Tagged: advantages

Can mass fund keep its advantage

In the past two years, active partial equity funds such as consumer funds and new energy funds have achieved fierce performance, and the top class funds have been hot in the market, causing concern, and the funds are constantly sought after. However, the heavy positions of these top class funds are now often hundreds of times of P / E ratio. On the other hand, in the past two years, the funds that stick to the undervalued traditional sector have not achieved outstanding performance and have been ignored by the market. There are many old star fund managers in the past. There is a serious division and tear. Whether the undervalued old funds will usher in the spring of style conversion has aroused discussion.


In the past, fund managers who were very well-known and had excellent performance, such as Cao Mingchang and Qiu Dongrong, no longer had outstanding performance in the past two years. The fund products they managed were also “voted with their feet” by investors, and the scale of the fund decreased significantly. In the whole market, they are chasing up the popular funds with high valuations of heavy stocks. Some people are worried about whether the market of these popular heavy stocks can last. From the perspective of underestimating conservatism, they should pay attention to the funds such as Cao Mingchang and Qiu Dongrong.

Can popular funds maintain their advantages? Underestimating old fund managers leads to discussion

Cao Mingchang works for China Europe Fund. At present, he manages many funds, such as China Europe value discovery, China Europe Fenghong Shanghai Hong Kong Shenzhen, China Europe Hengli, and China Europe potential value. Taking China Europe value discovery, which has the longest management time and the largest scale at present, as an example, the latest scale of the fund is 2.742 billion yuan, and its performance in 2020 is 16.84%, which is lower than the industry average level. However, it is different from the current top flow fund China Europe value found that the dynamic P / E ratio of most of the top ten heavyweight stocks was about 10 times, and only three of them were higher than 20 times. The dynamic P / E ratio of China Automotive Research Group, which had the highest P / E ratio, was 30.2 times. Most heavyweight stocks, such as Ningbo Huaxiang, China Taibao, Daya Shengxiang, Guanghui automobile, Xinhua insurance, vantage, fuana, etc., all had P / E ratios below 14 times.


Qiu Dongrong works for Zhonggeng fund. At present, his products include Zhonggeng value pilot, Zhonggeng small cap value, Zhonggeng value flexibility, Zhonggeng value quality and so on. Judging from Zhonggeng value pilot, which has the longest management time and the best performance, the fund’s latest scale is 2.338 billion yuan, and its performance in 2020 is 26.67%. Similar funds are also ranked behind the market median; The P / E ratio of shares held by Zhonggeng value leader is lower. Among the top ten heavyweight stocks, Jiansheng group and Zhenjiang share have a P / E ratio of about 30 times, others are all below 20 times, and even five stocks are below 10 times, such as LiuYao share, which is 9.8 times, and four real estate and banking stocks have a P / E ratio of less than 7 times, including sunshine city, Everbright Bank, industrial and Commercial Bank of China and Bank of Chengdu.


Cao Mingchang and Qiu Dongrong have made outstanding achievements in the past. From July 2006 to June 2015, Cao Mingchang managed Xinhua preferred dividend, with a return of 508% and an annualized return of 22.43%. They ranked the top 1 / 3 among the similar funds. From July 2008 to August 2009, Cao Mingchang managed Xinhua preferred growth, with a return of 77%, ranking the first among 194 funds of the same kind. Qiu Dongrong ranked first in 2014 From September 2014 to April 2018, when he worked for HSBC Jinxin fund, the peer ranking of the funds he managed was very high. The annual return rate of HSBC Jinxin from September 2014 to April 2018 was 34.66%, ranking first among 38 similar funds.

The only specail bank controlled by bank

On the evening of December 21, the Postal Savings Bank of China issued an announcement on the Shanghai Stock Exchange stating that it intends to wholly-fund the establishment of China Post Hui Wanjia Bank Co., Ltd. (hereinafter referred to as “Post Hui Wanjia Bank”) with a registered capital of RMB 5 billion. The place of registration is proposed to be Shanghai, and the postal savings bank will hold 100% of the shares.


This is the third independent legal person direct sales bank in China after CITIC Baixin Bank, which was established in 2017 and China Merchants Topology Bank, which was recently approved for establishment. It is also the only independent legal person direct sales bank that will be 100% controlled by the bank.

The first 100% bank holding

Being 100% wholly-owned by the bank, it is the biggest difference between Yuhui Wanjia Bank and the previous two direct banks. Baixin Bank and Topology Bank adopt a joint venture model of commercial bank + Internet company. Baidu and JD Digital both initially hold 30% of the shares.

At the same time, from the perspective of capital, the registered capital of Yuhui Wanjia Bank is planned to be 5 billion yuan, while the preparatory period for Baixin Bank and Topology Bank is 2 billion yuan (currently Baixin Bank has increased its capital to 5.6 billion yuan).

“The sum of 5 billion yuan in one breath shows the importance and high expectations of Postal Savings Bank of China’s direct banking subsidiaries.” Dong Ximiao, chief researcher of China Merchants Finance and a think tank researcher of the Asian Financial Cooperation Association, said in an interview with a reporter from the Financial Times.

Indeed, the Postal Savings Bank of China is sending the Yuhui Wanjia Bank to the bank’s reform and innovation test field. The Postal Savings Bank of China stated in the announcement that the establishment of the Postal Savings Bank of China is an important measure taken by the Postal Savings Bank to deepen the reform of the system and mechanism and actively explore financial technology innovation. The bank’s own business development needs will help to improve the service level and service efficiency of Postal Savings Bank, so as to better serve the rural revitalization strategy, implement digital inclusive finance, and support the development of the real economy.

“Unlike ordinary Internet banks which only have online service functions, Postal Savings Bank, as a group, can not only broaden service channels through direct banking, but also rely on nearly 40,000 offline outlets to better serve online customers and achieve’online “Online + offline” service linkage, resulting in a differentiated advantage that is different from other pure Internet banks.” Guosen Securities analyst Wang Jian believes.

In this announcement, the Postal Savings Bank of China specifically pointed out that the Post Hui Wanjia Bank “aims to explore an innovative business model for online and offline collaborative development”: revitalize and empower offline networks, accelerate digital, agile, and scenario-based transformations, and build The “second curve” of the transformation and development of Postal Savings Bank of China.

What will Yuhui Wanjia do in the future?
China Postal Savings can be traced back to the postal savings business established in 1919. It has a history of one hundred years. The business philosophy of “people are too subtle and cumbersome; do not strive for profit, but seek stability” is deeply rooted in the hearts of the people. The “stable” gene is deeply rooted in the blood of the Postal Savings Bank.

As the name suggests, “Postal Benefit Wanjia” has inherited the “Puhui” gene of Postal Savings Bank. The relevant person in charge of the bank introduced to reporters that the representative of “Post” in “Postal Hui Wanjia Bank” is in the same line as the Post and Postal Savings Bank and embodies the brand gene; “Benefit” reflects the inclusive responsibility of direct selling banks; “Wanjia” It means “benefit all families and serve all families”.

“From the perspective of the name, it is still the parent bank logo (CITIC, China Merchants, China Post) + bank name (Baixin, Topology, Yuhui Wanjia) model.’Youhui Wanjia’ is a homonym for’Preferential Wanjia’, with It has a strong local flavor, which fits its main positioning of serving the “three rural areas” and small and micro enterprises.” Dong Ximiao believes.

According to the announcement issued by the Postal Savings Bank of China, the Post-Hui Wanjia Bank aims to explore an innovative business model for online and offline coordinated development, based on technological means, inclusive concepts, and market operations, implement the national rural revitalization strategy, and practice “services” The development mission of “agriculture, rural areas and farmers, helping small and micro businesses, and benefiting the general public” is to create an innovative connection platform for financial services for rural revitalization and technology to help a better life.

The Central Economic Work Conference held a few days ago clearly stated, “We must continue to stimulate the vitality of market entities, improve tax and fee reduction policies, strengthen inclusive financial services, and make greater efforts to promote reform and innovation, so that market entities, especially small, medium and micro enterprises and individual businesses Increase vitality”; “We must comprehensively promote rural revitalization, grasp agricultural production, and promote rural reform and rural construction.”

It can be seen that for Yuhui Wanjia Bank, it is both a responsibility and an opportunity to implement inclusive finance and serve the “three rural” and small and micro enterprises.

In this regard, the relevant person in charge of the Postal Savings Bank of China stated that the Post-Hui Wanjia Bank will give full play to its own advantages, help rural revitalization by building a financial service model suitable for the modernization of agricultural and rural development, and use financial technology to help alleviate the financing difficulties and expensive financing of small and micro enterprises. , The problem of slow financing makes financial services more convenient, more diverse, and more affordable, and covers more and wider customer groups.

Is expected to become a strong assist in the transformation of the parent bank

“The biggest advantage of Yuhui Wanjia Bank is still the resources of the parent bank. The biggest challenge is how to integrate the resources of the parent bank. The linkage between the parent bank and the subsidiary bank, and the online and offline collaboration, has a long way to go.” Dong Ximiao emphasized the analysis.

“Retailers gain the world” is the consensus of the industry. As a large state-owned commercial bank, Postal Savings Bank of China has nearly 40,000 business outlets, covering 99% of counties and cities in China; personal customers exceed 600 million, covering more than 40% of China’s total population, and it has a natural retail endowment. In recent years, Postal Savings Bank of China is accelerating its deployment of new retail with digital transformation as the main line, and the establishment of a wholly-owned direct selling bank is also expected to be a powerful assist in the bank’s transformation.

“After a traditional bank opens a direct bank, the most important thing is to increase coverage of new customer groups through the Internet and other means, or to dig deeper into the value of old customers, that is, to bring’incremental value’ to the bank, otherwise the direct bank becomes a simple Internet banking.” Wang Jian believes that the establishment of a direct bank by Postal Savings Bank of China is expected to bring incremental value to Postal Savings Bank in terms of opening up new customer groups and tapping the value of old customers.

Industry insiders further analyzed that Postal Savings Bank has a large number of customers, most of which are obtained by Postal Savings Bank through offline outlets across the country. Compared with other major banks and national banks such as joint-stock banks, the outlets of Postal Savings Bank are more sinking, and the proportion of distribution in economically developed regions is relatively low.

“By establishing a direct sales bank, Postal Savings Bank of China is expected to further expand its customer acquisition channels on the basis of traditional offline outlets, thereby covering new customer groups, especially customer groups in economically developed regions, and will help to further strengthen channels in economically developed regions. Advantages to increase customer coverage.” Wang Jian believes.

At the same time, the direct bank to be established by Postal Savings Bank of China is essentially an “Internet Bank” controlled by a commercial bank. Therefore, it is expected to increase the means and effects of serving customers through the application of the Internet and big data, so as to better serve customers. Mining the value of existing customers.

“PSB has 600 million individual customers who have brought a lot of low-cost deposits to the bank, and there is still room for deep digging into customer asset business and wealth management business value. The establishment of a direct bank is expected to help the company better tap customer value. “Wang Jian analyzed.

In addition, the establishment of direct selling banks is expected to further enhance the strength of Postal Savings Bank in Internet finance, which also fully reflects the spirit of active reform of traditional commercial banks under the background of new technology and new economy.

“Every year, about 3% of its operating income is invested in the field of information technology.” The reporter learned from the Postal Savings Bank that in recent years the bank has regarded information technology as the core driving force for business development and continues to increase its investment in information technology.