The opening of refinancing business of public funds, especially index funds, has a significant and far-reaching impact on the development of the entire capital market and index funds.

First, the opening of the refinancing business is of great significance to the future development of the capital market. With the launch of the Science and Technology Innovation Board, the capital market has ushered in major institutional reforms, including registration system, information disclosure, investor suitability, and refinancing business.

Science and Technology Innovation Board is not only a brand new sector in the capital market, but more importantly, a test field for capital market reform. As far as refinancing business is concerned, it includes not only the refinancing business of the science and technology innovation board, but also the refinancing business of the main board.

The lending of the strategic placement stocks of science and technology innovation board will have a positive effect on the price discovery and market valuation of science and technology innovation board. Judging from the margin trading business in the main board market, there are more margin trading and very few securities lending. The core reason is that the source of securities lending is insufficient, and the one-tier long mechanism cannot fully utilize the function of capital market price discovery. The opening of refinancing business of public funds, especially the index fund, is very meaningful for expanding the source of securities and establishing a two-way mechanism for pricing individual stocks.

Second, the refinancing business is also beneficial to the development of index funds. On the one hand, from overseas data, index funds are important providers of source of securities lending, and about 40% of the securities lending are provided by index funds. This is determined by the characteristics of the index funds, that hold long-term constituent stocks to track index, so the index fund can lend a certain percentage of the constituent stocks held. On the other hand, opening the refinancing business are not contradictory to the investment principle of the index fund and also helps to improve the liquidity management of the fund products.

And the management fees of index funds are significantly lower than actively managed funds. At present, most domestic fund management fee is about 0.5%, while the actively managed fund management fee is 1% to 1.5%. It is estimated that the size of securities that can be borrowed from the index fund is at around 30%, and in most cases it may be between 20% and 30%. According to the interest rate of refinancing business provided by CSF, the index fund can obtain a 0.4% to 0.5% return through the refinancing business, which can basically cover the current management fee. Some index funds, such as the type of index funds with management fees of 0.15% and 0.2%, can also obtain excess returns.

The A-share market has entered a stage of increasing market effectiveness. According to overseas experience, in the stage of gradually increasing market effectiveness, index funds will have a large space for rapid development.

The refinancing business will bring attractive returns to the index fund. Because the current income of refinancing business is totally included in the fund assets, and this will once again increase the return of the index fund. Judging from the rating report of securities companies and research report of funds, in the past five years, the cumulative return of most actively managed funds is difficult to beat the mainstream index funds, and its success rate is less than 30%. The benchmark here refers to the full-income benchmark, not the price benchmark. The income of the future index fund plus the income from refinancing business is basically the full income. Therefore, index funds have an advantage in future competition.

Third, the refinancing business is very beneficial to improve the competitiveness of index funds and increase the returns of investors. What should the public fund do in the refinancing business?

Above all, the public fund must be cautious to avoid various risks, including liquidity risk and credit risk. Liquidity risk refers to whether the securities the fund borrowed can smoothly respond to the purchase and redemption, and whether it can smoothly and safely adapt to large redemptions during the stress test. This is a key to ensuring that the fund does not have liquidity problems. In terms of credit risk, although the counterparty of the refinancing business is CSF, which is carrying the national credibility, the abnormal situation of the counterparty, the repayment of the refinancing business and the fund situation should still be monitored constantly and updated dynamically.

The opening of refinancing business of public funds is very important for the development of the domestic capital market, and can effectively provide a rich source of securities for investors to use. In addition, the refinancing business will improve the A-share two-way pricing mechanism, making the pricing of individual stocks more reasonable. From the experience of overseas markets, such as the US market, its securities lending is very convenient, and the pricing of stocks is more reasonable.

转融通 给指数基金带来发展福音
公募基金特别是指数基金开通转融通业务对整个资本市场及指数基金的发展具有重大而深远的影响。
第一，转融通业务的开通，对未来资本市场的发展具有重要的意义。随着科创板的推出，资本市场迎来了重大制度改革，包括注册制、信息披露、投资者适当性、转融通业务等。
科创板不仅仅是资本市场中一个崭新的板块，更重要的是资本市场改革的试验田。就转融通业务而言，本次开通的不仅有科创板的转融通业务，而且还包括主板的转融通业务。
因此我们认为，科创板的战略配售股票的借出，将对科创板股票的价格发现及市场估值产生积极作用。从主板市场的两融情况来看，融资比较多，融券非常少，其核心的原因是券源不足，市场单边做多，不能充分发挥资本市场价格发现的功能。本次公募基金特别是指数基金转融通业务的开通，对扩大券源、建立完善个股定价双向机制，都是非常有意义的。
第二，转融通对指数基金的发展同样非常有利。一方面，从海外的数据来看，指数基金是重要的券源提供方，40%左右的券源是由指数基金提供的。这是由指数基金复制跟踪指数的特征决定的，指数基金长期持有成分股，因此指数基金可以将持有的成分股证券的一定比例进行出借。另一方面，指数基金开通转融通业务和指数基金的投资原理不仅没有冲突的地方，而且有利于提升基金产品的流动性管理。
值得一提的是，指数基金的管理费要明显低于主动投资。目前国内主流的基金管理费大概是0.5%，而主动投资基金的管理费是1%至1.5%。我们初步测算，指数基金可以借出的规模在30%左右。当然，大多数情况下可能会在20%至30%之间。按照当前证金公司所提供的转融通的利率，指数基金通过转融通业务大概能获得0.4%到0.5%的收益，对指数基金的收益有一个比较好的提升，基本能够覆盖当前的管理费。部分指数基金，如管理费在0.15%、0.2%这类型指数基金，还能够获得超额收益。
我们认为，A股市场已经进入市场有效性逐步提升的阶段。而根据海外的经验，在市场有效性逐步提升的阶段，指数基金将迎来快速发展的大空间。
转融通业务将给指数基金带来颇有吸引力的收益。因为目前转融通的收益百分之百计入基金资产，这将再次提升指数基金的收益。从券商评级报告、基金研究报告来看，过去的5年里，绝大部分主动基金的累计收益难以战胜主流指数基金，其战胜率不足30%。这里的基准指的是全收益基准，而非价格基准。未来指数基金的收益加上转融通收益，基本上就是全收益。因此，指数基金在未来的竞争中占据优势。
第三，转融通业务对提高指数基金竞争力、提升投资人收益是非常有利的。那么，如何更好地做好转融通业务呢？
首先要防范风险，具体包括流动性风险和信用风险。流动性风险指的是你借出的券能否能够顺利、平稳地应对申购赎回，是否能够在压力测试的时候平稳安全地度过大额赎回。这是确保基金不出现流动性问题的一个关键。信用风险方面，国内采取的是证金授信的模式。我们转融券的对手方是中证金融公司，中证金融公司背负的是国家信誉。尽管如此，我们仍对交易对手可能出现的异常情况、转融通的偿还情况以及资金情况保持实时跟踪和动态更新。
在这种情况下，我们为基金投资人尽可能创造更多的收益，扩大我们的券源需求方，寻找到最稳定持续的好交易对手。整体来看，公募基金开通转融通业务，对国内资本市场的发展非常重要，能有效提供真实的丰富的券源，提供给投资者使用。另外，转融通业务将完善A股双向定价机制，使得个股的定价更为合理。从海外市场的经验来看，如美国市场，其融券非常便利，股票的定价更为合理。
华安基金是国内最大的指数基金管理团队之一，作为第一批开通转融通业务的基金管理公司，一方面，我们会积极地将符合条件的指数基金尽快借出去；另一方面，我们将切实做好风险管理，在发展业务的同时做好风险控制，确保不出现任何异常情况。