On The First Day Of Listing, The "Head Effect" Of "In Line With Expectations" Under Homogeneous Competition

So far, 15 of the high-profile entrepreneurship and innovation funds have been approved.

This week, the first batch of 9 mass entrepreneurship and innovation 50etfs will be listed one after another. Five of them were officially listed on July 5, including the mass entrepreneurship and innovation 50etfs of Huaxia, Nanfang, e-fund, China Merchants and harvest.

On the first day of listing, the E & C funds performed well, with the growth rate of 0.51% - 0.92% and turnover rate of 11.54% - 55.55%, with a total turnover of 3.899 billion yuan and an estimated total scale of 12.2 billion yuan. Among them, e-fund and Huaxia's double innovation 50ETF are the most active.

At the same time, on July 5, the second batch of 6 entrepreneurship and innovation funds were approved, three of which were officially issued, namely, the entrepreneurship and innovation funds of Tianhong, Pengyang and xingyin. People with channels said that the issuance situation is good.

However, as the same kind of products, the same period of issuance and listing, the innovation and entrepreneurship fund also brings fierce peer competition.

Active trading on the first day of listing

On July 5, five of them were officially listed for trading, including Huaxia, Nanfang, e-fund, China Merchants and Jiashi's entrepreneurship and innovation 50ETF.

On the same day, the innovation and entrepreneurship 50 index closed up 0.71%, and the five venture funds listed on the first day also rose by 0.71%, from 0.51% to 0.92%. The overall performance was in line with expectations. The highest increase was Jiashi Zhongzheng kechuangye 50ETF, up 0.92%.

"The trend of entrepreneurship and innovation funds will be more similar, because they are tracking the same index, the double innovation 50 index." Yue Kunzhong, a research fellow of GESHANG's Jinzhang investment, said.

However, industry insiders remind that the secondary market of double innovation 50ETF may fluctuate greatly in the near future.

In terms of the first day of listing, the transaction amount of the double innovation 50ETF under harvest, China Merchants, Nanfang, Huaxia and e-fund are 179 million yuan, 328 million yuan, 532 million yuan, 1246 million yuan and 1.614 billion yuan respectively; The turnover rates were 11.54%, 16.65%, 18.16%, 42.36% and 55.55%, respectively.

At present, the scale of e-fund, Huaxia and Nanfang funds is about 3 billion yuan, that of China Merchants Fund is 2 billion yuan, and that of Harvest Fund is 1.5 billion yuan.

In this regard, industry insiders believe that the overall performance of the first day of the listing of innovation and entrepreneurship funds is still good. In particular, the performance of the two innovation and entrepreneurship funds is far better than the other three, "the innovation and entrepreneurship funds of Huaxia and e fund have very active transactions and good liquidity." One industry person commented.

In fact, this week, the first batch of 9 venture funds will be listed and traded. In addition to five on Monday (July 5), there were three more entrepreneurship and innovation 50ETF funds listed on Tuesday (July 6), including the entrepreneurship and innovation 50ETF of Fuguo, Huabao and Cathay Pacific; On Wednesday (July 7), there was also one innovation and entrepreneurship 50ETF fund listed for trading, which is Yinhua's entrepreneurship and innovation 50ETF.

And the second batch of entrepreneurship and innovation funds are gradually approaching. At the same time that the first batch of entrepreneurship and innovation funds were launched to be listed, three of the second batch of six entrepreneurship and innovation funds were officially launched on July 5, namely, the entrepreneurship and innovation funds of Tianhong, Pengyang and xingyin.

Different from the first batch of 9 entrepreneurship and innovation funds, which are all floor funds (E & C 50ETF), there are 3 on-site funds in the second batch, and 3 are OTC linked funds. The three funds issued on July 5 are all OTC linked funds.

So far, 15 funds have been approved- Photo by Gan Jun

Two sources told reporters that on July 5, the issuance of the second batch of entrepreneurship and innovation funds was good.

Looking back two weeks ago (June 21), when the first batch of entrepreneurship and innovation funds were issued, investors were very enthusiastic about their subscription. Finally, the total subscription amount of the first batch of 9 entrepreneurship and innovation funds reached more than 22 billion yuan, and three of them were oversubscribed, and they were allocated proportionally: Huaxia Zhongzheng Kechuang Chuangye 50ETF sold out in one day, with a subscription amount of 5.017 billion yuan, and a placement ratio of 59.79%; The 50 ETF sold out in one day, with a subscription amount of 3.691 billion yuan, with a placement ratio of 81.29%; E fund China Securities technology innovation and entrepreneurship 50ETF closed its offering in two days, with a subscription of more than 4 billion yuan, with the doomsday allotment ratio of 19.96%.

The 50 ETFs of the remaining six entrepreneurship and Innovation Funds - Fuguo, China Merchants, Jiashi, Huabao, Yinhua and Cathay Pacific were 2.552 billion yuan, 2.011 billion yuan, 1.582 billion yuan, 1.358 billion yuan, 1.236 billion yuan and 731 million yuan, respectively.

After the launch boom of the innovation and entrepreneurship funds, the listing and trading are also relatively active, especially e-fund and Huaxia's entrepreneurship and innovation funds.

However, Yue Kunzhong suggested that investors: "the current PE (TTM) of the innovation and entrepreneurship 50 index is 87.72. In the short term, the valuation is relatively high, and industries such as the new energy industry and the new energy automobile industry chain have increased greatly in the early stage, so it is impossible to rule out the possibility of a correction; However, most of the constituent stocks included in the entrepreneurship and innovation 50 index are leading enterprises in various fields. The leading enterprises not only have stronger profit stability, but also have higher growth certainty. According to the profit forecast of Wande, the PE (TTM) in 2021 is 67.502, and the PE (TTM) in 2022 is 50.69. Therefore, it is suggested that investors should not chase high and buy in batches on the basis of bargain hunting

"For the collection of leading stocks in the industrial direction with high long-term prosperity, if you want to obtain the general trend of rising and income brought about by the industrial development, it is recommended that investors hold them for a long time after the layout is completed. If investors don't want to choose their own investment time point, fund fixed investment is also an effective method to smooth the cost Yue said.

The appearance of "head effect"

At present, the total number of the first and second batch of entrepreneurship and innovation funds has reached 15. And the new venture capital declaration is still on the way.

Yue Kunzhong believes that there will be new applications for entrepreneurship and innovation funds in the future. "The innovation and entrepreneurship 50 index is more like China's Nasdaq, undertaking the mission of breeding a number of world-class technology enterprises. Therefore, the investment value of the innovation and entrepreneurship fund is very long-term, and there will be more fund institutions to share this cake. "

At the same time, the regulatory authorities approved so many entrepreneurship and innovation foundations to guide the market to invest their funds in the constituent stocks of the innovation and entrepreneurship index, which is the key development direction of science and technology in China in the future.

"The liquidity problem at the bottom of the double innovation 50 index is not big, and the capacity is enough." An innovation and entrepreneurship fund manager told reporters.

However, as the same kind of products, the collective issuance and listing, the competition between peers is fierce.

"The competition is so fierce that so many of them are released at the same time." A fund source told reporters.

As a matter of fact, the reporters interviewed many companies that issued entrepreneurship and innovation funds all expressed the same meaning.

According to an industry source, the index fund is basically a strong take all, the rest is "play soy sauce" accompany running state“ The market capacity of similar ETF products is limited. For example, the CSI 300 index fund, in fact, has done relatively large in the market, that is, 3; At present, there are only 2 large ETF funds in Kechuang; And the general theme index fund is basically the capacity of 2 The industry said.

For fund companies, the innovation and entrepreneurship fund is very attractive, and it is "the place where strategists must fight".

The innovation and entrepreneurship fund tracks the China Securities science and technology innovation and entrepreneurship 50 Index (hereinafter referred to as the "innovation and entrepreneurship index"), which selects 50 listed companies in emerging industries with large market value from the science and technology innovation board and the gem as samples, which are the "hard technology" leaders with high market attention. The constituent stocks include Lepu medical, Yiwei lithium energy, Aier Ophthalmology, tonghuashun, Jinshan office, Shitou technology, Cambrian, SMIC, etc., which are highly concerned by the secondary market.

From the historical earnings performance of the science and technology innovation and entrepreneurship 50 index, wind data shows that, as of June 30, since the index base date of December 31, 2019, the cumulative growth rate of the innovation and entrepreneurship index has reached 124.90%, which is significantly better than that of Shanghai and Shenzhen 300 (up 27.99%), China Securities 500 (up 29.88%), growth enterprise market index (up 94.23%) and science and technology innovation 50 Index (up 58.82%).

"This index is very good, long-term allocation and short-term fluctuations are worth the investment of fund companies." One fund manager said.

However, it is worth mentioning that under the competition of a large number of entrepreneurship and innovation funds on the same platform, the "head effect" of the entrepreneurship and innovation funds has appeared. For example, during the same period of issuance, the subscription amount of e-fund, Huaxia, Nanfang and other head fund companies reached more than 4 billion yuan, 5 billion yuan and 3.7 billion yuan respectively, Among them, the ETFs of Huaxia and Nanfang were sold out in one day.

At the same time, the subscription amount of four entrepreneurship and innovation funds was relatively low, ranging from RMB 700 million to RMB 1.6 billion.

After listing, the e-fund and Huaxia's innovation and entrepreneurship funds are far higher than the other three in terms of trading volume and turnover rate.

Under the "head effect", some fund companies choose another way, unwilling to conduct on-the-spot PK with powerful fund companies. They declare the OTC linked funds of entrepreneurship and innovation funds. For example, the entrepreneurship and innovation funds approved by Tianhong, Pengyang and xingyin are all OTC linked funds.

"As long as the" big factories "do the floor funds, our small fund companies are not competitive enough and can only choose to be OTC funds." Some fund companies said.

?