The first investment fund in mainland China was Zhuxin Fund issued in August 1991, and the first fund company was Shenzhen Investment Fund Company established in October 1992. However, they are not products and institutions approved by the Head Office of the People's Bank of Chin

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. Sparks (1991-1997)

The first investment fund in mainland China was Zhuxin Fund issued in August 1991, and the first fund company was Shenzhen Investment Fund Company established in October 1992, but They are not products and institutions approved by the Head Office of the People's Bank of China.

In 1992, investment funds ushered in the golden year of issuance. As many as 57 funds were established that year. Before the promulgation of the "Interim Measures" in 1997, there were a total of 75 funds in the country. In 1992, all funds were issued in one year. More than 70%.

In November 1997, the "Interim Measures" were officially released, and the regulatory power of the securities investment fund industry was officially transferred to the China Securities Regulatory Commission. People are accustomed to calling the funds before the promulgation of the "Interim Measures" "old funds" and the funds after the promulgation of relevant regulations as "new funds".

Old fund speculation was also a common occurrence in those years:

Guangdong Seaou Fund was initiated and established by Zhuhai International Trust and Investment Company and Zhuhai Life Insurance Co., Ltd., with an issuance scale of 50 million yuan. Listed on the Southern Securities Exchange in September 1994, the performance of this fund was not outstanding, but three years later, the bankers lurking in the shadows began to come to light.

Since April 8, 1998, Xi'an Navigation Consulting Co., Ltd. has raised 130 million yuan in funds and used 179 personal accounts to continuously buy Seagull Funds. As expected,

's unstoppable push to build positions caused the price of Guangdong Seagull to skyrocket. By June 19, it reached a sky-high price of 6.15 yuan, with the highest closing price being 5.99 yuan. In just over 40 trading days, Guangdong Seagull soared by 300%. When it reached a high level, Xi'an Navigation began to ship. At the same time, Xi'an Navigation used the accounts it controlled to conduct trades, that is, transactions with similar prices and opposite directions, to create the illusion of active transactions.

html On July 21st, Xi'an Navigation Beacon had sold out all the Guangdong Seagulls on its hands, with the lowest price that day being 2.62 yuan. In this round, it took three months from opening the position to shipping, and I made about 50 million yuan.

So we can see that before 1998, the fund industry was still in chaos.

. The first cry of trial (1998-1999)

In early March 1998, the first batch of fund management companies of Cathay Pacific and Southern were officially established. On March 23, the first batch of closed-end funds from Jintai and Kaiyuan were issued online, officially kicking off the entry of public funds into the historical stage.

On June 4, 1998, the birth of six fund companies including Huaan Fund Management marked the emergence of truly professional institutional investors in China, and funds have also become a financial choice for ordinary people.

In July of that year, the first batch of index optimization funds, Fund Xinghe and Fund Pufeng, were launched online on Shanghai Stock Exchange and Shenzhen Stock Exchange respectively.

index optimization funds can be understood as index enhanced funds , but in terms of investment scope, they are less restricted than the current index enhanced funds and their investment is more flexible.

was limited by the environment at the time, and due to the lack of good underlying indexes, these two funds were not index funds in the true sense. It was not until the launch of and Shanghai Stock Exchange 180 Index in July 2002 that index funds began to grow. Soil. In the second half of that year, the first open-end index fund, the Huaan SSE 180 Index Fund, also came into being and successfully completed its fundraising, with the initial offering size exceeding 3 billion yuan.

May 19, 1999, an ordinary Wednesday, the stock market was still calm in the morning, and everything looked the same. What was considered to be a sign afterwards was the report "Can Internet Stocks Become the Leader" published on the front page of the "Shanghai Securities News" that day.

1999.5.19

reported: Since the beginning of the year, more than 50 listed companies have announced their entry into the Internet and related industries in different ways... The popularity of the Internet is just around the corner, and the business opportunities are immeasurable. In the afternoon, the situation suddenly changed. After the opening, OTC funds rushed into the market. The stock index rose sharply. Oriental Pearl, Variety Show Co., Ltd. , CITIC Guoan and other Internet stocks led the rise, and the market suddenly heated up.

Under the leadership of Internet stocks, the weak stock market suddenly broke out, kicking off the majestic "5·19" bull market.On the same day, the Shanghai Composite Index rose 49.2 points, a surge of 4.64%; the Shenzhen Composite Index rose 127.56 points, a surge of 5.03%. Market volume doubled and stocks rose almost across the board. After that, the securities market continued to increase in volume. By the end of May, within 8 trading days, the Shanghai and Shenzhen stock markets rose by more than 20%, and the Shanghai Composite Index had exceeded 1,300 points during the session.

One month later, by June 30, the Shanghai Composite Index rose to 1756.18 points during the session, an increase of 65.69%. This is a sudden surge in the Chinese securities market after more than two years of silence.

1999-2009 stock market (rising from 1999.5.19 to 2001.6.6)

On October 25, the State Council approved that insurance companies can indirectly enter the securities market by purchasing securities investment funds, continuously introducing funds into the market.

. Annealing and Tempering (2000-2002)

The bursting of the Nasdaq Internet bubble did not seem to affect the rise of the Chinese stock market. The Shanghai and Shenzhen stock markets did not turn downward until both reached record highs in June 2001. In the first few years of the 21st century, the country’s benefits were intensively realized.

Beijing successfully bid for the Olympic Games, and the men's football team reached the World Cup final for the first time. What is even more historic is that China officially joined the WTO (World Trade Organization), and the Chinese economy began a sweet period of rapid growth.

. Dawn (2003-2004)

On the afternoon of October 28, 2003, the "Fund Law" was passed. On June 1, 2004, the Fund Law officially came into effect. It is undeniable that during those days when Chinese people were paying attention to SARS and the stock market, the public fund industry completed a crucial baptism.

2003SARS Different Stages

The drafting and revision of the Fund Law took four years from the establishment of the drafting group in March 1999 to the final adoption of the Fund Law.

There were many major events worth remembering in 2003, but the entry of social security fund into the market is undoubtedly worthy of special mention.

This is an incident that has changed the development trajectory of China's fund industry to some extent. In December 2002, the National Social Security Fund completed its first draft, and six fund management companies, namely Nanfang, Boshi, Huaxia , Penghua, Changsheng, and Harvest, became the first batch of national social security fund investment managers. On June 6, 2003, the first payment from the social security fund was officially transferred to the account of the investment manager. On June 9, the investment manager placed the first order, and the social security fund officially entered the market.

Social Security Fund’s reverse investment during the bear market also impressed the market. In 2003, the social security fund began to operate, and then in 2004, we encountered a bear market in the bond market. At that time, the yield on many bonds, such as the 7-year Treasury bond, exceeded 4.7%. The management scale of public bond products has begun to shrink, with many funds shrinking to less than 10% of their original size, while social security funds continue to add money.

In the first half of 2007, when the stock market was in a state of excitement, the social security fund also adopted a reduction plan. Starting from the Shanghai Composite Index of more than 5,000 points, it placed orders every week to withdraw funds, and continued to reduce its holdings until October, completing a typical social security style. Reverse operation.

At 10:17 am on July 9, 2003, the highly anticipated QFII’s first order in the A-share market was officially completed. UBS Investment Bank Asia Chairman Helihua said that the success of this transaction marks the formal entry into the implementation stage of the QFII system.

At that time, there were several fund companies interested in money market funds: Huaan Fund , Boshi Fund and China Merchants Fund. There is not much controversy over the product plan. The controversy mainly focuses on two points: first, whether to call it a money market fund; second, what kind of accounting treatment should be adopted, whether to maintain a face value of 1 yuan or to be the same as other stock or bond funds. Take the net worth approach.

generated huge controversy surrounding these two issues. "We foresee that if it is not called a money market fund and does not adopt a face value of 1 yuan, this product may have limited vitality in the market at that time."

Money fund investment scope

. The boiling years (2005-2007)

These three years , it is the fund that truly "flies into the homes of ordinary people", and the power of "inclusive finance" develops from gaining momentum to bursting out.

When people "complained" about the brainwashing advertisements of Hengyuanxiang and Nao Platinum, they actually did not pay attention to the fact that the marketing advertisements of the fund industry were once outrageously simple and crude.

A product dividend announcement in big red font, without any art design, went directly to the front page of urban media with the highest circulation across the country, occupying 1/3 of the page. It is said that advertisements that do not have a designated layout will be pushed around by editors within the media, as they are dissatisfied that the advertisements affect the beauty of the entire page.

But this exactly reflects the period of rapid development of the fund industry from 2006 to 2007. There is no time to even design the main screen of the advertisement. New products are released, various forms of continuous marketing, month after month. When the marketing department of a fund company often only has one or two people, it is really difficult to take it easy.

2006-2007 Fund industry blowout

At that time, funds with large proportions of dividends had a new marketing selling point called "net value normalization": allocating realized income in one go, reducing the unit net value of fund products to 1 yuan Face value seems to give new and old investors the same starting point, and is designed to cure various "fear of heights" in high-net-worth fund products.

This kind of marketing method that changes the soup without changing the medicine has become a powerful tool for fund scale expansion in a short period of time.

In the work of the regulatory authorities, QDII was a topic that was studied almost at the same time as QFII. However, in practice, it was not until 2006, three years after the launch of the QFII business, that the QDII business officially broke the ice.

The first batch of four QDII funds were launched successively, namely Southern Global Select Fund, Harvest Overseas China Stock Fund, SIIC Asia Pacific Advantage Fund, and China AMC Global Select Fund. At the climax of the bull market, the high-profile debut of fund QDII products has pushed the enthusiasm of Chinese fund investors to the extreme.

However, coinciding with the outbreak of the international financial crisis, the global stock market was affected, and the net value of the first batch of QDII fund units fell below the face value for a long time. From the fourth quarter of 2008 to the first quarter of 2009, the net value of SIIF Asia Pacific Advantage Fund units fell to around 0.32 yuan several times.

Shanghai Investment Morgan Asia Pacific Advantage Mix (established in 2007)

In October 2008, the net value of ChinaAMC Global Select Fund units fell to a minimum of 0.415 yuan.

China Global Equity (established in 2007)

6. Growth in adversity (2008-2009)

html On September 15, the famous investment bank Lehman Brothers filed for bankruptcy protection, with debts of more than 613 billion US dollars, Wall Street ushered in its "darkest moment."

html On September 30, the Dow Jones Index fell 6.98%, the largest decline in history, triggering a serious global financial crisis.

Dow Jones Index2008

The then chairman of the Federal Reserve Greenspan said that the United States was falling into a "once-in-a-century" financial crisis. China's A-share market did not usher in the "Olympic situation" that it had been waiting for. The Shanghai Composite Index collapsed all the way to around 1,800 points, with the largest annual decline of more than 70%, ranking first in the world. On October 27, the index fell below 1,665 points intraday.

On November 5, the government implemented a 4 trillion economic stimulus plan.

A shares finally began to slowly recover from the unilateral downward trend. However, the market is volatile. Although annual market declines of up to 60% are about to become a thing of the past, the emotions of excitement and sadness, greed and fear in investment will continue to spread. In 2009, A shares rebounded strongly. The Shanghai Composite Index rose from 1820.81 points to a maximum of 3478.01 points.

Benefiting from factors such as the rebound of the stock market and the issuance of new funds, at the end of 2009, the net value of various funds in the fund industry reached 2.682 trillion yuan, an increase of 743.8 billion yuan or 38% over 2008.

7. Advance two, retreat one (2010-2012)

At the end of 2010, the asset management scale of public funds was only 2.5 trillion yuan, and the asset management scale of private equity funds was just over 200 billion yuan. Five years later, one rise and one fall reflect the tossing and turning of China's gradually getting richer people. The gray line that was still vague in the past has now become a trend.

Also in the past three years, Wang Yawei and other well-known old people in the industry left the public fund industry. Fund companies no longer relied on star power and began to look for diversified development models.

Zhou Xiaoming, who once worked for Harvest Fund, failed to start a business and experienced a low point in his life. He joked that "I have been at home for more than half a year, but I have to have a job." Later, he went to Tianhong Fund to be in charge of e-commerce business;

html Post-80s fund manager Ren Zesong joined China Post Fund , he was involved in popular mobile games such as "Fruit Cut" and "Angry Birds" that were just popular at the time. He liked emerging things, but he had not experienced the surge in A-shares in 2007 and the plunge in 2008. These three years have quietly planted the seeds for an industry explosion a few years later.

At that time, the greater challenge for third-party sales institutions such as Tiantian Fund was trading system testing. In November 2011, the China Securities Regulatory Commission successively conducted on-site trading system tests on the first batch of institutions that applied for qualifications, such as Noah Wealth, Shumi Fund, Haomai Fund, and Tiantian Fund. Everything is paving the way for the subsequent phenomenon of Yu'e Bao .

Time travels to today, 7 years later. Except for the phenomenal Yu’e Bao monetary fund, independent fund sales institutions are still only a useful supplement to existing fund sales channels. In the past and in the short-term foreseeable future, they have been unable to shake banks as fund owners. The status and influence of agency sales channels play more of a "catfish" role, reducing fund subscription fees while improving additional services and value including system experience, information content, and information content for fund subscriptions and redemptions.

From a long-term perspective, only by making fund sales services bigger and stronger can banks, securities firms and third-party sales agencies work together to achieve a win-win situation between channels and a win-win situation for China's fund industry and investors.

The "T+0" redemption mechanism for money market funds has been released, which is of great significance in two aspects: on the one hand, it has realized the payment function of money market funds and is an important step towards a milestone in financial scenarios;

On the other hand, "T+0" The online redemption function uses the instant redemption and instant arrival of funds from monetary funds for credit card repayments, payment of consumer bills, etc. It realizes the close connection between monetary funds and investors' daily consumption life, and the role of funds no longer remains on the books. ups and downs.

At this time, Zhou Xiaoming, who had experienced two entrepreneurial failures and had just assumed the post of chief marketing officer of Tianhong Fund, was on a plane flying from Beijing to Hangzhou. He was preparing to report to Fan Zhiming, president of the domestic business group of Alibaba Small and Micro Financial Services Group, based on money funds. With the upgraded model of Yu’ebao taking shape, greater changes in monetary funds are about to begin.

After Wang Yawei left China Asset Management , he founded the private equity fund Qianhe Capital. Since then, the second generation of investment managers born in the 1980s also began to come to the forefront.

8. Traveling a Hundred Miles Half a Year (2013-2015)

June 1, 2013 is a particularly memorable day for the entire fund industry. On this day, the revised "Fund Law" was officially implemented. Under the influence of the epidemic, the development of China's fund industry has entered a new era and a new runway. This also means that the old version of the Fund Law promulgated on June 1, 2004 has withdrawn from the stage of history. It took five years from the proposal to amend the Fund Law to the final promulgation and implementation of the new Fund Law.

Ren Zesong became famous during this period. This Master of Science graduate from Tsinghua University is famous for his courage to concentrate and continue to invest heavily in unpopular GEM growth stocks.

From 2014 to 2015, it was also the peak period when a number of outstanding public fund practitioners left their jobs to start private equity. Qiu Guolu, chairman of the investment decision-making committee and investment director of Southern Fund, resigned in early 2014.

's exciting national bull market suddenly occurred in the second half of 2014. The market situation also realized the 28-20 switch in the second half of 2014. The market trend of hot spots and differentiation has also made various types of theme funds become the protagonist.

The top three theme funds with the highest returns in 2014 were financial theme funds, real estate theme funds and CSI 300 index funds , with average returns reaching 87.5%, 72.3% and 48.7% respectively, while other types of theme funds had higher returns. Distributed between 15% and 35%. In the crazy market of

, some "old drivers" see the risks involved. Some fund managers manage to avoid risks.

2013-2015 Yu’e Bao’s success can be said to be “the right time, the right location, and the right people” and cannot be replicated.

In terms of time, under the background of tight funds and advancement of interest rate liberalization in 2013, the higher yield of more than 4% has enhanced the appeal of Yu'e Bao. Compared with bank demand deposits and even one-year deposits, it has advantages. The potential demand for financial management of potential Alipay users has been activated;

In terms of "geographical convenience", fund companies have given traditional monetary funds new definitions and functions through the development and innovation of Internet channels, achieving a positive promotion effect;

"Humanity" Regarding Internet intervention fund products, regulatory authorities are more willing to adopt an open attitude and focus on strengthening supervision when Internet financial products are over-promoted to ensure their long-term and healthy development. Although the cake sold by

third-party funds is huge, Internet giants are also eyeing it. In April 2015, Ant Financial, a subsidiary of Alibaba , acquired 60.80% of the equity of Hangzhou Shumi Fund Sales Company for 200 million yuan, becoming the company's controlling shareholder and officially entering the third-party fund sales field. In August of the same year, Ant Financial launched the “ Ant Jubao” App, through which users can directly purchase funds through Ant Jubao.

9. The Great Era of Hundreds of Companies (2016-2018)

Two irrational "circuit breakers" in January 2016 affected the confidence of investors who had just recovered from the huge market fluctuations in 2015, but they also caused some problems for some fund managers. Provides a better opportunity to build a position.

Xu Xiang, a generation of private equity tycoon, also died in 2017. This is a signal that after private equity funds are included in the Fund Law, regulatory agencies will take sharp action against the illegal behavior of practitioners.

On June 14, 2017, Ant Jubao 5.0 version was renamed Ant Fortune and officially launched "Fortune Account". “Fortune Account” is like a fund company’s version of a “Taobao store + WeChat account” complex.

In 2019, China's public fund industry reached 14.8 trillion yuan, with total profits as high as 1.17 trillion yuan. Although the management scale of money market public funds has declined, it still occupies a dominant position. In terms of profits, the stock public fund achieved a total profit of 299.643 billion yuan, accounting for about half of the total profit of the entire public fund.