Bymalistic collection of public offering transformation observations: not "internal rolls" during the starting stage, the industry's income variance is smaller

21st Century Business Herald reporter Wang Yuanyuan Shanghai report

The second quarterly report of the securities company asset management and public offering products has been released in the near future.

With more and more products disclosed in this field and more and more data disclosed, these brokerage asset management who have done a lot of channels and lack of investment and research genes compared to public offerings have been made. How can it be observed through its products.

On the one hand, we can see that there are large differences in the progress (number of products) in the public offering and transformation of brokers in terms of publicity and transformation of products; The gap is not very large. Compared with the "sorted track" investment of the public offering industry in the inner volume, the asset management of securities firms appears more like "earning earnings".

The number of Chinese asset management products leading peers

According to Wind data, as of August 11, there were 333 large -scale public offering and transformation products that were included in the statistics. Huatai Asset Management, etc. -Since the aforementioned company has received a public offering license, the market is often compared with the entire public offering industry framework.

Among the above 333 large -scale public offering transformation products, the public offering and transformation products of China Merchants Asset Management are the largest, with 40.174 billion yuan, involving 17 products; the number of products of CITIC asset management is the largest, with a total of 37 products, but the management scale is slight It is less than 40.163 billion yuan.

It is worth noting that although the total management scale of China Merchants Asset Management is relatively large, the product that has actually contributed the largest management scale "Investment Management Zhiyuan Tianjia" is actually the currency fund product transformed from the securities deposit product. It has an advantage in scale. On the other hand, CITIC Asset Management also has currency fund products from the transformation of margin products, but due to the late listing period, such as "CITIC Securities Cash Tim Lya" products have only turned to public offer products at the end of July this year. Too much information, so its scale data is not counted.

In addition, from the number of large -scale public offering transformation products, there are currently the most products in China Credit Management, 37; the following is the Everbright Asset Management, a total of 36 products; the third place is Haitong Asset Manage Only products.

And other brokerage asset management with a large scale, compared with the number of products reconstructed by the large collection of public offerings, there are some gaps with the aforementioned three securities firms. For example, there are 17 products of Guangfa asset management. The product is 14, and Shen Wanhongyuan has only 4 products.

Although the statistics of the size of the securities firms are affected by the listing period of public offering and transformation products, it is difficult to use this indicator to evaluate or measure the securities company asset management. The progress of publicity transformation of asset management. For example, in statistics, there are only 3 products that CITIC Construction Investment Securities collects public offerings. Compared with peers, it is indeed less data.

The gap between the first and tail is far less than the public offerings

If the amount of transformation can some extent can observe the progress of the public offering of brokerage management, then as many products continue to disclose the first and second quarter reports and data, the product revenue performance also reflects the ability of the public offering and transformation of the securities company asset management to transform Essence

The market performance in the first half of this year is not good. Although it has experienced a big rebound in the second quarter, the overall profit of public offering products is worrying.

In the first half of this year, of the 16,346 public offering products in the market, there were 5,373 profit -making products, and 8,872 products with losing money.

Among them, the most profitable product was the "Castrol Crude Oil" of the Castrol Fund, with a profit of 54.66%in the first half of the year. Even the products with a profit of more than 20%are almost all commodities such as oil and natural gas, or the benefits of investing in stocks related to commodities.

The most losing product is Cathay Fund's "Cathay Pacific High Income", with a income of -40.39%in the first half of the year. However, the reasons for losses with a lot of losses are the various, including heavy storage Hong Kong stocks, US stocks, and A -shares of medical and biological and electronic information.

The securities firms are not as good as the public offering of public funds. Among them, 108 products have achieved positive income, and 127 products have achieved negative returns. It seems that the overall performance of the public offerings is more stable than the public offering industry.

The "Guolian Huifu Debt C" due to excessive reasons to eliminate the yield is eliminated. Among the above half of the year, the highest income in the first half of the year is "Guangfa asset management global selection of A RMB for one year", and the income in the first half of the year. It is 5.03%, which belongs to bond funds; and the most losing losses are "CITIC Securities Steady Reward C", the income in the first half of the year is -23.08%, which is a partial stock hybrid fund.

In fact, the profit variance of the securities company asset management and public offering products is not as large as the public offering industry. On the one hand, it is because the positive benefits in the first half of the year are almost all transformed to currency and bond funds. The profitability of such products is often different. Big; on the other hand, the public offering of the securities firms is still in its infancy, and it is far from the exaggeration of income caused by the large -scale investment of the "skewed track" investment in the public offering industry.

In terms of stock investment, although the performance of the public offering of the securities firms is not optimistic, the "CITIC Securities Steady Reward C" in the "CITIC Securities" is only -23.08%in the first half of the year."The data of 40.39%in the first half of the year performed better."Because the public offering of the securities firms is still in its infancy, although the overall level of construction of equity investment and research must lag behind the public offering industry, various securities firms are still taking investment research teams and revenue. Unlike the public offering industry,Because the inside roll is too serious, many fund products have begun to take over the track. The prison is Wang and the wrong is the bear, so there will be a profit first and the first loss, and the yield is close to 100%. "Public funders said this.

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