The Failure Of The "Fixed Income Advantage" Of The Three Leading Banks In The Banking System: The Highest Number Of ICBC Credit Suisse Is 123.85 Billion

"In the third quarter, on the one hand, the issuance of new funds was extremely hot, but the redemption of old funds was also relatively serious. Some customers redeemed old funds to subscribe for new funds. This phenomenon is more obvious, so many fund companies are facing the situation of old funds being redeemed, but the scale of new fund development banks is far more than the amount of old funds being redeemed, so the total amount of funds is greatly increased." On October 29, Yang Delong, chief economist of Qianhai open source fund, said in an interview with 21st century economic reporter.

This change is supported by the third quarter report data.

According to the statistics of Tianxiang investment consulting, at the end of the third quarter, the scale of the fund was 17235.698 billion yuan, an increase of 649.071 billion yuan or 4% compared with the second quarter, and an increase of 2976.726 billion yuan over the beginning of the year, with an increase of 21%. However, in the third quarter, 755.678 billion shares (including linked funds, the same below) were redeemed, with a redemption ratio of 4.80%.

At the same time, when investors choose to vote with their feet, the differentiation of fund companies' profit-making effect has also surfaced.

The trend behind the application and redemption data

According to the data of the third quarter report, the net redemption of public funds in the third quarter was mainly concentrated in fixed income funds, with bond funds having the largest number of redemption, with a net redemption of 512.640 billion, with a redemption ratio of 10.92%; followed by monetary funds, with a net redemption of 308.028 billion shares, with a redemption ratio of 4.12%.

In addition, due to the volatility of the stock market in the third quarter, there were net redemptions of active investment in stocks, stocks and QDII, with 21.698 billion, 7.813 billion and 1.745 billion respectively.

On the contrary, the largest net purchase of hybrid funds in the third quarter was 64.655 billion, accounting for 2.82%.

In addition, index funds, fof funds and commodity funds all received net subscription in the third quarter, which were 13.884 billion, 7.198 billion and 2.695 billion respectively.

Obviously, it is worth noting that there are three different redemption funds.

The top three net redemption shares in the third quarter were all from the three fund companies with the largest number of fixed income funds: ICBC Credit Suisse fund 123.85 billion, CCB fund 97.776 billion, and Bank of China fund 67.642 billion, with the redemption ratio of 22.51%, 20.37% and 17.85% respectively.

The three companies are also relying on their own shareholder advantages to develop into the most typical bank fund company.

In the third quarter, Penghua Fund, Ping An fund, Tianhong fund, YONGYING fund, Guangfa fund, Jiashi fund, Huaxia Fund, Boshi fund and huitianfu fund were the highest net redemption shares in the third quarter. The net redemption shares ranged from 27.8 billion to 54 billion.

Among them, the redemption proportion is higher: Guorong fund 68.45%, Xinwo fund 64.33%, PICC assets 49.94%, Zhejiang Zheshang securities 44.85%.

Some small fund companies and fund managers with a large number of fixed income funds, including PICC assets and ICBC Credit Suisse, are in the forefront of the redemption ratio.

On the contrary, Cathay Pacific had the highest net fund share of 24.432 billion, which was more than 27.442 billion.

In addition, the net subscription shares of noan fund, Wanjia fund, Qianhai open source fund, Fuguo fund, xingyin fund, RONGTONG fund, AXA fund of Shanghai Pudong Bank, etc., with shares ranging from 7.4 billion to 15.9 billion.

36.36% of the funds, such as the funds of AVIC China Pacific Limited and the funds of AVIC China Limited, such as AVIC, were also the main funds.

In this regard, Zhang Ting, chief strategist of GESHANG financial management, said, "the situation of fund redemption has a great relationship with the profit increase of each fund company. This year, both new fund subscription and old fund subscription have an obvious head effect. Those fund companies with excellent performance have larger fund subscription, while fund companies with less outstanding performance have net redemption

The differentiation trend of earning effect

According to Tianxiang investment consulting data, the fund profit reached 436.177 billion yuan at the end of the third quarter, and the net profit after deducting the profit and loss of fair value change in the current period was 486.482 billion yuan. The two figures were 755.727 billion yuan and 207.893 billion yuan respectively at the end of the second quarter.

In the third quarter, among all kinds of funds, hybrid funds and stock funds had the highest profits, with 250.1 billion yuan and 136.9 billion yuan respectively.

Specific to each fund company, the highest fund profit in the third quarter was e fund, which reached 36.174 billion yuan.

The profits were closely followed by huitianfu Fund (26.612 billion yuan), Fuguo Fund (23.043 billion yuan), Huaxia Fund (21.487 billion yuan), Jiashi Fund (20.7 billion yuan), Xingzheng Global Fund (19.006 billion yuan), Guangfa Fund (17.7886 billion yuan), Jingshun Great Wall Fund (17.025 billion yuan), Bank of communications Schroeder Fund (16.042 billion yuan) and Southern Fund (15.024 billion yuan).

In the general bull market, the fund management scale and the overall profit scale are roughly positive correlation.

Zhang Ting said that each of the funds with higher profits can find several star fund managers of equity funds, such as Zhang Kun and Xiao Nan of e Fangda; Lei Ming and Lao jienan of huitianfu; Fu Youxing, Liu Gesong, Wu Xingwu and Li yaozhu of Guangfa; Xie Zhiyu, Ren Xiangdong and Dong Chengfei of Xingzheng Global Fund; Li Yuanbo, Zhu Shaoxing, Yu Yang, Zhang Feng and Cao Wenjun of Fuguo He Shuai, Wang Chong, Shen Nan, Yang Hao, etc.

"These star funds have their own flow effect, and each of them is good at different points. For example, e-fund focuses on big consumption, huitianfu mainly focuses on blue chip stability, Guangfa mainly focuses on science and technology growth this year, most fund managers are veteran, and their style tends to grow; Fuguo's overall style also tends to grow in science and technology this year; fund managers of Bank of communications are good at directional tools With certain differences, this year's fund managers who are also partial to technological growth perform better. "

In addition, of the 142 fund managers, 8 of them had negative profits, and the largest loss was noan fund, amounting to 4.251 billion yuan. In addition, the public offering managers with fund profit loss also include Galaxy fund, BOC International Securities, Oriental alpha fund, Xinyuan fund and honeycomb fund.

"The income and profits of the top ten fund companies have increased significantly, accounting for an increasing proportion, while the income and profit growth of small funds is relatively slow, accounting for less and less." Yang Delong thinks.

Yang Delong believes that "for small and medium-sized funds, we still need to find the advantages of differentiation, such as relying on performance, relying on brands, channels, or unique product design to achieve counter attack."

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