1. Overall overview: by the end of 2021, the size of stock + mixed funds and non monetary funds in the whole market had reached 8.63 trillion and 16.09 trillion respectively, up + 8% and 11% from Q3. Among them, the total sales and retention scale of stock + mixed and non commodity funds in the top 100 reached 6.46 trillion and 8.33 trillion respectively, which was + 5% and + 9% month on month compared with Q3. The market share of CR100 consignment was 74.8% and 51.7% respectively, which was – 2pct- 1.2pct.。
Channel perspective: the market share of third-party consignment continues to increase. In terms of the ownership scale pattern of stock + hybrid fund, the ownership scale shares of banks, securities companies and third parties are 58.6%, 14.5% and 26.4% respectively; Compared with Q3, -0.5pct- 0.8pct.、+ 1.2pct.。 In terms of the scale pattern of non commodity basic insurance, the shares of banks, securities companies and third parties are 52.8%, 12.2% and 34.6% respectively; Compared with Q3, -1.5pct- 1.0pct.、+ 2.4pct.。
2. Third party fund sales agencies: stock + mixed and non commodity basic insurance scale + 10% and + 17% month on month respectively; Among them, ant, Tiantian and tengan are still in the top three. In addition, Jiyu (mom + 29%) and Huicheng (mom + 51%) have increased against the market, mainly because they have built an institutional financial management platform to provide operational convenience for institutional funds. By 2021h, institutional funds accounted for 48% of the non commodity based scale and 21% of the stock + hybrid scale.
Tiantian Fund: non commodity holding scale increased by + 17% to 673.9 billion month on month, and market share increased by + 0.2pct month on month To 4.2%; The stock + mixed ownership scale increased by + 11% month on month to 537.1 billion, and the market share increased by + 0.2pct month on month To 6.3%. The growth rate of Q4 holding scale of Tiantian fund is the highest among the top 20, and the scale of stock + mixed holding exceeds Industrial And Commercial Bank Of China Limited(601398) , ranking third. On the one hand, it is due to the high degree of standardization of public offering products, which are suitable for sales through Internet channels; In addition, it can continue to promote investor education and product operation through Internet operation, and its share continues to increase driven by its traffic and price advantages. On the other hand, the fund investment advisory products of many securities companies and fund companies are online in Tiantian fund. Therefore, the retention scale of this part is included in Tiantian fund. At present, the scale of fund investment advisory products has exceeded 50 billion (of which CITIC has exceeded 7 billion, Huatai, Guojun and Guolian have exceeded 10 billion and shenwanchao has exceeded 3 billion).
3. Securities companies: stock + mixed and non commodity based insurance scale were – 0.4% and + 0.8% month on month respectively. From the published data, most securities companies showed negative growth. Stock + mixed ownership scale: CITIC rose – 4.3% month on month to 104.8 billion; Gf’s mom was – 4.6% to 70.2 billion; The East rose – 6.2% month on month to 42.4 billion. On the one hand, various securities companies have vigorously promoted fund investment advisory products recently, but the consignment scale of this part is included in third-party platforms such as Tiantian fund, resulting in a decline in share. On the other hand, most securities companies prefer to sell private placement products with higher commission rates and more non standardized in terms of strategic orientation by virtue of their investment consulting ability advantages in equity.
CICC wealth, Galaxy and Ping An achieved positive growth. Among them, CICC wealth shares + mixed ownership scale increased by + 11% to 21.1 billion month on month, and the ownership scale of non monetary funds increased by + 13% to 26.5 billion month on month. We expect that CICC will lead the industry in the expansion of front office sales in 2022, driving the growth of its wealth management business (public offering + private placement).
4. Bank: the scale of bank stock + mixed and non commodity basic guarantee was + 4% and + 6% month on month respectively. Among them, China Merchants Bank Co.Ltd(600036) still has significant wealth management advantages, and still maintains high growth rate under the high base. The holding scale of stock + hybrid funds is + 8% to 791 billion month on month, and the holding scale of non monetary funds is + 11% to 870.1 billion month on month.
Investment suggestions: the market share of the third-party consignment institutions continues to rise. It is suggested to pay attention to China stock market news with scene and customer advantages in equity sales; Focus on CICC h and Huatai, which have advantages in selling public and private equity products on a commission basis.
Risk warning: the capital market fluctuates sharply; The third party’s market share is less than expected; The promotion of wealth management business of securities companies was less than expected.
