国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Mutual fund advisory programs show promise

By SHI JING in Shanghai | China Daily | Updated: 2022-03-18 09:35
Share
Share - WeChat
CHEN WEI/FOR CHINA DAILY

Amid fresh records in total net value and product launches, market matures with resolve to protect individual investors

Last year, two interesting streams of developments defined China's mutual fund market.

One, fresh records were set, reflecting the effectiveness of the ongoing institutionalization of the Chinese capital market.

Data released by the Asset Management Association of China in late January showed total net value of issued mutual fund products at the end of 2021 came in at 25.56 trillion yuan ($4.05 trillion), up 28.51 percent year-on-year, a new record. There were 9,164 mutual fund products available in the market as of Dec 31, also a historic high.

Although the benchmark Shanghai Composite Index climbed only 4.8 percent in 2021 and underwent significant fluctuations in the last four months, a majority-7,104 mutual fund products-reported gains last year, with 1,480 reporting annual gains between 10 and 30 percent, according to market tracker Wind Info.

Eighty-seven products saw their annual yields spike 50 to 80 percent and another 381 coming in between 30 and 50 percent. Mutual fund products themed on investment in new energy, coal and steel all reported annual yields of over 80 percent.

But, the second story that caught market insiders' attention was that individual investors did not benefit in a big way from the ongoing expansion of the Chinese mutual fund market.

According to Shanghai Tiantian Fund Distribution Co Ltd, 53 percent of individual mutual fund investors incurred losses in 2021. Only 11 percent of these investors made profits of over 10 percent-a big contrast to the industry overview.

However, 54 percent of retail stock investors managed to make profits last year, with 10.5 percent of them seeing their personal account numbers jump by as much as 50 percent in one year's time.

The easily affected sentiment further translated into false judgment and trading at wrong timing. Such factors may be the major reasons for individual mutual fund investors not doing well last year, said Liu Yiqian, head of the Shanghai Equities and Funds Evaluation and Research Center.

The A-share market mainly demonstrated structural performance last year with high volatility. Without the belief in long-term and value investment, individual investors may easily jump at ill-advised trading decisions. It is especially true at present as the supply of mutual fund products is sufficient. Individuals may sell the products in haste and rush for new ones that are said to boast high-flying fund managers and dazzling historic returns, he said.

But according to Fullgoal Fund, investors holding mutual funds for at least one year and making little adjustment usually see their annual yield 8 percent higher than those who make frequent portfolio adjustments.

Similarly, investors who repeatedly change their investment directions usually see their annual yields 6 percent lower than average, according to China Southern Asset Management. Experts from Tianhong Asset Management also said that investors holding mutual funds for three years and above will receive their annual yield four times that of holding products for only one year.

"Most investors will easily fall into the trap of chasing products when their prices are rising and selling them off when prices start to go down. They know the benefits of long-term investment, but they just cannot control themselves," said Liu.

Under such circumstances, mutual fund advisory programs, which are still emerging in China, are probably the right channel to resort to, he suggested.

On Oct 25, 2019, the China Securities Regulatory Commission issued an announcement to launch mutual fund advisory programs, which marks the start of such services in the country.

Public data show that up to 60 institutions have obtained qualifications to provide such services in China. By the end of July 2021, more than 2.5 million Chinese clients had used mutual fund advisory services, with the covered assets under management valued over 50 billion yuan.

Of course, the industry is nascent. The United States was already home to 13,494 mutual fund advisory service providers in late 2020, with regulated assets under management valued over $97 trillion.

A mutual fund advisory program, also called a mutual fund wrap, is a portfolio of mutual funds that are chosen to match a preset asset allocation model. The personalized model is based on the investor's risk tolerance, age, goals and other investment preferences. It is offered in a single investment account together with the services of a professional investment adviser.

According to the report on China's mutual fund advisory services jointly released by professional services provider KPMG in China and Vanguard Investment Advisory (Shanghai) in late January, the majority-80 percent-of Chinese mutual fund wrap users are a well-educated group aged between 25 and 35, with equal participation from men and women. Household investable assets ranged between 100,000 yuan and 500,000 yuan.

More than 80 percent of the 3,000 interviewees are married, and 70 percent of them have children. Under such circumstances, these users not only seek to increase their wealth but also require long-term family asset planning.

The report found many characteristics of Chinese mutual fund wrap users that will facilitate the development of the niche service in China. On the one hand, surveyed Chinese mutual fund advisory program users embrace online distribution channels and smart products, whose features are also offered by most of such programs currently available in China.

Meanwhile, over 60 percent of the surveyed mutual fund advisory services users have also purchased other wealth management products and nearly half of the interviewees have invested in stocks. Twenty percent of them have even invested in commodities and alternative investment products. Such diversification happens to be a major highlight of mutual fund wraps.

However, there are some obstacles to overcome should mutual fund advisory programs seek substantial growth in China. For one thing, only 30 percent of the interviewees prefer to hold mutual fund investments for more than one year, which is contradictory to the long-term wealth planning gist of mutual fund wraps, according to the report.

These interviewees only eked out 1,000 yuan to 10,000 yuan on average for mutual fund advisory programs in one year's time. Only 27 percent of the interviewees are willing to fully trust their advisers on all the investment decisions, meaning advisers can change the client's asset allocation based on their professional understanding.

Less-than-stellar market performance and lower-than-expected portfolio returns are the major reasons for users to redeem their mutual fund products. All of these have shown that there is a very long way to go for mutual fund wraps to grow into full swing in China, said the report.

User hesitation can be partly attributed to the low level of maturity of the mutual fund advisory services provided in China at present. According to experts from Shanghai Pudong Development Bank, a large number of the mutual fund advisory programs still give most of their attention to selling products rather than providing successful advisory services to users, the core of such programs.

Owing to a lack of adequate numbers of advisory professionals and early investment, costs of mutual fund advisory programs are still relatively high in China. As a result, they cannot meet the very fragmented and personalized wealth management requirements from various clients, said SPD Bank experts.

According to Zhang Yu, CEO of Vanguard Investment Advisory (Shanghai), advisers should help clients to understand and plan their personal accounts. The targets set for wealth management should also address the most widely seen demand regarding Chinese people's deposits, he said.

"But still, we can see great potential for mutual fund advisory programs in China in terms of the types of products and services," said Zhang.

Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
久久久国产精品网站| 欧美日韩亚洲91| 91麻豆文化传媒在线观看| 久久99久久精品欧美| 中文一区二区| 欧美日韩一视频区二区| 日韩av大片| 伊人春色精品| 亚洲妇女av| 精品在线网站观看| 超碰成人在线免费| 涩爱av色老久久精品偷偷鲁| 国产成人免费av一区二区午夜| 第四色男人最爱上成人网| 欧美少妇网站| 欧美办公室脚交xxxx| 欧美日韩在线观看首页| 中文字幕乱码在线播放| 男人的天堂免费在线视频| 国产不卡123| 青青青免费在线视频| 成人免费图片免费观看| 多野结衣av一区| 日本免费一区二区六区| 中文字幕成在线观看| 国模套图日韩精品一区二区| 成人欧美magnet| 国产v综合v| 国产成人精品一区二区三区免费| 久久青草免费| www欧美在线观看| 视频精品一区| 欧美色图婷婷| 国产欧美日韩精品高清二区综合区| 一呦二呦三呦国产精品| 免费观看久久av| 亚州综合一区| 欧美hentaied在线观看| 亚洲激情中文| 99综合精品| 日本午夜精品视频在线观看| 麻豆91小视频| 国产成人在线电影| 99久久99久久精品国产片果冻 | 一区二区成人在线视频| 亚洲国产成人tv| 欧美视频一区二区三区…| 日本韩国欧美一区二区三区| 欧美日韩电影在线播放| 精品国产91洋老外米糕| 亚洲欧美日韩天堂一区二区| 在线观看日韩欧美| 久久6精品影院| 亚洲一级爰片777777| 8x8x拔插拔插影库永久免费| 精品一区二区三区在线观看l| 91美女视频| 先锋av资源| 久草在线新资源| 久久久夜色精品亚洲| 99久久99精品久久久久久| 国产农村妇女精品| 一区二区三区在线免费| 欧美日韩一区二区在线播放| 欧美日韩一区 二区 三区 久久精品| 91精品国产福利| 日韩成人在线播放| 久久久999国产| 亚洲色图影院| 伊人无码高清| 福利片在线免费观看| 伪装者在线观看完整版免费| 看黄网站在线| 小视频免费在线观看| 国产电影一区二区| 精品国产一区二区三区小蝌蚪| 香蕉视频官网在线观看日本一区二区| 99在线精品免费视频九九视 | 日韩一区二区三区三四区视频在线观看| 日韩美女天天操| 一区二区亚洲欧洲国产日韩| 久久久久久一区二区三区| 鲁啊鲁视频在线精品| jizzjizz免费| 色在线免费视频| 手机av免费在线| 亚洲久草在线| 精品国内自产拍在线观看视频 | 久久久精品亚洲| 最近中文av字幕在线中文| 日本www视频| 色视频www在线播放| 黄色网页在线免费看| 成人看片在线观看| 亚洲欧美日本伦理| 亚洲精选成人| 成人小视频在线| 亚洲精品成人天堂一二三| 欧美主播一区二区三区美女| 日韩精品视频观看| 97人人模人人爽人人喊中文字| 夜夜摸视频网| 天堂成人在线| 日本不卡网站| 精品一区免费| 石原莉奈一区二区三区在线观看| 99久久婷婷国产精品综合| 亚洲一区二区视频| 日韩欧美亚洲国产精品字幕久久久 | 久久久久网站| 久久网这里都是精品| 天天综合网 天天综合色| 精品国产一区a| 久久久久久国产精品三级玉女聊斋| 淫行教师动漫| 国产三区四区在线观看| 欧美极品免费| 日韩在线欧美| 狠狠色狠狠色综合系列| **性色生活片久久毛片| 在线91免费看| 欧美精品在线第一页| 性xxxxx| 黄色片在线播放| 久久亚洲精品爱爱| 99久久99久久精品国产片果冰| 久草精品在线观看| 亚洲精品第一国产综合野| 精品成人佐山爱一区二区| 欧美精品激情在线观看| 天天干天天骑| 日本高清成人vr专区| 在线播放一区二区精品视频| 亚洲黄色av| 久久久九九九九| 欧美精品视频www在线观看| 欧美成人亚洲成人| 激情视频免费在线| 黄色免费网站在线观看| 91麻豆精品激情在线观看最新| 亚洲精品韩国| 国产精品网站在线| 欧美一级黄色录像| 亚洲影视第一页| 一级一片免费视频| 成人性生交大片免费观看网站| 欧美综合视频| 国产suv精品一区二区6| 欧美视频免费在线| 久久手机免费视频| 伊人av电影| av电影免费在线看| 久久亚洲专区| 97超碰欧美中文字幕| 欧美日韩中文字幕一区| 久久久久国产精品免费| 爆操欧美孕妇| 香蕉成人av| 欧美日韩国产欧| 国产欧美日产一区| 精品粉嫩aⅴ一区二区三区四区| 在线电影中文字幕| 日韩私人影院| 亚洲高清在线一区| 蜜臀久久99精品久久久久久9| 亚洲午夜精品在线| 在线看福利67194| jizz在线视频| 人人草在线视频| 欧美精品综合| 中文字幕一区二区三区精华液 | 7777精品久久久大香线蕉| 久久久久久成人精品| 九色视频网站| 搜成人激情视频| 亚洲国产欧美国产综合一区| 国产精品美日韩| 日韩激情第一页| 天堂www在线а√天堂| 中文字幕中文字幕在线中高清免费版| 国产免费播放一区二区| 99免费精品视频| 日韩欧美国产麻豆| 国产精品综合久久久久| 韩国av网站在线| 成人综合一区| 久久久久久免费毛片精品| 亚洲成人激情在线| 日本免费资源| 亚洲风情在线资源| 影音先锋一区| 亚洲国产日韩精品| 欧美黑人xxx| 在线欧美一级视频| 风间由美性色一区二区三区四区| 精品一区二区三区av| 色94色欧美sute亚洲线路一ni| 国内伊人久久久久久网站视频 | 超碰在线国产| 国产一区二区三区天码| 91小视频在线免费看| 亚洲大胆美女视频| 岛国在线免费| 国产精品蜜月aⅴ在线| 天堂成人免费av电影一区| 欧美日韩视频免费播放| 亚洲成人在线播放| 97最新国自产拍视频在线完整在线看| 国产免费播放一区二区| 国产亚洲精品7777| 亚洲桃花岛网站| 国产91福利| 亚洲精品一区国产| 成人性色生活片| 亚洲国产精品悠悠久久琪琪| 比比资源先锋影音网| 九九九伊在线综合永久| 日韩精品福利网| 欧美三级日韩在线| 国产二区视频| 欧美黑人疯狂性受xxxxx野外| 久久人人97超碰国产公开结果| 色网综合在线观看| 亚洲精品人成电影网| av在线免费网站| 亚洲国产精品第一区二区三区| 精品成人av一区| 久久爱com| a级片在线免费| 每日更新成人在线视频| 91国产免费看| www.91popny.com| 一级毛片久久久| 麻豆精品视频在线观看免费| 日韩欧美一二三区| 先锋影音资源综合在线播放av| 亚洲免费看片| 成人激情校园春色| 亚洲欧洲日韩国产| 久草电影在线| 欧美日韩亚洲在线观看| 亚洲乱码中文字幕| 91av视频在线| 日韩少妇视频| 久久久久国内| 日韩三级视频在线看| 在线看av网址| 99a精品视频在线观看| 久久久久久久综合| 久久影视电视剧免费网站清宫辞电视 | 啦啦啦中文在线观看日本| 国产日产高清欧美一区二区三区| 欧美性生活一区| 美女视频网站在线观看| 国产一区二区三区国产精品| 91在线码无精品| 日韩有码片在线观看| 国产一二三在线观看| 欧美日韩p片| 欧美三级电影在线看| www.女人的天堂.com| 日韩免费高清视频网站| 久久久不卡影院| 欧美国产日韩一区二区三区| 国产淫片在线观看| 日韩成人午夜电影| 欧美精品一区二区三区高清aⅴ| 国产天堂在线观看| 波多野结衣在线观看一区二区三区 | 136国产福利精品导航| 亚洲色图视频在线观看| 松下纱荣子在线观看| 国产老妇另类xxxxx| 国产亚洲精品一区二区| 国产精品久久久久一区二区国产 | 久久这里只有精品视频首页| 在线播放日本| 丝袜美腿亚洲一区二区图片| 精品久久久久久久久久久久包黑料| 久久小说免费下载| 欧美成人自拍| 欧美性色欧美a在线播放| 免费黄色av网站| 九色成人国产蝌蚪91| 亚洲第一福利一区| 午夜羞羞视频| 清纯唯美亚洲经典中文字幕| 一区av在线播放| 色猫咪免费人成网站在线观看| 成人av影音| 亚洲午夜在线视频| 在线免费电影网| 欧美顶级毛片在线播放| 亚洲一区二区三区四区的| 国产成人精品视频一区| 一区二区免费| 亚洲高清视频在线| 日本丰满www色| 亚洲人成网www| 欧美午夜激情在线| 色中色777| 欧美成人自拍| 91精品国产手机| 在线观看黄色小视频| 亚洲福利国产| 亚洲精品美女在线| 在线毛片网站| 久久爱另类一区二区小说| 日韩中文字幕网| av剧情在线观看| 91丨porny丨最新| 欧美亚洲国产视频| 精品久久99| 亚洲欧美电影院| 日本www视频| 色无极亚洲影院| 这里只有精品电影| 日本精品专区| 美女一区二区视频| 久久人人爽人人爽爽久久| 136福利第一导航国产在线| 99久久精品免费看国产免费软件| 欧美亚洲国产另类| 日韩亚洲精品在线观看| 亚洲成人动漫精品| **三级三级97片毛片| 欧美一区影院| 日韩精品中文字| 直接在线观看的三级网址| 豆国产96在线|亚洲| 2020欧美日韩在线视频| www.久久爱.com| 精品福利一区二区| 毛片一级免费一级| 99精品国产一区二区青青牛奶| 亚洲视频在线视频| 久草在线中文最新视频| 欧美国产精品v| 丝袜脚交免费网站xx| 久久国产精品亚洲人一区二区三区| 欧美一激情一区二区三区| 国内三级在线观看| 国产精品一二三四区| 欧美一级大胆视频| 成人直播在线观看| 欧美亚男人的天堂| 欧美香蕉爽爽人人爽| 精品一区二区三区免费观看 | 久久不见久久见免费视频7| 欧美日本一区二区| 国产三级电影在线| 国产91对白在线观看九色| 美女把尿口扒开让男人桶在线观看| 涩涩屋成人免费视频软件| 色天天综合久久久久综合片| 桃乃木香奈av在线| 麻豆精品在线观看| 国产91精品不卡视频| 精品亚洲自拍| 3d动漫精品啪啪一区二区竹菊 | 日韩精品91亚洲二区在线观看| 久久精品99国产精品酒店日本| 精品免费av一区二区三区| 亚洲亚洲精品在线观看| 性视频在线播放| 免费成人av资源网| 欧美亚洲国产精品| 一区二区美女| 精品av综合导航| av午夜在线观看| 综合欧美一区二区三区| 四虎免费av| 日韩精品一二三区| 91精品国产777在线观看| 六月丁香久久丫| 日韩免费性生活视频播放| 亚洲奶水xxxx哺乳期| 国产精品色哟哟网站| 最近久乱中文字幕| 久久综合影音| 欧美一级淫片videoshd| 亚洲综合图色| 日韩hd视频在线观看| 综合日韩av| 大伊人狠狠躁夜夜躁av一区| 日韩欧美电影在线观看| 成人国产精品免费观看动漫| 国产精品白浆视频免费观看| 欧美伊人影院| 欧美高清视频在线| 日本一道高清一区二区三区| 精品国产sm最大网站免费看| 亚洲色图官网| 日韩欧美高清视频| 爱久久·www| 中文字幕欧美三区| 黄色片av在线| 国产精品18久久久久久久网站| 国产在线2020| 亚洲先锋成人|