The Fund'S Feverish Feast Has Not Really Started Yet.

Despite the rapid growth in the size of the public fund this year, the increase in the size of the public offering has only just begun since the net growth of the market itself has been eliminated.

The investment director of a large fund company in the south said, "the net value of the fund has risen and investors have redeemed it.

When the market is rising, the pressure of redemption is even greater.

Very hard, plus the new development fund, the size of our company has just come from recently.

Net purchase. "

In fact, according to the latest statistics of China's Fund Industry Association this week, the share of public offering funds increased by 12 million 754 thousand and 100, 19 million 440 thousand and 600, 10 million 709 thousand and 800 and 69 million 476 thousand and 200 per month since January.

It can be seen that the past April was the outbreak period of the scale of public offering.

The scale of the new fund also shows that the frenzy feast of funds has not really started yet.

According to the statistics of China Securities Journal, from the beginning of the first ten billion fund in the bull market, up to now, 31 new funds have accumulated more than 5 billion yuan, and only four of them are over ten billion yuan. Among them, there is only one Shanghai Hong Kong Shenzhen fund that can invest in Hong Kong stocks.

In sharp contrast, there are about 33 new development funds in the bull market between 2006 and 2007.

At the end of 2006, the Harvest Fund issued a huge fund of 41 billion 900 million.

In the three quarter of 2007, the Shanghai composite index climbed to the peak of 6124.04 in October 16th. The purchase of the Asia Pacific Fund reached 116 billion 200 million yuan in just one day, setting the highest record of the fund's purchase.

Citing a general manager who has worked for many years in the public offering, he pointed out that

The speed and scale of issuance is an important indicator of market heat, but it should be divided into several stages.

The market should be excited, not afraid, for the first time in the tens of billions of dollars.

Sustainability.

At present, the "speed and passion" of fund issuing is still in its early stage, and it is a relatively hot stage for companies with outstanding performance.

"The current hundred billion is not the same as the billion in the year. The peak value of the market value in 2007 was only 10 trillion, now more than 20 trillion; the RMB savings deposit was 21 trillion and 700 billion, and now it is 53 trillion and 800 billion."

The statistics of China's Fund Industry Association show that the total size of the current public fund is about 6 trillion and 200 billion. If we simply calculate the change of RMB savings deposits, the public fund will have a growth rate of 9 trillion, compared with the scale of the two financial institutions now only 1 trillion and 900 billion, with a theoretical limit of about 3 trillion.

So, according to the above data, the size of the public fund may not really return to the peak of the year. This part of the fund is expected to continue to enter the market, or partially offset the phased slowdown of leverage.

This year, the management has repeatedly raised the regulation of strengthening the entry of leveraged funds into the market. Data show that the proportion of margin trading to A shares has gradually decreased from 20% at the beginning of the year to 15%, indicating that the effect of regulation has already been reflected.

Lin Jianwen, deputy general manager of CICC's wealth research department, said recently that the whole society's capital allocation of equity assets is a major trend in the medium and long term. However, its speed and pace are affected by financial innovation tools, and the leverage effect also appears to be weakening.