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本报告介绍了中国基金行业现状，多角度深度剖析中国基金业的监管政策、市场环境、经营业绩、竞争格局和发展趋势。报告对私募，QFII及QDII等不同基金进行了论述，展望了中国基金行业未来的发展方向，以期对机构投资者提供有价值的参考。
2007年基金业和基金市场都经历了前所未有的发展。2007年证券投资基金获得很大的发展。截至2007年11月30日, 共有332开放式证券投资基金。其中股票型基金143只, 混合型基金103只, 债券型基金31只，货币型基金51只和保本型基金4只; 封闭式基金35只。共有59家基金管理公司，28家是中外合资基金管理公司。07年新增2家基金公司。
|
开放式基金 |
股票型基金 |
143 |
|
混合型基金 |
103 |
|
债券型基金 |
31 |
|
货币型基金 |
51 |
|
保本型基金 |
4 |
|
小计 |
328 |
|
封闭式基金 |
35 |
|
总计 |
332 |
整理：水清木华研究中心截至2007年11月底
监管部门也加强对基金业务和运作的风险控制。在2007年，基金监管当局陆续出台了一系列有关风险控制和新业务规定的法规和措施。要求基金不得向券商承诺交易，进一步规范基金年报编制，防止基金盲目扩张，控制基金规模。同时，酝酿多年的基金公司专户理财试点工作在08年正式展开。此举为中国股票市场和债券市场带来相对稳定的资金，对于优化国内资本市场结构具有重要意义。
2007年全年上证指数上涨96.66%，而开放式偏股型基金加权平均净值增长率为123.99%，超越2006年全年112.68%的水平。同时，基金业绩表现继续分化，表现最好的华夏精选基金涨幅超过220%，而表现最差的偏股型基金涨幅还不到55%。
表：2007年各类基金排名榜首
|
基金类型 |
第一名 |
|
股票型基金 |
华夏大盘 |
|
积极配置型 |
长信增利 |
|
保守配置型 |
兴业可转债 |
|
封闭式基金 |
基金科汇 |
|
保本型基金 |
南方避险 |
|
普通债券型 |
银河收益 |
整理：水清木华研究中心
在中国股市牛市趋势不改的情况下，预计2008年中国基金总体规模将继续得以膨胀。但在经过2007年四季度的调整，加上投资者风险意识增强和投资理念的进一步成熟，预计2008年基金规模的增长速度会放缓。
市场需求的多样也促使基金产品设计更加丰富。投资者根据自身的风险收益情况选择不同结构性产品的需求在不断增加。在2008年的基金产品创新中，我们认为可能会出现的是行业指数型基金，该指数基金的推出，对于偏好某个行业的投资者可以充分分享该行业的投资机会。
The report gives you an overview of the status quo of Chinese fund industry and an in-depth analysis of the supervision policy, the market environment, the operating performance, the competitive structure and the development tendency of China fund industry from many perspectives. The report also expounds different varieties of funds including private placement, QFII and QDII etc. Furthermore, it predicts the future development of China’s fund industry in the hope of providing valuable reference for institutional investors.
The year of 2007 witnessed an unprecedented development in the fund industry and fund market. The securities investment funds made a great progress in 2007. As of November 30, 2007, China has had altogether 332 open-end securities investment funds, of which, 143 goes to equity fund, 103 goes to hybrid fund, 31 goes to bond fund, 51 goes to currency fund, 4 goes to capital preservation fund and 35 goes to close-ended fund. There are 59 fund management companies in all, of which, 28 companies are Sino-foreign joint ventures. In 2007, two new fund companies were added to the market.
|
Open-end fund |
Equity fund |
143 |
|
Hybrid fund |
103 |
|
Bond fund |
31 |
|
Currency fund |
51 |
|
Capital preservation fund |
4 |
|
Subtotal |
328 |
|
Close-ended fund |
35 |
|
Total |
332 |
Compiled by ResearchInChinaas of Nov., 2007
The watchdog has also tightened the control over the risk in fund business and its operation. In 2007, the fund regulatory authorities issued a series of rules and measures regarding risk control and new business, which require that fund can not make any promise of transactions to brokerages, which further regulate fund annual financial report to prevent the blind expansion of fund scale. Meanwhile, the pilot project on fund companies’ financing by special financial accounts will be launched in 2008, which will bring about stable fund for China’s stock market and bond market and is of great importance to optimize the domestic capital market structure in China.
The index of Shanghai Stock Exchange increased by 96.66% in 2007, while the weighted average net value of the open-end stock funds grew 1.24 times, surpassing that the figure of 1.13 times recorded in 2006. Meanwhile, the disparity in fund performance continued to grow. The performance of China AMC with the best performance in 2007 increased by 2.2 times year on year, while the performance of a stock fund with the lowest growth rate grew 55% year on year.
Tops of Various Types of Funds in 2007
|
Fund Types |
Tops |
|
Stock fund |
China AMC |
|
Positive allocation fund |
Chang Xin Asset Management Co. Ltd. |
|
Conservative allocation fund |
Industrial Fund Management Co., Ltd. |
|
Close-ended fund |
Zhuhai SEZ Ke Hui Enterprise Group Co. |
|
Capital preservation fund |
China Southern Fund Management Co. |
|
General bond fund |
Galaxy Asset Management Co., Ltd. |
Compiled by ResearchInChina
It is forecasted that the overall scale of China’s fund will continue to expand in case that China stock market remains a bull market. However, the growth rate of China’s fund scale is expected to slow down in 2008, due to the corrections in the forth quarter of 2007 and further improved sense of risk and a more mature investment conception of investors.
Diversified market demands make the design of fund product more abundant. The demand of investors for different structured products according to their own condition of risks and gains is continuously increasing.
As for the fund innovation in 2008, we deem that the industry index fund may be one of those innovative products, whose launch will provide plentiful investment opportunities for those investors, who are more interested on certain industries. |