In the third quarter of 2021, the asset management scale of securities companies continued to expand and the asset management business continued to improve. By the end of the third quarter of 2021, the total scale of asset management business of fund management companies and their subsidiaries, securities companies, futures companies and private fund management institutions was about 65.87 trillion yuan, of which the scale of public funds was 23.90 trillion yuan, The private asset management business scale of securities companies and their subsidiaries is 8.64 trillion yuan, the private asset management business scale of fund management companies and their subsidiaries is 7.52 trillion yuan, the pension scale managed by fund companies is 3.73 trillion yuan, the private asset management business scale of futures companies and their subsidiaries is about 317.5 billion yuan, and the private fund scale is 19.65 trillion yuan, The scale of the special asset support plan is 2.28 trillion yuan.
Securities industry perspective
Recently, the average daily turnover of the two cities has returned to the normal level of trillion scale, with active transactions. From the perspective of supervision, the policy continues to be loose and good, providing a good development environment for the securities industry. In 2018, after experiencing the stage of large impairment losses caused by credit default events and the continuous downturn of the market, the securities industry began to repair its performance upward since 2019. In terms of policy, the timely RRR reduction signal proposed by the national high level recently is expected to stimulate the vitality of the overall financial sector, and then stimulate the valuation repair and upward of the securities sector.
At the current stage, we believe that the long-term benefits brought by the transformation of brokerage business to wealth management mode are the main performance growth point of the securities industry. The main reason is that residents' deposits are gradually changing from banks that bring low returns and liquidity to the stock market that can bring high returns and liquidity, which is superimposed on the expansion of the pilot fund investment adviser of securities companies and the gradual expansion of fund holdings, The outlook of the securities industry is rising. Affected by the tone of relevant national conferences and the measures of reducing reserve requirements and interest rates recently, the repair trend of the overall stock price of the securities industry has been started and is expected to continue to rise. In addition, the establishment of Beijing stock exchange will accelerate the development of the new third board, drive the growth trend of IPO business to further improve, and is expected to improve the activity of market transactions and continue to catalyze the performance of securities companies.
Risk statement
The implementation effect of the policy is less than expected, or even tightened, liquidity tightened, stock based turnover fell sharply, and the overall market downside risk.
