Investment Advisory Weekly: The new rules on public fund commissions will be implemented next week

Weekly Headlines //

The new regulations on public fund commissions will be implemented soon
The new fund market is picking up, and the bond base is the main force
The investment roadmap for the second half of the public offering has emerged
Beijing issued a new policy to stabilize the property market
Hedge funds are starting to focus on gold
Medium and long-term large-denomination certificates of deposit of many banks are "out of stock"

Domestic Investment News //

1. The new regulations on public fund commissions will be implemented soon. From July 1, the "Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds" will be officially implemented. According to reports, recently, a number of public fund trading departments and securities research institutes (departments) are adjusting the signing model according to the new commission regulations, and implementing commission reductions through supplementary agreements. Compared with before, the biggest change in the agreement signed between the public fund and the brokerage is that the contract signing has changed from the previous contract signing with the product as a unit to signing a master agreement with a brokerage, and the agreement is signed under the unified brokerage research institute, and at the same time, the commission seat of the market line has been cancelled.

2. The new fund market is picking up, and the bond base is the main force. Wind data shows that according to the statistical standard of the fund's establishment date, as of June 22, the total initial offering scale of new funds in the whole market during the year was nearly 650 billion yuan, an increase of more than 25% over the same period last year. Specifically, bond funds are still the main force in the new market, and many explosive bond bases are frequent; In terms of active equity funds, the gold-absorbing effect of dividend-themed products is more significant.

3. The investment roadmap for the second half of the public offering has emerged. Fund companies generally believe that the current valuation indicators of the A-share market are still at the bottom level, and there is little room for continued retracement, and it is expected that the market will show a volatile upward trend.

4. Beijing issued a new policy to stabilize the property market. On June 26, Beijing issued the "Notice on Optimizing the Policies and Measures for the Stable and Healthy Development of the Real Estate Market in the City", which clarified that the minimum down payment ratio for the purchase of the first house was adjusted to no less than 20%; The adjustment is not less than 35% within the fifth ring road of the second house, and not less than 30% outside the fifth ring road. The interest rate on commercial loans has also been lowered, and after the adjustment, the lower limit of the mortgage interest rate for the first house with a term of more than 5 years is 3.5%, 3.9% for the second house within the fifth ring road, and 3.7% outside the fifth ring road. According to the Notice, for families with two or more children with household registration in Beijing, the purchase of a second house will be recognized as the first house in the personal housing loan.

5. Medium and long-term large-value certificates of deposit of many banks are "out of stock". Recently, a number of banks have adjusted the issuance of medium and long-term large-denomination certificates of deposit. Following the suspension of the sale of three-year and five-year certificates of deposit, some banks have found it difficult to find certificates of deposit with a maturity of six months or more. In addition to reducing the quota for new issuance, many banks have also lowered the interest rates on large certificates of deposit, and their three-year and five-year interest rates have also dropped from the previous "3" to the current "2".

International Investment News //

1. Hedge funds began to pay attention to gold, and experts predicted that the price of gold would be at $2,200-$2,300 in the second half of the year. On Wednesday, State Street Global Investment Advisors, in partnership with the World Gold Council, released its annual Gold Perception Survey. According to the study, 29% of North American financial advisers plan to increase their gold allocation in the next 12 to 18 months, 62% say their gold allocation is expected to remain the same, and 9% believe they will reduce the proportion of assets in which their clients invest in gold.

This Week's Market //

01 This week's major stock indexes and industry review

On Friday (June 28), the market fluctuated widely throughout the day, and the trend diverged significantly in the afternoon, and the GEM index fell more under the influence of weight. This week, the Shanghai Composite Index fell 1.03%, the Shenzhen Component Index fell 2.38%, and the ChiNext Index fell 4.13%.