reelpennbattleiiidx| In the first quarterly report of equity funds,"Miniki" actually took the lead! What is the inspiration for the lack of good performance?

According to the default rules established by the industry, whether it is listed companies or public funds, periodic reports have always been "pretty girls get married first", that is, reports with excellent performance will be disclosed at the latest, but there are exceptions.

On April 12, the market ushered in the first quarterly report of public equity funds, which was led by a fan named ETF in Hangzhou Bay area of South China.ReelpennbattleiiidxYour fund. By the end of the first quarter of this year, the equity position of ETF in Hangzhou Bay area of South China was more than 99%, but the performance of many dimensions in the past was not good. In fact, Hangzhou Bay area ETF, South China, as the first Zhejiang-themed ETF and Bay area-themed ETF, was not short of attention at that time. ItsReelpennbattleiiidxHis company then followed up with the launch of regional ETF such as Guangdong-Hong Kong-Macau Greater Bay Area, Chengdu-Chongqing Economic Circle and the Yangtze River Delta, but similar results also appeared in these products.

Under the highly competitive situation of ETF, this has become a cautionary case: the development of theme ETFF should take a fine line, look directly at the feedback from market capacity and investment demand, and blindly follow the trend to issue "fashionable" products, which often cannot escape the fate of rapid liquidation. These warnings are not only suitable for regional ETF, but also suitable for current hot products such as CSC 800 enhanced strategy ETF, wealth management ETF, national card 2000ETF, etc.

It has already fallen below 50 million, and the fund company is unwilling to wind up.

According to the quarterly report, ETF in Hangzhou Bay area of South China was established on December 14, 2018, with a scale of 5.Reelpennbattleiiidx03 million yuan. But from the scale curve, the fund began to shrink in the second half of 2019, and then gradually reduced to a mini-fund.

Specifically, the size of the fund fell below 200 million yuan at the end of the third quarter of 2019 and only zero at the end of the first quarter of 2020.Reelpennbattleiiidx.45 billion yuan. Since then, the size of the fund has continued to struggle at around 100m yuan and has been in a "mini" state of less than 50 million yuan since the third quarter of 2020. But even so, South China does not want the fund to be wound up. The first quarterly report of the fund shows that the net asset value of the fund has been less than 50 million yuan for 60 consecutive working days in the first quarter. In accordance with the relevant conditions, the South China Fund has submitted a solution to the CSRC.

ETF in Hangzhou Bay area of South China is an index fund constructed entirely according to the composition and weight of the constituent stocks of the Hangzhou Bay area Index of China Securities Exchange. In terms of tracking accuracy, the fund said that the absolute value of daily tracking deviation should not exceed 0.2%, and the annual tracking error should not exceed 2%. According to the information on the official website of the CSI company, the CSI Hangzhou Bay area Index selects 100 securities of listed companies with good liquidity, high profitability and growth from the Hangzhou Bay area Index as the index samples. to reflect the overall performance of securities of listed companies in the Hangzhou Bay region.

Up to now, the free circulation market value of the index is 1.54 trillion yuan. among the top 10 stocks with a weighting ratio of more than 30%, there are bank stocks in Hangzhou Bay area (Ningbo Bank (002142), Bank of Hangzhou (600926)). There are also stocks in semiconductors, new and old energy, pharmaceuticals and other industries. Including China Micro Corporation (688012), Sanhua Intelligence Control (002050), Huayou Cobalt Industry (603799), Rongsheng Petrochemical (002493), Hang Seng Electronics (600570), Tiger Medicine (300347), and security leader Haikangwei TV (002415).

As of the end of the first quarter of this year, the equity position of ETF in Hangzhou Bay area of South China was more than 99%. According to the first quarterly report, by the end of the first quarter of 2024, the fund had negative returns in the past three months, the past six months, the past year, the past three years and the past five years, with returns of-6.36%,-13.23%,-28.01%,-38.81% and-9.82%, respectively. However, from the perspective of the excess returns excluding the fluctuations of the performance benchmark, the performance of the fund is not so bad, and the excess returns of the above corresponding dimensions are-0.15%,-0.33%, 0.51%, 1.07%, 4.90% and 1.60%, respectively.

The overall performance of regional ETF is not impressive.

In fact, the above development process of ETF in Hangzhou Bay area of South China is a microcosm of the development of rights and interests ETF in recent years. On the one hand, when the market was good a few years ago, the equity ETF was difficult to compete with all kinds of track active rights funds with blooming performance; on the other hand, even if the market was bad in the past two years, ETF ushered in countercurrent development, and ETF, with a rough strategy and only simple "concept" or "theme" packaging, was still difficult to get market attention.

From the perspective of the whole development process, as the first Zhejiang-themed ETF and Bay area-themed ETF, Hangzhou Bay area ETF in South China was not short of market attention when it was established that year. Not only that, after the ETF in Hangzhou Bay area of South China, other fund companies have followed up to launch ETF products focusing on regional indexes, thus forming a booming wave of "regional funds". However, from the point of view of the development so far, other "regional funds" have also become mini-funds because of their poor long-term performance.

For example, Ping an Guangdong-Hong Kong-Macau Greater Bay Area ETF, founded in September 2019, is the first Guangdong-Hong Kong-Macau Greater Bay Area-themed ETF in China, with a scale of 6 billion yuan when it was founded, but shrank rapidly after it came out, falling below 2 billion yuan in the first quarter of 2020, 500 million yuan in the third quarter of 2020, 100 million yuan at the end of 2022 and only 64 million yuan by the end of 2023. From the perspective of performance, up to now, the three dimensions of the fund have been negative in the past one year, nearly three years and since its establishment, and the loss in the past three years is even close to 30%. The founder Fubon Greater Bay area Composite Index (LOF), also established in 2019, had only 5 million yuan left at the end of 2023 and lost more than 40 per cent in the past three years. A similar situation also appeared in ICBC Guangdong-Hong Kong-Macau Greater Bay Area's innovative 100ETF and other products.

It should be pointed out that the underperformance of such funds is not a single regional situation, and the ETF products focusing on other regions are also poor, including the ETF of Chengdu-Chongqing Economic Circle and the ETF of Hubei New and Old Kinetic Energy conversion, as well as the ETFs of China Securities Yangtze River Delta.

Following the trend of "fashion" often contains greater risks.

On the face of it, the regional ETF adopts a differentiated product strategy, that is, it finds another way to track the regional index which is different from the mainstream index. However, from the perspective of development, the income characteristics of this kind of index are not obvious, which makes this kind of ETF decline. When talking about the development strategy of ETF, industry insiders and Chinese reporters of securities firms pointed out the existing problems many times.

某大型公募市场人士对记者直言，近年来ETF的确发展迅速，但分化也较为明显。随着市场教育持续深入，投资者逐渐接受了资产配置理念，以“底仓配置”逻辑选择ETF这类工具型产品。特别是成熟的机构投资者，更会青睐流动性好、指数有代表性的头部公司产品。小众的主题产品或许更能“讲故事”，但由于容量有限或策略特征不明显，难以获得资金持续关注。

“区域属于地域属性，很难成为一个有效的投资因子。因为同一地区的公司可以来自不同行业，甚至有某一行业的头部公司和尾部公司。完全跟踪这类指数，我并不认为是一个好的投资策略。”某中小公募内部人士表示，基金披上区域“外衣”依然属于行业主题投资。但成渝经济圈、杭州湾等这类小区域，难以成为个股筛选的有效约束。基金公司近年陆续推出的区域ETF，某种程度上只是简单复制区域上市公司，难以成为有效的被动投资产品，由此逐渐走向清盘。

这带来的启示是，基金公司的主题ETFF发展应走精细化路线，进一步捕捉市场资金的配置需求，而不是投入过多资源在形式或概念包装。从券商中国记者长期跟踪来看，在存续规模超过2万亿元之后，ETF发展不仅要应对老生常谈的同质化问题，更要直视来自市场容量和投资需求的反馈，一味跟风发行“时髦”产品往往蕴藏较大风险。这既表现在上述一众ETF身上，同样也出现在2023年下半年至今期间的“主流”ETF身上，包括中证800增强策略ETF、财富管理ETF、国证2000ETF等多类品种身上。

责编：李雪峰

校对：王朝全

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