The first wave of internet finance heats down

Andrews

With the decline in the revenue of baby-like Internet banking, the first wave of Internet finance heats down. After fund companies and the Internet first come together in the IMF, they are looking for the second wave of innovation. The application of big data may be the future direction. However, The company will seize the high point and explore the depth of cooperation between the two sides.

Last week, the South Fund and the GF Fund released almost the same time the news will be the layout of big data finance. Among them, the Southern Fund and Sina financial cooperation launched the "big data strategy index", and GF Fund and Baidu, China Securities Index Co., Ltd. jointly launched the "CSI Baidu 100 Strategy 100 Index."

This is the first introduction of Internet search data and user behavior data into the innovation process in the index area to more accurately capture the impact of investor behavior on stock price changes, which is a new area even overseas.

In fact, the development of financial markets can even be explained, studied and predicted based on behavioral finance, micro-individual behavior and psychologically motivated behaviors. Especially for A-shares, which account for 80% of the trading volume by retail investors, the behavior of a large number of individuals appears to be more informative.

However, there has been a lack of technical means in the market to capture a large amount of data about individual behaviors until the popularity of mobile phones and related APP software. What is the market space for product development based on behavioral finance? Big data using the Internet to stocks is tricky? Everything has yet to be tested.

Fund's role

If you look closely at the two cooperation, the final product may be made more or less the same, for example, both are strategic index, strategic index generally has its specific objectives, such as beyond the basic index, emphasizing its functionality.

But the specific mode of cooperation between the two is still a little different. For example, in "CSI Baidu 100 Strategy 100 Index" inside, the introduction of a special index company in the index preparation, and in the "big data strategy index", the Southern Fund's own quantitative team to complete the construction of quantitative factors and Compilation of indices.

One industry insiders told the "First Financial Daily" reporter analysis, in this big data financial cooperation, there are two of the most core, one is the data, the second is the quantification factor. It is clear that CSI has played a central role in this, and GF Fund may only be involved in providing relevant products in combination with the strategy index. From the fund company's point of view, GF Fund's initiative is not as good as the South Fund.

However, no matter what mode of cooperation, the introduction of big data of internet companies must add a new investment model to the quantitative analysis of fund companies.

"Big data has a nice feature that it can produce different correlations with traditional factors and avoid the situation where we have previously caused a pullback when we have all the quantitative analysis retreat, and other factors may have to retreat , This factor has its negative correlation, that is, it happens to perform better just when the performance of other factors is not good. "Liu Zhiping, director of Quantitative Investment Department of Southern Fund, said in an interview with this reporter.

How big is the imagination

How to capture these effective emotional factors and the weight of these emotional factors in the whole index are the core of the cooperation between the two parties, that is, the highest commercial secrets.

In this regard, Song Hongyu, director of the development of the CSI Research Company revealed that "100 Strategies 100 Index" in the selection of a sample of a comprehensive consideration of a variety of indicators, can basically be divided into financial factors, momentum factors and financial big data factor.

For the financial big data factor, Song Hongyu said that it would calculate the search increment or the total amount of search in Baidu financial big data for each stock in the last month respectively, and then use this data to build a factor analysis model to get The combined score of all the stocks in a sample space selects the 100 stocks with the largest internal value.

In principle, the development of the index, Southern Fund Deputy Director of Product Development Lu Luli said that in general, the design of the index has three purposes: First, the index is used to represent the market; second is to emphasize the investment function; third is to emphasize The ultimate deal. "And this index is designed we must consider both investment and transaction functions." He said.

An insider of Southern Fund told this reporter that not only index funds, in fact, behind the big data there is a huge imagination, for example, the ability to use big data to develop fixed-income products.

At present, including the South Fund and the GF Fund both said they would develop a series of products on the Sina platform and Baidu platform for sales, at the same time, there are many funds that will follow up the launch of similar products.

"The first wave of Internet finance is the cooperation between fund companies and the Internet in the Monetary Fund. Among them, Yuen Po has achieved great success. Today, as Yuen Po's earnings decline and heat decline, the market is also looking for a second wave of innovation, Big data applications may be one direction, fund companies have to occupy this high point, and this wave is characterized by the obvious 'a radish a pit' depth of cooperation, rather than open. "A Guangdong fund industry insiders This reporter said.