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As of June 30 2006, a total of 266 security investment funds are formally put into operation, with total net asset value of RMB 511.416 billion and total share scale of 426.909 billion units. Of these, the net asset value of 54 closed-end funds amounted to RMB 119.615 billion, accounting for 23.39%; and the share scale reached 81.7 billion units, accounting for 19.14% of the total. The net asset value of 212 open-end funds topped RMB 391.8 billion, accounting for 76.61% of the total and the share scale reached 345.209 billion units, accounting for 80.86% of the total. In the first half of 2006, stock-directed funds increased from 165 units to 189 units, and their total net value also increased from RMB 237.147 billion to RMB 338.996 billion, up by RMB 101.849 billion. The increase was mainly driven by the robust growth of A shares in China.
Top 20 Allocation Funds in Net Value Growth，H12006
China Financial Futures Exchange established in Shanghai on Sep 8, 2006. And following it, the forthcoming domestic equity index futures transaction is expected to activate the closed-end funds market of 81.7 billion units, which would decline the discount rate of closed-end funds and promote annual rate of return on arbitrage to be rational level. Also on September 8, 2006, ChinaAMC Xing Ye Fund began application, which regarded as the first case of fund reform in China for the matured closed-end funds convert into open-end fund. This marked the beginning of closed-end funds with total 81.7 billion units convert into open-end funds.
It's estimated that there will be a huge room for the development of China fund industry. Firstly, available financial resource and financial structure have been experiencing a transformation in China. Secondly, compared to overseas fund, it can be seen that as early as the end of 1999, US Mutual Fund had become the largest financial intermediary in US financial market, accounting for 29% of financial assets while the fund only shared around 1.5% of financial assets in China.
In fact,the economy is experiencing a steady and high-speed growth as well as the profit of enterprises, the demands for investment and financing are also strong owing to the long-term low interest rate and low inflation and moreover, the pension system is getting reformed. All the above factors can offer key incremental capitals for mutual funds. Besides, another important assumption lies in corresponding expansion of market depth, including both institutional expansion brought by full circulation reform and large numbers of quality companies listing in stock exchanges. However, in spite of the great opportunities, the market concentration shows an obvious decline in China fund industry and the competition is getting unprecedented rampant among fund companies with homogeneous profit-making modes. Now since increased competition has reduced profit margin, fund management companies have to take market shares and make a profit by speeding up to lunch new funds. However, this kind of profit-making mode is dangerous when the fund issue runs into plight. As a result, all of these conclude that on one hand, the traditional growth mode of China fund industry is restricted by market environment, and on the other hand, it should get changed.
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As of June 30 2006, a total of 266 security investment funds are formally put into operation, with total net asset value of RMB 511.416 billion and total share scale of 426.909 billion units. Of these, the net asset value of 54 closed-end funds amounted to RMB 119.615 billion, accounting for 23.39%; and the share scale reached 81.7 billion units, accounting for 19.14% of the total. The net asset value of 212 open-end funds topped RMB 391.8 billion, accounting for 76.61% of the total and the share scale reached 345.209 billion units, accounting for 80.86% of the total. In the first half of 2006, stock-directed funds increased from 165 units to 189 units, and their total net value also increased from RMB 237.147 billion to RMB 338.996 billion, up by RMB 101.849 billion. The increase was mainly driven by the robust growth of A shares in China.
Top 20 Allocation Funds in Net Value Growth，H12006
China Financial Futures Exchange established in Shanghai on Sep 8, 2006. And following it, the forthcoming domestic equity index futures transaction is expected to activate the closed-end funds market of 81.7 billion units, which would decline the discount rate of closed-end funds and promote annual rate of return on arbitrage to be rational level. Also on September 8, 2006, ChinaAMC Xing Ye Fund began application, which regarded as the first case of fund reform in China for the matured closed-end funds convert into open-end fund. This marked the beginning of closed-end funds with total 81.7 billion units convert into open-end funds.
It's estimated that there will be a huge room for the development of China fund industry. Firstly, available financial resource and financial structure have been experiencing a transformation in China. Secondly, compared to overseas fund, it can be seen that as early as the end of 1999, US Mutual Fund had become the largest financial intermediary in US financial market, accounting for 29% of financial assets while the fund only shared around 1.5% of financial assets in China.
In fact,the economy is experiencing a steady and high-speed growth as well as the profit of enterprises, the demands for investment and financing are also strong owing to the long-term low interest rate and low inflation and moreover, the pension system is getting reformed. All the above factors can offer key incremental capitals for mutual funds. Besides, another important assumption lies in corresponding expansion of market depth, including both institutional expansion brought by full circulation reform and large numbers of quality companies listing in stock exchanges. However, in spite of the great opportunities, the market concentration shows an obvious decline in China fund industry and the competition is getting unprecedented rampant among fund companies with homogeneous profit-making modes. Now since increased competition has reduced profit margin, fund management companies have to take market shares and make a profit by speeding up to lunch new funds. However, this kind of profit-making mode is dangerous when the fund issue runs into plight. As a result, all of these conclude that on one hand, the traditional growth mode of China fund industry is restricted by market environment, and on the other hand, it should get changed.
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2005-2006 www.researchinchina.com All Rights Reserved |
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1 Development of China Fund Industry in 2005-2006
1.1 Overview
1.1.1 Development in 2005
1.1.2 Development in 2006
1.2 Operating Performance of Fund Companies in 2006
1.2.1 Operating Performance and Dividend Distribution of Funds in 2006
1.2.2 Management Revenues of Fund Companies in 2006
1.2.3 Custodian Bank's Revenues from Custodian Fees in 2006
1.2.4 Funds held by Related Parties and their Profits in 2006
1.3 Development of Equity Funds in 2006
1.3.1 Dividend Distribution
1.3.2 Net Value Growth of Equity Fund in 2006
1.3.3 Achievements of Growth Equity Funds in 2006
1.3.4 Fund Stock Positions at the End of the Second Quarter of 2006
1.3.5 Turnover Growth of Stock-Directed Funds in 2006
1.4 Development of Closed-end Funds in 2006
1.4.1 Achievements in 2006
1.4.2 Holders of Closed-end Funds in 2005-2006
1.4.3 Development of Closed-end Fund in Secondary Market in 2006
1.4.4 Dividend Distribution of Closed-end Funds in 2006
1.4.5 Distributable Earnings of Closed-end Funds in 2006
1.4.6 Equity Index Futures are expected to Activate 80 billion units of Closed-end Funds
1.5 Development of Open-end Funds in 2006
1.5.1 Scale in 2006
1.5.2 Net Value in 2006
1.5.3 Market Performance of Newly-issued Open-end Equity Funds in 2006
1.5.4 Issue in 2006
1.5.5 Dividend Distribution in 2006
1.5.6 Achievements in 2006 2 Developments of Related Industries in 2005-2006
2.1 Security Industry
2.1.1 Development in 2006
2.1.2 Formal Initiation of Full Circulation, 2006
2.1.3 Effects of Collective Financing of Securities Dealers on Fund Industry
2.1.4 Debut of Securities Dealers' Wholly-owned Holding Fund Companies
2.2 Banking Industry
2.2.1 Overview
2.2.2 Development in 2006
2.2.3 Development of Bank-Operating Funds in 2005-2006
2.3 Insurance Industry
2.3.1 Overview
2.3.2 Development in 2006
2.3.3 Fund Investment of Domestic Insurance Companies in 2006
2.4 QFII
2.4.1 Development of QFII in 2006
2.4.2 QFII's Position-holding by the End of the Second Quarter of 2006
2.4.3 QFII's New Policies Trigger Qualification Contest of Agent Securities Dealers
2.5 Social Security Fund
2.5.1 Development in 2006
2.5.2 Initiation of Overseas Investment of National Social Security Fund
2.5.3 Transferring some Foreign Exchange Reserve into Social Security Fund
2.5.4 National Audit Committee Fully Intervenes in Supervision of Social Security Fund 3 Developments of Private Placement Funds in 2005-2006
3.1 Development Overview in 2005
3.1.1 Scale of International Private Placement Funds in China, 2005
3.1.2 Scale of China Private placement Funds in 2005
3.2 Development of China Private Placement Funds in 2006
3.2.1 Lawful Status tends to be clear
3.2.2 Legalization Leads to Changes in Capital Structure
3.2.3 Legalization Guided by Four Aspects
3.3 Legalization of Private Placement Funds and its influences on Public Fund
3.3.1 Status Quo and Problems of Public Funds
3.3.2 Comparison of Private Placement Funds and Public Offering Funds and Status Quo
3.3.3 Legislation of Private Placement Funds has been a Trend
3.3.4 Effects of Legalization of Private Placement Funds on Public Offering Funds 4 Issuance and Sales of Funds in 2005-2006
4.1 Issuance in 2006
4.2 Status Quo of Marketing in 2005-2006
4.2.1 Segmented Products
4.2.2 Funds Promotion at Various Phases
4.2.3 Marketing Places
4.2.4 Marketing Price
4.3 Comparison of Sales Places among different Funds in 2005-2006
4.4 Marketing Development Trend of Fund Industry
4.4.1 Be Segmented and Refined
4.4.2 Be sustainable
4.4.3 Expansion of Funds Sales Places
4.4.4 Focus on Differentiated Service for Investors
4.4.5 Online Market grows gradually into Main Sales Channel of Funds 5 Competition Pattern in Fund Industry, 2005-2006
5.1 Market Pattern in 2005-2006
5.1.1 Market Scale
5.1.2 Structural Characteristics
5.1.3 Structure of Fund Market Rates
5.1.4 Competition Pattern
5.1.5 Development Trend of Fund Market Pattern
5.2 System Pattern in 2005-2006
5.2.1 Equity Systems of Fund Management Companies
5.2.2 A Directorate Systems of Fund Management Companies
5.2.3 Supervisory Systems of Fund Management Companies
5.2.4 Holder General Assemblies Systems of Fund Management Companies
5.2.5 Chief-Inspector Systems of Fund Management Companies
5.3 Business Pattern in 2005-2006
5.3.1 Overview of China Fund Management Companies in 2005-2006
5.3.2 Business Pattern Evaluation of Current Fund Management Companies
5.3.3 Business Breakthrough of Current Fund Management Companies
5.3.4 Business Expansion Trend of Fund Management Companies
5.4 Investment Pattern in 2005-2006
5.4.1 Overview, 2005-2006
5.4.2 Problems
5.4.3 Forecast and Development Trend
5.5 Product Pattern in 2005-2006
5.5.1 Product Investment
5.1.2 Product Innovation 6 Leading Enterprises
6.1 China Southern Fund Management Co., Ltd.
6.1.1 Company Profile
6.1.2 Operation Status in 2006
6.1.3 Latest Development
6.1.4 Development Strategies
6.2 E Fund Management Co., Ltd.
6.2.1 Company Profile
6.2.2 Latest Development
6.2.3 Online-Trading Development
6.2.4 Investment Concept
6.3 ChinaAMC
6.3.1 Company Profile
6.3.2 Operation Status in 2006
6.3.3 Latest Development
6.3.4 Development Strategies
6.4 Hua An Fund Management Co., Ltd.
6.4.1 Company Profile
6.4.2 Operation Status in 2006
6.4.3 First QDII Foreign Currency Portfolios Debuts
6.4.4 Development Track of its E-Commerce
6.5 Bosera Funds
6.5.1 Company Profile
6.5.2 Operation Status in 2006
6.5.3 Latest Development
6.5.4 Formal Initiation of Bosera Funds' New Brand System
6.6 Guangfa Fund Management Co., Ltd.
6.6.1 Company Profile
6.6.2 Operation Status in 2006
6.6.3 Investment and Management Capacity
6.7 Harvest Fund Management Co., Ltd.
6.7.1 Company Profile
6.7.2 Latest Development
6.7.3 Talent Strategy
6.8 YinHua Fund Management Co., Ltd.
6.8.1 Company Profile
6.8.2 Latest Development
6.8.3 Start-up of 2006 Sustained Marketing Activities
6.9 Da Cheng Fund Management Co., Ltd.
6.9.1 Company Profile
6.9.2 Operation Status in 2006
6.9.3 Latest Development
6.10 GUOTAI AMC
6.10.1 Company Profile
6.10.2 Operation Status in 2006 7 Development Trend of Fund Industry
7.1 Development Environments in 2006
7.1.1 China Securities Regulatory Commission Regulates the Management of Fund Companies
7.1.2 Issuance of Measures for Management of the Securities Settlement Risk Fund (New Edition)
7.1.3 Publication of Guiding Suggestions on Fund Management with 8 Basic Behavior Norm Listed
7.1.4 Fund Investment and Management Mode Tends to be diversified
7.1.5 Advantages in Backend Payment Speed up Replicating Hot Fund Investment
7.2 The 11th Five-Year Plan for China Capital Market
7.2.1 Actively Develop China Capital Market during the 11th Five-Year Plan period
7.2.2 Five Improvements for Capital Market during the 11th Five-Year Plan period
7.2.3 China Capital Market will realize Function Transformation during the 11th Five-Year Plan period
7.2.4 Investment Opportunities in China Capital Market during the 11th Five-Year Plan period
7.3 Development Trend of Bank-Operating Funds
7.3.1 Ever-lasting Expansion of Bank Fund Cooperation Scope
7.3.2 Expansion Heat of Bank-Operating Funds in 2006
7.4 Development Trend of Annuity Business of Enterprises
7.4.1 Fund Companies Strive to Expand Annuity Market
7.4.2 Annuity Business of Fund Enterprises Grows Better
7.4.3 Participation in Offline Placement and Expansion of Profit Space
7.5 Development Trend of Insurance Capital Investment Funds
7.5.1 Total Value
7.5.2 Possible Appearance of Insurance-Operating Fund Management Companies in 2006
7.6 Development Trend of Monetary Funds
7.6.1 Operating Performance in the First Half of 2006
7.6.2 Revenues End Explosive Growth in 2006
7.6.3 Money Market Funds (MMF) is still in Shoal Waters
7.7 Development Trend of Bond Funds
7.7.1 Unbalanced Development for Bond Funds in 2006
7.7.2 Rising of Convertible Bond Financing
7.7.3 Intervention of Bank Financing Products result in Increasing Competition of Medium-short Term Bond Funds
7.8 Development Trend of Transforming from Closed-end Funds to Open-end Funds
7.8.1 Stepping into Substantive Operation
7.8.2 Introduction of Mechanism on Affirming the Ownership
7.8.3 Mergers are Possible by Means of Transforming from Closed-end Funds to Open-end Funds
7.9 Development Trend of LOF Funds
7.9.1 Status Quo
7.9.2 Causes of LOF's Slack Market
7.10 Development Trend of QFII
7.10.1 QFII will Enjoy Favorable Treatment
7.10.2 QFII unties, Financing Channel Reopens and Bidirectional-Expansion Era is coming
7.10.3 QFII Expects a Much Opener Market
7.11 Development Trend of QDII
7.11.1 Issuance of Detailed Rules on Overseas Investment of Funds
7.11.2 Purchase of First Foreign Currency Fund for the First Day in September 2006
7.11.3 Successive Appearance of QDII Products and Obvious Advantages of Foreign Currency Fund
7.12 Development Trend of Other Types of Funds
7.12.1 Customerized Financing Shows Great Opportunities
7.12.2 Closed-end Funds may Change into Dividend Funds 8 Development Strategies of China Fund Industry
8.1 Challenges and Counter-Measures
8.1.1 Rampant Competition
8.1.2 Major Ten Challenges
8.1.3 Counter-Measures against the Ten Challenges
8.2 Development Strategies of Fund Industry under New Situation
8.2.1 To Expand Social Basis
8.2.2 To Construct Clear Ecological Chains of Stock Market
8.2.3 To Develop Harmonious Fund Industry
8.3 Solution to the Development of China Medium-small Fund Companies
8.3.1 Put-Forward of Problems
8.3.2 Survival Threats
8.3.3 Differentiated Development
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2005-2006 www.researchinchina.com All Rights Reserved |
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Statistics of Fund Trading, Jan-Dec 2005
Statistics of Fund Trading in Shanghai Stock Exchange, Jan-Dec 2005
Statistics of Fund Trading in Shenzhen Stock Exchange, Jan-Dec 2005
Statistics of Fund Trading in Jan-Jul 2006
Statistics of Fund Trading in Shanghai Stock Exchange, Jan-Jul 2006
Statistics of Fund Trading in Shenzhen Stock Exchange, Jan-Jul 2006
Total Fund Asset Allocation in 2006Q2
Top 10 Funds in Unit Distributable Earnings, Mid-2006,
Development of China Security Investment Funds in the First Half of 2006
Changes in Total Fund Shares and Net Income in the First Half of 2006
Allocated Net Income of Funds in the First Half of 2006
Operating Performance of Funds in the First Half of 2006
Top 20 Fund Companies in Bonus Distribution in the First Half of 2006
Top 20 Fund Companies in Management Revenues in the First Half of 2006
Ranking of Fund Custodian Bank's Revenues from Custodian Fees in the First Half of 2006
Return on Investment (ROI) of Closed-end Funds in the First Half of 2006
Top 20 Closed-end Funds in Static ROI of Unit Share in the First Half of 2006
Closed-end Funds Held by Fund Management Companies According to Q2 Report, 2006
Closed-end Funds Held by Institutions in the First Half of 2006
Operating Performance of Funds in the First Half of 2006
Top 20 Closed-end Funds in Static ROI of Unit Share in the First Half of 2006
Changes in Management Scale of Open-end Funds in the First Half of 2006
Net Value Growth Rate and Ranking of Money Market Funds in 2005
2006 Newly-Issued Open-end Equity Funds by Aug 2006
Bonus Distribution of Total Open-end Funds as of 21st, Jul 2006
ROI of Open-end Funds in the First Half of 2006
Main Index for Security Industry, Jan-Dec 2005
Main Index for Security Industry, Jan-Jun 2006
Statistics of Bonds Trading, Jan-Dec 2005
Shares Traded, Value Traded and Price/Earnings Ratio in Shanghai Stock Market, Jan-Dec 2005
Number and Industries of Listed Companies in Shanghai Stock Exchange, 1991-2005
Listed Warrants of Shanghai Stock Exchange in 2005
Total Volume of National Bonds Transaction in Shanghai Stock Exchange, 2005
Total Volume of National Bonds Redemption Transaction in Shanghai Stock Exchange, 2005
Membership Number of Shanghai Stock Exchange, 1990-2005
Statistics of Listed Shares in Shanghai Stock Exchange, 1990-2005
Membership Number of Shenzhen Stock Exchange, 1998-2005
Total Capital and Negotiable Capital of Listed Companies in Shenzhen Stock Exchange, 1995-2005
Total Market Capitalization and Negotiable Market Capitalization of Listed Companies in Shenzhen Stock Exchange, 1995-2005
Membership Number and Seat Number of Shenzhen Stock Exchange, 1995-2005
Statistics of Bonds Trading, January-June 2006
Statistics of Listed Companies by Publication Types, Jan-Jun 2006
Net Profit of 8 Innovative Securities Dealers in the First Half of 2006
Shares of Top 10 Holders of Closed-end Funds in the First Half of 2006
Stock Position-Holding Status and Industry Development of QFII, 2006Q1-2006Q2
Investment Quota of Social Security Funds in the First Half of 2006
Stock Position-Holding Status and Industry Development of Social Security Funds in the First Half of 2006
Rankings of Top 10 Funds in Net Value Growth Rate in the First Half of 2006
Top 20 Allocation Funds in Net Value Growth in the First Half of 2006
Statistics of Newly-Established Funds in 2006
Statistics of Newly-Issued Funds in Feb-Apr 2006
Organization Structure of Sales Channels of Open-end Funds
Flow Chart of Marketing for Open-end Funds
Comparison of advantages and disadvantages among Three Main Sales Channels
Existing Index Fund Rates in China
Listed ETF Products in China
Fund Market Scale and Fund Company Number in 2001-2005
Directory of Fund Management Companies by Jan 2006
Top 10 Fund Companies by the end of 2006Q2, by Management Scale
Number of Funds of all Types at the end of 2005
Proportions of Net Asset Value of Various Types of Fund at the end of 2005
Statistics of Shares of Various Types of Funds, 2001-2005
Overview of Newly-Established Fund Companies in 2005
Ranking of Fund Management Companies by Scale in 2005Q3
Scale Change of Fund Management Companies on June 30 2006
Types of Top 10 Holders of Closed-end Funds at the end of 2005
Structure of Holders of Various Types of Funds at the end of 2005
Management Fee Rate of Various Types of Funds
Custodian Fee Rate of Various Types of Funds
Estimation on Development Trend of Fund Market Pattern
Frequency of Shareholders' Share-Holding Proportion of Fund Management Companies in 2005
Equity Structure of China Fund Management Companies in 2005
Statistics of Special Committees under Directorate in Fund Management Companies, 2005
Holders Structure of Fund Management Companies in 2005
Proportions of Entrusting Management Scale of Social Security Funds in Fund Assets Scale, 2003-2005
Survey Results for Effects of Enterprise' Annuity on Business Model of Fund Companies in 2005
Business Model of Top 10 Fund Management Companies in Asset Management Scale at the end of 2005
Overview of Fund Investment Types (by Dec 30 2005)
Investment Styles of China Security Investment Funds in 2005
Comparison of Income between Various Types of Funds in 2005
Average Investment Achievement of Various Types of Funds (by Dec 30 2005)
Comparison between Value-at-Risk (VaR) of Incomes from Equity Funds and A share Market in 2005
Lorenz Plot on Risk Return (RR) of Fund Companies in 2005
Top 5 Funds in Net Value Growth Rate, 2005
Changes in Open-end Funds Scale, Dec 2004 –Dec 2005
Ranking of Equity Funds by Issuance Share in 2005
Ranking of Hybrid Funds by Issuance Share in 2005
Rankings of Principal Guaranteed Funds by Issuance Share in 2005
Rankings of Money Market Funds by Issuance Share in 2005
Issuance Shares of Bond Funds in 2005
Product Innovation of China Security Investment Fund in 2005
Overview of Fund Management of China Southern Fund Management Co., Ltd. by mid-2006
Industry Investment of China Southern Fund Management Co., Ltd., 2006Q2
Asset Allocation of Low-Risk Funds under China Southern Fund Management Co., Ltd., 2006Q2
Comparison between Net Value Growth Rate of Funds under ChinaAMC and Corresponding Index Returns, 2006Q2
Value-at-Risk (VaR) of Incomes from Funds under ChinaAMC and its Comparison with Indices, 2006Q2
Changes in Core Asset of Funds under ChinaAMC, 2006Q2
Comparison between Net Value Growth Rate of Funds under Hua An Fund Management Co., Ltd. and Corresponding Index Returns, 2006Q2
Value-at-Risk (VaR) of Incomes from Funds under Hua An Fund Management Co., Ltd. and its Comparison with Indices, 2006Q2
Changes in Unit Fund Asset between Funds under Hua An Fund Management Co., Ltd., 2006Q2
Changes in Open-end Fund Scale between Funds under Hua An Fund Management Co., Ltd.，2006Q2
Changes in Core Asset of Hua An Fund Management Co., Ltd., 2006Q2
Funds under Management of Bosera Funds as of June 2006
Comparison between Net Value Growth Rate of Funds under Guangfa Fund Management Co., Ltd. and Corresponding Index Returns, 2006Q2
Value-at-Risk (VaR) of Incomes from Funds under Guangfa Fund Management Co., Ltd. and its Comparison with Indices, 2006Q2
Changes in Open-end Fund Scale of Guangfa Fund Management Co., Ltd., 2006Q2
Shareholder Structure of Yinhua Fund Management Co., Ltd
Comparison between Net Value Growth Rate of Funds under GUOTAI AMC and Corresponding Index Returns, 2006Q2
Value-at-Risk (VaR) of Incomes from Funds under GUOTAI AMC and its Comparison with Indices, 2006Q2
Changes in Open-end Fund Scale of Guangfa Fund Management Co., Ltd., 2006Q2
Changes in Core Asset of Funds under GUOTAI AMC, 2006Q2
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