It is said that housing prices in Beijing have adjusted again.
Most likely because the stock market is performing too well, those who were previously hesitant about selling their houses are now more resolute; those who were unsure about buying are thinking of first making some money in the stock market before buying a house.
In any case, the profit effect of the stock market has siphoned off some liquidity from the real estate market.
Borg previously analyzed the public fund share data at the end of July (Note: The association only published the end of July data at the end of August).
At the end of July, the scale of public funds was 100 billion more than at the end of June, with the growth in scale mainly due to the increase in net value.
The purchase and redemption by investors affect the fund shares, so by observing the changes in fund shares, one can determine whether investors are net buying or net selling.
In July, the shares of closed-end funds, stock funds, and mixed funds are still decreasing, further verifying that retail investors have not yet entered the market through public funds this time.
The 招 industry then released the wealth sales data for the first half of the year (Note: The first half data was released at the end of August).
Non-monetary public fund sales amounted to 266.3 billion yuan, a year-on-year decrease of 7.8%. The structure shows that bond funds are not favored, while equity funds are starting to be preferred. Considering that the overall scale is declining, equity funds probably have not increased much, further confirming that retail investors have not yet entered the market on a large scale.
The trust sold 91.8 billion yuan, a year-on-year increase of 175%, and specifically mentioned that it was mainly equity-based. According to the new regulations, banks cannot sell private placements anymore; private placements need to be packaged as trusts to be sold at banks. The significant increase in equity trust sales indicates that high-net-worth individuals have entered the market. Based on the 90 billion scale of招商, the entire market is likely to have over a trillion yuan in new equity trusts, indicating that wealthy individuals are rushing into the market.
Summary: The national team and insurance funds entered the market early, and large investors have also gradually entered. Now we are just waiting for retail investors to come in on a large scale. The key is when will they come? When the association discloses the end of August data at the end of September, Borg will interpret it for everyone.
