Public offering stock: under the influence of the market environment in February, the scale of stock + hybrid fund rebounded and the share remained flat; The debt base continues to make net subscription. By the end of February 2022, the scale of non monetary funds was 16.0 trillion, with a month on month increase of 1.1% and a year-on-year increase of 26.0%; In February 2022, the share of non commodity base was 12.9 trillion, an increase of 0.7% month on month. Among them, the scale of stock + mixed public offering in January 2022 was 8.2 trillion, with a month on month increase of 1.0% and a year-on-year increase of 11.9%; In February 2022, 5.9 trillion shares of stocks + mixed public offerings remained unchanged month on month. In February, the scale of bond public offering was 4.5 trillion, with a month on month increase of 2.4% and a year-on-year increase of 67.0%; The size of the monetary fund was 10.3 trillion yuan, an increase of 2.9% month on month and 13.9% year-on-year. In February, the stock fund index rose 1.7% and the total fund index rose 1.4%.
New public offering: in February, the share of new non commodity base continued to decline, with a year-on-year decrease of more than 80%. According to wind data, according to the statistics of the starting date of subscription, in February 2022, 52.6 billion shares of non commodity based new issues were issued, a month on month decrease of 50.9% (Spring Festival holiday was one of the main reasons), a year-on-year decrease of 83.1%. Among them, 23 billion new shares of stock + mixed public funds were issued in February, a year-on-year decrease of 91.6%; The newly issued share of bond public offerings was 26.7 billion, with a month on month increase of 40.8% and a year-on-year increase of 15.9%.
Public fund companies: in February, the size of head fund companies maintained a slight positive growth month on month, the growth rate was mostly lower than the overall market, and the ranking of fund companies remained stable. By the end of February 2022, the ranking of non commodity based scale of the top 22 fund companies had not changed month on month. The growth rate of non commodity based scale of head fund companies was much slower than that of the market, the market share decreased slightly, and the overall change of stock bond structure of each head fund company was small.
Private placement: in February 2022, the new filing scale of private fund decreased by 73% month on month, and the new filing scale of private asset management decreased by 30% year on year.
In February, the new filing scale of private equity funds was 35.8 billion, down 63% month on month and 73% year-on-year; By the end of February, the stock size of private equity funds was 20.4 trillion, a year-on-year increase of 18.7%. In February, the new scale of private asset management was 34.4 billion, a month on month decrease of 38% and a year-on-year decrease of 30%. Among them, the new scale of securities companies (securities companies, asset management and private placement subsidiaries) was 19.2 billion, a year-on-year increase of 15%, and the new scale of private asset management of fund companies (fund companies and fund subsidiaries) was 12.5 billion, a year-on-year decrease of 59%. By the end of February, the stock scale of private asset management was 16.3 trillion, with a month on month increase of 1.5% and a year-on-year decrease of 2.3%.
Wealth management policies & Events: expand the pilot of pension financial products and encourage long-term investment of pension target funds. Since March 1, 2022, the pilot scope of pension financial products has been expanded from “four places and four institutions” to “ten places and ten institutions”, and the upper limit of fund-raising for the four financial companies that have carried out the pilot has increased from 10 billion to 50 billion; Supervision and guidance fund companies to suspend the reporting of pension target funds for less than three years, because the holding period is too short, which goes against the original intention of pension target funds to encourage investors to hold for a long time and pursue the long-term steady appreciation of pension assets.
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. Since the beginning of the year, under the overall downward environment of the stock market, the expansion of the asset management market is under pressure in the short term, the long-term trend is still upward, and the shares of public funds are still in a continuous net subscription trend. Focus on securities companies with a wide range of equity customers, large scale of high net worth customers, strong equity wealth management ability and participation and holding of head public funds. The first is Citic Securities Company Limited(600030) , China stock market news, Gf Securities Co.Ltd(000776) , 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.
