timezonearcade| The scale of public funds grew by more than 11% during the year, ranking first in the share of new debt-based issues

By the end of April 2024, the size of public offering funds had increased by more than 3 trillion yuan, an increase of 11 percent over the end of 2023.Timezonearcade.52%. The size of the fund continues to grow, and the performance of new fund issuance also continues to improve. In March and April this year, the issuance share of newly established funds exceeded 100 billion in a row, with bond funds having the highest share.

Since the beginning of the year

The scale of public offering funds accelerates growth.

According to the China Securities Investment Fund Industry Association, by the end of April 2024, there were 148 fund management companies with institutional management in China.TimezonearcadeThe net asset value of public offering funds broke through the 30 trillion yuan mark for the first time, reaching 30.78 trillion yuan.

According to the data, there are 148 fund management companies in China, including 51 foreign-invested fund management companies (including Sino-foreign joint ventures and wholly foreign-owned) and 97 domestic fund management companies. There are 13 securities companies or asset management subsidiaries of securities companies qualified for public offering fund management and 1 insurance asset management company.

In recent years, the scale of public offering fund management in China has continued to grow, with the scale of public offering fund management exceeding 10 trillion yuan in June 2017 and reaching 20 trillion yuan at the beginning of 2021. In 2022, the market fluctuated and the growth rate of fund size slowed down. Since the beginning of this year, the market situation has improved significantly, and the growth rate of the fund has accelerated, with an increase of 3.18 trillion yuan at the end of April compared with the end of last year, exceeding the sum of the increments in 2022 and 2023.

Monetary fund scale

An increase of more than 2 trillion yuan

From a variety point of view, monetary funds are the absolute main force of the growth of public offering funds. Compared with the end of last year, the size of money funds increased by 2.16 trillion yuan, far exceeding that of other varieties. In addition, bond funds, stock funds, QDII funds and closed-end funds increased by 826.188 billion yuan, 345.987 billion yuan, 62.553 billion yuan and 22.278 billion yuan respectively, while mixed funds relatively shrunk by 233.959 billion yuan.

By the end of April, the total size of monetary funds and bond funds reached 19.57 trillion yuan, accounting for nearly 2/3 of the total size of public offering funds. Compared with equity funds, these two funds have less risk and are favored by the majority of investors. According to the annual report of public offering funds, individual investors prefer currency funds, with more than 70% of net worth held by individual investors, while institutional investors prefer bond funds, accounting for more than 80% of net value.

A number of institutions said that they are optimistic about the continued expansion of monetary funds and bond funds in the future. Tianfeng Securities Research report believes that the scale of monetary funds in the first quarter of this year is driven by both institutional and retail expansion, with a faster month-on-month growth rate and more retail-end expansion in absolute terms. Looking forward to the follow-up, there is still a favorable basis for the expansion of monetary funds.

Huachuang Securities Research News believes that in the long run, under the trend of lowering bank deposit interest rates, banning the allocation of high-interest deposits through financial management, and rectifying and reforming manual interest compensation, institutions' demand for short-term debt funds and monetary funds may rise.

Fund issuance scale

Broke hundreds of billions of copies for two months in a row

The continued growth in the size of the fund is partly due to the increase in the contribution of newly issued funds. According to statistics from the Securities Times data Bao, based on the fund establishment date, a total of 472 new funds have been established so far this year, with a total issuance share of 434.908 billion, of which the number of new funds established in March and April exceeded 100 billion, with issuance shares of more than 100 billion, significantly higher than in January and February.

The recovery of fund issuance is closely related to the stock market. As of May 24, the Shanghai Composite Index was up more than 15% from its low this year, boosting the confidence of the base people to participate in the subscription. In terms of subscription days, the average subscription days of fund-raising funds completed in March and April were 23.4 days and 21.97 days respectively, which was 4.68 days less than that in February. In addition, 55 and 47 new funds were raised ahead of schedule in March and April, respectively. From another point of view, it shows that the recent popular subscription of the base people.

Since the beginning of this year, bond funds have been very popular with the base people. during the year, a total of 149bond funds were issued, with a share of 341.032 billion, ranking first in this year's newly issued funds, of which April and May accounted for more than 80 percent of the total. In terms of average issuance share, the average issuance share of bond funds in April was close to 3 billion, reaching 2.948 billion, the highest since September 2022.

In contrast, the popularity of mixed funds declined significantly, with a total of 106 hybrid funds issued during the year, lower than equity funds, which are also equity funds. Since March, the share of hybrid fund issuance has fallen below 7 per cent, while it has continued to exceed 40 per cent in 2020, when hybrid funds are most popular.

The decline in the popularity of mixed funds may be related to poor performance. Data show that the profit of 7791 mixed funds in 2023 is-572.52 billion yuan, which is a loss. Bond funds have the highest profits, with a total profit of 238.081 billion yuan from the 5427 bond funds involved in the statistics.

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