公募基金机构掀起自购热

Group 1 - The core viewpoint of the article highlights a surge in self-purchase activities by public fund institutions, driven by policy guidance, market valuation recovery, and industry transformation, reflecting confidence in their investment research capabilities and market prospects [1][2][3] - As of August 21, over 130 public fund companies have initiated self-purchases totaling over 5 billion yuan, with equity fund products, particularly stock and mixed funds, making up a significant portion of this amount [1] - The China Securities Regulatory Commission's action plan encourages self-purchases of equity funds, enhancing the scoring criteria for long-term performance and stability, which has contributed to the self-purchase trend [1][2] Group 2 - Market confidence has significantly improved, with the A-share market showing a positive trend, as evidenced by the continuous rise of the Shanghai Composite Index [2] - The current valuation of China's stock market is considered attractive, with the price-to-earnings ratios of the CSI 300 and Hang Seng Index being 13.73 and 11.46, respectively, both lower than major mature markets [2] - Equity funds are seen as having long-term allocation value, especially when market valuations are low, providing greater long-term return potential [2][3] Group 3 - The self-purchase trend is viewed as a necessary choice for industry transformation, enhancing the alignment of interests between investors and fund managers, and injecting long-term stability into the capital market [3] - Self-purchases are expected to alleviate selling pressure and repair valuations, particularly in the context of improving economic recovery expectations, thus attracting long-term capital into the market [3] - While self-purchases are a positive signal, investors are advised to approach them with caution, considering the underlying logic of the products and the capabilities of fund managers [3]