Recent A-share market volatility, influenced by external factors, has created a clear adjustment phase. However, for sidelined capital, this market correction presents a window for entry and positioning. On March 23, while the Shanghai Composite Index experienced a significant decline, ETFs across the market saw a net inflow of 19.4 billion yuan against the trend, with broad-based ETFs becoming the preferred choice for investors seeking to buy the dip.
Notably, news from the private fund circle indicates that a multi-strategy long-only product from a major quantitative private fund manager, with assets under management exceeding ten billion, raised over 4 billion yuan in just two days. Data from the Asset Management Association of China (AMAC) shows that incremental funds are continuously flowing into the capital markets. On March 23 alone, a total of 122 private securities investment funds completed their registration. According to statistics from Simuwang, the number of newly registered private funds employing stock strategies reached 900 in February, accounting for 65.89% of all private securities investment funds registered during the same period.
Despite recent fluctuations and adjustments in the A-share market, the pace of incoming capital from the sidelines has not slowed. AMAC registration data reveals that on March 23, a total of 148 private funds completed registration across the market, of which 122 were private securities investment funds, representing over 80% of the total. Similarly, on March 20, 122 private fund products also completed registration, with over 80% being private securities investment funds. Multiple data points indicate that private securities investment funds have become the absolute dominant force in the recent private fund issuance market.
In fact, the private fund issuance market has maintained an active trend since February this year. The latest data from Simuwang shows that the number of newly registered private securities investment funds in February increased by over 150% year-on-year, also showing significant growth month-on-month. Specifically, 1,366 new private securities investment funds were registered in February, a 151.57% increase compared to the 543 funds registered in February of the previous year, and a 100.88% increase from the 680 funds registered in January this year, demonstrating a particularly strong growth momentum.
Looking at the strategy distribution of newly registered products, stock strategies hold an absolutely dominant position. According to Simuwang statistics, 900 new private funds with stock strategies were registered in February, accounting for 65.89% of all private securities investment funds registered during the period. Meanwhile, multi-asset strategy private funds ranked second with 200 registrations, representing 14.64% of the total. Despite recent market volatility, the pace of capital inflow has not slowed. Industry news suggests a product from a major quantitative private fund manager raised over 4 billion yuan in just two days, sufficiently reflecting market optimism towards equity assets.
The intensive issuance of products by private fund institutions has also fueled explosive growth in their management scale, with the number of private fund managers exceeding 10 billion yuan in assets reaching a record high. Data from Simuwang shows that from January to February, a total of 16 private fund managers saw their assets under management rise to over 10 billion yuan. As of March 18, the number of these major private fund managers had expanded to 126, setting another historical record. Among them, 11 were newly added to this group, while 5 managers returned to the cohort.
As the A-share market recently adjusted, sidelined capital seized the opportunity to buy the dip. Multiple data points indicate that incremental funds are continuously flowing into the A-share market. On March 23, against the backdrop of a significant market decline, the action of buying the dip via ETFs was particularly evident, with ETFs across the market receiving a net inflow of 19.4 billion yuan against the trend. Broad-based ETFs were the preferred choice for this activity. The Huatai-PineBridge SSE 300 ETF saw net inflows exceeding 3.7 billion yuan, ranking first. The Fullgoal SSE Composite Index ETF and the ChinaAMC SSE 50 ETF saw net inflows of 1.82 billion yuan and 1.58 billion yuan, respectively. In terms of tracked indices, ETFs related to the SSE 300 Index received nearly 6 billion yuan in net inflows that day.
Regarding the phenomenon of 122 private securities funds being registered in a single day, industry analysis points to two core reasons. On one hand, the capital side faces pressure from an "asset shortage," forcing an upgrade in asset allocation. As risk-free interest rates continue to decline, and low-yield assets like bank deposits and traditional wealth management products mature, there is an urgent need for capital to seek higher-yielding investment targets. Against the backdrop of the policy stance that "housing is for living, not for speculation" and volatility in the bond market, equity assets with long-term appreciation potential naturally become a "safe haven" for capital. Furthermore, the continuous entry of allocation-oriented funds, such as FOFs, has further diverted stable capital, collectively driving up the issuance热度 of private securities funds.
On the other hand, the market offers a "golden pit"布局 opportunity. After the A-share market's震荡回落, valuation bubbles have been effectively squeezed out, and many high-quality标的 now offer high cost-effectiveness and安全边际. At this juncture, private fund institutions, leveraging their professional investment research capabilities, are actively accumulating quality holdings at lower levels. High-net-worth clients are also recognizing this window to "pick up筹码" and choosing to increase their allocation to private fund products. This反向共振 of "market low point + ample capital" is the core reason for the recent surge in private securities fund registrations.
Analysis suggests that the recent adjustment in the A-share market is essentially an emotional release driven by the combined effect of external geopolitical conflicts and a global decline in risk appetite. Historical patterns show that the impact of geopolitical conflicts on markets is significantly short-term. As situations ease, asset prices will return to a track dominated by industrial and policy fundamentals. The Chinese capital market is accelerating its rise as a global "safe haven" for capital. Since March, despite intensified external volatility, northbound capital has overall maintained resilience, with some allocation-oriented funds even increasing their positions against the trend. This is not coincidental but a rational choice within the wave of global asset rebalancing.
Domestic resilience provides a solid "ballast" for the market. The government work report clearly outlined a transition for the capital market from being "financing-oriented" to "investment-oriented." The parallel trends of trillions in incremental insurance capital and the normalization of delistings are driving a reconstruction of the valuation system and a premium for quality assets. Although the economic recovery is not steep, structural bright spots in areas like AI computing power, semiconductors, and high-end manufacturing are clear, and industrial trends remain unchanged. There is a firm belief that the current adjustment precisely provides a rare "golden pit" window for rational capital to position itself.
Capital flows represent the most genuine vote of confidence. AMAC data shows that over 240 private fund products were registered on March 20 and 23 combined, with securities funds accounting for over 80% of them. The密集入场 of private funds, often regarded as "smart money," signifies deep recognition of the market's配置价值 following the adjustment. The focus is primarily on three main themes: technological growth, consumption recovery, and advanced manufacturing. Strategically, the short-term focus is on consolidation and accumulation, paying attention to the defensive value of high-dividend yield assets and the mispriced opportunities in leading tech companies. The medium term involves closely following the momentum from order fulfillment in innovative sectors like computing power, semiconductors, and robotics. In the long term, benefiting from the deepening of capital market reforms and the trend of institutionalization, the A-share market is moving towards a new ecosystem of a "long-term slow bull."