Page 31 - CCFAJournal-FirstIssue

加中金融

200 年前，一群荷兰人簇拥着大西洋上缓缓驶来巨轮，船上载着 Two hundred years ago, a huge ship drifted slowly across the Atlantic
Ocean. The vessel was manned by the Dutch, and filled with spices
印度的香料、挪威的木材和中国的丝绸与瓷器，当然还有一大
from India, timber from Norway, silk and ceramics from China, and,
笔财宝，人们欢呼雀跃。
of course, no small amount of treasure. People celebrated their arrival.
海上的贸易充满了未知与凶险，每一次成功的返航都是劫后余
Sea trade is always full of dangers and unknowns, meaning every
生。船只是阿姆斯特丹造的，当初出海时大家都有出过一部分 successful return can rest on the role of a dice. Made in Amsterdam,
资金，一个叫阿德利安的人正在按比例分给人们贸易的利润。 the ship was collectively funded before the journey. Then, a man
named Adrian distributed the trade profits in proportion.
22 年前，中国首批封闭基金发售，人们像炒新股一样摇号抢
购，中国基金业萌芽破土。 Twenty-two years ago, China’s first closed-end funds were launched
and snapped up like lottery tickets. This marked the beginning of the
Chinese fund management industry.

Opportunities and Challenges for the Chinese Fund

Management Industry

中国基金业的机会与挑战

朱雀基金供稿

By Rosefinch Fund

中国基金业的生态与监管

据基金业协会统计，截至 2020 年 3 月，全市场共有 143 家
公募基金管理人，管理着 6819 只公募基金，规模合计
16.64 万亿元。2009 年，全市场公募基金规模不到 3 万亿，
也就是说，十年增长了 5 倍。

具体到基金类型，其中货币基金占据半壁江山，其次是债
券基金占比 18.54%，股票与混合型基金合计分别占比
8.47%、12.67%。 The Chinese Fund Management Industry:
Layout and Supervision
过去四十年，中国经济高速发展，投资机会多，投资回报
率高，资金无风险收益率居高不下。比如，信托产品收益 According to statistics from the Asset Management Association of China
率一度达到 15%-17%，银行理财产品也有 6%-8%的固定收 (AMAC), by March 2020, there were 143 publicly offered fund
management companies on the market, managing 6,819 publicly offered
益，久而久之就培养了居民的“刚兑习惯”。与之相对， funds with a total scale of RMB 16.64 trillion (USD 2.35 trillion).
作为新兴市场，国内资本市场波动很大，缺乏专业投资知 Comparing this with 2009, when there was less than RMB 3 trillion (USD
识与长期投资理念的投资者很难赚钱，使得权益类基金产 0.42 trillion) in publicly offered funds throughout the entire market, there
品的发展受到影响。2018 年 4 月，《资管新规》落地， has been a fivefold increase in just ten years.
“产品净值化、破除刚兑”拉开序幕。同时，伴随无风险 Narrowing this down to the specific types of funds, money market funds
收益率不断走低，风险资产的性价比逐渐显现。 account for half of the amount, followed by bond funds at 18.54%, equity
and hybrid funds 8.47% and 12.67% respectively.
Over the past four decades, China has witnessed rapid economic
development, numerous investment opportunities, high returns on
investments, and consistently high risk-free returns on capital. For example,
trust product return rates once reached 15%-17%, bank wealth management
products (WMPs) generated stable return about 6%-8%. Over time,
residents have developed a habit of “rigid redemption.” In contrast, as
emerging market, the domestic capital markets are prone to acute
fluctuations. As a result, investors who lack any professional investment
knowledge and have no concept of how to invest in the long term often find
it difficult to make any profit, which in turn hinders the development of
equity funds. In April 2018, China’s New Asset Management Rules were
implemented, and the “net-asset-value approach and rigid redemption
break-down” policy was put in place. Meanwhile, as the risk-free return rate
keeps falling, the cost effectiveness of risk assets has gradually become
more apparent.

CCFA JOURNAL OF FINANCE AUGUST 2020 Page 31 第31页