Activity site

The Shobak is the achievements in four areas, respectively, the Custodian, the Beijing, the Good Heart, the Life at the Case, and all four, respectively, on behalf of Mr. Shub.

The Custodian, which brings together mainly the origins of the sulphetamine, long years of isolation, medium-term berthing, studies in English, evening, with a bizonality of grievance, and the customary love of the old, are first-hand information to study the inertia of the old.

The Beijing good is the beauty of the Beijing winds, as well as the symbiosis of the Beijing quandaries, the cemetery, the examination of cultural heritage, such as the Beijing Grand Canal, and protection.

The Museum of Good Hearts is the foundation of the Chinese Museum of Modern Literature and the origin of literature.

The Life in the Case is the story of the shining family, and can be seen as the man of Shuba who worked in the modern literary galleries.

As has been said, each time he writes articles, he will look for a more unique perspective in which articles can be written with novel work, which is in line with the creative minds of “five hundred years of new ideas, to the millennium”. He worked in the modern literary library in China, which was the subject of modern literature and was not the subject of modern writers, and had filled another blank of modern Chinese literature with many unknown minor details, which he liked to write. Another major feature of the Shobeth article is the maintenance of a “morphony land”, a culture of taste and preservation in Beijing.

As early as 2014, when the General Secretary for Peace was studying Beijing, it was pointed out that the culture of history was the soul of the city, protecting the historical cultural heritage of the city as it loved one’s life. Beijing is a well-known past of the world, and a rich historical cultural heritage is a golden feature that preserves this valuable historical heritage. As a former member of the National Council for Political Affairs, political participation is a job, and many of his proposals are on the subject of “the protection of historical cultural heritage”, which is a symptomatic of the preservation of the culture of inherited peoples. Some of the ancient buildings of the Old Beijing City have indeed attracted attention from the go-and-calls of Shub.

Undoubtedly, the publication of the Shobak collection is a useful attempt by us to tap into the Beijing culture, to shed light on the historic city of Beijing and to help build the national cultural centre in Beijing.

New energy sources for industry news dealers

2023-04-25 07:02:56 Sharing

Since this year, the continuous adjustment of a shares has caused heavy losses to many fund investors.

Many people may think that the investment ability of domestic fund managers with the halo of doctors and returnees must be quite strong, and it is much better to leave the money to them for management than to make trouble by themselves. But this is not the case. According to wind data, in fact, many fund managers can not beat the CSI 300 index. Even some fund managers are not mature and professional investors, but more like a large retail investor, that is, the retail of institutions.

Recently, the CSRC issued 16 opinions on promoting the high-quality development of the public fund industry, comprehensively summarized various problems in China’s public fund industry, and gave a “prescription”, which mentioned that effective regulatory measures should be taken to limit the “high turnover rate” and other behaviors to win the income of short-term transactions, and severely crack down on the “rat warehouse”, market manipulation, interest transfer, non fair trading and other illegal behaviors that damage the interests of fund holders.

Today, we will show you how fund investors are harvested. Although there are many reasons for being harvested, we will start one by one from the stock market hyperactivity disorder and benefit transmission of xingyin fund.

1、 The fund company is guilty of stock market hyperactivity disorder, and xingyin changes hands 50 times a year

Stock market ADHD is a kind of disease, which is not only attracted by retail investors, but also “severely infected” by some fund managers. We can measure it through the two indicators of “Commission scale ratio” and “annual turnover rate”.

“Commission scale ratio” refers to the ratio of the total commission paid by the fund during the reporting period to the fund scale. The greater the ratio, the more frequent the position adjustment of the fund manager, and the higher the transaction cost that the fund holder needs to pay for the fund manager.

As of April 30, sina finance and economics has selected fund products with a scale of more than 20 million yuan. After arranging the “Commission scale ratio” in descending order, it is found that xingyinjing bearing preferred fund ranks first in the whole market, and the Commission scale ratio is as high as 6.26%, which means that investors buy 100 yuan funds, of which 6.26 yuan is used to pay the transaction commission of fund managers. Taking into account the management fee of 1.5%, the custody fee of 0.2%, the subscription fee of up to 1.5% and the redemption fee of up to 1.5%, the overall rate is about 10%, which makes the fund investors feel embarrassed?

The “Commission scale ratio” of Boshi quantitative value fund (a fund with high-frequency transactions through procedures), which ranks 20th, is only 2.25%, far less than 6.26% of xingyinjing bearing preferred fund. In other words, the Commission scale ratio of xingyinjing bearing optimization fund is 2.78 times that of Boshi quantitative value fund. In addition, the 5th place is xingyin strategic smart selection fund, which is also a product managed by xingyin fund, with a commission scale ratio of 3.16%.

In terms of yield, xingyinjing bearing optimization fund also can not catch up with Boshi quantitative value fund. From January 1 to April 30, the yield of Boshi quantitative value a was - 14.47%, outperforming the CSI 300 index (- 18.71%) by 4.24 percentage points, and the yield of xingyinjing bearing optimization a was - 31.96%, outperforming the CSI 300 index by 13.25 percentage points. This means that xingyinjing bearing optimization fund has brought huge losses to investors with higher trading frequency.

According to wind data, in 2021, the preferred turnover rate of xingyinjing was 5007.17%, the total purchase amount of shares was 11.131 billion yuan, the total sales amount of shares was 11.688 billion yuan, the difference between sales and purchases was 557 million yuan, the transaction cost was 30.2196 million yuan, and the transaction commission was 16.4879 million yuan!

As of April 30, the scale of xingyinjing bearing optimization fund was 9949 million yuan. Even if it was calculated based on the scale of 624 million yuan on December 31, 2020 (340 million yuan on June 30, 21 and 133 million yuan on December 31, 21), the turnover is still very amazing data. A fund with a scale of only a few hundred million can brush out a turnover of more than 10 billion a year and generate a transaction cost of 30.2196 million yuan. Such data is too exaggerated! All these costs are paid by fund holders.

It should be noted that xingyinjing bearing optimization fund is a hybrid fund, and its performance comparison benchmark is the yield of Shanghai and Shenzhen 300 index × 70% + yield of China bond composite index × 30%。 However, according to the data in the first quarterly report, xingyinjing bearing optimization fund holds 92.97% of stocks, 5.42% of bonds, 1.3% of bank deposits and 0.32% of other assets. Obviously, fund manager Yang Kunchao allocated stock assets.

However, Yang Kun’s over allocation of shares and high-frequency trading did not bring benefits to the holders, whether absolute or relative. As of April 30, the net value of xingyinjing bearing optimization fund was 0.7374 yuan, which means that investors are facing a loss of nearly 30%, while the relative return is 14.36 percentage points lower than the benchmark. Under the operation of Yang Kun, xingyinjing bearing optimization fund has changed from a midstream fund to a bottom end fund. Perhaps because of the poor performance, Yang Kun’s management scale suddenly fell from 1.75 billion yuan in Q1 in 2021 to 310 million yuan in Q1 in 2022, a drop of 82.29%, while it was only one year before and after.

In fact, in xingyin fund, the fund manager who can’t control is not only Yang Kun, but many fund managers who have committed stock market ADHD at the same time.

As of April 30, there were 31 hybrid funds and equity funds under Xingyin Fund (for the convenience of statistics, class A and class C shares are calculated respectively). In 2021, the funds with a turnover rate of more than 10 times under xingyin fund are xingyin prosperity optimization, xingyin strategy intelligent selection, xingyin China Securities 500 index enhancement, xingyin Dingxin, xingyin research selection, xingyin Fengying, xingyin technology growth for one month, and xingyin consumption trend. However, the performance of these funds is not as amazing as their turnover rate. Two thirds of the funds have lost money since their establishment (combined class A and class B)

From March 1, 2021 annual individual income tax settlement officially began, and the individual income tax was refunded for more and compensated for less again. Many people received the “gift package” issued by the state.

In the personal income tax app, in addition to the six special additional deductions known to the outside world, many people found that there are three types of insurance that can also deduct individual income tax: annuity insurance, commercial health insurance and tax deferred endowment insurance.

Does this mean that we can also deduct tax on the commercial insurance we usually buy? Not really!

The interface news reporter learned that the tax deductible annuity insurance is neither the annuity in the “five insurances and one fund” paid at ordinary times, nor the annuity insurance sold by insurance companies on a daily basis, but refers to the individual contribution part of enterprise annuity or occupational annuity paid by individuals according to relevant national policies and regulations. The part that does not exceed 4% of the tax base of my paid salary shall be deducted from the taxable income temporarily.

The tax deduction of enterprise annuity does not need to be applied by individuals. If the taxpayer’s enterprise has an enterprise annuity plan and participates in it, the deduction amount will be automatically displayed. However, enterprise annuity is not compulsory, and individuals can’t buy it on the market, so not everyone has it.

The second type of tax deductible insurance is commercial health insurance, which specifically refers to tax excellent health insurance. The expenses of individual residents for purchasing qualified commercial health insurance products are allowed to be deducted before tax when calculating the tax payable, and the deduction limit is 2400 yuan / year (200 yuan / month).

The basic structure of tax excellent health insurance is a one-year consumer health insurance of “medical insurance + universal insurance”. After deducting the medical insurance expenses, the remaining part of the premium is deposited into the universal insurance account for future payment or purchase of other commercial insurance, but it cannot be withdrawn. At present, the yield is about 2-2.5%.

Zhang Wei, a North American actuary, introduced to the interface news that in addition to tax deduction, tax excellent health insurance also has two advantages: it can be insured with illness and guarantee renewal. However, he also pointed out that the insured amount of tax excellent health insurance is not high. For healthy people, the annual insured amount is 200000-300000 and the lifelong insured amount is 800000-1.2 million. If it is a previously ill population, the general practice in the industry is that the annual insurance amount is only 40000 and the lifelong insurance amount is 150000.

Because tax priority health is policy and inclusive, and has the characteristics of guaranteed renewal, insurance with illness and no deductible, insurance companies bear higher risks. In order to avoid the risk of adverse selection, insurance companies generally only accept corporate group insurance, and few insurance enterprises open individual purchase.

The third type of tax deductible insurance is tax deferred pension insurance, which refers to the individual who obtains the income from wages and salaries and continuous labor remuneration (except for specific industries), which shall be determined by deducting 6% of the income from wages and salaries and continuous labor remuneration in the current month and 12000 yuan, whichever is lower, according to the amount recorded in the tax deferred pension insurance deduction certificate.

In short, it means that taxpayers now increase the threshold of individual income tax by purchasing tax deferred pension insurance, and pay back the tax when they retire to receive pension. Tax deferred endowment insurance is currently available only in Shanghai, Fujian Province (including Xiamen) and Suzhou Industrial Park.

An insurance broker revealed that because the interest rate of tax deferred pension insurance has no advantage over annuity insurance in the market, and the amount of tax deductible is small, it has been tepid.

If taxpayers purchase the above three types of insurance policies, they can obtain a unique “tax priority identification code” and report on their own in the personal income tax app. Take tax excellent health insurance as an example, you can enjoy the pre Tax Deduction Policy of 2400 yuan per year (200 yuan per month). However, 2400 yuan is not the actual amount of reduction and exemption. According to the calculation of 10000 monthly salary, it can pay 240 yuan less tax every year.

Schematic diagram of tax priority identification code