The first day of sales exceeded 3 billion!Zhou Yingbo's "First Show" transcript is here

China Fund Reporter Fang Li Lu Huijing

With the recovery of the equity market, the private equity issuance market has recently reported the news of the "explosive" fund.

On August 15th, Zhou Yingbo, a former public -funded star fund manager who had just established Shanghai Yunzhou Capital Capital, welcomed the launch of the first private equity product. After nearly a month of warm -up, the "opening of the door" was achieved on the first day of the launch.

According to channels, in several major main force sales channels, the amount of 1 billion yuan of CICC's wealth was "snatched out" in about 1 hour of sale, and other channels basically completed the sales of about 1 billion on the day of sale. Essence As of 5 pm, Zhou Yingbo's first private placement sold more than 3 billion yuan in all channels. The final distribution scale of the first private equity product may be controlled at about 10 billion yuan.

In the recent roadshow, Zhou Yingbo also mentioned his views on the market outlook. His overall view is "the risk is clear and the growth is expected." In the future, it is optimistic about the wave of the energy revolution, the application of artificial intelligence in various industries, the upgraded version of China and the new era of consumption and the Internet. Investment Opportunities.

Zhou Yingbo's "First Show" transcript is released

On the first trading day of this week, the private equity fund issuance market ushered in heavy product starting.

On August 15th, Zhou Yingbo, the former manager of the former public offering star fund, "Ben Private", the first private placement -Yunzhou Growth Selection Fund officially entered the launch period.

Before the issuance, the four main agency sales channels including China Merchants Bank, Ping An Bank, CITIC Bank, and CICC Fortune had initiated warm -up, and online road shows were also carried out.

On the first day of the issuance of the issuance on August 15th, according to channels, the amount of 1 billion yuan in the appointment of CICC Fortune was sold out of about 1 hour and 5 minutes, and China Merchants Bank's sales in the morning exceeded 700 million yuan.

As of the afternoon, of the four sales channels, China Merchants Bank and CICC Fortune sales exceeded 1 billion yuan, Ping An Bank's sales amount exceeded 1 billion yuan, and the total sales amount of all channels of the first day of the shipping growth of the transportation of the boat was exceeded 3 billion yuan. Essence

A channel person told reporters that the current sales channel quota is sold out and is applying for a new quota. Some insiders also revealed that Yunzhou Capital may control the scale of the first product of the first product around 10 billion yuan.

According to channels, the subscription point of the selection of the selection of the Yunzhou growth is 1 million yuan. After the construction period is over, the purchase is opened on the 15th of each month (the holiday is postponed), and the lock -up period for each subscription fund is one year.

In terms of rates, the fund's recognition/purchase rate is 1%(external deduction method), and there is no redemption fee. Fees and 0.02%trust storage fees.

In addition, in terms of performance remuneration, the extraction ratio of performance remuneration is 20%(the single -person single plan increases the water level method), and the time point is at a fixed time (open on December each year. Share) and redemption, dividend and liquidation timeplace.

Zhou Yingbo watched the market market

Risk clear, growth is expected

Zhou Yingbo, who had been in charge of more than 60 billion public funds, was one of the "top flow" fund managers in the fund circle.

Zhou Yingbo's label to the market is "growth stocks" investors. He once said that growth is an eternal theme of equity investment. Only through the rapid development of corporate value to achieve the continuous improvement of shareholders value s return.

Zhou Yingbo's investment ideas are reflected in the investment concept of Yunzhou Capital. In his opinion, the pursuit of growth stocks is the opportunity to "beta" in the pursuit of the times, and the "alpha" that actively changes the times. The pursuit of growth stocks, the combination of short and medium -length perspectives, should look at the industry's prosperity based on the opportunity of the times, grasp the differentiation of business, and see the barriers to competition.

"For example, a company, in the short term, is a breakthrough in order data, rising product prices, etc.; But in the mid -term, it depends on the correct performance layout and excellent cost control; in the long run, it depends on good corporate governance and excellent management." Zhou Yingbo said that it depends on growth stocks. The valuation must also be "looking up at the starry sky, lowering the head to calculate", and follow the industrial trend, moderate forward -looking judgment, and continuous tracking emotions and valuations.

In the recent live broadcast of Zhou Yingbo, Zhou Yingbo also shared his awareness of growth stocks and some views on the market outlook, which is worthy of attention.

Zhou Yingbo pointed out that the Chinese economy is in a state of interweaving between weak recovery and weak decline, and the cost -effectiveness of the equity market is still on a neutral and even better horizontal line. "We look forward to starting a new cycle after the economy in the first quarter of 2023. We also believe that the market will enter a new state with the recovery of economic fundamentals in the future. Quotes. "

When talking about the market outlook, Zhou Yingbo's overall point of view is "risks are clear and growth is expected." "When we look at the market, we will always see what the background board of the entire market's macro development and social development. At present, we can say that most of the" preventive risk "stage has passed."

Zhou Yingbo further introduced that the "preventive risk" is mainly the following three aspects. The first is the risk of decline in the decline in sales of the real estate industry and the decline in investment. The global liquidity risk brought by the withdrawal policy.

"These triple risks have now been clearly cleared, and it has entered the end of the risk." Zhou Yingbo said that the current domestic real estate landing and downside are expected to be relieved in the second half of the year. Although there are still some tail risks, it should be said that Entering the end of the sharp downward, it is expected to land in the second half of 2022, and a slow recovery will be out of 2023. Zhou Yingbo said that the economy is currently intertwined between a weak recovery and weak decline. We look forward to starting a new cycle after the first quarter of 2023. In a new state, in the new era, there will be a smoother market.

"The economic structure has been accelerated in the decline in the past few quarters. We can clearly see this from the year -on -year growth rate of the balance of various loans." Zhou Yingbo said that real estate development loans are a negative growth situation, but Green loan is a state of 30 % and 40 % year -on -year, which is a typical economic structure adjustment signal.

The risk of the valuation bubble of the track stocks just mentioned, Zhou Yingbo said that in the past year, it has also been greatly amended to most of the industries in the current market. of.

"Although in the past few months, including overseas markets, it has been impacted by many Federal Reserve's interest rate hikes, but the Fed has been running from the back of inflation to this stage of the inflation. More contradictions will be concentrated in economic recession, rather than concentrated on inflation. "Zhou Yingbo said that from this aspect, the withdrawal of monetary policy withdrawal caused tightening liquidity, and will also get most of this year.

Therefore, Zhou Yingbo believes that the current macro background is from preventing risks to rest. From the cycle of industrial policy, starting in 2023, more positive signals will appear, and there are some concerns or risks, which may come from inflation. But in general, we feel that this problem will not become the main contradiction in the market.

The cost -effectiveness of equity is at a good level of neutrality

The market market is optimistic about the four directions

Speaking of the market outlook, Zhou Yingbo said that the market is still at a stage of diluted index, and it is not a lot of probability that it is similar to the large impact similar to the great impact of the first half of this year. "In short, the cost -effectiveness of the equity market is still on a neutral and even better horizontal line."

Zhou Yingbo believes that this is similar to the first half of 2016, the end of 2018 and the first half of 2019, and even the first half of 2012 and the first half of 2013. In such a time to look at the two years to three years, it is a stage when equity assets and equity funds have obtained a good return.

"The current position is a time point that is conducive to investing and building a position. Therefore, our point is to fade the index to focus on growth." Zhou Coin said that in the past 20 years, the overall index structure has been following the economic structure. Continuous adjustment, the proportion of science and technology, consumption, and medicine is continuously increased. In the future, in the direction of these representative social development, the direction of the transformation of economic structure, and seeing more investment opportunities.

Zhou Yingbo talks about the future, optimistic about investment opportunities in these four major fields, the wave of energy revolution, the application of artificial intelligence in various industries, the upgraded version of China, and the wave of consumption and the Internet in the new era.

At the industry level, Zhou Yingbo saw a large number of growth opportunities, and it was optimistic about the opening of a new round of innovation cycle from 2022-2025. It mainly includes the following aspects:

First, energy changes: In terms of new energy production, photovoltaic sources from emerging energy to main energy, China, as the leading country of the industry, has a large number of opportunities for upstream and downstream industrial chains. In terms of new energy application, the development of automobiles and energy storage, lithium batteries and its industrial chain, it is expected to have more than 5 times the growth space in the next five years, and there is a large number of opportunities to have a large number of fields. In the world's industrial revolution, many leaders of its industrial advantages appear in A shares.

Second, the application of AI in various industries: Artificial intelligence is still in the early stage of development, but we have seen some applications in all walks of life. On the one hand, we are intelligent and digitized by enterprises. A large number of AI application cases have a large number of investment opportunities in 2B software and cloud computing. On the other hand, the intelligence and digitalization of personal life, including more intelligent cars, more intelligent home appliances, and the future popularization of ARVR glasses. These smart devices will be used as a foundation that will also bred more Internet and the Internet of Things application opportunities in the future.

Zhou Yingbo said that in general, it is still in the 0-1 stage, but in the next few years, it will continue to observe and continue to study. When its development goes to the growth curve of 1-10 or 1-50 It is possible to drive the outbreak from upstream chip to downstream systems, to the upstream software applications.

Third, the upgraded version of China: China's demographic dividend is moving from the quantity to quality. China now has the largest number of fresh graduates in the world, and there are also the best engineers in the world. This also provides R & D enterprises. Development soil. In the fields of semiconductors, military industries, new energy, a large number of domestic basic new materials companies have gradually replaced foreign capital and obtained market share. In the process of silly and stupidity in China's chemical industry, a large number of investment opportunities will emerge. In terms of biotechnology, there are many opportunities for your applications in medical devices, innovative drugs, chemical low -carbon replacement. Fourth, the wave of consumption in the new era: Although China's total population does not grow, the deep urbanization of 1.4 billion people, changes in the lifestyle of the new Z generation, etc. will also bring many investment opportunities in the direction of emerging consumption.

In addition, when talking about new energy vehicles and semiconductors, Zhou Yingbo said that in the past few years, the entire penetration rate was raised quickly, and the capital market was fully priced in this field. In the future, the industry itself will gain a lot of development, and there will be several times of growth space. From the perspective of investment opportunities, the stage of rapid valuation has passed, and more structural opportunities will be seen in the future.

Zhou Yingbo believes that the semiconductor industry is a relatively mature industry globally, but it is an emerging industry for China. Because the amount of Chinese semiconductors is very large, the localization rate is very low. The cycle of semiconductors follows the global economic cycle. From the second half of this year to the beginning of next year, there should be a continuous pressure.

"In the development of the industry, the alternative space for domesticization is very huge, so in addition to the logic of the overall cycle in the A -share investment semiconductor, there is a strong logic. To replace the opportunity to import, "Zhou Yingbo said that in this regard, the space is still relatively large.

A -share market recovery

Equity product issuance exceeds 10 billion

Since April 27, the A -share market has shown obvious rebounds. The Shanghai Index has also rebounded from the lowest 2863.65 points to above 3200, which directly drives the issuance of equity products, and even many tens of billions of equity products have appeared.

On July 28th, Wang Guobin, a public offerings of Wang Guobin, who had worked for more than 28 years, officially started its public offer product products, Quanguo Fund Taoyuan first. According to channel news, the subscription scale of the first day of the product exceeded 5 billion yuan As of 12 noon on the same day, the amount of this product has exceeded 4 billion yuan, becoming a rare explosion in private equity sales this year.

In the end, it came from channel news. As of August 5, the cumulative sales of the special sales channels exceeded 13 billion yuan. And two types of customer groups are more interested in this product this time. One is the owner of the business owner, especially the listed company executives. Essence

Not only that, on June 21, the new products of Heyuan Private Equity Fund Guan Huayu were released through the company's direct sales and agency sales. The first day of the official release of sales exceeded 2 billion yuan. As of the end of July 9 billion yuan is also close to 10 billion levels, becoming a recent explosion fund.

There are also a number of public equity funds raised. At the beginning of July, the Quality King of Qinda's quality kinetic energy managed by the vice president of Yifangda Fund, Chen Hao, was the first to set off a wave of three years of holding. Because the subscription amount exceeds 10 billion yuan, the fund is raised in advance and implemented 81.42%of the proportion. It was confirmed that the fund's establishment scale reached 9.911 billion yuan, becoming the largest equity fund issued during the year.

Due to the listing and options of 1,000 stock indexes and options, the newly issued CSI 1000ETF was also popular in late July. On July 22, four fund companies including the E Fund Fund, the Guangfa Fund, the Favorite Fund, and Huitianfu Fund started its China Stock Exchange 1000ETF issuance at the same time. News from the channel show that the total subscription funds of 1000ETF 1000ETF of 4 CSI on the day exceeded 20 billion yuan.

From the data of public funds, it can better illustrate the recovery of recent sales of equity products. Wind statistics show that in the past month, a total of 115 new funds have been established (the consolidated statistics of each share), with a total issuance scale of 128.203 billion yuan. Among them, there are 68 equity funds, with a total funding of 65.692 billion yuan, and the average single fund was established by 966 million yuan. The previous difficulty of issuance of equity funds, such as the average raising scale of the stock -type fund single between February and April, was only 20 to 400 million yuan.

In the past month, there have been significant signs of heating on the issuance of equity funds. The number of funds raised in advance has increased significantly, and many growth styles of the new fund are highlighted.

According to industry insiders, the current equity market is shocking and recovered. On the whole, the enthusiasm of investors' layout of equity products has increased significantly. Fund companies are also actively deploying. Good distribution results.

In addition, some investors believe that although factors such as changes in liquidity and inflation may disturb the subsequent market performance, as the economic fundamentals are gradually restored and the policy continues to promoteAfter that, after the previous callback, the cost -effective investment of high -quality targets has become increasingly apparent, and it is expected that A shares will still fluctuate.Edit: Captain

- END -