Event: on April 26, the CSRC issued the opinions on accelerating the high-quality development of the public fund industry.
Comments:
16 measures to accelerate the high-quality development of the public fund industry
The above opinions affirmed the good development trend of the public fund industry and pointed out that there are still some problems in the industry, such as insufficient adaptability of professional ability, weak cultural construction, unbalanced structure and so on. The opinions put forward 16 measures, the main points of which are as follows: (1) encourage differentiated management. Support the establishment of fund subsidiaries, focusing on public REITs, equity investment, fund investment advisers, pension financial services and other businesses. (2) Relax the license sector. Support the asset management of securities companies, insurance asset management and bank financial management subsidiaries to apply for public offering licenses according to law, and prudently and orderly approve the establishment of fund companies by natural persons. (3) Two way opening. Support high-quality overseas financial institutions to set up fund companies or expand their shareholding ratio; Support public funds to establish overseas subsidiaries according to law; Continue to promote the expansion of QDII quota and the mutual recognition of funds between the mainland and Hong Kong. (4) Encourage long-term assessment and incentive, and pay attention to investment and research. Assess compliance risk control, long-term performance of more than three years, actual profits of investors, etc., and weaken indicators such as scale ranking, short-term performance and income profit; Strictly implement the salary deferral system and establish a perfect bonus follow-up investment mechanism; Actively promote the relaxation of employee stock ownership policy restrictions of state-owned fund companies; Build a team and platform investment and research system; Limit style drift and high turnover. (5) Encourage product innovation and increase the proportion of equity. Vigorously promote the development of equity funds and support index funds to become bigger and stronger; Strengthen the creation of medium and low volatility products; Actively promote the innovation of public offering REITs and pension investment products. (6) Encourage channel parties to continue marketing, and prohibit short-term incentives. (7) Strengthen infrastructure construction. Launch the “fund e account” app as soon as possible to provide “one-stop” information query service for individual investors; Build a direct selling service platform for industrial institutional investors.
Favorable to the expansion of the public fund industry, the public fund and channel side benefited significantly
The opinions is conducive to the high-quality development of the public offering industry and the expansion of the industry. (1) Establishing Jijin company and encouraging product innovation and two-way opening are conducive to the business expansion of public funds; Encouraging long-term assessment and incentives and paying attention to investment and research are conducive to the healthy development of the industry and reducing disorderly competition. The head company has strong advantages in talent reserve, channel capacity and product structure, and the favorable policies are more obvious. (2) The relaxation of the license is conducive to the public fund business carried out by securities companies, insurance asset management and bank financial management subsidiaries, and the public offering products have a comparative advantage in exemption from value-added tax. (3) The expansion of industry scale and participants is good for head channel companies. The construction of infrastructure platform is conducive to improving the basic trading experience. The competition of agency side consignment business will change to fund research, value-added services and intelligent investment AIDS.
Be optimistic about wealth management investment opportunities and recommend leading companies on the channel side and product side
(1) in the long run, the public fund industry will focus on equity based and long-term products, and the comprehensive wealth management ability will be gradually improved. The implementation of the top-level scheme of personal pension is expected to bring incremental funds, and the increase of medium and long-term funds is good for the capital market. (2) The expansion of public funds is beneficial to all kinds of participating institutions in the industrial chain. The channel side has strong bargaining power. The expansion of industry capacity and the increase of industry participants are directly beneficial to the head companies at the channel side. China stock market news is recommended; On the product side, the head public fund company has strong advantages in talent reserve, channel capacity and product structure, and the favorable policies are more obvious. It is recommended that Gf Securities Co.Ltd(000776) and Orient Securities Company Limited(600958) with higher profit contribution of public funds, and China Industrial Securities Co.Ltd(601377) and China Greatwall Securities Co.Ltd(002939) ; The policy is favorable for the trend of institutionalization and the application for public offering license of asset management of securities companies, and for the head securities companies with outstanding comprehensive advantages, benefiting Citic Securities Company Limited(600030) and China International Capital Corporation Limited(601995) (H shares).
Risk warning: the sharp fluctuation of the stock market causes the uncertainty of the profits of securities companies; The scale expansion of public offering was less than expected.
