Leading Institutions Gather In Nancai International Forum To Monitor The Trend Of Major Asset Allocation In 2021

Affected by the epidemic, the global economy has been seriously impacted this year. The capital market has experienced drastic fluctuations, and black swans are flying frequently.

What changes and trends will the capital market usher in after the big shock? Under the condition of various uncertain factors, how can asset management institutions do a good job in asset allocation? How to allocate commodity market and stock market? Where is the next opportunity for capital?

On November 28, the "Southern finance and Economics International Forum 2020 annual meeting" jointly sponsored by the headquarters of Guangdong, Hong Kong and Macao Bay area of China Central Radio and television and southern finance and economics all media group and undertaken by the 21st century economic report was successfully held. At the sub forum of "responsible China - the new trend of China's asset management in 2021" held in the afternoon of that day, head institutions at home and abroad jointly monitored the latest changes in the current capital market and the trend of major asset allocation in 2021.

Big names discuss fund boom

In the afternoon of the same day, many fund industry insiders discussed the "boom" of equity funds this year.

Fan Yue, vice president of e fund, analyzed, "the popularity of public funds this year is the result of market development. With the deepening of capital market reform and the implementation and gradual implementation of new regulations on asset management, non net worth and guaranteed return asset management products are withdrawing from the market. As one of the main channels of public investment, public funds are also popular among investors. In terms of marketing, affected by the epidemic situation this year, we have increased the channels and intensity of online marketing communication, so that more investors can accurately understand the product information and understand the risk return characteristics of products. This will also be a major trend in the future. "

However, under the boom, the situation of "fund making, foundation people not making money" is still more prominent. Hao Wei, deputy general manager of ICBC Credit Suisse fund, believes that this may be related to the incentive mode in the early stage, such as the agent sales channel, and also has a lot to do with the volatility of the capital market in the past.

"From the perspective of serving customers, once there is fluctuation, there will be a lot of communication. In recent years, this aspect has also changed. Many investors are increasingly aware of the characteristics of the fund itself and need to lengthen the holding period in order to offset fluctuations and maximize their returns. " Hao Wei said.

Looking into the future, how will public funds develop?

Guo Peng, deputy general manager of Shanghai investment and investment Morgan fund, pointed out that the number, scale and number of subscribers of public funds this year have reached a record high. This growth rate can not always be fast, but the growth space of this industry is still very large in the future.

Guo Peng said, "from the perspective of demand, 80% of the household assets of Chinese residents are allocated to real estate and other physical assets, and the remaining 20% is allocated to financial assets, which is opposite to that of mature overseas countries. From this point of view, more assets should be allocated to finance, including public funds, in the future. In terms of supply, there are now more than 7000 public offering funds in China, compared with the largest public offering fund market in the world, the number of the latter is about 10000. However, in terms of structure, the proportion of several types of products is relatively low, while that of monetary funds is higher than that of the United States. In the future, our supply will be more diversified. "

The impact of the epidemic on global capital is also the focus of this forum. Zhu Chaoping, a senior strategic analyst at Morgan China, analyzes that the impact of the epidemic next year will fade down, which may produce favorable factors. Next year, the whole epidemic situation will rebound, and if the epidemic situation can be controlled, the market will recover quickly. "There are also structural problems in the rebound. These industries, which have been seriously damaged in the epidemic, have low after-sale prices. Investors do not know whether these enterprises will be able to turn over next year, and whether they can make profits from losses, so as to enjoy the overvalued value. Whether this situation will switch over next year is a question worth considering. "

Finally, the people in the industry expect the future of China.

Wang Hua, deputy general manager of China Merchants Fund, said, "looking forward to the next 10 years, we hope that China's capital market can really have a starting point for functional transformation. The key lies in the further improvement of traditional industrial efficiency and the rapid development of science and technology, which is very critical. This depends on the capital market. "

From the point of view of the high net value of investment institutions in China, Xie Xiaohua, the vice president of investment institutions in Shanghai, said that the rapid development of foreign investment institutions in China. It is also a very healthy ecology for the whole Chinese capital market, so that every investor can obtain relatively stable income. "

Investment director talks about asset allocation

In the afternoon of the same day, there were also a number of investment directors and heads of institutions to talk about the trend of major asset allocation in 2021.

Jiang niejun, general manager of Dajiang Hongliu, said that the focus of asset allocation this year is that under the epidemic situation, countries have adopted loose monetary policies, which has had a great impact on the entire asset management industry, making the former "pyramid" allocation into the "dumbbell" configuration.

"The current situation in China is that the supply of trust is obviously less, and the speed of issuing credit bonds is obviously lower, that is to say, the supply of assets in the middle of the pyramid is less. If you only take very low fixed income, Grade 3A credit bonds or treasury bonds, you can't meet the income requirements of investors. Therefore, some of the allocation will eventually shift to higher yield and higher risk assets, that is, equity assets. "

"One of the big changes this year is the transfer of asset allocation. All institutions are studying a theme - equity assets. This is the trend for both individuals and institutions. In terms of the speed of institutional transformation, "he said Jiang said.

Fan Kai, assistant general manager of CITIC Prudential fund and director of Multi Strategy and portfolio investment department, said, "at the current point, when the economic recovery cycle, we are optimistic about commodities, and non-ferrous metals are a better allocation target, especially copper." Fan Kai said he was also optimistic about the equity market.

Liu Shiqing, director of Investment Department of Minsheng Bank of Canada, said that there are structural opportunities for a shares. The biggest risk is that some sectors are more expensive, but in fact, some sectors are very cheap. There are risks and opportunities at the same time. There is a reason why A-share market is expensive, and there is also a problem of being cheap when it is cheap. For investors, in fact, the most important thing to do is to identify whether it is worth investing.

Xu Changzheng, President and co-founder of Gaosheng wealth group, said that RMB appreciation has entered an upward channel, and many related assets have entered the allocation range.

"Since last year, we have set up overseas markets and have our own financial institutions in Hong Kong to allocate overseas assets to clients. Since this year, we have been communicating with our clients that we can use the RMB appreciation cycle to select some overseas equity and commodity assets, which is a very good investment opportunity. " Xu Changzheng said.

Xu Changzheng believes that during the epidemic period, China's economic performance was second to none in the world, but after returning to the epidemic situation, the speed of China's economic development will slow down in the future. In the next 10-20 years, investors should change from "offensive" to "defensive counterattack" strategy to do asset allocation.

"Since last year, we have been making wealth planning plans for asset preservation for our clients. We told our clients that in the next 10 years and 20 years, we should focus on how the existing wealth can be maintained and protected, rather than focusing on how to create new wealth as in the past. In the future, we should protect the fruits of war and family inheritance. This is a change that we have taken the initiative to make as a financial management organization To change. To this end, Gaosheng fortune has set up a "Shenghe family office" this year, which employs top experts in the industry to provide professional, rigorous and comprehensive services for the inheritance of Chinese family wealth. " Xu Changzheng said.

Li Ye, general manager of asset management and Investment Department of Wanlian securities, said that before the introduction of the new asset management regulations, securities companies' asset management under the old regulatory rules could not only be classified channels, but also active management and other businesses. However, although a lot of business can be done with the license plate of securities companies, it is often difficult to do well.

"From the perspective of the new asset management regulations, we need to do a lot of subtraction in order to do a good job of fixed income plus." Li Ye said that according to the requirements of the new regulations on asset management, securities companies have cut off the channel business and stopped offering products, so as to be more in line with the business of fund companies.

"We try to do less money products, which are easy to make money, but they hinder the development of real investment management business." Li Ye said.