Since the beginning of this year, Bailongma shares, represented by Maotai, Wuliangye and Ping An, have been hitting record highs and becoming a beautiful landscape in the market. The investors who insist on value investing have earned a lot of money. what?
There are many reasons. One of the important reasons is that the proportion of A-share institutional investors has been increasing, the proportion of retail investors has decreased significantly, and value investment has become mainstream. According to the statistics of CICC, from 2014 to 2018, the proportion of retail investors' funds in the free market value of A shares has dropped from 72% to 53%. From the perspective of pricing power, the pricing power of the market is gradually From the retail investors to the institutions, the institutions regained the pricing power. Some of the stocks that the institutions liked were constantly hitting new highs, while the stocks and performance stocks that retail investors liked showed a relatively large decline. The market is very different. Obvious. Now, with the gradual inflow of value-added investment funds such as foreign capital, this differentiation will continue in the future.
In terms of market volume, the proportion of retail investors in the history of the A-share market has been more than 80%. When the market was the craziest in 2015, the contribution of retail investors to the market volume once exceeded 90%, and then began to gradually decline. The current contribution of retail investors to the A-share market should be around 60%. In fact, the process of the A-share market gradually moving towards a mature market is a process of de-stocking, which is consistent with the experience of the international market. In the past, developed markets such as the United States, Hong Kong, Japan, and Europe also experienced such a process of de-stocking. At the same time, the performance of stocks with good fundamentals has long dominated, which has already appeared in the A-share market and will be more evident in the future.
I clearly stated at the beginning of this year that the A-share market will usher in the golden decade. On the one hand, the golden decade of China's property market is coming to an end, and the expected return rate of the investment property market is gradually decreasing. From the property market, into the stock market.
第16届中国基金业金牛奖近日在北京颁奖，前海开源基金喜获金牛基金管理公司荣誉称号，而前海开源工业革命 4.0 混合基金荣获三年期开放式混合型持续优胜金牛基金。作为一家成立仅6年的基金公司，从2017年首获“金牛进取基金公司”到2019年荣获“金牛基金管理公司”，仅仅用了2年时间。