient, which will greatly reduce the number of ballot papers; the scale is too large and the income may be diluted. The general scale of the fund from 2 billion yuan to 3 billion yuan is relatively moderate. In addition, investors should pay attention to the choice of fund managers to protect the interests of the original fund holders. So the former Penghua brand heritage fund has been open to purchase business since March 4th, but it has restricted more than 50 thousand yuan purchase application, that is, the daily purchase amount of a single account should not exceed 50 thousand yuan. This prevents new inflows of funds from coming up, and the new gains are greatly diluted.

In addition, some investors are more uneasy about the registration system. Market analysts pointed out that registration system is expected to speed up the issue of new shares and increase circulation. However, if the pricing method remains unchanged, even if the registration system is implemented, the characteristics of the substantial increase after the IPO is expected to remain, and the registration system will further increase the circulation and frequency of issuance, which will enhance the overall success rate and new returns of investors. Investors should pay attention to whether the pricing formula has changed.