Event:
At the end of January 2022, China Securities Investment Fund Industry Association released the data of the top 100 companies with the holding scale of public funds in the fourth quarter of 2021. Among them, the holding scale of stock + mixed public funds totaled 6460.9 billion yuan, an increase of 4.93% month on month; The scale of non money market public funds was 8326.2 billion yuan, an increase of 8.67% month on month. (hereinafter referred to as "stock + mixed fund" and "non commodity fund").
Banking channels: the proportion of the scale of consignment sales is relatively stable, and the absolute scale increases month on month
In the fourth quarter of 2021, the holding scale of bank consignment shares + mixed funds was 3.79 trillion, an increase of 4.00% month on month; The holding scale of non monetary funds was 4.39 trillion yuan, an increase of 5.75% month on month. The proportion of bank stocks + mixed and non commodity funds in the top 100 consignment institutions was 58.60% / 52.79% respectively, which was about 0.89pct/2.70pct lower than 59.13% / 54.25% in the third quarter, which was significantly higher than that of securities companies, insurance and third-party institutions. At the same time, compared with securities companies and third-party institutions, banks have a full range of customer channels and sales outlets? The sales advantages of mixed funds are more obvious, and it is difficult to shake the leading position in the short term.
Brokerage channels: the scale of consignment holding has changed slightly, and the relative growth rate of non commodity funds is obvious; The proportion declined
In the fourth quarter of 2021, the holding scale of securities dealers selling shares on behalf + mixed funds was 939.2 billion, a month on month decrease of - 0.36%; The holding scale of non monetary funds was 1.01 trillion yuan, an increase of 0.75% month on month, and the change tended to be stable after the adjustment of statistical caliber. The proportion of brokerage stocks + mixed and non commodity funds in the top 100 consignment institutions was 14.54% / 12.20% respectively, which decreased by about 5.04pct / 7.29pct respectively compared with 15.31% / 13.16% in the third quarter, and the proportion decreased more, which is related to the impact of market fluctuations. However, the number of top 100 securities companies still has obvious advantages. In the fourth quarter, the number of top 100 institutions decreased by three securities companies ( First Capital Securities Co.Ltd(002797) , Datong securities and YueKai securities), and there are still 46 securities companies. The superposition of quantitative advantages has greater consignment elasticity, and has better consignment performance when the market environment is better or better.
Insurance and third-party channels: the growth rate of consignment scale is bright, and the growth of non commodity funds is strong
In terms of third-party institutional channels, the holding scale of stock + mixed funds was 1.71 trillion, with a month on month increase of + 10.11%; The holding scale of non monetary funds was 2.88 trillion yuan, an increase of 16.69% month on month. 26.42% of the top 100 banks and 34.42% of the top 100 non bank funds were sold on a commission basis. The head third-party sales institutions represented by ant fund, Tiantian fund and tengan fund still have obvious rapid growth brought by their platform advantages and flow advantages, and the retention scale of their non cargo funds increased by 90.68pct, 39.21pct and 102.04pct respectively compared with the third quarter. The investment goal of sound financial management is gradually in a dominant position. Although the number of insurance institutions has increased significantly, there is a large gap in the absolute amount.
Cr5 concentration: the concentration of third parties has decreased, which is still higher than that of banks and securities companies
In the fourth quarter, the scale of stock + mixed public funds and the scale of non monetary funds Cr5 of third-party institutions were 85.72% / 86.37% respectively. Although there was a decline, it still significantly exceeded the data of securities companies Cr5, and the degree of industry competition was relatively low. In the fourth quarter, the scale of stock + mixed public offering funds and the scale of non monetary funds Cr5 of securities companies were 36.91% / 37.46% respectively, and the number of top 100 securities companies was 46, with a high degree of industry competition. There is no significant change in the sales scale of bank public funds Cr5, and the competition pattern is relatively stable.
Recommended subject matter
In the long run, the growth trend of the scale and ownership of public funds sold on a commission basis remains unchanged. More importantly, how to convert the customers obtained in the initial stage into their own wealth resources for subsequent whole process wealth management services, from the fierce price war in the early stage to the role of having bargaining power and moat in the later stage. This will put forward higher requirements for the active management and investment research ability of various securities companies. Therefore, we recommend securities companies with wealth management characteristics and participating in high-quality public funds: Gf Securities Co.Ltd(000776) *, Orient Securities Company Limited(600958) *, China Industrial Securities Co.Ltd(601377) (*: not deeply covered yet)
Risk tips
The policy implementation process is not as expected, liquidity tightening and market systemic risk.
