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急速赛车彩票直播:The size of private equity exceeded 12 trillion.

时间:2018/4/14 15:13:13  作者:  来源:  浏览:0  评论:0
内容摘要: On April 13th, the “China Private Equity Fund Annual Meeting” hosted byGuojin Securitieswas held in Beijing. The annual meeting invited reg...

On April 13th, the “China Private Equity Fund Annual Meeting” hosted by Guojin Securities was held in Beijing. The annual meeting invited regulatory authorities, financial institutions, private equity funds, relevant leaders and product leaders, and Internet specialists to the Bank's 7_8945_7_65473_9 to conduct exchanges and collisions around core hot topics in China's capital market and asset management.

Cai Esheng, the former vice chairman of the China Banking Regulatory Commission, said that during the 40 years of reform and opening up, our country has made tremendous progress. Making the market play a decisive role in resource allocation is still a problem to be studied in our future reforms. How the united interaction between the visible hand and the invisible hand promotes our economic development.

He said that the gap between us and overseas markets is not a matter of simple quantitative development. It is a question of how the structure of the entire financial market changes. How can we better promote the development of multi-level capital and improve the whole, including the structure of corporate investment financing? We have seen that the financial reform is "one line and two meetings," which shows that in the institutional reform and supervision of the overall market, its functions have not been substantially changed for the development of the securities market. From the design point of view, how to improve the development process of multi-level capital markets, the supervisory level is very seriously.

Private equity in the process of innovation and development, in the perspective of venture capital, has played a catalytic role in our market, and solved how many companies play a catalytic role in the credit market or on A shares. As far as the existing problems are concerned, as a matter of private equity, it is worth thinking about how to make efforts on quality and efficiency. How various policies promote the structural optimization of the entire market is a big problem that we must solve next.

As far as the valuation exit mechanism is concerned, valuation has now become an important aspect of equity investment, but there are also some problems. The fund should have more responsibility and responsibility for market improvement, market order, and protection of investors. At the same time, according to the international rules and the integration of the global market, there are still many problems in how to do it, and we need everyone to work together.

Senior Fellow of China's Financial Forty People Forum, former Goldman Sachs Chief investment strategist for private wealth management Ha Jiming said that from a global macroeconomic perspective, the global economy will maintain a steady growth in 2018, and growth may even exceed 2017. year. However, at the same time, the global economic environment still has risk points in the rate hike of the Fed, trade conflicts between China and the US, and geopolitics. We need to constantly correct our own judgments through real-time tracking.

From the perspective of global capital markets, the global stock market in 2018 is expected to continue to rise, but the volatility increases. The U.S. stocks bull market will continue. Financial and technology stocks will have greater long-term investment value; European, Far East and Australian stock markets will rise overall; Hong Kong stocks will benefit from their valuation advantages and accelerated capital flows with relative investment value.

In terms of major asset allocation, the proportion of investment in future Chinese households for real estate will decline. Compared with real estate investment, real estate stocks have higher yields and real estate can not be compared with the good liquidity, more investment value. From the perspective of commodities, due to the depreciation of the US dollar and the slowdown in China's infrastructure and real estate investment, prices of commodities such as copper and iron will be under pressure, and gold has a strong upward power as a hedging tool.

The new impetus for China's economic growth in the future comes from consumption growth. The growth in consumption of the troika that drives economic growth is the strongest, and it also contains the most investment opportunities, such as e-commerce, payment systems, financial technology, online games, education, There are relatively large investment opportunities in healthcare and tourism.

Chen Kai, general manager of MSCI China, said that the positioning of MSCI is to embed various tools and data packages into the decision-making of the entire investment process to make investment decisions. The system of MSCI index has two meanings. On the one hand, it describes the investment opportunity set of all stock markets in the world. On the other hand, when we consider asset allocation from the top down, we can clearly understand the overseas institutions. How do you consider the preparation of assets?

Accompanied by the inclusion of A shares in MSCI, it will provide a standardized definition of the Chinese market investment opportunity set, making the emerging market index more representative. Despite the short-term impact of A-shares' inclusion in the asset allocation of emerging markets, overseas investors will increasingly pay attention to the investment results of A-shares by emerging market managers. In the future, China, as an independent asset package, has become an independent asset package that investors around the world care about. This is visible and hopefully the domestic fund managers will be fully prepared.

Asset allocation is a natural connection with FOF. When overseas organizations do asset preparation, there are several requirements when they choose funds and fund managers. First, performance benchmarks, a good benchmark, and the ability to distinguish between their respective risks and responsibilities among different stakeholders can help to clearly identify and measure the sources of benefits and risks. The most important is the investment team and Its superiors can reach a consensus on how to define and measure investment. Second, the stability of investment style and investment style is very important. If it cannot explain your source of performance, it will be a risk point. Third, whether the performance and risk match, the measurement in this area can effectively help the fund side control the risk of the entire portfolio. Finally, overseas funders are also very concerned about green investment (ESG), and they have such needs from a value-oriented perspective.

Wang Qing, partner, president and chief economist of Shanghai Chongyang Investment Management Co., Ltd., stated that when we talked about the capital market, we believe that the three factors that drive asset prices are: long-term fundamental factors (ie, “national transport”). , systematic financial risks and short-term price fluctuations. Among them, we have summarized the high-frequency factors affecting the stock market into four aspects, including growth, interest rate , investor risk appetite, and institutional factors.

Based on the above analysis framework, with the reform and opening up entering a new era, the systematic risks of China's economy are effectively controlled, and the long-term prospects of the capital market are bright. The most important feature of the capital market in the short to medium term will be differentiation. In general, the bond market is expected to stabilize before the stock market rebound. There are no systematic opportunities and risks in the A-shares and Hong Kong stock market in 2018, and investment opportunities are still structural. The market will transition from "first differentiation" to "secondary differentiation," and the theme will also switch from "return of value" to "value discovery." In particular, after the 2017 valuation restoration, the market has already formed higher expectations for the blue chips as a whole, and it is difficult to obtain excess returns simply because of expectations. Investors must go one step further and look for companies that are not yet established but are expected to build in the future.

From the perspective of the Hong Kong stock market, the convergence of domestic and foreign stock valuations is a big trend in the context of the internal and external market transaction channels and the gradual integration of internal and external investors. Quantitative changes have led to qualitative changes, and the convergence of the valuation of large-scale blue-chip stocks is nearing completion. The convergence of valuations of small and medium-sized stocks is expected to accelerate.

Jiang Yi, president of Shanghai Alpha Asset Management Co., Ltd. believes that in 2014 and 2015, quantitative investment has a very bright performance in both performance and scale development. In 2016 and 2017, the quantitative investment also experienced some difficulties. Especially in 2017, the market style was very concentrated. With a few white horses and blue chips as the representative stocks, there was a wave of very rapid value restoration. The biggest feature of the quantitative stock selection strategy is decentralized investment, and such concentrated market conditions in 2017 are not conducive to the quantitative stock selection strategy. The volatility of the commodity futures market in 2017 was also very small, and the overall performance of the CTA was also general. Therefore, on the whole, the performance of the entire quantitative industry last year was not outstanding.

Although the quantitative industry has experienced a two-year downturn, quantitative investment still has very important value in the entire asset allocation. First of all, in the long run, the average annual return of equity assets is higher than that of fixed income assets in both the international market and the domestic market. When quantified methods are used to configure equity assets, a higher risk-to-risk ratio can be obtained, which makes quantitative investment has a very high value in asset allocation. At the same time, the A-share market is a very suitable market for quantitative investment. Specifically, there are several reasons. First, the A-share market has a good width. At present, there are more than 4,000 stocks. Second, the outstanding market depth. The A-share market has long been the top three markets in the world and has excellent liquidity. Third, there are many individual investors in the A-share market, and irrational fluctuations are relatively large. Compared with some mature markets overseas, quantitative investment can more easily obtain excess returns or absolute returns. Fourth, the domestic derivatives market is developing rapidly and the quantitative strategy is very suitable for use in the derivatives market.

2018 may be the year of quantitative investment. First, in the future, the scale of investment by Chinese investors in real estate, bank deposits, and bank wealth management will all decline. These outflow funds may still not be accustomed to fluctuations in the stock market. At this time, quantitative investment in the equity market may be a very good choice. Second, the future market style will be more differentiated, which will help quantify the stock selection strategy to achieve better performance. At the same time, due to the influence of international politics, the commodity futures market will experience greater volatility, and the performance of the CTA will also be better than last year. . Third, with the gradual enrichment of domestic derivatives, the advantages of quantitative investment will gradually be highlighted.


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