Page 32 - CCFAJournal-FirstIssue

加中金融
Category Close-end
Fund
Quantity 917.00
Shares 1625.92
(billion)
Size 1717.32
(billion yuan)
Proportion 10.32%
Source: Asset Management Association of China, as of 03/31/2020
在中国资管行业中，基金行业的监管体系可能是最完备
的。公募基金行业相关法规已经超过 210 项，涵盖研究
投资、交易风控、市场营销、清算运营、信息系统、法
务合规等各个方面，强调信息公开透明、风险充分揭示、
客户识别准确、流程完善清晰，成为银行资管、理财子
公司、信托公司等资管机构转型过程中的参考典范。
公募基金产品属于标准化的金融产品，制度领先，运作
规范，是居民财富管理的重要配置工具，同时也在支持
实体经济、资本市场改革中发挥着越来越重要的作用。
为了进一步推动金融供给侧改革，推进金融服务实体经
济，有效降杠杆、控风险，一方面，监管部门颁行《资
管新规》，整肃资管行业内存在的刚性兑付、资金池业
务、期限错配、通道业务等金融乱象，开启大资管行业
净值化转型的新时代；另一方面，2019 年 10 月，证监会
优化公募基金产品注册机制，对诚信及合规风控水平较
高、中长期投资业绩突出的基金管理人申报的常规产品
实施快速注册，大力落实简政放权。同时，证监会加强
事中事后监管，建立专项抽查复核工作小组，督促相关
基金管理人确保申报材料的真实、准确、完整。
对于集中大量申报“同质化产品”，重募集轻管理，基
金规模大进大出，不利于保护投资者利益等现象，监管
也密切关注。2019 年 10 月以来，权益产品的获批速度明
显高于固收类产品，体现“扩大直接融资降杠杆”的政
策导向。
新冠疫情的爆发，对基金行业的正常运作带来考验。一
方面，员工人身安全与系统稳定性成为重中之重；另一
方面，由于出行受限，出差调研和市场拓展等工作受到
一定影响。此时，基金公司是否具有应急预案和灾备系
统，是否具有细致的流程与严谨的执行力，是否具有积
极进取和勇于拼搏的团队，就显得非常重要。同时，疫
情也进一步彰显了数字化的重要性。例如，许多路演活
动改为线上直播，许多调研活动也以电话会议、视频会
议的形式展开。数字化是朱雀基金确立的三大战略之一，
前期准备使我们较好地应对了新冠疫情的影响。
Open-end Fund Total
Equity Hybrid Money market Bond QDII Total
fund fund fund fund
1188.00 2702.00 335.00 1524.00 153.00 5902.00 6819.00
1109.06 1706.16 8205.06 2814.82 109.90 13945.01 15570.94
1408.68 2108.36 8211.95 3083.66 106.73 14919.39 16636.71
8.47% 12.67% 49.36% 18.54% 0.64% 89.68% 100%
The fund management industry is probably the most well-regulated sector
in the Chinese asset management industry. There are more than 210 laws
and regulations relating to the publicly offered fund management industry,
covering areas such as research and investment, risk control, marketing,
clearing operations, information systems, and legal compliance. These
regulations exist in order to encourage open and transparent sharing of
information, full risk disclosure, accurate customer recognition, and clear
operational processes. The fund management industry has become the role
model for other asset management institutions to aspire to during their
transition, such as bank asset management firms, bank wealth management
subsidiaries, and trust companies.
As a standardized financial product featuring leading systems and
standardized operations, publicly offered funds have become an important
wealth management tool for household asset allocation. Publicly offered
funds play an increasingly crucial role in supporting the real economy and
capital market reform. Two major changes have occurred as part of efforts
to further push supply-side reform in the financial sector, promote real
economy financial services, and effectively reduce leverage and control
risks. Firstly, the China Securities Regulatory Commission (CSRC)
enacted China’s New Asset Management Rules in order to rectify the
chaotic practices that exist in the asset management industry, such as rigid
redemption, cashpooling, and passageway business. This aimed to create
a new era for net-asset-value products. Secondly, in October 2019, the
CSRC optimized the registration procedures for public fund products. This
provides speedy registration on conventional products for fund managers
who have a high degree of integrity, sturdy compliance risk controls, and
promising mid- to long-term investment performance. This came in an
effort to streamline administration processes and decentralize power. At
the same time, the CSRC has strengthened ongoing and follow-up
supervision, and established a special task force to carry out spot checks
and reviews, ensuring that the application materials provided by relevant
fund managers are authentic, accurate and complete.
The government also pays close attention to phenomena such as the large
concentration of homogeneous products, an emphasis on raising capital
instead of capital management, drastic changes of fund size , and actions
that do not help protect the investor’s interests. Since October 2019, the
policy orientation of “expanding direct financing and reducing leverage”
has been reflected in the approval rate of equity products, which has been
significantly higher than that of fixed income products. The outbreak of
COVID-19 has challenged the normal operation of the fund management
industry. In one respect, employer safety and system stability have become
the top priorities; and additionally, due to travel restrictions, company visit
research and market development have been affected to some extent. At
this time, it is especially vital for fund management companies to have an
emergency plan and disaster recovery system, meticulous processes and
rigorous executive ability, and a bold, proactive team. The epidemic has
also further highlighted the importance of digitization. For example, many
roadshows have moved to online livestreaming, and a great number of
research activities have been conducted in the form of teleconferences and
video conferences. For Rosefinch Fund, digitization is one of the three
established strategies that allows us to better cope with the impact of
COVID-19.
CCFA JOURNAL OF FINANCE AUGUST 2020 Page 32 第32页