Zhitong Financial APP learned that new fund issuance was slightly sluggish in the first half of this year, although there was a slight rebound in June, but with several major indices such as the Shanghai Composite Index, the CSI 300 and the Shenzhen Composite Index falling since July, the issuance of new funds cooled significantly in July.

According to Wind data, according to the date of establishment of the fund, 109 new funds were established in July, down 21.58% from 139 in June, and the issuance of new funds in July was 119.862 billion yuan, down 47.38% from 227.795 billion yuan in June. The return of the new development fund in July was not satisfactory, and it is worth mentioning that the new bases that are popular to track "SEEE carbon neutralization" have fallen to varying degrees.

Since the beginning of this year, the performance of the new foundation issued in the first place has been seriously divergent, with 19 funds set up to return more than 20%, and the net worth of 13 funds has fallen by more than 15%.

Liu Yiqian, head of the business of the Shanghai Securities Fund Evaluation and Research Center, believes that generally speaking, the form of fund issuance is expected to improve in the second half of the year, especially for equity funds.

In July, the issuance size of Xinji fell by nearly 50% compared with the previous month, and equity funds picked up.

According to Wind data, according to the date of establishment of the fund, 109 new funds were established in July, down 21.58% from 139 in June, and the issuance of new funds in July was 119.862 billion yuan, down 47.38% from 227.795 billion yuan in June.

From the perspective of the subdivision structure, the issuance of equity funds warmed up in July, while the issuance of bond funds cooled significantly.

According to Wind data, the issuance of new equity funds (stock + mixed) was 70.886 billion yuan in July, accounting for 59.14%, while that of equity funds in June was 19.081 billion yuan, accounting for only 8.38%. Bond funds issued 41.012 billion yuan in July, accounting for 34.21%, down 90.44% from 199.669 billion yuan in June.

In addition, in July, a total of eight new bases were issued with a size of more than 5 billion, including Yifangda quality Kinetics A for three years, Guangfa CSC 1000ETF, China Merchants Tianxing for 6 months, Fuguo CSC 1000ETF, Yifangda CSC 1000ETF, Wiguo Huihe three-month fixed opening A, Xingsheng Global Hengtai one-year fixed opening, Ping an Huifu A, these eight new bases accounted for 48.2% of the total new base issuance in July. It is worth mentioning that three newly issued CSC ETF are on the list.

In June, 20 funds issued more than 5 billion yuan, of which 9 were inter-bank certificate of deposit index, which contributed more than 80 billion yuan to June.

In this regard, the Debon Fund believes that the 16 interbank certificate of deposit index funds established in June raised a total of nearly 100 billion yuan, contributing nearly half of the amount raised in June, which is also the main reason why the new fund raised in July fell off a cliff compared with June.

Liu Yiqian, head of the business of the Shanghai Securities Fund Evaluation and Research Center, said that on the whole, the new fund issuance market in the first seven months of this year showed a structural feature that was not as expected and then repaired. The poor scale of new fund issuance in the first half of the year is mainly related to the downturn in the domestic A-share market since the beginning of the year. due to the extremely complex environment at home and abroad in the first half of the year, the investment risk preference continues to be low, and the fund is newly issued, especially the new pressure of equity funds. in this context, bond funds have become the main type of funds issued by fund companies. In particular, the interbank certificate of deposit fund, as an innovation fund, was sold well in the first half of the year.

Shen Wanlingxin's fund "won the first prize", and the popular fund carbon China and ETF fell together.

In July, the net value of the newly issued fund did not perform satisfactorily. According to Wind data, only 41 funds received positive returns, accounting for 37.6 per cent, and no fund earned more than 1 per cent. Among them, there are only 16 funds with a range of returns of more than 0.1 per cent. Shen Wanlingxin Fund Wang Jian, which is in charge of ShenWanlingxin National Certificate 2000, has been in the first place in the past half a month to achieve a positive return of 0.99 per cent.

The net value of 57 funds fell, 17 funds fell by more than 1%, and the Hong Kong stock innovation drug ETF managed by Liu Jie of Guangfa Fund was at the bottom with a decline of 9.23%. The fund was set up on July 1st and its index, Hong Kong stock innovative drugs (CNY), fell 3.92 per cent during the month.

Some analysts believe that the overheating of new drug research and development in China is due to excessive intensive homogenization competition in domestic innovative drug research and development, especially too much research and development of me-too drugs (generic drugs). In July 2021, the State Drug Administration clearly stressed that drug research and development should be "patient-oriented and clinical value-oriented", reducing the possibility of me-too drugs on the market, thus reducing the number of projects of companies in this research and development chain. According to the analysis of the above-mentioned people in the pharmaceutical industry, China's biomedical industry preferred the research and development of new drugs in the past few years, but in recent years it has been more inclined to the research and development of medical devices.

But institutions are generally more optimistic. Huaxi Securities believes that, taking into account the domestic bottom dividend (engineer dividend and production cost advantage), and the current domestic CXO supply chain accounts for a low proportion of the world, comprehensively still maintain the previous CXO industry in the next 3 to 5 years is still in high-speed growth judgment, its traditional Chinese medicine Mingkang de, as a global CXO leading enterprise rooted in China, will continue to benefit from the high growth brought by industry dividends.

It is worth mentioning that the new bases that track "SEEE carbon neutralization", which are popular in July, have all fallen to varying degrees. Among them, the net value of carbon-neutral ETF managed by Guangfa Fund Lu Zhiming fell 3.71% to the bottom.

In the view of industry insiders, under the background of carbon neutralization era, the superposition of various factors such as the rapid development of capital market brought about by the transfer of residents' asset allocation may jointly promote the development of ESG and sustainable investment in China.

Looking forward to carbon neutralization investment opportunities, Pang Yaping, general manager of the Yi Fangda Index Research Department, believes that the realization path of carbon neutralization corresponds to two main investment lines: first, from an incremental point of view, there is more room for investment opportunities in deep and low-carbon areas in the future. including clean energy and energy storage, new energy vehicles, carbon reduction and carbon sequestration technologies. Second, from the perspective of stock, traditional high-carbon transformation enterprises through technological transformation, gradually transition to green development investment opportunities, such as green power on the energy supply side, upstream cycle manufacturing plate carbon reduction transformation and so on.

Qi Yanran, an analyst at Everbright Securities, pointed out that the ETF products that track the index will guide the flow of funds to listed companies that contribute greatly to carbon neutrality, while further enriching the green investment tool system for institutional and individual investors. On the other hand, with the continuous progress of domestic carbon neutralization process, the contribution of stocks in deep low-carbon areas such as clean energy and energy storage and green transportation in the compilation of the index will continue to increase.According to the method of compiling the SEEE carbon neutralization index, the contribution score of deep low-carbon areas is expected to increase from 65.74 per cent in 2021 to 72.31 per cent after 2030.

Photovoltaic leads, consumption is at the bottom.

Since the beginning of this year, the performance of the new foundation issued has been seriously divergent. The number of funds established to return more than 20% has reached 19, and the net worth of 13 funds has fallen by more than 15%. The photovoltaic industry fund is still "far ahead", with the consumer industry at the bottom. Of the 18 funds with the word "consumption", 11 were set up to return a decline, 6 returns fell below 13% and 2 fell more than 20%, ranking at the bottom of the newly issued fund this year.

Among them, Yinhua fund Ma Jun managed Yinhua China card photovoltaic industry connection A was established to achieve a return of 46.20%, ranking first in the return of the newly issued fund this year. The fund was established on April 20 and is at the bottom of the market.

Also set up to return more than 40 per cent is Huaan, a photovoltaic ETF managed by Liu Yazi, a fund established on April 8th with 110 million shares.

Looking forward to whether the follow-up of the new fund can pick up, Liu Yiqian believes that the fund-raising situation will still be mainly affected by the actual interpretation of the capital market. Domestically, with the landing of the epidemic situation and stable growth policies, the domestic economy is expected to gradually recover; overseas, the landing of US interest rate hiking boots and the conflict between Russia and Ukraine may be conducive to the repair of capital markets. Overall, it is expected that the form of fund issuance is expected to improve in the second half of the year, especially for equity funds. On the one hand, the market has rebounded strongly in the past two months, the sentiment in the equity market has significantly improved, and the market risk appetite is expected to continue to improve. On the other hand, compared with the historical average, the market valuation is still in a low position, and the investment performance price is relatively high. In addition, the value of public offering funds has been more and more widely recognized by the public, and the investment demand for equity funds suppressed by the decline in risk appetite in the first half of the year is expected to be quickly repaired in the second half of the year.