[Preview of the Weekly] After Two Consecutive Years of Losses, Will Star Public Fund Managers Still Stick to Growth Stocks? (AI Translation)
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- The Chinese A-share market experienced significant fluctuations in 2023, with the Shanghai Composite Index frequently falling below 3000 points and closing at 2974.93 points by year-end. Equity funds continued their downward trend from 2022, marking the first time in China's public fund history that there were consecutive annual losses.
- Only QDII funds, bond funds, and money market funds achieved overall positive returns, while equity and FOF funds recorded negative returns. Nearly 95% of equity funds suffered losses, with close to 80% losing more than 10%. Notably, active equity funds failed to outperform broad market indices like the CSI 300 and CSI 500 for two consecutive years.
- The poor performance of public mutual funds led to a decrease in investor risk appetite and a drop in new fund launches. By the end of December 2023, only 1177 new public mutual funds were established with approximately 1.10 trillion shares issued—a decline compared to previous years. ETFs saw an increase in shares despite index downturns, growing by about 40% compared to the end of 2022.
文｜财新周刊 岳跃 全月
By Caixin Weekly's Yue Yue, Quan Yue
2023年A股行情收官。在全年震荡下跌的市场中，上证指数频频失守3000点，最终收报2974.93点，公募基金亦未能交出满意答卷。尤其是体现基金经理真本领的权益类产品延续2022年的跌势，出现了中国公募历史上首次连续两年亏损。
The Chinese A-share market concluded its 2023 trading year amidst a backdrop of persistent volatility and decline. The Shanghai Composite Index frequently fell below the 3,000-point mark, ultimately closing at 2,974.93 points. Public mutual funds also failed to deliver satisfactory results. Equity products, which are considered a true test of fund managers' capabilities, continued their downward trend from 2022, marking the first time in the history of China's public mutual funds that they have recorded losses for two consecutive years.
整体上，经济复苏进程中叠加风险情绪的拖累，A股市场2023年经历了大幅波动，依旧以结构性行情为主，从AI到“中特估”再到TMT，各行业板块轮动显著。上半年市场对国内经济快速复苏抱有乐观预期，A股一度出现阶段性反弹，但随后的经济数据再度转弱，市场情绪逐渐转向；下半年“稳增长”相关政策密集出台，但市场信心受国内基本面和国际形势影响仍趋于下挫。
Overall, the A-share market experienced significant fluctuations in 2023 amid the economic recovery process compounded by risk sentiment, with the market still dominated by structural trends. From AI to "Zhongte Estimates" and then to TMT, sector rotations were pronounced. In the first half of the year, the market held optimistic expectations for a rapid domestic economic recovery, leading to a temporary rebound in A-shares. However, subsequent economic data weakened again, gradually shifting market sentiment. In the second half of the year, a series of policies aimed at "stabilizing growth" were introduced intensively. Yet market confidence continued to decline due to domestic fundamentals and international situations.
在此期间，证监会出台收紧IPO、限制减持、公募费改等一揽子措施，试图提升资本市场活跃度和提振市场信心，但收效并不理想。
During this period, the China Securities Regulatory Commission (CSRC) introduced a series of measures including tightening IPO regulations, restricting share reduction, and reforming public fund fees in an attempt to increase the activity of the capital market and boost market confidence. However, these efforts have not yielded satisfactory results.
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