Strengthen the long-term performance guidance of fund companies and vigorously guide incremental funds into the market
Original title: Strengthen the long-term performance guidance of fund companies and vigorously guide the increase of medium- and long-term funds into the market. Host Liu Weijie: The “Deep Reform 12” proposed by the Securities Regulatory Commission recently clarified the task of capital market reform in the next stage.
Aiming at the contents mentioned in “Promoting more medium- and long-term funds to enter the market”, “Optimizing reorganization and listing, refinancing and other systems”, and “Improving the effectiveness of audit and law enforcement”, this newspaper interviewed experts today to conduct in-depth interpretation and analysis from different perspectivesanalysis.
Our reporter Liu Qi released a comprehensive list of capital market deepening reforms.
The “Deep Reform 12 Articles” proposed by the CSRC clarified the task of capital market reform in the next stage.
Public funds, as an important part of the capital market, have also been cited many times.
The “Deep Reform 12” put forward the need to promote more medium- and long-term funds to enter the market, including: strengthening the long-term performance guidance of securities fund operating institutions; promoting the classified supervision of public fund managers; promoting the relaxation of the proportion and scope of various types of medium- and long-term funds entering the market;Part of the public fund for individual personal retirement retirement business pension investment scope.
Yang Delong, chief economist of Qianhai Open Source Fund, said in an interview with the Securities Daily that a prosperous capital market is an important driving force for economic transformation and industrial upgrading.
The capital market is both an economic barometer and a great booster for economic growth.
Vigorously develop the capital market, attract long-term funds to the market, create good returns for investors, and create a good market environment, then the internal capital market is expected to usher in the “golden decade” of great development.
Anxin Securities pointed out that the policy of promoting public funds to supplement the personal deferred commercial pension investment scope was re-extended, and public funds were gradually expanded and expanded.
More long-term funds continue to enter the market, which will gradually improve the investor structure of the A-share market and enhance the stability of the A-share market.
Strengthening long-term performance-oriented “Many short-term funds are guided by short-term performance and reorganized. As fund investors pay too much attention to short-term performance and fund rankings, switching fund managers repeat too much short-term performance to cater for investors’ choices; instead, fund companies often face long-termThe contradiction between investment and short-term sales, in order to promote new fund sales, may expand short-term performance and ignore long-term performance.
“Yang Delong told the Securities Daily reporter.
The “Deep Reform 12” put forward the need to strengthen the long-term performance guidance of securities fund operating institutions.
Yang Delong believes that by strengthening the long-term performance guidance of the fund industry and promoting the long-term investment habits of investors, gradually leading more long-term funds into the market, and guiding fund companies to do a good job of long-term investment, not to cater to investors’ short-term preferences too much.The long-term healthy development of the fund industry is very beneficial.
Sha Yu, deputy general manager of China Merchants Fund, said in an interview with the “Securities Daily” reporter that strengthening the long-term performance-oriented assessment mechanism will guide the fund to further transform into value investment, pay more attention to long-term performance returns, and help fund companies to build professional capabilities, Reduce operating costs and stabilize the talent team.
Future capital market sources of budget funds, performance evaluation, investment channels, regulatory arrangements and other aspects will be launched to provide more support for medium and long-term capital entry.
In addition, this will also bring a “stabilizer” effect to the capital market, which will help fund products to perform more robustly.
Promoting the classified supervision of public fund managers While strengthening the long-term performance orientation, the “Deep Reform 12″ also clearly requires the promotion of classified supervision of public fund managers.
Yang Delong said that the idea of fund classification supervision is to score according to certain criteria, and then to carry out differentiated supervision on companies with different rating levels.
It is more accurate to adopt appropriate supervision methods as far as possible; instead, this may become a reference tool for some institutional customer selection committees in the future. It does not rule out that certain banks refer to the classification and rating results and decide whether to entrust funds to the management of fund companies.
”Securities Daily” reporter noted that actions have been taken above the supervisory level.
For example, the “Administrative Measures for the Information Disclosure of Publicly Raised Securities Investment Funds”, which came into effect on September 1, this year, proposed that the China Securities Regulatory Commission can regularly evaluate the quality of information disclosure of fund managers, and at the same time conduct the fund manager’s classification supervision and evaluation index system.
Regarding how to properly conduct classified supervision, Yang Delong believes that the fund classification and scoring standards must be fully discussed to reflect the comprehensive strength of a fund company. Just like Moody’s and S & P’s rating on bonds, it should reflect the bond’s quality.Overall characteristics.
The basis of classification supervision can be considered in a comprehensive manner in terms of asset management scale, three-year average performance of equity funds, company brand value, and fund manager stability.
”The classification and supervision of fund companies is a key progress in supervising and guiding hierarchical competition from the top to the bottom, which will help reshape the healthy and prosperous layout of integrated large-scale fund companies and characteristic small and medium-sized fund companies.”Bigger and stronger, providing comprehensive services will guide the consolidated business capabilities of public funds to play an important role in promoting the deepening of market reforms; small and medium-sized fund companies can explore differentiated development paths by combining their own resource endowments to improveProfessional customer and long-tail customer service systems are equally important to stimulate market vitality.
Public funds are divided into “personal tax deferrals”. It is worth noting that “Deep Reform 12” proposes that public funds should be changed to individual progressive deferred commercial pension investment scope.
In fact, since the “Notice on the Implementation of the Pilot Scheme of Individually Expected Deferred Commercial Endowment Insurance” (hereinafter referred to as the “Notice”) issued in April 2018, the public offering industry has begun to struggle.
The “Notice” shows that the trial of personal income tax deferred commercial endowment insurance will be implemented from May 1, 2018, and the trial period is tentatively set for one year.
When the pilot is completed, according to the pilot situation and in conjunction with the construction of the third pillar of the endowment insurance system, the scope of participating financial institutions and products will be expanded in an orderly manner, and products such as public offering funds will replace the scope of personal commercial pension investment.
Sha Yi believes that the principle of personal tax-deferred commercial endowment insurance is safe, prudent, and long-term 无锡夜网 stable. The pursuit of low-risk and stable income balance performance indicators in asset allocation is one of the typical representatives of long-term funds.
If you can date, it can largely help to solve the problem of the remaining surplus of public funds in the long-term.
Penghua Fund related persons said in an interview with the Securities Daily that the introduction of the “tax deferral policy” is of great significance to individual investors, public funds and the capital market.
For individual investors, “tax extension” can significantly enhance the purpose of their retirement investment. Investors gradually accumulate pension wealth through long-term fixed investment, and strive to improve their living standards after retirement.
For public funds, the “tax extension” will bring new development opportunities and 佛山桑拿网 will reshape the development of public funds.
Public equity funds can better satisfy investors’ demands for the preservation and appreciation of pension wealth by leveraging their advantages in long-term investment and equity investment.
As far as the capital market is concerned, long-term funds can provide a continuous flow of capital in the capital market, provide support for the financing of physical enterprises, and in turn will promote the improvement of the pension security system.
走出“牛短熊长”怪圈 “推动放宽各类中长期资金入市比例和范围，有利于为资本市场带来稳定长期资金，降低国内股市的波动性，促进价值投资理念的落实，走出‘熊长牛短’的怪圈。Long-term funds in the market include social security reserve funds, basic pension insurance funds, etc.
The above-mentioned person of Penghua Fund stated that the proportion of social security reserve funds and basic pension insurance funds investing in stocks was further relaxed, which is conducive to the preservation and appreciation of pension funds.
In the context of population aging, “retirement” is closely related to all people, and it is of great significance to make good investment in pensions.
In addition, in order to further improve the ability of talents to serve the real economy, the deep reform of the capital market is also inseparable from long-term funds to lay a solid foundation.
In Sha Ying’s view, for the capital market, the appointment of medium and long-term funds will mainly have several effects: First, the investment style represented by insurance funds is more stable, and the target cycle of its strategic asset allocation strategy is moreThe long-term will help guide the capital market to be more rational, long-term, and value-oriented investment, which is expected to become a “ballast stone” for market stability. Furthermore, the entry of medium and long-term funds into the market has increasingly enriched the source of funds in the market and can be moreEffectively stimulate the vitality of the capital market.
At the same time, he said that the reform of the readjustment of the capital market was further promoted. This year’s policy scale has made clearer guidance for capital entry. For example, it plans to increase the proportion of insurance funds entering the market. Recently, it has also introduced a policy to cancel the restrictions on QFII and RQFII market quotas.More medium and long-term funds are expected to gradually enter the market.
Guo Libo, president of the China Investment Research Institute, said in an interview with the “Securities Daily” reporter that promoting the relaxation of the proportion and scope of various types of medium- and long-term capital entering the market is conducive to the professionalization of the capital market and sustainable and healthy development, and is conducive to improving capital market services.Efficiency and quality of the real economy.