A reporter from the Securities Times promised

For fund holders, the new "National Nine articles"PlaypokeragainstcomputerOr it means that the pattern of public offering performance in which only a small number of people make money is changing.

A reporter from the Securities Times noticed thatPlaypokeragainstcomputerWith a series of institutional arrangements and the guidance of value investment by regulators, mini-products that have dominated fund performance for a long time through unconventional and unconventional means may gradually give way to head public offerings covering a larger base group in the performance rankings. Although many mini-funds have beautiful short-term performance, few people benefit from them. When such mini-products attract funds with high returns, they may cause more fund holders to suffer losses. This also leads to the phenomenon that the fund makes money and the base people lose money.

The effect of making money by public offering turns to a larger group.

The release of the new "National Nine articles" means that A-shares may make a gradual transition from mini-products that cover fewer fund holders to large funds that cover more holders.

"after the implementation of the new 'National Nine articles', the trend of value investment will be further strengthened, encouraging the development and growth of companies that can pay cash dividends, and those companies that cannot create value for shareholders are difficult to get attention and may even gradually leave the market." Yang Delong, an open source fund manager at Qianhai, told the Securities Times that undervalued blue chips have begun to rise in the past two years, and many stocks with low valuations and high dividend yields have even reached new highs. In fact, performance has gradually dominated the market, and value investment has once again become the mainstream of the market. To make value investment, we should start from the medium-and long-term layout of a good company that has been mistakenly killed, and be a good shareholder of the company. Some subject stocks and concept stocks are short-lived and often end up with chicken feathers after hype, while value investment will blossom and bear fruit in the A-share market.

The reporter noted that in the past few years when the value investment system was ignored, mini-fund products have been at the forefront of public fund performance for a long time, and fund managers of these products often take supernormal operations. for example, buying stocks on the same track, style drift, fast-in and fast-out high turnover, etc., to obtain high performance at the expense of the net stability of fund products and the principal safety of fund holders, and attract a large number of funds to subscribe at the high net value of the fund. Turn the original mini-fund products into large funds at the high point of the market.

The above phenomenon means that when a small fund with a scale of tens of millions of yuan or 200 to 300 million yuan is ahead of the crowd with the image of the top ten products of the year, there may only be a few hundred fund holders behind it, but when it absorbs funds in the image of the top ten products, tens of thousands of people may suffer losses from profits to losses at the high net worth position.

Take a mini product owned by a small public offering in the north as an example, the fund entered the top 10 in 2023 through frequent switching of races such as liquor and artificial intelligence. According to the information disclosed by the fund, 55 per cent of the annual performance of the mini product corresponds to the opening size of only 16.55 million yuan, which means that there are very few fund holders who really taste 55 per cent of the high returns in a year. However, when the above-mentioned fund products attract capital subscription with high performance, the number of fund holders affected becomes more extensive. According to the disclosed information, the capital size of the product has changed from 16.55 million yuan at the beginning of last year to 4% at the end of December last year after earning 55%.Playpokeragainstcomputer02 million yuan, attracted more fund holders have lost about 16% in the last four months, of which about half of the money was cut off at the end of March this year. By the end of March this year, the size of the fund has shrunk to 2.Playpokeragainstcomputer20 million yuan.

The above information means that the value investment led by the new "National Nine articles" will be more conducive to covering a larger base group, and large public offerings will also assume a wider range of responsibilities and significance.

Help to solve the problem

"the fund makes money, the people don't make money."

It is obvious that the public value investment guided by the new "National Nine articles" will be of great social value to the group of fund holders, which will be of great benefit to solve the outstanding problem that the fund-making base people do not make money.

"not only the number of base people behind the fund products, but also taking into account whether the fund's net worth is highly volatile, then a small fund earning 70%, 80% or even doubling its performance may not be as real as a large fund earning 20% or 30%." A person in charge of a large fund company in Shenzhen believes that on the one hand, many small fund products are due to a small number of fund holders, on the other hand, because the investment style of fund products has the characteristics of high volatility, so the number of fund holders who can eventually experience high returns will actually be smaller, which eventually turns into the fact that the fund earners do not make money.

People from the above-mentioned fund companies further believe that compared with the holder structure and investment style of mini-fund products, large-scale fund products cover a large number of fund holders on the one hand, on the other hand, the head public offering has more stringent product risk control and management, and various operations are more compliant, although compared with the mini product style of many small public offerings, large-scale public fund products earn "slow money". But many star fund managers who advocate value investment have a deep understanding of "slow money" investment.

Zhang Junxiao, head of the cycle group of the Penghua Fund Research Department, pointed out that in addition to further emphasizing the investor-oriented regulatory thinking, Article 4 of the opinion revolves around "delisting," with the goal of forming a normal delisting pattern that should be withdrawn and cleared in a timely manner. The core is to clearly put forward the establishment and improvement of different sectors of the delisting standard system, and tighten the financial delisting indicators, improve market capitalization standards and other trading delisting indicators. The process of regular delisting will be accelerated, and the supervision of high-frequency quantitative trading will be strengthened. at the same time, it is proposed to highlight the hidden risks in the field of private equity funds and guide the development of value investment.

"most people are doing 'fast' things, although the short-term effect is very good, but this method is actually the 'Red Sea', in the long run, slow is the real 'blue sea'." Zhu Hongyu, chief research officer of China Merchants Fund, said that in the process of doing research and investment, we should first recognize ourselves, and then recognize the life cycle of the industry. Many people often feel good about themselves, overconfident or even conceited. This is because there are usually many positions in an organization, each person's position is different, the perspective of things is different, the truth of things observed is also different. Fund managers should study some good industries and companies that can bring us good returns in the long run, and realize that slow investment is fast.

Value investment can better consolidate the bottom of the market.

What is noteworthy is that the value investment led by the regulatory thinking of the new "National Nine articles" is also expected to further consolidate the bottom of the market.

Prior to this, under the irrational investment atmosphere of some private placement and mini public funds, such as "speculation poor", fast-in and fast-out, and chasing high and hot, some fund holders and investors had a discussion about whether fund research was still meaningful. this view of "fund research is useless" came into being under the environment of market value investment and concept stocks flying all over the place at that time.

In this regard, Wang Li, the Great Wall Fund, believes that the new capital market management model mapped by the new "National Nine articles" has actually been reflected in the previous regulatory guidance, and this time it has mainly made specific norms in terms of institutionalization and quantification. In view of the fact that the capital market has sufficient expectations for regulatory thinking, and it is expected that the policy will be conducive to the medium-and long-term development of the market and the consolidation of the bottom of the market, based on the understanding of the new "National Nine articles", he believes that the investment strategy emphasizes stability and pays attention to the opportunities for the performance of structural sectors, such as key industrial chains with structural competitive advantages, in specific sectors. You can focus on upstream internationally priced commodities, export chain plates, stable profits, high dividends and other directions.

"investing without corporate research and in-depth research is like driving with your eyes closed. It is difficult for most people to resist the temptation of short-term trading and frequent trading. The real value investors are always a very small number of people with strong determination and patience." Yang Delong, an open source fund from Qianhai, believes that investment must emphasize the margin of safety, which means that when buying stocks, the trading price is much lower than its true value, so that investment losses can be avoided, even if there are some unexpected risks. also because there is a margin of safety to reduce the risk, only investors conduct in-depth research on stocks and industries, on the basis of understanding and analyzing the industry. Looking for and buying enterprises with development prospects and competitive advantages will have the patience and perseverance to hold shares firmly in the fluctuation of the market.