Event Fund Industry Association released 2021q4 public fund consignment data.
In the fourth quarter, the growth rate of the number of public funds sold by financial institutions on a commission basis and the holding scale rebounded in 2021q4. The total number of public funds sold by Top100 Commission institutions on a commission basis was 329800, an increase of 17100 month on month; The number of public funds sold on a commission basis was 9079, an increase of 139 month on month. Among them, the cumulative holding scale of stock + mixed public funds was 6.46 trillion yuan, an increase of 4.93% month on month, from negative to positive; The cumulative holding scale of non monetary public funds was 8.33 trillion yuan, an increase of 8.67% month on month, and the growth rate was higher than that of 2021q3.
In 2021q4, the number of public funds sold by banks on a commission basis was weak, the holding scale was higher, and the market share decreased. In 2021q4, the number of public funds sold by banks, independent fund sales institutions, insurance companies and securities companies on a commission basis was 53600, 88200, 6600 and 170500 respectively, with month on month changes of 0.43, 1.21, 0200 and – 03000; The holding scale of stock + mixed public funds was 3.79 trillion yuan, 1.67 trillion yuan, 0.03 trillion yuan and 0.94 trillion yuan respectively, with a month on month change of 4%, 10.04%, 20.45% and – 0.4%; The retention scale of non monetary public funds was 440 million yuan, 283 million yuan, 04 million yuan and 102 million yuan respectively, with a month on month increase of 5.75%, 16.65%, 21.14% and 0.8%. From the perspective of scale, the market share of banks has declined. According to incomplete statistics of Top100 consignment agencies, the scale of bank stocks + mixed public funds accounted for 58.6%, down 0.53 percentage points month on month; The scale of non monetary public funds accounted for 52.79%, down 1.46 percentage points month on month. In contrast, the market share of third-party institutions has further increased, and the bank consignment business urgently needs transformation and adjustment to consolidate market competitiveness. Some banks have made efforts to promote the construction of open platforms, accelerate the introduction of whole market institutions and products, and reduce the subscription rate, which is conducive to helping customers carry out diversified asset allocation more effectively and further amplify the scale effect at the level of channel network and customer base.
The leading position of China Merchants Bank Co.Ltd(600036) is stable, and large state-owned banks rank high, but they are facing competition from third-party institutions. In 2021q4, the top five sales agencies of stock + mixed public funds are China Merchants Bank Co.Ltd(600036) , ant fund, Tiantian fund, Industrial And Commercial Bank Of China Limited(601398) and China Construction Bank Corporation(601939) , with the scale of 0.79, 0.73, 0.54, 0.54 and 0.41 trillion yuan respectively, with a month on month increase of 8.25%, 6.87% and 10.95% respectively 2.86% and 2.71%; The top five selling agencies of non monetary public funds are ant fund, China Merchants Bank Co.Ltd(600036) , Tiantian fund, Industrial And Commercial Bank Of China Limited(601398) and Bank Of China Limited(601988) , with the scale of 1.3, 0.87, 0.67, 0.6 and 0.5 trillion yuan respectively, with a month on month increase of 8.62%, 11.41%, 16.53%, 5.22% and 2.82% respectively. Among the bank consignment institutions, China Merchants Bank Co.Ltd(600036) is at the leading level. The stock + mixed public funds and non monetary public funds are stable in the first and second place in the industry, and have a gap with other banks. The leading advantage is stable. Most of the other top banks are large state-owned banks, but they are facing the impact of third-party institutions such as ant fund and Tiantian fund. In terms of the number of public funds sold on a commission basis, the number of public funds sold on a commission basis by the above-mentioned banks is below 30, lagging behind third-party institutions and securities companies; From the perspective of management scale, the holding scale of ant fund and Tiantian fund has exceeded that of most large state-owned banks, and the holding scale of non monetary public funds of ant fund has maintained more than trillion yuan.
It is suggested that the public fund consignment of the investment bank maintains the scale, the market is leading and continues to grow steadily, and the scale advantage is obvious, which helps to grasp the wealth management market opportunity, expand the profit space and promote the growth of medium income. Some banks with relatively leading wealth management layout have made up for their product weaknesses by reducing rates and building an open platform, so as to improve the competitiveness of consignment business and have broad growth space in the future. At the present stage, the banking industry is expected to benefit from steady growth, accelerate the release of the effect of wide credit, further optimize the business environment, and the prosperity is expected to rebound, basically facing the good trend. We continue to be optimistic about the low valuation repair opportunities of sectors and high-quality stocks, and maintain the “recommended” rating. For individual stocks, China Merchants Bank Co.Ltd(600036) (600036), Ping An Bank Co.Ltd(000001) (00000 1), Bank Of Nanjing Co.Ltd(601009) (601009), Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) (601128) and Bank Of Hangzhou Co.Ltd(600926) (600926) are recommended.
The risk indicates that the macroeconomic growth is lower than expected, resulting in the risk of deterioration of asset quality.
