Since the beginning of the market turmoil, the performance of many popular sectors last year has also been unexpected, which has made many small partners start to look for other more diversified investment opportunities. Speaking of diversification, I don't know if the small partners remember the "fixed increase" that Xiao Xia introduced to everyone before, which can be regarded as a hot spot in the whole of 2021. According to the statistics of Shenwan Hongyuan Securities, in 2021, there were 518 listed projects on the fixed increase market, with a total fundraising of 899.947 billion yuan, up 38.13% and 8.17% respectively year-on-year, all of which climbed to a new high in the past three years. For the investors involved, the fixed increase may bring many surprises. (Source: Securities Market Red Weekly, Shenwan Hongyuan Research, Wind; as of December 31, 2021)
So the question is, in 2022, the market continues to fluctuate, the fluctuations continue, can the fixed increase investment opportunities continue? How do we grasp the opportunity of fixed increase investment?
01
Five perspectives look at the fixed increase investment opportunities in 2022
First of all, let's talk about the first question, can the investment opportunities in 2022 continue? For this problem we need to analyze from several angles:
First, let's look at the policy side. The vigor of the fixed increase market in 2021 is largely due to the release of new rules for refinancing in 2020, which is what we often call the "policy spring wind". Compared with previous policies, the new refinancing rules have expanded the pricing base date, increased the discount rate, shortened the lock-up period, and relaxed the original reduction regulations, creating a very good policy environment for the fixed increase market from all aspects. Relevant data show that since the new regulations, the number of fixed increases and financing scale implemented by listed companies have accounted for about 73% of the overall refinancing, which shows the power of policy dividends! In the context of the entire policy environment that continues to encourage direct financing, it is foreseeable that the policy dividend will continue to ferment in 2022.
Look at the fundamentals. We have popularized science before that the implementation of fixed increases by listed companies is sometimes to supplement liquidity, sometimes to develop a project, and the latter is more popular. For example, a company needs money to develop a new project, so it issues additional issues to specific investors, and after raising funds to invest in the project, the new project may be profitable, the company's prosperity is high, and the stock price is increased, which may bring a series of positive feedback. Therefore, the number and texture of the projects largely determine the follow-up potential of the fixed increase market, and as of January 3 this year, there are a total of 559 fixed increase projects, indicating that the fixed increase market is still quite active, and the possibility of mining good companies and good projects is also high.
Since 2015, the number of approved projects has been obtained
(Source: Wind, statistics as of November 2021)
Three look at the market. We have talked before, the private placement refers to the use of non-public methods of listed companies to issue shares to specific objects, the increase in stocks will generally have a discount rate and lock-up period, in the lock-up period to hold shares to rise, so the discount level of the purchase price also determines the subsequent profitability. From the data point of view, as of the end of November 2021, the average discount rate of domestic fixed increase projects in the past 12 months was 21.4%, up 5.3 percentage points over the previous year. Looking forward to 2022, it is expected that the project discount rate will still be high, and it may still be a good time to participate in the fixed increase investment.
The discount rate of the one-year and fixed increase projects issued in the one-year period from 2015 to the present
(Source: Wind, statistics as of November 2021)
Fourth, look at the valuation surface. The essence of value investment is to "buy good stocks at a reasonable price", in addition to looking at the prospects, valuation is also very important, such as new energy, semiconductors and other mainstream tracks, many people recognize that the prospects are good, but from time to time it falls, many times because of the large increase in the past, the valuation is not cheap, and the risk of volatility is increased. This is exactly in line with the advantages of the fixed increase itself, so it is more likely to dig out reasonable valuation opportunities from these high-quality tracks.
Finally, let's look at the income side. After all, back to the essence, the fixed value-added is not worth investing in more intuitive or look at the historical returns, Xiaoxia to everyone to post a set of November 2021 fixed increase data, 23 bidding fixed increase project restricted stocks unbanned, the average absolute yield of 26.9%, relative to the CSI 300 excess return is 29.8%. Judging from the monthly situation, the yield of fixed increase projects has always maintained a high level.
Yield of monthly fixed increase projects (%)
(Source: Wind, statistics as of November 2021; Note: The relative yield is relative to the CSI 300 Index)
02
How to grasp this year's fixed increase investment opportunities?
After Xiaoxia's analysis and summary from various angles such as policy, market, company itself, valuation and historical returns, have you found that in fact, the fixed increase opportunity in 2022 is still quite worth looking forward to? That being the case, how do we grasp this year's fixed investment opportunities? First of all, it should be emphasized that the private placement is aimed at specific investors with large amounts of funds, most of which are individuals with institutions and a small number of particularly strong funds. Therefore, it is difficult for individual investors like you and me to directly participate in the private placement project, fortunately, as we said last time, you can also participate in the fixed increase market through public funds. ("The fixed increase investment market is hot!") Ordinary investors can participate in this type of fund! 》）
In the selection of fixed increase funds, in fact, the elements are similar to ordinary funds, and it is very important to choose a reliable fund manager, because the more excellent managers are often more experienced in screening high-quality fixed increase projects, and they often have more say in striving for more favorable fixed increase prices. For example, Huaxia Fund is a typical representative, Huaxia Fund has rich investment experience in the fixed increase market, has a leading team of industry researchers, and the fixed increase project is covered by researchers, and strives to grasp the investment opportunities of the industry and the company with rigorous investment research and decision-making processes, while working closely with mainstream investment banks in the market for a long time, grasping high-quality project resources, and striving for preferential discount returns.
Speaking of the public fund that Huaxia Fund adopts the theme investment strategy of fixed increase, Huaxia Panyi is a very representative one in one year, and its equity part strategy is to participate in the fixed increase, and the investment in the fixed increase project accounts for about 95% of the net value of the fund. By the end of 2021, the fund had participated in a total of 28 fixed increase projects, with an average arithmetic yield of 39.6%, of which the best-returned project had a return of 171.02%, and two projects had a return of more than 120%. As of November 30, 2021, Huaxia Panyi has achieved an excellent performance with a cumulative net value growth rate of 35.07% and an excess yield of 42.51% since its establishment. (Source: Wind, Huaxia Fund, as of December 2, 2021, the performance of the completed fixed increase participation project does not represent the performance of the fund products, nor does it represent the future company's participation in the income commitment of the fixed increase project; performance data source: Huaxia Fund, as of November 30, 2021, the past performance of the fund does not indicate its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund.) ）
Good investment income is inseparable from the professional "helmsman", Huaxia Panyi one-year fixed opening fund manager Zhang Chengyuan can be regarded as a professional catcher in the field of fixed increase, long-term engaged in small and medium-sized cap and directional issuance and other theme research; at the same time, this fund also has a one-year regular opening model, which is conducive to controlling everyone's "hand of chasing up and killing the fall".
Huaxia Panyi one year fixed opening is about to usher in the opening period, from January 26 to February 18 this year (including the day), if you are worried about the stock market shock, do not know what to invest in, may wish to pay attention to this special fixed increase fund, may be able to bring different gains to the investment in 2022! Well, today's "Huaxia Fund Morning Broadcast" is coming to an end here, thank you for listening, we will see you next time!
Huaxia Panyi was established on 2021-01-26, Zhang Chengyuan began to manage on 2021-01-26, performance comparison benchmark: CSI 800 Index yield * 60% + China Bond Composite Index yield * 30% + CSI Hong Kong Stock Connect Composite Index yield * 10%; since its inception, the net value growth rate and performance comparison benchmark is 35.07%/-7.44%.
Risk Warning: 1. The fund is a hybrid fund, its long-term average risk and expected return are higher than bond funds and monetary funds, lower than equity funds, and belong to medium risk (R3) varieties, and the specific risk rating results are subject to the rating results provided by fund managers and sales agencies. 2. The Fund operates in a one-year regular opening mode, adopting the operation mode of closing operation during the closed period and opening up regularly between the closed period and the closed period. The Fund does not conduct subscription and redemption business (except dividend reinvestment) during the closed period. During each closed period, fund share holders face the risk of not being able to redeem fund shares. If a Fund's share holder misses an open period and fails to redeem it, its shares cannot be redeemed until the next open period. The Fund's investment in fixed-increase stocks requires a lock-up period of six months, and there may be a risk that the portfolio cannot be adjusted in time during the lock-up period, and the shares cannot be sold immediately after the lock-up period ends. 3. The fund's stock investment strategy includes a private placement investment strategy, and the investment price of the private placement may be different from the secondary market trading price of the stock, which may produce a certain discount or premium. 4. The Fund may invest in asset-backed securities and may face risks such as liquidity risk, early redemption risk, reinvestment risk and SPV default risk. Details are detailed in the "Risk Disclosure" section of this Prospectus. 5. The fund manager can adjust the actual proportion of fixed positions according to the actual market situation and the requirements of risk control. 6. The Fund may invest in the underlying stocks of the Hong Kong Stock Connect and shall bear the unique risks caused by differences in the investment environment, investment target, market system and trading rules under the Hong Kong Stock Connect mechanism. Funds that can invest in Hong Kong stocks may choose to invest part of the fund assets in Hong Kong stocks or not invest the fund assets in Hong Kong stocks according to the needs of the investment strategy or the changes in the market environment of different allocation places, and the fund assets are not necessarily invested in Hong Kong stocks. 7. Before investing in the fund, investors should carefully read the fund's "Fund Contract", "Prospectus" and "Product Information Summary" and other fund legal documents, fully understand the risk-return characteristics and product characteristics of the Fund, and fully consider their own risk tolerance according to their own investment objectives, investment period, investment experience, asset status and other factors, and on the basis of understanding the product situation and sales appropriateness opinions, rationally judge and prudently make investment decisions, and independently bear investment risks. 8. The performance of the completed fixed increase participation project does not represent the performance of the fund product. The Manager does not guarantee a guarantee that the Fund will be profitable or guarantee a minimum return. The Past Performance of the Fund and the level of its net worth are not indicative of its future performance, and the performance of other funds managed by the Fund Manager does not constitute a guarantee of the Performance of the Fund. 9. The fund manager reminds investors of the principle of "buyer's own responsibility" for fund investment, and after investors make investment decisions, the investment risks caused by the operation status of the fund, the fluctuation of the listed trading price of the fund shares and the changes in the net value of the fund shall be borne by the investors themselves. 10. The csrc's registration of the Fund does not indicate that it has made a material judgment or guarantee on the investment value, market prospects and returns of the Fund, nor does it indicate that there is no risk in investing in the Fund. 11. This product is issued and managed by Huaxia Fund, and the distributor does not assume the responsibility for investment, redemption and risk management of the product. 12. This material is not intended as any legal document, the views are for reference only, all information or opinions expressed in the materials do not constitute the final operation advice of investment, law, accounting or taxation, and the company does not make any guarantee for the final operation advice on the content of the materials. In no event shall the Company be liable to any person for any loss arising from the use of any content in this material. The market is risky and investments need to be cautious.