Event: on January 28, the China Fund Industry Association released the data of the top 100 public funds held by Q4 fund consignment institutions in 2021. The scale of daily fund equity consignment surpassed ICBC for the first time and ranked third in the industry.
Key investment points
The concentration of public funds continues to decline, and the competition pattern has not yet formed; The retention scale of Tiantian fund equity class has increased by leaps and bounds, catching up with ICBC and ranking third in the industry. 1) According to the statistics of the fund industry association, as of 2021q4, the holding scale of non money market public funds had increased from + 11.12% / 35.94% month on month / year on year to 16.09 trillion yuan. Among them, the total ownership scale of equity funds increased by + 7.72% / 34.45% to 8.63 trillion yuan month on month / year on year, CR100 decreased by 1.99pct to 74.84% compared with 2021q3, and CR10 decreased by 1.00pct to 48.33% compared with 2021q3. The overall concentration decreased, and the competition pattern has not yet appeared. 2) China Merchants Bank, ant, Tiantian, ICBC and China Construction Bank still rank among the top five equity funds in the industry (7910 / 7278 / 5371 / 5356 / 405.5 billion yuan), maintaining the leading position in the industry. Among them, Tiantian fund has the highest growth rate (mom + 10.95%), with significant advantages of online platform. 3) Tiantian fund maintained a significant increase, and the scale of equity public funds increased from + 10.95% to 537.1 billion yuan month on month, with a market share of 6.22%, surpassing Industrial And Commercial Bank Of China Limited(601398) (scale increased from + 2.86% to 535.6 billion yuan month on month, with a market share of 6.20%) for the first time, ranking third in the industry; The number of non monetary public offering funds increased by 16.53% month on month to RMB 673.9 billion, and the market share increased by 0.27pct to 4.19% compared with 2021q3, ranking third in the industry, with significant advantages in platform scale expansion.
The efficiency and cost advantages of the platform are gradually emerging, and the market share of the platform system continues to increase, crowding out the market space of traditional securities companies and banks: 1) as of 2021q4, the ownership scale of equity funds is still led by the banking system, accounting for 8 seats in CR10 and 15 seats in cr30. Among the top 100 equity funds, the total scale (market share) of banking / equity decreased by 1.57pct to 43.86% compared with 2021q3, and the scale of banking equity increased by + 4.00% to 3.79 trillion yuan month on month. The bank mainly relies on its massive business outlets and new products, so it is more obviously affected by the fluctuation of New Development Fund (according to wind statistics, the scale of 2021q4 equity new development fund is 278.4 billion yuan, with a chain comparison of – 41.55%). 2) Securities companies are highly dependent on the scale and stickiness of brokerage customers and actively expand investment consulting business and public fund business. Among the top 100 equity funds, the total scale (market share) of securities companies / equities in 2021q4 decreased by 0.88pct to 10.88% compared with 2021q3. 3) The platform system led by ant fund and Tiantian fund has gradually expanded the scale of ownership and market share by virtue of its own flow, convenient and fast experience and other advantages. According to the ownership data of the top 100 equity public offerings, the scale of the platform’s equity increased from + 10.08% to 1.70 trillion yuan month on month; The total scale (market share) of platform system / equity increased by 0.42pct to 19.73% compared with 2021q3, mainly due to the remarkable standardization characteristics of public funds. Compared with banks and securities companies, the platform system has lower rates, more flexible marketing means and more attractive community, which is deeply favored by young customers / professional customers, driving the overall market share of the platform system to rise; The total equity scale (market share) of platform CR3 (ant, Dongcai and tengan) / increased by 0.07pct to 15.71% compared with 2021q3. The growth rate is not as fast as the market share of platform system. The competition pattern has not yet appeared, and small and medium-sized platforms are expected to overtake in curves.
Equity mutual funds welcome the golden age. The sales efficiency of online platform standard products is much higher than that of offline, and they are optimistic about industry leading companies. 1) The reform of the capital market continues to release dividends. The “new regulations on asset management” has given the advantages of the public fund system. With the gradual formation of the all-round supervision system of the fund industry, the sound development of the fund industry has laid a solid foundation from the institutional level. The implementation of the fund investment advisory business will improve the discourse position of individual investors in the equity market and effectively promote the transformation of residents’ assets into medium and long-term funds, This has ushered in a new period of development for China’s fund industry. 2) Compared with traditional securities companies, the platform system has flow and scientific and technological advantages, and the sales capacity and efficiency of online channels for public offering standard products are much higher than offline. We believe that in the golden age of wealth management development, head institutions have core advantages in capital strength and competitiveness, and the medium and long-term industry concentration is expected to be further improved.
Investment suggestion: with the rapid development of the scale of the equity market and entering the golden age, the era of wealth management will test the core competitiveness of institutions in many aspects. It is recommended to focus on [China stock market news] with continuous cash flow and further improvement of the wealth financial ecosystem, and [ Citic Securities Company Limited(600030) ] and [ China International Capital Corporation Limited(601995) ] (Hong Kong stocks), the leading securities companies in the industry in the transformation of wealth management. It is recommended to pay attention to [ Gf Securities Co.Ltd(000776) ].
Risk tips: 1) China’s macroeconomic downturn; 2) Stricter financial supervision affects the development of the industry; 3) The epidemic control was less than expected.
