A Shares Have Been Hovering At 3000 O'Clock When Will They Stay In The Clouds And See The Moon.

Under the situation of poor strategy revenue, many private placement companies will focus on new low risk and high return networks.

According to the reporter, at present, including the giant sequoia assets, Gaoyi assets, Ding Feng assets, and poly investment, including the well-known private placement is also involved in new or new products.

"In the last two or three months, there are more new products under the private placement network.

It is largely because other strategies are not ideal this year.

Zhuang Zheng, the general manager of Shanghai's love wealth, told reporters that the new opportunity to hit the net actually appeared in January, and a lot of insurance management was not C accounts, only looking at the red.

According to the reporter's attention, in the market with low earning effect, new online games with low risk and high return characteristics have attracted a large number of private agencies to go to the gold rush, including the famous private companies such as giant sequoia assets and Gaoyi asset, etc.

However, with the influx of a large number of investors, high-yield cake is constantly divided.

In addition, with a number of underwriters raising new thresholds, the new overall rate of return under the private placement network is also hard to avoid being diluted.

In addition, most private institutions are facing the policy risk of top purchase. Many people in the industry believe that the heat of private placement of new products will gradually cool down.

Financial data show that this year, in addition to commodity futures strategy and bond strategy, the strategy of trading stocks as a trading target has shown a weak trend.

The stock strategy has taken several months of earnings this year, with a yield of -6.85% in August and a -0.10% yield of only -0.10%.

In August, the stock strategy earned its first monthly return, but the yield was only 1.63%.

New under the net is the purchase of new shares to specific investors, including social security funds, public funds and other institutions, as well as natural persons who reach the threshold conditions.

And the high net worth individual customers are C, requiring their positions in the two cities of Shenzhen and Shanghai to reach 10 million yuan.

In January of this year, the new cancellation of advance payment under the net means that as long as holding the market value of 10 million yuan in Shanghai and Shenzhen, it can be purchased according to the total amount of initial issuance under the new network.

"On the one hand, there is a change in the new rules under the net. There is no need to freeze funds in advance and reduce the cost of capital.

At the same time, in the first few months, there were not many objects for sale under the net purchase, so the allocation ratio was relatively high, and the yield was also greatly improved.

Zhuang Zheng said.

According to the previous estimate of Shen Wan Hongyuan, in the first 9 batches of new shares issued this year, according to the cost accounting of 10 million yuan in the two cities of Shenzhen and Shanghai in terms of C households (high net worth customers), if we participate in all new opportunities, the absolute return in Shanghai stock market is 3 million 665 thousand and 500 yuan, and the absolute return in Shenzhen stock market is 2 million 110 thousand and 500 yuan.

"We are in the first half year.

In the first half of the year, all the new shares of the two cities in Shanghai and Shenzhen participated in the declaration, and all of them were successfully allocated, and the average number of shares allocated to C investors was calculated. According to the scale of the products 60 million to 70 million, assuming that the stock position risk was completely hedged, the accumulated revenue in the first half of the year was about 11%.

Xu Li, a financial researcher on the grid, said.

According to Xu Li, the reporter told reporters that because of the participation in the new requirements, the stock market has reached a certain market value. The new products of private placement usually require stock positions, and some stock based private placement will directly adopt the stock plus and the new strategy, but for some private placement players who are good at quantifying hedging strategies, they will use stock index futures to hedge the bull's risk and adopt quantitative hedging plus new strategies.

"For large scale funds, the new role played by the net is enhanced revenue, and the contribution to performance is not necessarily great.

But for small funds (about 50 million), it is a real Alfa income and a great contribution to performance.

Zhuang Zheng said.

New low risk and high return characteristics under the net

The weak market is rapidly emerging, followed by the influx of a large number of investors.

According to financial statistics on the grid, the number of investors participating in the online purchase is increasing month by month, and the rate of increase is obvious.

In January this year, the average number of placing objects was 1076.67, up to 2790.20 in September, up 159.15%.

"The increase in the number of investors directly led to the reduction of the ratio of private placement. In the second half of this year, with the increase in the matching rate and the scale of products, we need to increase the rate of return we calculated in the first half of 11%."

Xu Li said that the enthusiasm of private placement of new products has begun to cool down recently.

"This kind of operation which is not restricted by the scale of declaration and the scale of products is unfair. There is no explicit prohibition against it, but there are policy implications.

After all, the hot market always exposes the gray space more clearly.

Zhuang Zheng said.

Coincidentally, Xu Li also said that in order to avoid the possible impact of related restrictions on private placement of new revenue, private managers can consider expanding the scale of products.

In many industry insiders, another major worry behind the new private placement is the policy risk of the top purchase.

According to our understanding, the current practice of the private sector is to take the top purchase, which is to get more rights issue, and the amount of capital is often far more than the scale of its own assets.