Too hot!What happened?The total scale exceeds 200 billion, what is the income?

Since the beginning of this year, the market has continued to fluctuate, and low -risk interbank deposit funds have become popular.

According to Wind data statistics, as of now, the total size of the interbank deposit fund has exceeded the 200 billion yuan mark, which has only been over 100 billion yuan in early June, only two months have passed, and the scale growth rate is rapid.

At the same time, the first six interbank deposit funds established in December last year also handed over the first regular report. The second quarter report shows that after half a year of operation, the first batch of six funds have increased the proportion of interbank deposit allocation to more than 80%. The difference makes the product yield slightly differentiated.

The total scale exceeds 200 billion yuan

According to Wind data statistics, as of now, there are 31 of the establishment of the same industry deposit funds in the market. 100 million yuan, exceeding the 200 billion yuan mark.

Since the beginning of this year, the issuance of interbank deposit funds has been very popular, especially in the second quarter of this year, it once ushered in a wave of issuance. According to Wind data statistics, a total of 23 interbank deposit funds in the market were established in the second quarter. Among them, the China Merchants Interbank Stock Index Fund established at the end of April is the first peer deposit fund to reach the upper limit of 10 billion issuance shares. The issuance of the distribution is another climax. There are 15 interbank deposit funds in a single month, with a total share of more than 100 billion yuan.

However, it is worth noting that since June, supervision has regulated the appropriateness of the sales of interbank deposit funds. For example, it is required that the "currency -like" and "currency replacement" can be used. Revealing the risk of net value fluctuations in the same industry deposit fund.

Under the tightening of supervision, the firing fiber -fired deposit fund has gradually cooled down, and the rhythm of approval and distribution gradually slows down. Since mid -June, there have been no interbank deposit funds in the past two months to pass supervision and approval; only two interbank deposit funds were issued in July, and the total share of the issue was only 1.31 billion.

At the same time, this has also made the stocks more and more popular. Judging from the second quarterly report, the scale of many interbank deposit funds has increased significantly. Among them, the size of the two peer depository funds owned by the rich country and Penghua increased the largest increase, which increased by nearly 7 billion yuan from the time of establishment. In addition, the three peer depository funds under the south, Huafu, and Huisheng increased in the second quarter. 2 billion yuan.

With the increase in the scale of the same industry deposit fund, some interbank deposit funds have also issued a purchase restriction announcement. As of August 3, a total of 6 interbank deposit funds were suspended from large subscriptions, ranging from 1 million yuan to 10 million yuan in single -day purchase amount. For large subscriptions, the scale of the two funds as of the end of the second quarter was 8.696 billion yuan and 8.986 billion yuan, respectively.

The overall income of the first batch of products is smooth

Interbank deposit funds were born in December 2021. The first six funds have been operating for half a year. The overall income is stable. Six products have obtained positive returns, with an average yield of 1.85%, but the products are slightly differentiated.

Among them, the Penghua Interbank Stock Index Fund ranked first with a cumulative yield of 2.09%. The fund was established on December 13, 2021. As of August 2, 2022, the fund's performance comparative benchmark (the yield yield of the Sino -C Securities Express AAA index*95%+bank RMB annual deposit interest rate (after tax)*5 The growth rate of%) was 1.90%, and the results of the winning performance was about 0.19%.

In addition, the Wells Fargo Existence Fund Fund and Huisheng Interbank Stock Index Fund have obtained a yield of 2.03%and 1.95%since its establishment, which also achieved the revenue of the competitive performance comparison. Essence

In terms of retracement control, the first six funds have been controlled within 0.05%since its establishment. Among them, the maximum retracement of the Favimonian Algene Stock Index Fund was only 0.02%, and the largest retreat of the peers of Penghua, Southern, and AVIC was 0.05%.

The difference between the above risk returns also has a lot to do with the fund's asset allocation. Although it is also an index fund, the investment portfolio is still slightly different.

For example, according to the statistics of Guangfa Securities Research Report, the ratio of peers holding the industry depository funds in the rich country, Huafu, South and China Merchants account for more than 90%of the bond market value, while Penghua, Huisheng and AVIC's interbank deposit orders hold 7 days holding. There are more than 85%of the configuration industry deposit orders, and there are relatively many short -term financing coupons and government bonds allocated.

In addition, from the previous five major vouchers, the first five heavy position coupons held by the rich country and Penghua interbank deposit index accounted for the net value of the fund assets than the other peer deposit funds, and the largest heavy storage coupons were all Guangfa Bank's interbank deposit list; Penghua's second largest heavy positions are government -funded bonds, and the interest rates are higher than that of peer deposit orders; the first five bonds held by AVIC and Southern Almae deposit orders are relatively average.

Pay attention to the marginal convergence of wide monetary policy

Looking back on the performance of market capital and interbank deposit in the second quarter, under the impact of the epidemic, the central bank's monetary policy has increased care and liquidity continues to be abundant.

Zhang Bo, the manager of the Ficknings Fund Fund, reviewed in the quarterly report, "It is affected by factors such as the reduction in rangers, reserved tax refund and domestic epidemic in mid -May, and the domestic epidemic. The yield of the bank's interbank deposit orders from nearly 2.54%to 2.26%; from late May to early June, with the improvement of the domestic epidemic situation, the rate of capital interest rates slowly rebounded, the yield of interbank deposit yields fluctuated upward. The highest rebound to nearly 2.44%; then, the capital interest rate remained stable as a whole, and the return on the deposit of the same industry has declined. "Since the third quarter, the return on the industry's deposit bills has fallen sharply again. Most of the liquidity is accumulated in the inter -bank market, and the narrow capital is extremely loose. Under the liquidity hierarchical conduction mechanism, the demand for non -silver trading fellows that meet the asset -side demand, sufficient liquidity and asset shortage of assets of the same industry also increased. Stability, the demand for the same industry deposit bills is stronger than the supply background, and the pricing of the same industry deposit orders has declined all the way.

Looking forward to the market outlook, many fund managers also predict the monetary policy and capital of the second half of the year during the quarterly report.

Zhuo Yong, the manager of Huisheng Interbank Delivery Fund, believes that the probability of regression in policy interest rates in the third quarter increased the probability of returning to policy interest rates. In the following, the probability of continuing to grow steady growth is greater.

Ni Lisha, manager of the Huafu Algene Stock Index Fund, pointed out that in the short term, there is still a distance before the epidemic in the epidemic, and the monetary policy will remain smooth and loose to support economic growth. However, with the gradual recovery of the economy and the gradual decline in unemployment rate, the super loose liquidity in the second quarter may gradually return to normal levels in the third quarter, and the tone of monetary policy may also be reflected as the marginal convergence of wide currency. However, in general, due to the weakness of vivid energy in the domestic economy, the slowdown in overseas economic momentum in the second half of the year may have a negative impact on domestic. It is expected that the overall liquidity level will still be maintained in a reasonable and abundant state. Essence

Responsible editor: Yang Yucheng

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