In just one quarter, an increase of 1214.84%!Who is making 200 billion cakes in Daimongye Stock Fund?

China Times (chinatimes.net.cn) reporter Hu Jinhua, an apprenticeship reporter Geng Qian Shanghai reported

It took only one quarter, and the size of the interbank deposit index fund increased from 15.239 billion yuan at the end of the first quarter to the 200369 billion yuan at the end of the second quarter, a surge of 1214.84%.

From 100 billion yuan to 200 billion yuan, this kind of fund has only been one month. Wind data shows that as of the end of May, the size of the interbank deposit fund exceeded 100 billion yuan, reaching 121.414 billion yuan.

The surge in scale has caused many fund companies to suspend large purchase. At the same time, a new batch of new funds will be issued in August, and the cake of the same industry deposit fund will be bigger and bigger.

So, why is the fellow deposit fund so popular? Who is dividing these 200 billion cakes? In the second half of the year, what is the hidden prospect of the 100 billion blue ocean market?

The scale exceeds 200 billion yuan

What is a fellow deposit fund? GF Securities stated in the research report that in general, the fund's fund containing the "peer deposit list" fund is collectively referred to as the same industry deposit fund. This type of fund is mainly invested in the same industry deposit list, and the proportion is not less than 80%of the net asset value of the fund. It mainly follows the passive bond index fund of the CSI Interbank Stock AAA Index.

The first six interbank deposit funds were established in December 2021, when the scale was only 15.229 billion yuan. No one expected that in just half a year, such products could reach 200 billion yuan, and even 7 products were raised over 10 billion after the release of 7 products, which ended in advance.

According to Wind data, as of August 12, a total of 31 interbank deposit funds in the entire market came from different fund companies. Except for the 30 -day lock -up period of "Boshi Moon Moon Lex" for 30 days, the rest were 7 days. Index products with holding period.

As of now, the total scale of the entire market for the same industry depository fund is 200.369 billion yuan. Among them, there are 13 products with a scale of more than 8 billion yuan, and the products of Guangfa, Ping An, Cathay, Cathay Pacific, Castle, Huitianfu, ICBC Credit, Jingshun Great Wall and Huaxia Fund's products are nearly 10 billion yuan; products with a scale of 50 to 8 billion yuan are available 8; there are 7 funds with a scale of 20 to 5 billion yuan; the smallest size is "7 days held in Chuangjinhexin's Algene Stock Index", which is only 288 million yuan.

From the perspective of its establishment, most of the funds are released in the second quarter of this year. Wind data shows that among the 31 funds established in the market, except for the first six established, the remaining 25 funds were established in the second quarter. Among them, the number and scale of products established in April, May, and June were 4, 26.964 billion; 10, 79.210 billion; 11, 55.635 billion yuan.

"The same industry deposit fund has the characteristics of high liquidity, low volatility, and good security." Talking about the characteristics of the interbank deposit fund, Rong Hao, a partner of the wealth management partner of the private equity network, told the reporter of the Huaxia Times.

It is worth mentioning that stability is the most significant advantage of such products.

From the perspective of income, as of August 12, the market's 31 interbank deposit funds have obtained a positive return. The median of its annualized yield is 3.82%. Essence The "Wanjia Interbank Delivery Index held 7 days" on June 10 was the highest annualized yield at 5.87%. In addition, there are 11 annualized yields on the market exceeding 4%.

At the same time, such products are relatively low. According to Wind data, as of August 12, the largest market has not exceeded 6bp since its establishment, and the average annualized return of these 26 funds was 3.84%; 14 similar products have the largest since its establishment. The mistakes have not exceeded 4bp; only 5 products have exceeded 6bp since the establishment.

Hidden 100 billion blue ocean market

The surge in scale has caused many fund companies to suspend large purchase.

As of August 12, a total of more than 21 interbank deposit funds in the market conducted a restriction of purchase. Among them, the "Southern Interbank Delivery Index held 7 days" issued a announcement of a large purchase of more than 10 million yuan.

Why is the fellow deposit fund so popular? Rong Hao believes: "On the one hand, the market in the second quarter is uncertain, so many hedging funds are more inclined to choose asset stands with good liquidity and high security; on the other hand, with the gradual implementation and benefits of monetary fund supervision and guidance With continuous decline, investors are more inclined to find higher benefits among stable products, and in contrast, the average annualized income of the interbank deposit fund at the same period is exceeded 3%, and the advantages are relatively prominent. "

Compared with similar products in the market, such as short debt funds and currency funds, the benefits of interbank deposit funds will be better. Researcher Ji You, a researcher at the Star Map Financial Research Institute, told this newspaper: "Statistics show that since 2015, the number of interbank deposit indexes is higher than the remaining two types of funds indexes of 2-7 percentage points, so from the perspective of the index level, this type of fund is A better cash management wealth management alternative, from the perspective of volatility in the past three years, is only slightly higher than the monetary fund index and lower than the short debt fund index. Under the circumstances, it is suitable for short -term financial management of idle funds, which also provides investors with another short -term and low -risk investment target. "At the same time, the characteristics of interbank deposit funds are also the cause of their investors. "The risk and low cost of the fellow deposit fund are more suitable for most domestic investors who are pursuing stable returns and low risk preferences. This provides an advantage for the extensive audience of such funds and the outbreak of demand." Yuyou analyzed.

At the same time, a new batch of new funds will be issued in August, and the cake of the interbank deposit fund will undoubtedly make bigger and bigger. Looking forward to the second half of the year, whether such funds continue to pay attention to investors, can the growth rate of the second quarter be maintained?

Rong Hao believes that the scale of interbank deposits exceeds 2 trillion yuan. In the past, the participation of the interbank market was mainly based on the interbank market members as the main body. However, with the decrease in the advantages of the currency fund, part of its share is replaced by the same industry deposit bills. Fund companies and wealth management subsidiaries will continue to exert the market of peer deposit funds. In the future, there will be a lot of space in terms of scale.

"As more and more ordinary consumers are aware of the importance of financial management, the same -industry deposit fund will definitely become a type of product that investors choose the top, and the current supply and demand of such products is still unbalanced, so in the future development The space is still relatively large. "

At the same time, Guangfa Securities stated in the research report that further issuance of interbank deposit funds may further activate the transaction of interbank deposits in the secondary market, and bring about 550 billion yuan of high credit -level interbank deposits.

Looking forward to the market outlook, You Zhiqi, the manager of the Huafu Interbank Stock Index Fund, predicted the monetary policy and capital of the second half of the year during the quarterly report. He said: "Looking forward to the third quarter, 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 the unemployment rate, the super loose liquidity in the second quarter may gradually return to the normal level in the third quarter. The currency will be. The tone of the policy may also be reflected as the marginal convergence of wide currency. But in general, due to the weakness of the domestic economy in the country, the slowdown in overseas economic momentum in the second half of the year may have a negative impact on the country. It is expected that the overall liquidity is expected to be liquidity. The level will still remain in a reasonable and abundant state. "

It is worth noting that in June this year, regulatory regulation standardized the appropriate sales of interbank deposit funds, and required not to use words such as "currency replacement" to publicize the same industry deposit fund. Affected by this, the interbank deposit fund was hit in July, and a product was not established in July. Therefore, Guangfa Securities also warned investors in the research report, and follow -up needs to pay close attention to changes in regulatory policies and approval rhythm.

Editor -in -chief: Xu Yunqian Editor: Gong Peijia

- END -