Public Funds Have Led The Market To "Five Golden Flowers" Market.

Whether in the A stock market, there are 1000 listed companies, 2000 listed companies or the coming 3000 years. As a professional investment force, the fund participates in the development and growth of the market from beginning to end, and also shares the industry opportunities of becoming bigger and stronger.

From the development process of institutional investors such as public offerings, the growth history of institutions in the A share market is a history of investment philosophy and an evolutionary history of competition and cooperation with other investment groups in the field.

In the market where Zhuang shares are rampant, through the combination of investment and market, the fund became famous in the "5. 19" market. In the "five golden flowers" market, the fund erected the banner of value investment and led the whole market into the era of value investment. In the great bull market from 2006 to 2007, the fund became the leading force in the stock market. From 2010 to now, the public funds went hand in hand with the sunshine private placement, special account, brokerage management and insurance information management, and promoted the new growth bull market, so that the idea of investment in growth stocks was further rooted in the hearts of the people.

The number of listed companies exceeded 1000 in 1990, and the A share market passed through adolescence in August 10, 2000.

As a new thing, A shares are constantly creating a myth of overnight prosperity once they are launched. Meanwhile, the characteristics of retail investors' chase and fall also make the market frequently rush up and down sharply.

In the first eight years of the A share market, standardized fund operation is absent, and the idea of value investment is difficult to bear the investment body, and it also highlights the irrational fluctuations of the market.

During this period, there were five rounds of bull market in the A share market, and every market was "thriving and thriving".

While the index is on the rise, there are also some damage in the listed companies.

The vicious cases of interest, such as the arrears of major shareholders in Ji'nan Qingqi Group and the Daqing friendship case, make the regulators pay more attention to the growth of institutional investors.

Therefore, training standardized institutional investors to provide a stable source of funds for the healthy and sustainable development of the securities market has become a top priority for regulators.

In March 1998, Cathay Pacific Fund and Southern Fund Management Co were established, and standardized public fund came into being.

According to Fan Yonghong, the elder of China's fund industry, the value investment and rational investment advocated by the fund were once considered inappropriate.

Facing the speculative stock market, fund managers have too many helplessness, so they can not become mainstream in the market. Once they are called "lonely watchers".

The chance has finally come.

This is the "5. 19" market that investors can hardly forget.

In May 19, 1999, the Shanghai stock index has been hovering at 1558 points for 6 consecutive years.

In the morning, the stock market was calm, and many people were still running away from the "meat cutting". But after the opening of the afternoon, OTC funds crowded into the stock market, and the stock index pulled straight up. The Internet stocks, such as Oriental Pearl Tower, poly technology shares, CITIC Guoan and other Internet stocks, took the lead. The market suddenly heated up and ushered in the momentum of the "5. 19" bull market.

On the same day, the Shanghai Composite Index rose 49.2 points, up 4.64%, and in the next month or so, the Shanghai Composite Index rose by 65%.

In the market led by the new emerging stock market, because most of the fund researchers are young, highly educated, and have strong learning ability for new things, the researchers wrote a forward-looking report on Internet stock research through studying basic indicators such as browsing rate and click rate of Internet stocks, while fund managers prospectively grasped the main line of investment in the Internet wave.

From 1999 to 2000, the fund made the first big profit in the era of the raging stock market.

After this campaign, the fund became famous in the first World War and became a new force in the market.

Statistics show that as of August 10, 2000, there were 1000 listed companies in the market, the total market capitalization of A shares was 1 trillion and 400 billion yuan, and the scale of public offering funds was 159 billion 56 million yuan, initially establishing market position.

In particular, the fund's accurate exploration of technology network stocks has made the professional advantages of research and investment become apparent, and the market has begun to attach importance to the discovery of investment value.

In the history of the development of A share investment concept, 2003 is destined to be a watershed.

This year, the public fund led the market to spawn the "Five Golden Flower" market, allowing other investors and institutions to become followers.

The curtain call of Laozhuang shares in several capital markets has become an important symbol of the new and old forces switching in the market.

In 2001, the big bull Bank of the century was caught in a big lie in the summer. After the resumption of the stock, the stock fell for 15 consecutive days.

In 2002, another "blue chip" Lantian stock myth was shattered.

The collapse of Delong group in April 2004 marked a gradual fall in the era of Zhuang stocks.

The curtain on the old investment philosophy is often the birth of a new investment idea.

In 2003, China's economy entered a new round of high growth cycle.

Petrochemical, steel, automobile, power and Bank five industries have become the main beneficiaries of that era, and investors are described as "five golden flowers".

In the stock market, represented by a group of fund managers in Shenzhen, the fund started looking ahead at the beginning of 2003 to configure the five industries, and promoted the discovery of the value of the industry, and fully enjoyed the benefits brought by the rising blue chips.

The fund's 2003 annual report shows that the average net value of 69 partial stock funds rose by about 20%.

Over the same period, up to 80% of individual investors lost substantially, and the one-year fixed deposit rate was only 1.98%.

The fund has gained such performance and is quite eye-catching in the market.

In Fan Yonghong's view, the brilliant glow of the "five golden flowers" industry shows that the ability of fund managers to select shares is recognized by the market.

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The analysis is based on forward-looking asset allocation, industry allocation and individual stock selection. Finally, it is verified through the high growth of listed companies. The investment pattern that the stock price has also increased sharply brings better benefits to investors, which enables investors to have a deeper and more intuitive understanding of "value investment", and let the wave of value investment start leading the stock market.

The same is true. After 2005, both the fund and other institutions began to pay attention to the fundamentals of the company and began to pay attention to the importance of the research. This is a huge change.

In the next super bull market, the fund has become the core force of the dominant market.

From 2006 to early 2008, the A share market showed a long bull market of two years, and the overall stock index rose by more than 4 times.

Among them, the fund performance surpassed other investors' group and the market influence rose to the peak.

In those years of "base" burning, the size of the fund increased by more than 200 billion yuan in a single month. In December 7, 2006, the Castrol strategy growth fund raised 41 billion 917 million days in 1 days, setting the shortest issue time and two largest scale in the history of issuing funds, and attracted the attention of many parties.

At the beginning of 2007, the identity of the investors in the field reached an unprecedented level. There was an abnormal phenomenon of overnight queuing up funds and the early opening of the fund.

Follow up on the implementation of the fund raising scale implementation window guidance has not blocked the enthusiasm of the OTC fund, with the continuous rise of the stock index, the subscription scale of the new fund has reached 15 billion upper limit.

By September 2007, the scale of the fund increased by one trillion yuan per month, which is also very rare in the global stock market.

From the perspective of investment performance, the fund's performance is dazzling.

Galaxy securities data show that in 2006, the average growth rate of equity funds and index funds increased by 109.23% and 108.61% respectively.

By the end of 2004, the total size of the fund was only 324 billion 600 million yuan. By the end of 2007, the total scale of public offering has increased rapidly to 3 trillion and 280 billion yuan, and the total share value of the fund has increased from 5% in 2004 to nearly 30%.

The economic foundation determines the superstructure, and the rapidly increasing fund becomes the dominant force in deciding the market.

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But the fund which developed rapidly and developed too fast appeared a big mistake in 2008.

At that time, due to insufficient pressure on the domestic and international economic downturn, the partial stock fund immersed in the bull market atmosphere also did not escape the shock of a sharp decline in the stock market.

According to the statistics of galaxy securities, the average loss of equity funds in 2008 was 50.63%, the average loss of balanced funds was 42.75%, and the average loss of closed-end funds was 47.32%.

The fund which has fallen sharply in net value has brought a lot of losses to the holders, and has also stopped the momentum of its ultra high speed development.

After the great adjustment in 2008, the whole market entered a new stage.

The IPO continued to advance. As of November 23, 2010, the A share market reached 2000 listed companies, and the fund continued to dominate the whole market, leading the A shares to rebound from the end of 2008 to the end of 2010.

But it is undeniable that after the bull market fell, the market image of the public offering fund has faded, and some investors of the fund are equally scarred. Under the double pressure of investors' Redemption and net value fall, the scale of the partial stock fund has shrunk to 2 trillion and 500 billion yuan.

The fund has become an important participant from the leader of the market as a whole. From another perspective, the diversification of investor relations in China's A share market has also started.

In the view of Ling Peng, a former famous strategist, if we look at the market in the light of the market oriented capital, private funds, special account management and brokerage management have attracted large influx of funds since 2010.

As private equity funds, special account money and other products pursue absolute gains, the selection of stocks is more important than the industry allocation, and investment tends to be more stable toward small growth stocks, leading to the pformation of market style.

It is not difficult to understand that funds take the emerging industries as the next hot spot when the funds are pouring in to meet the expectations of economic pformation, relatively stable performance, small plates and high flexibility.

In addition to the opportunities of the times, the emergence of a new generation of fund managers has also sped up to a considerable extent.

The upsurge of emerging industries.

Before and after 2010, A share fund managers have been upgrading. A group of fund managers who are focusing on emerging growth stocks are coming to the front stage. These fund managers are younger, richer and more experienced in the Internet era.

Their emergence has become an important force to promote the investment concept of growth stocks.

The surge of emerging growth stocks has further strengthened the promotion of young fund managers in the industry.

The industry's mainstream stock fund managers moved from 60 to 70 and then to 75 and after 80.

Some fund managers who dare to intervene early and stay there for a long time are more brilliant.

Ren Zesong, Cheng Sheng, Wang Ruyuan, Peng and so on, a group of cutting-edge fund managers dare to make a big deal of growth stocks, and do not hesitate to exchange with the market.

They are not only the excavators of this growth stock market, but also propagandists and proliferators.

Through the bull market of emerging growth stocks in recent years, the growing investment philosophy has penetrates into the institutional heart.

The new growth bull market opened at the end of 2012 has made many young fund managers famous. But in the extreme market of bull market reversal last year, the risk of fund managers holding together Holdings has been exposed: Oriental Wealth choice information statistics show that in the 1507 active management funds, from June 15, 2015 to the end of February 2016, they experienced three ladder drops, 599 funds net value fell more than 40%, 260 funds net value fell more than 50%, and 20 net funds fell more than 60%, triggering social worries about fund deviating from value investment.

Andrew information, the Santai holdings, xinyada, silver and so on, the stock fund of the past fund still has a drop of more than 70% since last year's high point, so that the fund manager began to reflect on the logic of investment. Many fund managers once again went back to value investing, and the real long stocks that could be fulfilled were added to the stock market. The stocks of pure storytelling were abandoned and a new round of investment evolution theory was opened again.

From the old stock market to the 3000, the public fund has gone through the development course from the beginning of the birth to the backbone of the market.

From 18 years ago, in the A share market actively looking for their own positioning, to 10 years ago to dominate the market trend of a period, and then to the important force of the stock market ecosystem, the development of the public fund just reflects the development trend of the specialization and diversification of investors in the A share market.

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