The New Fund "Scenery Unlimited" And "Rules Of The Game" Changed.

Most of the new funds in the market are guided by decentralized investment, new thickening income and no additional participation in the two level market stock investment.

It may be a desirable path to adjust this thinking, especially the "moderate participation" in the two tier market.

Assuming that the pace of issuing new shares remains unchanged, the influx of huge amounts of capital is changing the industry ecosystem.

In fact, the recent changes in IPO have triggered the "discomfort" of new funds.

Generally speaking, the new fund is affected by the external factors such as the issuing speed of new shares and the scale of issuance. The fund industry personas call it "relying on the weather". Recently, the rhythm of new issue has slowed down and the scale of issuance has declined.

Apart from external factors, it is also a major trend to make meticulous development of new strategies.

The industry believes that the scarcity of new shares, how to select targets, and how to balance between scale and income are all the challenges facing the new fund in 2017.

The rhythm of IPO quickening, creating a new huge wealth effect.

Ji Si Lu data show that, with the opening of Wanlima in February 8th, the 248 new shares issued in 2016 have all been opened up, the average annual increase of new shares is 405.82%, and the average single sign revenue is 33167 yuan.

The average winning rate is 0.0449%.

Without considering the change of market value of tickets, according to the calculation of 100 thousand "tickets" in the Shanghai and Shenzhen stock accounts of a single account, the implied earnings of new shares purchased in 2016 totaled 40297 yuan, and the new comprehensive annualized yield was 20.15%.

The money effect has led to continuous influx of funds. The development momentum of the new fund is expected to continue in 2017.

Guotai Junan's latest estimates show that there are about 350-400 new fund stocks in the market, and the scale of the new fund is 800 million -15 billion. The overall scale of the new fund is 450 billion (compared with the data at the beginning of 2016, which has been increased by more than 1 times). Guotai Junan believes that there will still be a large number of new funds to be issued. It is estimated that the overall scale of the new fund will reach 700 billion -10000 billion by the end of 2017.

The above data is newly launched in Shanghai.

The fund manager seems to be the normal reflection of capital on market opportunities. He believes that the current A shares are facing the trend of shock adjustment, whether equity or fixed income investment opportunities, and the "fixed income" investment opportunities brought by the IPO are difficult to give up such investment opportunities, whether the rights and interests research is also fixed income research. "New opportunities will become a rare opportunity in the market. Although different data statistics have different caliber, I have observed that there are a lot of people who are involved in the new products in the current market, and even derive a series of strategies to fight new +".

A brokerage research report pointed out that in recent IPO, large cap value shares are absent, and small market value shares dominate.

It is reported that since 2017, 34 new shares have been issued, and the total amount of fund-raising has averaged 12 billion 600 million yuan, averaging 370 million yuan, which is significantly lower than the average size of 640 million in 2016.

In the first batch of new shares, 1-2 issued large stocks, while most of the recent shares were mainly small cap companies, and only 1 of the three new stocks were over 1 billion.

Previously, many new shares continued to weaken after the listing, especially some of the new shares were "open", resulting in some funds to fight new revenue decline.

"Small market value stocks" and "new stock market opening up" are speeding up, resulting in a lot of new funds being eaten up, new money allocated, and less money making effect. This may mean the beginning of a change.

Those who choose to fight new products need to study carefully, and the new fund will have more time to choose investment targets and balance diversification investment.

A private investment researcher said.

In addition, the continuous influx of new funds is changing the new "rules of the game".

Recently, the balance between scale and income of new funds has aroused market concern.

Data show that the current two cities to fight the new market demand for the market position increased significantly, the Shanghai stock market 50 million yuan has become the norm, and some even raised to 60 million yuan, the Shenzhen market is 30 million yuan.

Among them, in the fifth batch of new shares in December 2016, there was the first new stock market requiring 60 million yuan.

Societe Generale Securities said that the Shanghai stock market purchase threshold was up to 60 million yuan in recent days, and the purchase ceiling continued to decline.

Generally speaking, the smaller scale has higher contribution to new revenue, but because of the continuous increase of the bottom storehouse scale, the bottom storehouse fluctuates relatively higher.

It needs to be diluted.

A public fund manager admits that under the current circumstances, many new funds are being groped for a moderate scale, but the scale is often faced with various pressures. The influx of new funds is relatively clear, but the outflow is not without risk. Therefore, the balance of scale will be a compulsory course for fund managers and an important observation index for investors.

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