Give consideration to flexibility and long-term growth, and be optimistic about the long-term value of the leading target of big wealth management
In 2021, the net profit of the big wealth management line of 30 listed securities companies was + 31% year-on-year, and the profit contribution accounted for 18%. Since the beginning of the year, the net value of partial stock funds has retreated significantly, which directly caused the downward revision of the profit growth rate of the big wealth management track. Under the long-term trend of new asset management regulations, comprehensive registration system, no speculation in housing and housing, personal pension dividends and risk-free interest rates, the long-term logic of residents' wealth migration to financial assets, especially equity assets, remains unchanged. The market space of public funds is broad, the industry pattern is gradually concentrated to the head, and it has the attributes of light capital and scale effect. The track can give high PE valuation, which makes the industry have the attributes of short-term flexibility and long-term growth. At present, the valuation of the subject matter of the wealth management track has a margin of safety and the long-term investment value is prominent. We recommend China stock market news, the leader of the channel side, Gf Securities Co.Ltd(000776) and Orient Securities Company Limited(600958) and China Industrial Securities Co.Ltd(601377) and China Greatwall Securities Co.Ltd(002939) .
The business line of public funds increased year-on-year, the profit growth of head funds was stronger, and the asset management of securities companies was actively transformed
(1) in 2021, the profit of the public fund business line of securities companies increased significantly, and the profit contribution was further improved. Among the 25 sample companies, 5 securities companies contributed more than 20% to the profits of public funds, and we are more optimistic about Orient Securities Company Limited(600958) and Gf Securities Co.Ltd(000776) . (2) The net profit growth and roe of head fund companies are better than the industry average, and the Matthew effect is prominent. In 2021, the net profit attributable to the parent of 45 sample fund companies was + 39%, roe 21%, and + 3.8pct year-on-year. In contrast, the net profit attributable to the parent of the first six fund companies was + 44%, roe 34%, and net profit Cr6 increased by 2 percentage points to 46%. The Aum concentration of non commodity based funds has increased, and the Aum concentration of partial equity funds has decreased. In terms of structure, by the end of 2021, the scale of public non commodity funds accounted for about 40-50%, which was higher than that at the beginning of the year. The proportion of customer maintenance fees in public offering management fees continues the upward trend, and the bargaining power of the channel side is still strong. (3) Securities companies are actively transforming their capital management. By 2021q4, the scale of collective asset management had reached 3.6 trillion, a year-on-year increase of + 75%. Under the trend that the asset management industry has fully entered the net worth management stage, all securities companies actively carry out large-scale public offering transformation at the retail end and improve the active asset management ability at the institutional end, so as to seize the new opportunities for the development of bank financial management business. Head securities companies have certain advantages in active asset management ability.
The income from selling financial products on a commission basis increased year-on-year, and the transformation of wealth management continued to deepen
In 2021, the income of financial products sold by 30 listed securities companies on a commission basis was + 59% year-on-year, accounting for 12.4% of the brokerage business, with a year-on-year contribution of + 3PCT and a profit contribution of 4.4%, with a year-on-year contribution of + 0.8pct. In the process of transferring residents' wealth to the equity market, customers' diversified demand for wealth management is growing day by day. Securities companies focus on the sales of financial products sold on a commission basis, improve their wealth management ability and build a wealth management service system. In 2021, the transformation of wealth management continued to deepen. With its strong comprehensive ability and customer base, head securities companies have comparative advantages in focusing on high net worth customers, building a comprehensive product system and cultivating a professional investment advisory team. The pilot securities companies have actively developed the fund investment consulting business, and the investment consulting scale of the three pioneer funds has exceeded 10 billion yuan. The scale of investment advisers in the whole industry continued to expand, with 68000 investment advisers in 2021, a year-on-year increase of + 12%.
Risk warning: stock market fluctuations have an uncertain impact on the issuance and holding scale of funds; The profit growth of wealth management and asset management of securities companies was lower than expected.
