IPO Gate Not Only Failed To Create Bad Profits.

The new regulation of IPO has reduced the interference of funds in the stock market, but it has virtually narrowed the price gap in the one or two tier market, and the arbitrage space of the new fund will be greatly reduced.

IPO new regulations change the time sequence of contributions, after payment will attract large-scale funds without local participation in the new, therefore, the signing rate will be discounted and the price of the new fund will be reduced.

The biggest highlight of IPO's new regulation is to change prepaid subscription to ex post payment. The so-called ex post payment refers to the application of the buyer to apply for a new quota, and then the amount of the funds to be delivered after the quantity is placed.

This reform has greatly reduced the fluctuation of funds. For the stock market, the problem of liquidity tension has been greatly alleviated. Judging from recent stock market performance, IPO Not only did the gate fail, but it stimulated the index to rise.

However, from the perspective of new funds, AI Jian believes that the new rules will result in a sharp decline in yields.

This is because the new return space comes from the one or two tier market spreads. With the new regulations weakening the impact of capital on the market, this arbitrage space will shrink.

In the future, the strategy of playing the new fund will become a large number of bonds, and allocate new shares appropriately to win profits. In fact, the difference between the new fund and the bond fund is narrowed.

The trend of loose monetary policy remains unchanged. AI Jian believes that the situation of asset shortage has not reached the stage of reversal.

Another embarrassment of playing the new fund is that it has long been "unworthy of the name". Despite the high probability of winning the lottery, the number of winners is still scarce.

In the future, under the guidance of the new regulations, AI Jian wealth believes that the success rate will fall sharply.

The specific reason is that after the new payment is made afterwards, demand It will be extremely magnified. In the past, paying the money first and then hanging the lottery ticket are now in reverse order, which will lead to a large-scale influx of institutions and lower the probability of winning the lottery.

No longer have the cost of purchase funds, the impact of large-scale purchase is obvious, the cost of new funds will be greatly reduced.

　　 IPO The new regulation not only has a far-reaching impact on the new fund, but also has a ripple effect on the bond market.

In the short term, despite the narrowing of the return on new shares, compared with the higher yield of bonds, funds still attract funds to withdraw from the bond market and into the A share market. Among them, better liquidity bonds will be directly impacted.

For investors, the fixed income products after the stock market crash are hot, especially the rising bond market, attracting investors to focus on bond funds.

Ajian wealth believes that it is not appropriate to subscribe bond funds in the near future. Investors try to reduce the layout of such assets and choose to increase profits in the stock market.