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[转帖] In 19 days, nearly 140 debt -based "closed doors"!What is going on?

发表于2024-03-04 04:19:07 | 只看该作者 回帖奖励 |倒序浏览 |阅读模式

    Near the end of the year,热门新闻 the fund's scale sprint stage, but a bond fund as a "rushing weapon" appeared in a wave of "purchase restrictions".

    According to Wind data, as of December 19, since December alone, 138 bond funds have announced the suspension of large -scale purchase (A, C share separation calculation, the same below), and the amount limited from 100 yuan to 10 million yuan is ranging from 100 yuan to 10 million yuan.Some even suspend the purchase directly.

    From the perspective of industry insiders, densely restrictions on debt -based densely purchase are mainly due to various considerations of performance and market factors.Since the beginning of this year, the overall income of the bond market is relatively considerable, and bond products have been favored by market funds.Near the end of the year, new influencing factors have continued to appear in the fund's fundamentals. Quotes predicting will take more time to prevent large purchase of diluted income is the main reason for bond funds to restrict purchase.In addition, fund dividends often need to limit large subscriptions to protect the interests of fund share holders.

    138 debt -based dense purchase restrictions

    Recently, the market has continued to fluctuate and adjusted, and bond funds with low risk income levels have been favored by funds, and new products have frequently expressed their products.At the same time, the debt base also set off a wave of purchase restrictions.

    Wind data shows that since December alone, 138 bond funds have announced a suspension of large subscriptions, of which there are many stable returns, Shanghai Silver Bonds 5-10 years of national bonds, Caitong Asset Management Honghui medium and short -term debt A, etc.Multiple performances during the year.

    On December 19th, 26 debt -based debts were suspended for 26 debt -based claims such as Guoshou Anbao respect for pure debt, Shenwan Lingxin Green Pure Debt, Jiaotong Yuying Pure Debt Debt, and GFC Agricultural Debt Independent Index.10,000 yuan to 10 million yuan.

    Guoshou Security Confucianism and Pure Debtylon announced that it has suspended large subscriptions, conversion in and regular investment business since December 19, that is, the cumulative subscription application amount of a single fund account of a single open day of the fund shall not exceed 1 million yuan.If the cumulative purchase amount of a single fund account of a single open day exceeds 1 million yuan, the fund has the right to part or all refuse.

    From the perspective of performance, as of December 19, the yield of Guoshou Security Confucianism, respect for pure debt bonds was 3.31%; from a scale point of view, the bond fund increased from 41.301 million yuan at the end of last year to the end of the third quarter of this year to the end of the third quarter this year.2535 billion yuan, a scale of more than 60 times.

    Many funds have restricted purchases for institutional customers, such as the total index of debt agriculture issuance, Yongying Ruiyi A share, Yongying Rongyi, Yongying Stability, and the upper limit of the purchase amount of Yifangda Cai Pure Debt Fund, which are 100,000Yuan, 30 million yuan, 500,000 yuan, 5 million yuan, 4 million yuan.

    There are also funds directly to "close doors" to institutional customers.Yifangda's stable income fund announced that for the sake of the fund's smooth operation, the interests of the owner of the fund shareholding have suspended the purchase, conversion in and regular fixed investment business of all sales institutions from the sales institutions from December 19.

    In the near future, the restricted purchase amount is also the stable return of the East.Dongfang's stable return announcement stated that it has suspended the acceptance of more than 100 yuan (including 100 yuan) to purchase (including daily purchase and regular quota purchases), transition to the application since December 19th, and a single -day purchase of a single fund account (Including daily purchase and regular quota subscriptions) and the amount of conversion shall not exceed 100 yuan (including 100 yuan).For applications exceeding the limit, the fund manager has the right to refuse and not confirm.

    From the perspective of performance, as of December 19, the earnings rate of Dongfang's steady return was 5.43%during the annual; from a scale, the bond fund increased from 825 million yuan at the end of last year toRMB 62 million.

    Protect the interests of holders

    At the end of the year, why is the debt -based sprint at the critical period of the scale sprint?

    Regarding the reasons for the density of debt -based dense purchases, some people in the industry analyzed that when the scale increased rapidly, the large purchase would have a certain impact on the future income of the current fund holder.Restriction measures.In particular, products with higher proportion of institutions, in order to achieve the investment income target and risk appetite of institutional funds, fund companies often restrict large subscriptions at the end of the year, which can prevent funds from entering diluted income and maintaining the stable operation of the fund.

    Judging from the debt -limited announcement announcement in December, these funds have two major characteristics: one is that the institution's shareholding ratio is relatively high; the other is that the performance is good.In terms of shareholding structure, data show that as of the end of June this year, 78%of the above -mentioned funds holding a shareholding of more than 90%.

    From the perspective of performance, the data shows that as of December 19, the overall return on the debt -limited announcement of the purchase restriction announcement reached 2.75%.Great Wall has a long return of A, Hua An'an, and A. over 5%during the year.

    In addition, there are also fund companies to restrict large purchases before dividends to prevent large funds from using fund dividends to avoid income tax arbitrage, thereby protecting the interests of fund holders.

    For example, Jingshun Great Wall's Four Seasons Golden Debt Base limited large subscriptions of 5 million yuan and above from December 19. At the same time, the fund also issued a dividend announcement, which is planned to use December 20 as the dividend of the registration date for equity registration on December 20th.Essence

    The bond market may show a strong shock next year

    Since the beginning of this year, the A -share market has continued to fluctuate, and the overall performance of the bond market has been relatively better.Wind statistics show that as of December 19, the CSI TEC index rose 4.5%during the year.

    Specifically, Wind data shows that as of December 19, the overall average yield of 3,449 debt in the market was 2.46%, and nearly 90%of the debt -based base achieved positive income.Dongxing Xingrui will open A and Dongxing Xingfu in one year. One year will set up a yield of more than 10%within the year.

    Jinyuan Shunan Fund stated in the bond market outlook in 2024 that although the rhythm of some fields in the current economic restoration process is slow, as the macro policy adverse period adjustment has continued to increase, the overall economy can maintain the trend of continuous marginal improvement.At present, the high interest rates of overseas markets have passed, and the pressure of the depreciation of the renminbi has been relieved to a certain extent. The capital is expected to return when the economy is basically good.Essence

    Li Jie, general manager of Caitong asset management, said that the macroeconomic environment will be conducive to the bond market as a whole next year, but the effectiveness of the ticket interest strategy may decline.The role of chemical strategy or relative improvement.In terms of investment, the types of vouchers can be richer, and the investment strategy must be more flexible. For example, adding some cost -effective two -permanent bonds, and at the same time, it can also use strategies such as long -term and leverage to increase benefits.

    Zhou Enyuan, deputy director of Ping An Fund's Harvest Investment, said in the recent annual strategy meeting that the most impact on the bond market or the most impact on the supply of funds for the bond market, the overall adjustment of next year is relatively neutral.of.From the perspective of economic to monetary policy, it is also a process that supports yields to show biased fluctuations.

    Liu Tao, manager of Penghua Fund Fund, said in interpretation of the performance of the bond market that the economy is the starting point of all asset logic. The central level of economic related policies and the substantial changes in economic data will bring corresponding performance in different assets.If you make more positive and effective policies at the central level next year, maintain the entire economy in a good state, the long bond end may have a certain pressure, and the blue chip sector, especially the economy -related sector, has certain opportunities, and commodity assets alsoThere may be some opportunities.

    In Liu Tao's view, short -end bonds are currently a relatively good asset. No matter how the follow -up economy or policy changes, it has been more attractive in the past 5 years. Therefore, it is relatively optimistic about short -term.Products, if the mid -length assets have a chance to appear in the second quarter of next year, they will also make certain offensive configurations.

    Original title: "19 days, nearly 140 debt -based" closed doors "!What is going on?"

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