Three months have passed since the first batch of personal pension fund products went on the market last year128. The following small series brings the opening ceremony of the personal pension fund layout competition. Let's take a look at it together, hoping to bring some reference.
Personal Pension Fund Layout Competition kicked off.
The predictable policy orientation in the future, coupled with the stable income performance of the product itself, has made individual pension funds attract a large number of head public offerings, and have declared individual pension Y shares for their own pension target FOF fund.
However, it is not difficult to find that this kind of excitement actually belongs to only a few people. The reporter of 265438+20th Century Business Herald observed that it is not uncommon for individual pension funds to be short-listed because their scale is not up to standard.
According to the statistics of 265438+20th Century Business Herald, there are 43 institutions that have issued Y shares of personal pension funds in the market, accounting for only 27.7% of the total number of institutions. It is worth mentioning that the absence of some fund companies in the pension target fund is particularly obvious. For example, in the "Top Ten" public offerings, Changsheng Fund has not even issued any pension target fund products so far.
In fact, the landing of personal pension fund products is not easy. As an innovative fund product, FOF's successful entry into the list of individual pension funds is inseparable from the comprehensive investment and support of public institutions in investment and research team, product design, information technology, channel sales, customer service and other capabilities.
Some interviewed institutions also pointed out that, in addition to their own experience and ability, China investors' weak awareness of personal pension wealth management and the understanding threshold brought by the investment characteristics of pension funds are challenges that the multi-platform market needs to face and solve for a long time to come.
Head of public offering
Three months after the start of the individual pension fund, China's "third pillar" pension insurance system has gradually entered a new stage of all-round development and improvement.
Choice data shows that the current shortlisted individual pension funds have been expanded to 137. The product report card is also remarkable. Since 2023, the total size of Y shares has exceeded 2 billion yuan, and most funds have achieved positive returns.
There are 43 public managers behind the products that have already landed. Specifically, Huaxia Fund leads by 9, Huitianfu and southern fund by 8, harvest fund and E Fund by 7, Huaan Fund and Guangfa Fund by 6, and ICBC Credit Suisse and Yin Hua Fund by 5. In addition, 6, 8, 8 and 65,438+02 public offering institutions issued 4-65,438+0 respectively.
It is not difficult to see that the head effect of individual pension funds is obvious, and most large-scale institutions are in the front line. Judging from the scale ranking of non-monetary funds at the end of 2022, the top ten publicly funded institutions are all shortlisted for two or more individual pension funds, and institutions with four or more individual pension funds are among the top 30.
Western Securities mentioned in a personal pension tracking report in February that at present, the market concentration of public offering personal pension funds in China is relatively high, and the head company "has strong promotion willingness, channel ability and product ability". A number of head funds have set up business sections specifically responsible for pension management, and established special management systems and processes for individual pension business.
"We have always positioned the pension business as the strategic cornerstone business of the company and set up a business section dedicated to pension management." Tang Tang, fund manager of harvest fund FOF Investment Department, pointed out to the reporter of 2 1 Century Business Herald that "harvest fund has accumulated rich experience in the management of FOF, formed strategic cooperation with many overseas institutions, and introduced advanced overseas FOF management concepts."
Coincidentally, it is also an important way for most head fund institutions to learn from the advanced asset allocation concept of overseas pensions and have a well-laid FOF pension product system. For example, from the introduction of official website, Huaxia Fund, an individual pension fund, gives full play to the advantages of local investment and research, and also combines the pension investment experience of overseas institutions such as Fidelity International and Russell Investment.
In addition to product layout, CCB Fund pointed out to the reporter of 2 1 Century Business Herald that the company also continued to exert its efforts in sales promotion and customer companionship.
"Connect with channels such as banks or tripartite platforms, consider the risk preferences of channel pension target fund customers as a whole, and provide pension fund products with different strategies and target matching for customer groups with different risk preferences." According to the person in charge of Jianxin Fund, the company is also carrying out pension investment and customer companionship through multiple channels, and providing in-depth pension planning training for account managers.
It is worth mentioning that among the 43 public managers who have successfully issued individual pension funds, only 15 institutions have all been shortlisted for their pension target fund products, accounting for less than 35%. Specifically, even though Huaxia, Nanfang, Jiashi, etc. make public offerings, they also hold several old-age FOFs without Y shares.
In addition, there are anxin fund, Yingyong Fund, CITIC Prudential Fund, Cinda Australia Asia Fund, Jinchuang Hexin Fund, TEDA Manulife Fund, Haifutong Fund and other 10 fund companies. Although the pension target fund has been issued, it has not achieved a breakthrough in the list of individual pension funds from zero to one.
What is the reason why the list of individual pension funds is missing after the pension target fund is issued?
The reporter combed the net performance of 368 (share-type) pension FOF funds in the market in the fourth quarter of 2022, and found that the biggest obstacle to the shortlisting of public pension target funds was the product scale.
On June 5438+065438+ 10, 2022, the CSRC issued the Interim Provisions on the Management of Personal Pension Investment and Public Offering of Securities Investment Funds, which guided and regulated the environment for fund managers, product design, product management and sales management to issue personal pension products in public offering of funds.
Among them, in terms of product management, the Interim Provisions emphasize that the scale of individual pension funds at the end of the last four quarters is not less than 50 million yuan or the scale at the end of last quarter is not less than 200 million yuan.
Under the requirements of this scale, the joys and sorrows of the old-age fofs are different.
In fact, according to the difference of product income style and target, the scale difference between pension target funds is also significant.
Bank of Communications enjoys a one-year stable pension FOF, which is the only one in the market at the level of tens of billions. Its A share once exceeded 20 billion yuan in 2022, its Y share was established less than two months at the end of the fourth quarter, and its independent scale was close to 30 million yuan. However, combing down, the pension FOF of more than 654.38 billion yuan is rare.
In the past year, the scale of most pension target funds has been hovering around10-30 million yuan.
After the share merger, the smallest FOF product for the aged is the stable pension goal of Yinhe Yue Ning, that is, holding the mixed FOF for one year. This fund, which was established in August 20021year, has a return of -0.6 1% in the past year. Except for the scale of 1002 million yuan in the second quarter of last year, the scale of other quarters did not exceed1002 million yuan.
There are also some pension target funds that have been established for a long time. Before they were shortlisted for individual pension funds, they were forced to enter the liquidation procedure because the scale was not up to standard.
On February 27th, TEDA Manulife's pension target date is 2040, and it will hold a hybrid FOF for three years to announce the termination of the fund contract and property liquidation. The announcement shows that the effective date of the fund contract is February 27, 2020. By the end of February 27, 2023, the fund scale was less than 200 million yuan, triggering the aforementioned termination conditions stipulated in the fund contract.
Coincidentally, this prospect is in line with the target date of Great Wall Pension, 2045, and the five-year holding hybrid initiated by FOF has also been declared liquidation on June 25, 2022, because its net asset value is still lower than 200 million yuan agreed in the contract three years after its issuance.
In addition, the reporter noted that there are still a few products that meet the conditions of investment nature and fund size, but they have not yet been included in the list of individual pension funds.
Some investors speculated to reporters that considering that fund companies need to dock with Deng Zhong companies and complete the industry platform test before issuing individual pension funds, their products may still be in the process of system construction or submission. Since the disclosure of the shortlist of the CSRC is carried out on a regular basis rather than in real time, there may also be cases where related products have been included in the platform but not made public.
Absentees in the "Old Ten"
Compared with whether a single product is shortlisted for individual pension funds, the "absence" of the institution itself is more worthy of attention. According to statistics, there are 102 institutions that have not yet issued pension target funds, accounting for more than 72.3%.
In the old-fashioned public offering echelon, Changsheng Fund seems to have fallen behind in the allocation of pension target funds, becoming the only "top ten" public offering institution without any pension target fund products.
By the end of 2022, the management scale of Changsheng Fund was 63.495 billion yuan, up about 15% year-on-year, but it still ranked 69th. At the most glorious time, Changsheng Fund also entered the team of 100 billion yuan, but now many old friends who once stood side by side are rushing to trillion yuan, but they have fallen to the waist, which is somewhat embarrassing.
In the layout of pension products, Changsheng Fund has also been slow to show its strength. The reporter inquired about official website and the tripartite sales platform and found that Changsheng Fund did not set up a personal pension area. Only in the promotion of other products, investors are advised to arrange long-term plans for future pension and children's education in the form of fixed investment.
As for its funds, the only product that "touches" the pension is probably a product called "Changsheng Pension Health and Flexible Configuration Mix". The scale fluctuated between 79 million and 86 million yuan last year. But the name mainly lies in that the product is equipped with innovative drugs, raw materials, liquor, medical devices and other stocks related to the old-age health industry.
"The company has been brewing and studying this matter." An insider close to Changsheng Fund told 2 1 Century Business Herald, "But in a very short time, such as half a year, specific products may not be launched."
The insider said that Changsheng Fund did not participate in the product layout of pension funds in the first two years, which was mainly related to the company's internal judgment, comprehensive consideration and even the company's board of directors' assessment of the company. Changsheng Fund also set up a team of relevant talents, but later lost some of them.
"Changsheng Fund has actually obtained the approval of pension products in the past. If there are related products released in the future, you can activate them at any time. " The person further told reporters. However, in its view, the issuance of pension target funds is a "project that needs to be raised". For example, the company's short-term profit pressure is relatively large. "Even if the product goes online, it may not be easy to get benefits for a while."
In fact, 202 1 was a year of sudden personnel changes in Changsheng Fund. In June, 20021year, Lin, the general manager of the company, resigned and the position was changed to chairman. A month later, on July 2 1 day, Zhou Bing handed over the post of chairman to Gao Minhe, who became the general manager. In the same month, Guo _, director of the company's research department, was promoted to deputy general manager of the company.
Since 2022, the change of senior management of Changsheng Fund has stabilized, but the fund managers of many of its funds still frequently "change coaches". It is difficult to retain personnel and the relative absence of star fund managers, which makes it difficult for Changsheng Fund to regain its position in the industry.
After a round of personnel reform, Changsheng Fund has also determined the development policy of "rights-oriented, with fixed income as the flank protection". However, from the current scale, fixed income products are still the main force to support its scale growth.
At present, Changsheng Fund * * * has issued 1 10 fund products (calculated by share), including 10 stock funds, 63 hybrid funds, 32 bond funds, 4 monetary funds and QDII 1 0. In terms of fund scale, the debt-based growth rate was the first, reaching 31595 million yuan by the end of 2022, up 72.8% year-on-year. The scale of equity products increased slightly from the beginning of 2020 to the end of 20021,and exceeded 20 billion yuan in the fourth quarter of 20021,but it has been shrinking since 2022, and now it has dropped to about135.03 million yuan.
According to the data of the company in official website, three non-LOF equity funds under Changsheng Fund performed well in the past year, with an average positive return of about 5%- 10%, but most of the mixed products floated green, and eight of them fell by more than 20% in the past year.
It is worth mentioning that at present, the stock funds promoted by Changsheng Fund and occupying the "main booth" of official website and APP are the preferred mix of Changsheng Growth, and Guo _ is the fund manager. According to the data, Guo _ has worked for nearly 7 years and joined Changsheng for more than 3 years. The total management fund is 465,438+79 million yuan.
The reporter noticed that the overall performance trend of Guo _ products in the past six months has formed a "scissors gap" with the Shanghai and Shenzhen 300: when the stock market goes down in 2022, it shows the ability to obtain excess returns. After the equity market rebounded since the beginning of the year, it was left behind by the index performance. However, the growth optimization combination of Changsheng Tongsheng is relatively excellent among similar products of the company. Since the beginning of this year, the growth trend has resumed, and the rate of return in the first two months is 1.52%.
In an interview with the media, Zhou Bing mentioned that he had formulated a two-stage development plan for Changsheng Fund: from 202 1-2023, he filled in the shortcomings of fixed income business and realized the recovery of industry rankings; In 2024-2025, we will take stock funds as a breakthrough to achieve transcendence and adhere to the balanced development of stocks and bonds.
The above-mentioned insiders further pointed out to the reporter of 2 1 Century Business Herald that Changsheng Fund is progressing steadily according to this development plan. "In the past two years, the company has mainly devoted itself to deepening rights and interests and thoroughly implementing the concept of' research-driven investment'. At present, it seems to be moving on the right path, but things are not so immediate. "
"The company's next step is balanced development. After the merger of fixed-income businesses, there will be more advantages in the layout of future pension products. " The person told reporters.
Comprehensive test
In fact, the landing of personal pension fund products is not easy. As an innovative fund product, FOF for the aged has successfully entered the list of individual pension funds, which is inseparable from the comprehensive support of public institutions in investment and research teams, product design, information technology, channel sales and customer service capabilities.
Orient securities once pointed out in a recent research report that individual pension funds, as FOF funds, usually include stocks, bonds, funds and ETFs. Judging from the characteristics of FOF funds, the combination of a package of funds plays the role of "shock absorber", and the allocation of multiple asset classes can also play the role of lightning rod.
For this reason, the public offering of FOF puts forward new requirements for investors' ability to allocate large types of assets and choose funds, which also makes the cost of establishing a professional pension investment team expensive.
"It is a systematic project to set up an investment team to manage people's pensions," Tang Tang told 2 1 Century Business Herald. "For the personal pension business, harvest fund has set up the FOF investment department, the FOF research department and the risk management department, backed by the investment and research support of the company 100 people."
In terms of staffing, according to the Guidelines for Fund Audit in Funds, a fund manager applying for registration of FOF shall be equipped with at least three full-time personnel engaged in investment or research, and a FOF fund manager shall not concurrently serve as a fund manager of other funds except ETF-linked funds.
In terms of information technology capabilities, public institutions supported by big data and artificial intelligence platforms are also more likely to be stronger in product development, providing different strategically differentiated personal pension fund products for pension investment groups with different risk preferences and different life cycle stages.
Jianxin Fund further pointed out to the reporter of 265438+20th Century Business Herald that fund managers need to make various and all-round preparations at the information technology level to declare and issue personal pension fund products. "For example, develop an adaptation system to conduct docking tests with related platforms, and constantly improve the internal operation management system according to the needs of personal pension business and product characteristics."
At the same time, due to the uniqueness of individual pension accounts, wealth management institutions with more pension accounts will have obvious first-Mover advantages in the future wealth management market. Therefore, it has become a "chore" for every individual pension fund manager to cooperate with third-party channels to promote the opening of individual pension accounts and follow up the marketing and promotion of follow-up products.
"The third-party Internet platform is an important strategic partner for fund companies to tap the value of Internet customers." Tang Tang pointed out that at present, the company not only has its own mobile financial management APP, but also covers third-party platforms such as Ant, Tencent, JD Finance and Tian Tian. By providing these platforms with professional services such as investment research, products, investment and Internet operation, a benign ecological circle can be formed among fund companies, Internet platforms and investors.
However, even the public offering with the above conditions is not smooth in the promotion of individual pension funds. Respondents mentioned that the development of personal pension in China is still in its infancy, and Chinese people pay more attention to the management of personal pension wealth, but the awareness of planning in advance is still insufficient, and the concepts of personal pension investment planning and personal pension wealth management need to be further popularized.
"In the process of product promotion, we found that in countries with social pension as the mainstay, the awareness of individual pension is relatively weak. This is also what we are relatively worried about, that is, individuals do not fully understand the pension planning for themselves and their families. " Tang Tang pointed out, "We found that most customers who buy Harvest Pension Fund are customers over 50 years old, which shows that young people in China are not prepared for the future pension planning."
As for how to get out of this dilemma, in CCB's view, in the future, fund companies need to continue to contact banks, tripartite platforms and other channels to provide support for pension investment and education.
"Pension target funds, especially target date funds, are different from traditional Public Offering of Fund. As the retirement age approaches, the proportion of equity positions will continue to decline, so customers with different retirement ages and risk preferences need to choose products that suit them. For retail investors, there is a certain threshold for understanding, and various institutions need to continue to do a good job in old-age care and match investors with truly suitable long-term old-age care products. " Jianxin Fund told reporters.
However, on the whole, with the change of investors' personal pension concept and the follow-up of policy support, both the head and small and medium-sized public offering institutions are still expected to tap more market opportunities in the future.
Since the beginning of this year, a number of public offering institutions with individual pension funds have expressed in public platforms one after another that the next step is to develop more innovative and identifiable strategies on the existing basis, so as to realize the full coverage of all kinds of risk preference investors of pension target funds.
Absent public institutions are also rushing to the ranks of individual pension funds. The reporter of 265438+20th Century Business Herald noticed that some small and medium-sized public offering institutions such as CITIC Construction Investment Fund said in an interview with the media that they would actively respond to national policies in the future and incorporate the design and distribution of products such as FOF for the aged into the follow-up planning.
Analyze the handicap of a stock.
It is reported that the handicap includes the trend of the stock on that day, and the handicap size analysis of a stock mainly includes five parts, namely the commission ratio; Five trading orders; Opening price, closing price, price fluctuation, lowest price and highest price, volume ratio, internal and external disk, and total volume; Turnover rate, total share capital, circulating share capital, net assets, income and dynamic price-earnings ratio; Sales order.
In the stock market, the handicap of the stock refers to the real-time disk data window in the trading process. Handicap data usually consists of commission ratio, five pending orders, stock opening price, stock closing price, stock price rise and fall, stock highest price, stock lowest price, stock latest price, stock ratio, stock internal and external disk data, total stock turnover, stock turnover rate, total share capital, stock circulating share capital, stock net assets, stock price-earnings ratio, expected income, stock net inflow and stock turnover rate.