Fengshui Turns: The A Share Market Has Experienced A Downturn Since The Beginning Of The Year.

Feng Shui has taken turns. The stock market fund, which has been rising in the bull market last year, is no longer this year. Equity fund managers also sigh that they do not want to get excess returns. This year, it is lucky to lose money.

As a matter of fact, the reason why equity funds suffer a large loss is that their stock position is at least 80% lower than that of the stock market.

However, the reporter noted that even the flexible stock biased hybrid fund has failed to achieve better results this year, and its resilience is not ideal.

Whether the stock market in the fourth quarter of this year has a turning point has also become a topic of concern to the market. However, from the point of view of many industry analysts interviewed by reporters, the fourth quarter stock market is difficult to have the trend of rising opportunities, and the heat issue of stock base will also continue.

Reporter statistics found that this year's newly established equity fund decreased by 70% over the same period last year.

In addition, the overall performance of equity funds is also very bleak.

Industry analysts predict that the fourth quarter of this year, the stock market will continue to maintain the trend of shocks, equity funds are afraid to encounter the winter of the past year.

The A share market has experienced a downturn in the market trend since the beginning of the year. The Shanghai Composite Index, Shenzhen stock index and gem index fell by 12.85%, 14.85% and 19.19% respectively.

As a result, the number and size of equity funds invested in the stock market have declined significantly compared with the same period last year. The enthusiasm of fund companies has been decreasing and investors' desire for equity funds is not strong enough.

Data show that as of October 18th, the newly established equity fund was 78 (A/B/C share separately) this year, while the number of newly established equity funds in 2015 was 263. The number of new equity funds established this year is less than 1/3 in previous years, down 70.34% from the same period last year.

In addition, according to the data disclosed by the China Association for fund industry, as of August 31st this year, the scale of equity funds in the whole market was 719 billion 750 million yuan, compared with 765 billion 713 million yuan at the end of last year, a decrease of 45 billion 963 million yuan.

In addition, this year, the scale of stock fund raising has also been in the doldrums. The 7, 8, and 9 three months were three, 17 billion 528 million, 3 billion 378 million and 6 billion 194 million respectively, and the stock fund was not as large as a single debt base in a single month. Now, in September 28th, the Bank of China regularly opened its debt base with a 28 billion share.

In the list of funds waiting to be examined and approved by the SFC recently, the reporter statistics found that as of September 30th, 642 funds were waiting for approval in the examination and approval teams, of which only 8 stocks were listed.

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This year is indeed very difficult to sell. Even the banks with strong sales force are powerless. After all, the bleak market environment is at hand. Investors are reluctant to buy high-risk equity funds. Although they are also declaring an industry thematic stock base, they are only thinking out of the layout and are not anxious to issue them. We are also waiting to see the right market opportunities before they are launched.

A fund manager in Shanghai said frankly to reporters.

However, the reporter noted that there are still some large fund companies choose to go upstream, choose to issue equity funds, and have achieved a good scale of raising.

For example, the China Innovation frontier stock foundation set up in September 7th has set up a scale of 1 billion 324 million, and the total share of the Castrol sports and entertainment stock base issued in September 7th has also reached 906 million.

In addition, the ETF set up by huitianfu, Shanghai's state-owned enterprise in July 28th, was set up to 15 billion 220 million.

However, looking at the good stocks listed above, they are all large fund companies with strong channel advantages, and the reason why Shanghai's state-owned ETF has gained such a large scale is also due to the participation of many Shanghai state enterprises.

Data show that in the comparable 581 equity funds (A/B/C share separately calculated), as many as 529 losses have occurred this year, accounting for 91.05% of the total stock funds, of which 274 have lost more than 10%, accounting for 47.16% of the total stock base.

In the environment of large scale losses of equity funds, the average earnings of such funds are not satisfactory. The average net growth rate this year is -9.5%. In the same period of 2015 and the same period in 2014, the average growth rate of equity funds was 13.2% and 9.39% respectively.

According to the results of the stock based fund, the most profitable product this year is ICBC's sports industry equity fund, but the fund has a 21.92% increase. Compared with the same period last year, the yield of the first rich country city development stock base has reached 71.06%.

Data show that this year, more than 10% shares of the stock market only 9, in addition to the Bank of Yongfeng sports industry base, there are circular letter, plus life in Canada, Castrol, low carbon carbon stocks, fidelity central certificate infrastructure projects index fund, Hongde strategic pformation unit foundation, the Sino European pioneer unit foundation, the investment in the central liquor, the rich country in the certificate coal index classification and merchants in the certificate coal index classification.

Last year, the blue chip group, which was proud of its popularity, also took the lead in this year's bear market environment. For example, last year, the rich city's development stock base, which ranked the stock fund income champion and increased by 104.58% a year, has lost 12.04% this year, losing the same kind of average income level.

In addition, last year, the top 10 top brands in the letter were small cap stocks, rich mobile Internet stocks, and integrated business board. This year, more than 10% of the losses have been seen, with a loss rate of 14.4%, 21.73% and 17.6% respectively.

Data show that in the comparable 1202 partial equity hybrid funds (A/B/C share separately calculated), there are 721 losses this year, accounting for 60%, and the partial equity hybrid fund has lost 5.5% of its average revenue this year.

Among them, the larger losses are Dacheng consumption mix, Guo Lian an theme driven, North Xin Ruifeng unlimited interconnection theme flexible configuration, long Sheng Tongxin configuration hybrid and Ping Hua Dahua wisdom, and the losses have exceeded 35% this year.

Yang Xiaoqing, a financial researcher on the grid, seems to be right.

The impact of the trend can not be underestimated. The Federal Reserve's interest rate increase in December is expected to rise, and the devaluation of the renminbi is also expected to continue to rise. It will superimpose political events such as the referendum in Italy and Britain's withdrawal from Europe. This is not enough for the A shares priced in Renminbi.

Domestic regulatory policies are becoming stricter, and the direction of "deleveraging" and "de going to reality" have been continuously strengthened. The state is directing funds to the real economy, but the effect still needs time to digest.

Overall, A shares have little chance of a sharp rebound in the short term and need to strictly guard against the risk of re exploration.

The stock fund with a holding ratio of not less than 80% is closely related to the trend of A shares, so the probability of continued cold is greater than before.

On the other hand, compared with the mixed fund, the stock fund, which is involved in the position restriction, is inflexible in operation. Therefore, it is reasonable to further reduce the heat of the stock fund in the future.

Yang Delong, chief economist and executive general manager of Qianhai open source fund, told reporters that the stock market has been in a doldrums this year.

Just coming out of the bottom of the stock market, investors' lack of confidence in the market has led to a smaller stock market fund issuance, but now the market is beginning to pick up. Especially in the context of state regulation, the property market is showing signs of peaking. The volume of property prices is falling in many places. The outflow of funds from the building market is likely to flow into the stock market, and the incremental capital of the stock market will increase. In addition, the current currency is a super state, and the real economy itself does not have much chance. In this case, the capital flowing into the stock market may increase slightly in the coming period.

However, shares may still be on the low side early next year.

Dong Chengfei, deputy general manager and investment director of Xingye Global Fund, believes that the market share of A shares is still showing a trend of bull market, and there is little chance of index market.

He explained that the risk factors facing the fourth quarter of the A share market are more than before. For example, the market's concern about the accelerated depreciation of the RMB, the probability of raising interest rates by the Federal Reserve in December and the continuation of the loose monetary policy in the international market all make it difficult for the fourth quarter A share market to show a larger index market.

"But there is no need to be too pessimistic," Dong Chengfei stressed. "The greater possibility is to maintain a shock market."