Event: Recently, the China Foundation Association released the top 100 list of 2021q4 public fund sales holdings. The total holdings of stocks + mixed public funds in the top 100 were 6460.9 billion yuan, a month on month increase of + 4.9%, and the holdings of non monetary funds were 8326.2 billion yuan, a month on month increase of + 8.7%.
General overview: the scale of ownership has been further improved, and the market share of independent sales institutions has increased steadily
(1) in terms of ownership scale, the scale of non commodity based and equity funds of the top 100 sales institutions further increased, and the market share decreased slightly. As of 2021q4, the stock sales of the top 100 public funds + the holding of mixed public funds was 6460.9 billion yuan, a month on month increase of + 4.9%, accounting for 74.8% of the whole market, a decrease of 2.0pct compared with 2021q3; The volume of non commodity basic guarantee was 8326.2 billion yuan, with a month on month increase of + 8.7%, accounting for 51.7% of the whole market, a decrease of 1.2pct compared with 2021q3.
(2) in terms of the number of institutions, the number of securities companies is the largest, which has decreased month on month, and the number of independent sales institutions is the largest. As of 2021q4, among the top 100 institutions, there are 46 securities companies, 31 banking companies, 18 independent sales organizations and 5 others. Compared with 2021q3, there are 2 independent sales organizations, 1 banking company and 3 securities companies.
(3) from the perspective of ownership structure, the market share of independent sales institutions has increased, further eroding the market share of banks and securities companies. As of 2021q4, under the stock + hybrid caliber, the banking system is 43.9% > independent sales institutions 19.5% > securities companies 10.9%, which is -1.6pct / + 0.4pct / – 0.9pct respectively compared with 2021q3. The market share of the ownership of each channel under the non commodity based caliber is 27.3% in the banking department > 17.7% in the independent sales organization > 6.3% in the securities department, which is -1.4pct / + 0.8pct / – 0.6pct respectively compared with 2021q3.
(4) the concentration of head institutions declined slightly, and the fund ranking rose to the third place every day. China Merchants Bank Co.Ltd(600036) , ant fund and Tiantian fund occupied the top three of the list. Tiantian fund surpassed Industrial And Commercial Bank Of China Limited(601398) for the first time and was promoted to third place. The market share of CR10 stock + hybrid / non commodity funds was 48.3% / 32.7% respectively, down 1.0pct/1.0pct compared with 2021q3.
In terms of various channels, the competition pattern has intensified, and the fund scale and market share have increased every day
(1) within the channels of independent sales institutions, the holding scale of Tiantian fund stock + mixed / non commodity funds was 537.1/673.9 billion yuan, with a month on month ratio of + 10.9% / 16.5% and a market share of 6.22% / 4.13%, an increase of 0.18pct/0.19pct respectively. The market share and ranking of Tiantian fund have been further improved, and the growth rate is the fastest among the head institutions. It is expected to benefit from the user transformation brought by the advantages of flow and rate, as well as the launch of many securities companies and public fund investment advisory products. The overall market share of ant fund has declined, and the market share of stock + hybrid / non commodity fund is 8.43% / 8.07%, down 0.07pct/0.19pct respectively. In addition, the holdings of Jiyu fund and Huicheng fund stock + hybrid fund reached 58 / 48.9 billion yuan respectively, with a month on month increase of + 29.5% / 50.9%, and the market share increased by 0.11pct/0.16pct respectively. Both the holdings and market share increased significantly, mainly due to the layout of their institutional business areas.
(2) within the channels of securities companies, the top three stocks + hybrid funds are CITIC (104.8 billion), Huatai (85 billion) and GF (70.2 billion), with a chain ratio of – 4.3% / + 3.3% / – 4.6% respectively. The market share decreased by 0.15pct/0.04pct/0.11pct respectively, and the market share decreased. The brokerage channel has significant advantages in equity investment research and product creation. It is expected that the sales of follow-up fund investment consulting products and private placement products are expected to become a new growth point.
(3) within the banking channel, China Merchants Bank, Shanghai Pudong Development Bank, Minsheng and five major banks continue to rank top 10 in the industry, but the market share of seven banks other than China Merchants Bank has decreased, and they are facing great competitive pressure as a whole.
Investment suggestion: the overall fund sales industry of 21q4 still maintains a high growth, the internal pattern changes are intensified, and independent fund sales institutions show a higher growth rate. The increase of fund scale and market share every day is significantly better than that of peers. The subsequent channels of securities companies are expected to achieve a breakthrough in the sales of fund investment advisers and private placement products. We suggest paying attention to [China stock market news] with excellent customer quality and traffic advantages, as well as head securities companies with leading wealth management transformation and excellent product creation ability, such as [ Citic Securities Company Limited(600030) ], [ China International Capital Corporation Limited(601995) ] and [ Orient Securities Company Limited(600958) ].
Risk tip: the scale of new development funds is less than expected, the supervision is significantly tightened, and the liquidity is tightened
