Stock of public offering: in January, the shares of stocks + hybrid funds increased by 3% month on month, and the decline in net value of market fluctuation led to a 6.5% month on month decrease in scale.
By the end of January 2022, the scale of non monetary funds was 15.8 trillion, a month on month decrease of 1.6% and a year-on-year increase of 28.4%; In January 2022, the share of non commodity base was 12.8 trillion, an increase of 3.7% month on month. Among them, the scale of stock + mixed public offering in January 2022 was 8.1 trillion, a month on month decrease of 6.5% and a year-on-year increase of 16.4%; In January 2022, the share of stock + mixed public offering was 5.9 trillion, an increase of 3.0% month on month. The scale of bond public offering was 4.4 trillion, an increase of 7.4% month on month and 64.7% year-on-year. In January 2022, the market environment was poor. The total index of stock funds fell by 8.6% and the total index of hybrid funds fell by 6.9%. The decline of net value led to the decline of public offering scale, but the share still increased, reflecting the trend of residents’ wealth entering the market.
New public offering: in January 2022, the newly issued non commodity based share decreased by 49% month on month. According to wind data, according to the statistics of the starting date of subscription, in January 2022, 100.2 billion shares of non commodity based new issues were issued, down 48.9% month on month. Among them, 77.5 billion shares of stock + mixed public funds were newly issued in January, up 1.7% month on month and down 82% year-on-year; The new shares of bond public offerings decreased significantly, only 15.1 billion, a month on month decrease of 86.2% and a year-on-year decrease of 62%. While the newly issued shares decreased significantly, the net increase of stock shares, the deepening of investor education made investors pay more attention to existing fund products rather than chasing new ones, and the correlation between newly issued shares and the net increase scale of stock fund market weakened.
Public fund companies: in January 2022, the multi ring ratio of head fund companies increased slightly, the market share increased, and the ranking of fund companies remained stable. By the end of January 2022, the top 30 non money based fund companies had achieved a slight increase in non money management scale month on month, the ranking of the top 16 fund companies in non money based scale remained unchanged month on month, the market share increased slightly in varying degrees, and the month on month growth rate of stock + hybrid fund scale of each head fund company was relatively higher than that of non money based fund.
Private placement: in January 2022, the new filing scale of private placement funds decreased by 44% month on month, and the growth rate of the top 20 asset management of 4q21 securities companies was differentiated. In January 2022, the new filing scale of private equity funds was 95.9 billion, down 44% month on month; By the end of January 2022, the stock size of private equity funds was 20.3 trillion, with a month on month increase of 2.6% and a year-on-year increase of 18.9%. The scale of 11 of the top 20 asset management companies in 4q21 increased month on month, and the average monthly management scale of the top 4 (CITIC, CICC, BOC and GF) increased month on month. The average management scale of Boc International (China) Co.Ltd(601696) , Everbright asset management and GF asset management in 4q21 increased by 26%, 20% and 16% month on month respectively, with a high growth rate. The proportion of active management in the top 20 asset management of 4q21 securities companies has further increased, reflecting the bank’s outsourcing allocation demand in the era of financial net worth.
Wealth management policy & Event: Monetary Fund and quantitative private placement supervision became stricter, and the third Sino foreign joint venture wealth management company opened. In January 2022, the CSRC issued the Interim Provisions on the supervision of important money market funds (Exposure Draft), which strengthened the supervision and restraint of large monetary funds, and stressed that the salary of monetary fund managers should not be linked to the size of monetary funds; Quantitative private placement is required not to accrue excess performance compensation in the state of loss; Bank of communications Schroeder financial management opened in Shanghai. So far, three Sino foreign joint venture financial management companies have opened in China.
Investment analysis opinion: maintain the optimistic rating of the securities industry, the short-term market fluctuation does not change the long-term trend of residents entering the market, and the long-term development trend of asset management is good. Under the overall downward environment of the stock market at the beginning of the year, the expansion of asset management market was under pressure in the short term, the long-term trend was still upward, and the share of public funds was still increasing month on month. The securities companies pay close attention to the interests of large-scale and high net worth customers, and have strong ability to manage the equity of key funds. The first is Citic Securities Company Limited(600030) , China stock market news, Gf Securities Co.Ltd(000776) , Huatai Securities Co.Ltd(601688) , China International Capital Corporation Limited(601995) h.
Risk tips: 1. The market liquidity is lower than expected, affecting the market trend. 2. The entry process of residents’ funds into the market is less than expected, resulting in weak growth of asset management. 3. The rate war of fund companies and the rate war of consignment institutions have affected the growth of management fees and consignment income.
