1、 Public funds: new development is picking up, and the growth trend remains unchanged
According to the data of China Foundation Association, as of the end of November, the scale of equity + hybrid funds in China’s public raised open-end funds was 8.5 trillion yuan, with a month on month ratio of + 3.3%, a year-on-year ratio of + 43.9%, and a share of 5.5 trillion shares, a month on month ratio of + 2.4%, a year-on-year ratio of + 43.0%. The scale of non monetary funds was 15.5 trillion yuan, a month on month increase of + 5.0% and a year-on-year increase of + 40.6%.
Since this year, except that the share of equity public funds decreased slightly by 0.67% in May, both the rise and fall of the index have shown an upward trend. Although the growth rate is still affected by the rise and fall of the fund, it has walked out of the beta feature of “index decline and share decline” before, started a trend upward, and the scale of newly established funds has warmed up. Based on the establishment date of the fund, the newly established share of equity (stock + hybrid + fof) in November was 112.1 billion, a month on month increase of + 51.5% and a year-on-year increase of – 43.4%. The total share of newly established funds (all non monetary funds) was 207.4 billion, a month on month increase of + 72.4% and a year-on-year decrease of – 36.8%. As of November, the share of newly established equity funds this year was 2.1 trillion, a year-on-year increase of + 10.9%; This year, the newly established non monetary fund share was 2.7 trillion, a year-on-year increase of – 5.4%.
The expansion of funds in the “brokerage settlement mode” bond settlement mode accelerated. Among the newly established public funds in November, 12 were bond funds, with an issued share of 6.48 billion, accounting for 3.12% of the newly established funds in November.
Among them, there are 10 equity + hybrid funds, with an issuance share of 2.578 billion, accounting for 2.30% of the issuance share of the newly established equity fund in November.
2、 Private equity funds: the favorable policies of private equity funds are frequent, and the scale growth is expected to accelerate. By the end of November 2021, the survival scale of private equity funds is 6.1 trillion yuan, a month on month increase of + 0.4%, a year-on-year increase of + 63.1%; The survival scale of private equity funds was 10.5 trillion yuan, a month on month increase of + 0.1% and a year-on-year increase of + 11.4%; The survival scale of venture capital fund was 2.3 trillion yuan, a month on month increase of + 0.5% and a year-on-year increase of + 43.3%; The total scale of private equity funds was 19.7 trillion yuan, a month on month increase of + 0.2% and a year-on-year increase of + 24.0%.
In November, the newly filed private securities fund was 42.37 billion yuan, a month on month increase of + 34.1%, a year-on-year increase of – 32.0%; The scale of private equity fund was 33.91 billion yuan, a month on month increase of + 1.9% and a year-on-year increase of + 7.2%; The scale of venture capital fund was 19.92 billion yuan, a month on month increase of + 53.9% and a year-on-year increase of – 3.4%. The total scale of private equity funds newly filed by the association was 96.26 billion yuan, a month on month increase of + 23.7% and a year-on-year increase of – 16.0%.
Recently, the venture capital industry has ushered in a number of favorable policies, directly hitting the pain points of fund-raising and exit. At the fund-raising end, the threshold of venture capital investment in PE / VC has been greatly reduced, and there are no institutional obstacles to the contribution of bank financial subsidiaries; At the exit end, the establishment of the Beijing stock exchange and the transfer of private equity fund shares have been piloted in Beijing and Shanghai. These favorable policies are important factors that can make the PE / VC industrial chain realize a virtuous cycle. We judge that China’s private equity investment market is expected to usher in an accelerated growth period.
Investment suggestion: the growth trend of public funds remains unchanged, which is in line with our previous judgment. Please pay attention to the long-term investment value of the wealth management industry. It is recommended to pay attention to Huatai Securities Co.Ltd(601688) , East Money Information Co.Ltd(300059) and CICC H. The favorable policies of private equity funds continue, and the prosperity continues to rise. It is recommended to pay attention to Sichuan Shuangma Cement Co.Ltd(000935) !
Risk tips: the capital market fluctuates sharply, the fund growth is less than expected, the capital market reform is less than expected, and the environment of the venture capital industry is deteriorating
（ Tianfeng Securities Co.Ltd(601162) ）
