\u3000\u30001. Public funds: in February, the scale of public funds exceeded 26 trillion yuan, and the scale of equity funds stabilized and rebounded.
By the end of February, the total scale of public funds was 26.34 trillion yuan, with a month on month increase of + 1.8% and a year-on-year increase of + 20.9%. Among them, the scale of equity + hybrid funds in open-end funds was 8.15 trillion yuan, a month on month increase of + 1.0% and a year-on-year increase of + 11.9%; The scale of non monetary funds was 12.90 trillion yuan, a month on month increase of + 1.5% and a year-on-year increase of + 27.2%. Since the beginning of the year, affected by market fluctuations, the growth rate of stock + hybrid scale has slowed down, and bond and monetary funds have become the main sources of the increase of the scale of public funds. The scale of the new development fund continued to fall, waiting for the inflection point. From January to March this year, the newly established share of equity funds (equity + hybrid) was only 107.7 billion, a sharp decrease of 88.1% compared with the same period last year. Under the influence of market fluctuations, the attraction of new development funds to incremental funds has decreased. Sales institutions and Jimin pay more attention to funds with traceable performance, and operation has become the core driver of scale growth.
\u3000\u30002. Private equity funds: the survival scale of private equity securities funds is flat, and the newly filed funds are cold.
By the end of February 2022, the number of existing private equity fund managers had reached 24700, an increase of 0.15% month on month; The scale of existing private equity funds was 20.37 trillion yuan, an increase of 0.45% month on month. Among them, the existing private securities investment fund was 6.34 trillion yuan, down 0.03% month on month; The existing private equity investment fund was 10.81 trillion yuan, a month on month increase of + 0.72%; The existing venture capital fund was 2.41 trillion yuan, an increase of 0.79% month on month. The scale change of private equity funds has a certain periodicity. Generally, it increases rapidly in the first month of each quarter.
In February, the scale of private equity funds newly recorded was 35.844 billion yuan, down 62.6% month on month. Among them, the new filing scale of private securities investment funds was 13.84 billion yuan, down 65.5% month on month; The newly recorded scale of private equity investment funds was 11.858 billion yuan, down 59.0% month on month; The new filing scale of venture capital funds was 10.146 billion yuan, down 62.0% month on month.
Investment suggestion: affected by market fluctuations, the growth rate of both public fund scale and private fund scale fell in the first quarter of 2022. In particular, the cold of public fund and new fund triggered the market’s concern about the core targets of wealth management. However, we believe that the growth trend of public fund + private fund is relatively stable compared with that of the current industry. However, the growth trend of public fund + private fund is still relatively large. Therefore, we believe that the large asset management industry will continue to benefit from the transfer of residents’ wealth to equity assets, and institutions with high content of public funds (i.e. institutions with high contribution to the performance of public funds) will continue to benefit from it. We continue to recommend Gf Securities Co.Ltd(000776) , China stock market news, Citic Securities Company Limited(600030) , and we suggest paying attention to China International Capital Corporation Limited(601995) (H).
Risk warning: market fluctuation risk, policy implementation effect is less than expected, and credit risk.
