As of November 2, a total of 83 fund companies have carried out self purchase this year, with a total scale of 4.309 billion yuan (only at the company level, excluding the self purchase of fund managers), setting a record high in the public offering industry. Among them, the self purchase of equity funds and hybrid funds accounts for more than 60%. Self purchase scale reached a new high According to wind data, since its birth in 1998, the annual self purchase scale of the public offering industry has exceeded 1 billion yuan and 2 billion yuan respectively in 2008 and 2015; Then it rose steadily year by year, and set a record of 4.152 billion yuan in the "great year" of 2020. Since the beginning of this year, the self purchase scale has reached 4.309 billion yuan, not only a significant increase of 46.46% over the same period last year, but also a new high over the whole year last year. Specifically, among the 83 companies that carried out self purchase this year, Cathay Pacific Fund ranked first with a self purchase amount of 380 million yuan, and the number of self purchase funds was 22; Although CCB fund purchased only 5 funds, the self purchase scale also reached 310 million yuan; Tianhong fund purchased 43 funds, with a self purchase amount of 290 million yuan, ranking third. In addition, there are nine companies, including huitianfu fund and Nanfang fund, whose self purchase scale is more than 100 million yuan. From the perspective of product types, equity funds are the main force of self purchase. According to wind data, among the self purchase funds of RMB 4.309 billion, the self purchase scale of equity funds ranked first with RMB 1.346 billion, and the self purchase scale of hybrid funds ranked second was RMB 1.336 billion, with a total of RMB 2.682 billion, accounting for 62.24%. In the past, the self purchase scale of large self purchase bond funds this year was only 1.065 billion yuan, accounting for 24.72%. Enhance the confidence of holders and share the return on investment Yang Delong, chief economist of Qianhai open source fund, pointed out that the self purchase of funds is generally for two purposes: first, bind the interests of fund companies, employees and fund holders to enhance their confidence; Second, through the fund self purchase, the fund company can also share the fund investment income, which can not only improve the fund scale, but also share the investment return. Market analyst Wang Ke (a pseudonym) pointed out to the reporter of China Securities Journal that self purchase of funds often occurs when the market fluctuates greatly. In addition to transmitting investment confidence externally, it can also play a better marketing role in fund issuance. Similar to 2020, the wave of self purchase of funds in 2021 also began after the market adjustment after the Spring Festival. Therefore, self purchase funds are basically dominated by equity products. Wang Ke also pointed out that over a period of time, the popularity of fund issuance has decreased. In order to promote fund sales, many companies have also mobilized fund managers to join self purchase out of their own pocket. If these are included, the self purchase scale will be higher this year. For example, in September, Yang Jianhua, deputy general manager and investment director of Great Wall Fund, bought a new fund managed by himself out of his own pocket of 1 million yuan. Great Wall Xinghua preferred to open a hybrid securities investment fund regularly every year; Qiu Chunyang, general manager of the Great Wall Fund, also paid 1 million yuan for the fund. In August, Cinda Aoyin Fund said that based on its confidence in the company's investment management ability, it invested 5 million yuan with its own funds to subscribe for Cinda Aoyin quality return hybrid fund. Earlier this year, Yuan Hang, the fund manager of Penghua Fund, Lu Bin, the fund manager of HSBC Jinxin fund, and others bought themselves. HSBC Jinxin low carbon pioneer fund managed by Lu Bin ranked first among equity funds in 2020 with a return of 134.41%, which is well known by the market. Layout a new round of structural market Yuan Hang said that with the continuous accumulation of social wealth, there will be a sequence of wealth allocation. The accumulation of wealth in the early years is mainly used to meet some basic needs, such as the purchase of household appliances, cars and housing; When the wealth accumulates to a certain scale, we will consider buying financial assets, such as funds, insurance and other products. This is a long-term trend. "A shares have risen significantly in the past two years, and the valuation level of some stocks has improved significantly. However, different from the overall overvalued value at the peak stage of the market in 2015, some targets are still in the undervalued area. Although the market does fluctuate in the short term, it is still optimistic about the equity market in the medium and long term, and short-term adjustments often provide better long-term buying opportunities for high-quality assets." Yuan Hang said. Qianhai joint fund also pointed out that in the medium and long term, with the improvement of profits of industrial enterprises and the promotion of intelligent manufacturing strategy, the investment in scientific and technological R & D and innovation is expected to continue to increase. High end manufacturing, information technology and 5g applications such as Internet of vehicles and artificial intelligence are expected to further open space and have entered the left layout period. In addition, with the "double 11" approaching, consumption expectations have rebounded, and with the acceleration of the issuance of special bonds, the fundamentals of new infrastructure are expected to continue to improve. Long term consumer service in the domestic brand industry, such as cars, medical beauty cosmetics, Baijiu appliances, clothing jewelry and other racetracks, is also expected to pass through the valuation pressure cycle. Lu Bin said that from the current point of view, the low-carbon industry has sufficient and necessary conditions to become the main line of a new round of structural market. At present, low-carbon has become a global consensus, and the low-carbon industry covers a wide range, from which many excellent companies can be found. In addition, from the perspective of the next three to five years, the compound growth rate of the new energy industry is expected to exceed 30%. The development space of the industry is large, the growth rate is determined, and the valuation corresponding to 2022 is relatively reasonable.