新闻动态

办 公:

手 机:

主页 > 新闻动态 > 文章详情

公募基金2017年二季报:全行业继续大幅盈利

发布时间:2018-11-08 11:34
公募基金2017年二季报:全行业继续大幅盈利
 
Public fund 2017 two quarterly report: the whole industry continues to make substantial profits
 
 
 
截至7月26日,公募基金2017年二季报全部披露完毕,至此基金经理的调仓动向、投资路线图也清晰地展示在投资者面前。总体看,今年第二季度制造业龙头股依旧受公募基金青睐,基金的盈利水平较2017年第一季度有所提升,原因之一是公募基金整体转向业绩稳健的“白马股”,从创业板众多题材股中上演“大撤退”,而固收类基金产品的大规模发行也为行业盈利贡献良多。
 
Up to July 26, the second quarter report of public funds in 2017 has been fully disclosed. So far, the trend of fund managers'warehousing adjustment and investment roadmap are clearly displayed in front of investors. Overall, the leading manufacturing stocks in the second quarter of this year are still favored by public funds. The profitability of the fund is higher than that in the first quarter of 2017. One reason is that the whole public funds have turned to "white horse stocks" with stable performance, and "big withdrawal" has taken place from the numerous thematic stocks on the GEM, while the large-scale fixed-income fund products are on the market. Issuance also contributes a lot to the industry's profitability.
 
 
 
整体盈利能力提升
 
Overall profitability improvement
 
 
 
从2017年第二季度的盈利情况看,各类型基金品种管理规模分化情况较为明显,货币基金、混合型基金等资管规模较大的基金类型,盈利能力自然表现不俗。除商品基金二季度亏损1.80亿元之外,其余各类型基金均实现盈利。
 
From the second quarter of 2017, we can see that the management scale of various types of funds is quite different. The large-scale funds such as monetary funds and mixed funds naturally show good profitability. In addition to the loss of 180 million yuan in the two quarter of the commodity fund, all other types of funds were profitable.
 
 
 
继2017年第一季度整体赚取1105亿元后,第二季度市场的结构性机会助力公募基金继续盈利,各类基金合计赚取1147亿元。整个2017年上半年,公募基金合计盈利达2253亿元。
 
After earning 11.5 billion yuan in the first quarter of 2017, the structured opportunities in the second quarter helped the public funds to continue to make profits, and all kinds of funds earned a total of 114.7 billion yuan. In the first half of 2017, the total profit of public funds amounted to 225 billion 300 million yuan.
 
 
 
具体来看,货币基金是基金二季度盈利的最大品种,第二季度货币基金共赚得459亿元。混合型基金、股票型基金和债券型基金二季度分别盈利378.05亿元、119.94亿元、153.84亿元。从具体公司看,2013年以来中小型基金公司盈利情况领先的情况没有继续,今年第二季度规模较大、产品数量较多的传统基金管理人盈利排名居前。其中天弘基金、华夏基金二季度旗下基金盈利规模排名前2位,单季分别盈利超过100亿元。易方达、嘉实、工银瑞信、南方基金紧随其后。
 
Specifically, monetary fund is the largest type of fund in the second quarter, with a total profit of 45.9 billion yuan in the second quarter. Mixed funds, stock funds and bond funds earned 37.805 billion yuan, 11.994 billion yuan and 15.384 billion yuan respectively in the second quarter. From the specific company's point of view, since 2013, small and medium-sized fund companies have not continued to take the lead in earnings, and the traditional fund managers with larger scale and more products ranked first in earnings in the second quarter of this year. Among them, Tianhong Fund and Huaxia Fund ranked the top two in the second quarter, earning more than 10 billion yuan in a single quarter. Yi Fang Da, Jiashi, ICBC Credit Suisse and the southern fund followed.
 
 
 
“尽管从账面看,盈利最多的前5家基金公司相差不多,但盈利结构存在显著差异。例如,天弘基金以货币基金为主打产品,加上互联网渠道的助力,盈利持续扩大在情理之中。以工银瑞信、建信基金、招商基金为代表的银行系基金公司更加依仗固定收益类基金产品,而华夏基金、嘉实基金、南方基金、上海东方证券(15.960, -0.20, -1.24%)资产等公司则靠权益类产品获得更多盈利,也有的公司在固收和权益两条产品线上表现均衡,未现特定的盈利风格。”格上财富研究中心研究员杨晓晴认为,“盈利能力的分化说明目前各家公司在投研力量的侧重点、营销渠道以及整体发展战略方面差异很大,这也可能成为今后公募基金公司优胜劣汰的分水岭。”
 
"Although the top five most profitable fund companies are similar on the books, there are significant differences in the profit structure. For example, Tianhong Fund's main products are money funds, and with the help of Internet channels, it is reasonable that its profits continue to expand. Banking fund companies represented by ICBC Credit Suisse, Construction Credit Fund and China Merchants Fund rely more on fixed income fund products, while Huaxia Fund, Jiashi Fund, South Fund, Shanghai Oriental Securities (15.960, 0.20, 1.24%) assets and other companies rely on equity products to gain more profits, and some companies are consolidating their income and interests. The two products are balanced online with no specific profit style. Yang Xiaoqing, a researcher at Geshang Wealth Research Center, believes that "the differentiation of profitability shows that there are great differences in the focus of investment research, marketing channels and overall development strategy among companies at present, which may also become a watershed for the future survival of public fund companies."
 
 
 
固收类基金规模增幅明显
 
The scale of fixed income fund increased significantly.
 
 
 
据好买基金研究中心统计,今年第二季度货币型基金规模增加最大,环比增幅达27.09%。封闭式基金规模减幅最大,环比下降15.47%。货币型、混合型和债券型基金继续位居管理规模前三名,管理资金分别为5万多亿元、2.12万亿元、1.81万亿元。
 
According to the statistics of Haobai Fund Research Center, the scale of monetary funds increased the most in the second quarter of this year, with a growth rate of 27.09%. The scale of closed-end funds is the largest, with a decrease of 15.47%. Monetary, mixed and bond funds continue to rank among the top three managed funds, with management funds of more than 50,000 billion yuan, 2.12 trillion yuan and 1.81 trillion yuan, respectively.
 
 
 
从第二季度份额变化率看,华泰保兴基金、中金基金、永赢基金等几家基金公司的份额增幅较大,增幅分别为1443.18%、90.42%、84.26%;中航基金、国开泰富基金、富荣基金份额降幅较大,分别下降45.80%、38.83%、27.76%。
 
From the second quarter share change rate, Huatai Baoxing Fund, CICC Fund, Yongsheng Fund and other fund companies increased by 1443.18%, 90.42% and 84.26% respectively, while China Aviation Fund, Guokai Taifu Fund and Furong Fund decreased by 45.80%, 38.83% and 27.76% respectively.
 
 
 
“今年第二季度以来,市场资金成本有所上升,债市并未完全企稳,货币基金的7日年化收益率一度突破5%,成为市场游资的‘香饽饽’。与此同时,权益类市场基本延续震荡走势,除上证50指数(2624.4330, -12.19, -0.46%)相关各个的结构性行情之外,系统性机会并不存在,避险资金选择货币基金作为现金管理工具现象开始增多。部分中小基金公司借此机会大力发行定开债基、货币基金等固收产品,实现自身基金管理份额的快速增长。”好买基金研究中心研究员严雄认为,尽管货币基金、债券基金等固收产品的资产管理规模与日俱增,但管理人对流动性风险的管控不但没有放松反而更加务实。
 
"Since the second quarter of this year, the cost of capital in the market has risen, the bond market has not completely stabilized, and the 7-day annualized yield of the monetary fund once exceeded 5%, which has become the"fragrant baboon"of hot money in the market. At the same time, the equity market basically continues to oscillate, except for the Shanghai 50 Index (2624.4330, 12.19, 0.46%) related to each structural market, there is no systematic opportunity, and the phenomenon of hedge funds choosing monetary funds as cash management tools began to increase. Some small and medium-sized fund companies take this opportunity to vigorously issue fixed bond base, Monetary Fund and other consolidated products to achieve rapid growth of their fund management share. Yan Xiong, a researcher at Haobai Fund Research Center, believes that although asset management of fixed-income products such as monetary funds and bond funds is increasing day by day, managers'control of liquidity risk is not relaxed, but more pragmatic.
 
 
 
二季报显示,天弘基金针对余额宝规模不断增加的情况,在投资上调整了资产配置比例,加大现金类资产的配置比例,提供了充裕的流动性支持。一方面,在资金面不断收紧过程中,天弘余额宝基金择机拉长配置久期,获取一定时段收益。另一方面,在大类资产配置上,截至第二季度末,天弘余额宝基金的“银行存款和结算备付金”合计占比为82.95%,较一季度末的64.32%大幅提升18.63个百分点,债权资产从一季度末的16.04%降至7.94%。“一升一降”之后,直接体现的是现金类资产的大幅提升,也是天弘余额宝基金对流动性安全的追求。
 
According to the second quarterly report, Tianhong Fund has adjusted the proportion of assets allocation, increased the proportion of cash assets allocation, and provided abundant liquidity support in view of the increasing scale of Baobao. On the one hand, in the process of continuous tightening of funds, Tianhong Baoyu Fund chose the opportunity to lengthen the allocation period and obtain a certain period of income. On the other hand, in terms of asset allocation, as of the end of the second quarter, the total proportion of bank deposits and reserve for settlement of Tianhongyao Fund was 82.95%, which was 18.63 percentage points higher than 64.32% at the end of the first quarter, and the debt assets decreased from 16.04% at the end of the first quarter to 7.94%. After the "rise and fall", it directly reflects the substantial increase of cash assets, and is also the pursuit of liquidity security of Tianhong Youbao Fund.

关于我们| 新闻动态| 成功案例| 收费标准| 服务范围| 联系我们|

Copyright © 深圳晨星侦探调查公司 版权所有