抱团股票暴跌，基金赎回大潮即将到来？ 大型基金频道的人：还没有！ _东方财富网

原标题：抱团股暴跌，基金赎回大潮即将到来？ 大型基金频道的人：还没有！

概括

[Baotuanstocksplummetedfundredemptiontideiscoming?Largefundchannelpeople:Notyet!Achannelsourcefromalargefundcompanysaid:“RedemptionswilldefinitelyoccurbutthetideofredemptionsisnotenoughThenewfoundationswhocameinthisyearorsomeofthenewfoundationswhocameininthefourthquarteroflastyearhavealreadyheldfundswithfloatinglossesUsuallythereisafloatinglossandJiminwilloftenchoosetoredeemnearthefacevalueofthefundAtthattimethepressureonfundmanagerswillbegreaterOfcourseiftheA-sharescontinuetodeclinerapidlyinthefuturethepossibilityoftheJiminchoosingtocutthemeattostopthelosswillalsobegreaterImprove”(DailyEconomicNews)

Yesterday (March 8th), AStock baseJinbaotuan stocks plunged again.Kweichow MoutaiFell below the 2,000 yuan mark,Yiwei Lithium Energy、Luzhou Laojiao、Shanxi FenjiuWaitPublic offeringfundHeavy stocks fell 10%. 13 trading days since the Year of the Ox,Tongce MedicalThe stock price fell by more than 44%, which was nearly cut in half.The Shanghai Composite IndexYesterday’s drop was 2.3%,Growth Enterprise Market IndexThe number fell by nearly 5%.

The rapid decline of A-shares made the once beautifulRaised fundsThe net worth of the company has rapidly corrected, and there are many funds with a net worth of more than 10%. This has also caused concerns in the market. Will the successive declines in the heavy stocks of funds trigger a “stomping” run?

However, public data shows that since the 13 trading days of the Year of the Ox, public offeringsETFIn the camp, nearly half of the fund shares are still growing.A largefund companyChannel sources also said: Redemption will definitely occur, but the redemption tide is not enough.

　　Fund holding group shares all “discount”

Where is the worst discount on Goddess Festival?Not majorthe InternetThe platform, but the stock market.

　　Military sectorTumbled, liquor, new energy vehicles, and photovoltaics are all going crazyShipment. Adding blue chips to several small sectors, such as extractive services, carbon neutrality, and chemicals, is against the trend. The Shanghai Composite Index fell 2.3% yesterday.Start a businessThe board index fell nearly 5%.

At the same time, the most widely spread yesterday was Zhang Kun, a 100 billion fund manager who frequently appeared on the hot search, and the E Fund small and medium-cap fund managed by him. According to the fund’s top ten heavyweight stocks at the end of the fourth quarter of last year,Luzhou LaojiaowithMeinian HealthYesterday’s lower limit,Tongce MedicalThe decrease was 9.21%,Yanghe shareswithWuliangyeA drop of more than 7%.The two stocks that rose areYutong BuswithTemple of Heaven, The increase was 0.3% and 0.17% respectively.

In fact, on March 8, the most severe discounts were indeed the heavily held stocks of the fund group.

Taking the “Beautiful 50” public fund as an example, statistics show that as of December 31, 2020, among the top 50 heavy stocks held by public funds, onlyPing An of ChinawithBOE ATwo stocks rose, both rose by about 0.6%.Yiwei Lithium Energy、Luzhou Laojiao、Shanxi FenjiuwithLongji sharesThe drop reached 10% that day.Aier Ophthalmology、Tongce MedicalOther stocks fell more than 9%, and 25 stocks fell more than 5%.

If the time is stretched to 13 trading days since the Year of the Ox, 25 stocks will fall by more than 20%.WuXi AppTec、Yiwei Lithium EnergyThe 9 stocks fell 30% to 40% over the same period, and Tongce Medical, the largest decliner, fell 44.85% during the same period. The stock price rushed down from the highest point of 392.57 yuan in the previous period to the current 214 yuan.

　　The redemption wave has not yet appeared

After the year, the heavy stocks of funds fell successively, which also caused market concerns: whether such a sharp decline will trigger a vicious circle of fund redemption-selling-redemption in panic-reluctant to sell and cash out, and then trigger a “stomping” run. So, is the redemption wave of public funds coming?

“The redemption tide is not there yet. At the moment, the redemption is mainly some new Christians, who can not bear the fluctuations and withdraw. Most experienced old Christians will choose to get down, because from the past history, there will be later Set a new high.” A fundthe companyThe person said.

A channel person from a large fund company also said: “Redemptions are definitely available, but the redemption wave is not enough. The new foundations who came in this year, or some of the new foundations who came in in the fourth quarter of last year, have already held funds with floating losses. Usually there is a floating loss, and Jimin will often choose to redeem near the face value of the fund. At that time, the pressure on fund managers will be greater. Of course, if the A-shares continue to decline rapidly in the future, the possibility of the Jimin choosing to cut the meat to stop the loss will also be greater. improve.”

　　CITIC SecuritiesResearch reportPointed out that public offeringproductrate of returnMedianIt has fallen from the 10.7% high before the Spring Festival to 0%, and the yield of its top 100 heavyweight stocks has also fallen from 18.3% to -1.6%.CITIC SecuritiesIt is believed that the possibility of redemption of public offering products is very low.On the one hand, the channelResearchIt shows that there is no obvious redemption tide for stock products. During the rapid decline of the market, investors often do not stop loss and exit immediately, but wait and see until the market stops falling and recovers, and when the net value of the product is restored to a certain extent, redemptions will be gradually initiated. On the other hand, the valuation of the heavy warehouse sector of representative institutions has dropped significantly.

　　Haitong SecuritiesThe post stated that the adjustment range of the index has exceeded market expectations and is currently in the bottom-finding stage. Yesterday, the Changyin market broke the position. The reason was that the stocks in the market continued to drop. It is the decline of heavyweight stocks that has led to the decline of the index.The chain transmission of the market decline is weight-index-market. The source is heavy stocks such as core assets, so these core assets are neededpropertyOnly by stopping the decline first can the market stop the decline.At present, the weight and index have been significantly oversold, but core assets continue to plummet, resulting inFund net worthThe sharp retracement caused short-term redemption by some citizens, and fund managers were forced toLighten upResponding to redemptions triggered further declines in heavyweight stocks, thus forming a negative cycle. How to break this negative cycle still lies in the halting of heavy stocks, the rebound of the index, the restoration of the money-making effect, and the restoration of investor confidence.

It is worth noting that when the market is still enthusiastically discussing the redemption wave that public funds may face, public data shows that nearly half of the ETF funds have continued to increase their share since the Year of the Ox.

According to data, as of March 5, the two marketsShare425 ETF funds, excluding new products established after the year, there are a total of 408 funds. The data also shows that from February 18 to March 5, a total of 197 ETF shares rose, accounting for 48.2%, which is nearly half of the proportion, 41 ETF shares remained unchanged, and 170 ETF shares fell slightly.

　　Market outlook analysis:

UBS Securities: Shanghai and Shenzhen 300 Index foresees 6,100 points this year

CITIC Securities: Pressure is rapidly releasing support will gradually appear

CICC Huang Haizhou: rational return of valuation is a normal phenomenon, optimistic about the development of A-share market outlook

(Source: Daily Economic News)

(Editor in charge: DF010)