Event comments
The number of public funds declined. In 2022q1, the net value of non commodity based public funds in the whole market was 14.89 trillion yuan, a quarter on quarter increase of – 6.4%; The net value of equity + hybrid public funds was 7.42 trillion yuan, a quarter on quarter increase of – 13.7%. According to the data released by China Foundation Association, the non commodity based and stock + mixed ownership of Top100 fund consignment institutions were 7.88 trillion yuan and 5.91 trillion yuan respectively, with a quarter on quarter ratio of – 5.3% and – 8.5%.
The market share of head institutions fell. In 2022q1, the scale of the top ten institutions of non commodity based, stock + mixed ownership accounted for 59.3% and 60.2%, and the quarter on quarter ratio was – 6.3% and – 6.8%; The scale of the top five institutions of non commodity based, stock + mixed ownership accounted for 44.1% and 43.3%, and the quarter on quarter ratio was – 5.6% and – 6.6%.
The statistical caliber changed and the number of securities held increased month on month. Due to the difference in the statistical caliber of full ETF, the holdings of non commodity based and stock + hybrid funds of securities companies in 2022q1 were 1.25 trillion yuan and 1.14 trillion yuan respectively, with a quarter on quarter increase of + 22.8% and + 21.0%. The ranking of securities companies with advantages of floor funds has been improved. Among them, Huatai Securities Co.Ltd(601688) exceeded Citic Securities Company Limited(600030) ranking first in the scale of securities companies, and the number of stocks + hybrid funds was + 44.7% quarter on quarter; Bank of China, Soochow, Dongguan securities holdings scale growth ahead. Securities companies are more professional in the fund field than banks and third-party institutions. They can control the rhythm of fund sales and provide customers with more professional services. In addition, the investment advisory business has also become an important driver of the growth of public offering holdings of securities companies.
Local city commercial banks performed better. The number of public funds held through bank channels decreased significantly. In 2022q1, the holdings of non commodity based and stock + hybrid funds increased from – 12.5% and – 14.2% quarter on quarter to 3.84 trillion yuan and 3.25 trillion yuan respectively. Bohai bank, Bank Of Nanjing Co.Ltd(601009) , Bank Of Hangzhou Co.Ltd(600926) , Bank Of Shanghai Co.Ltd(601229) and other urban commercial banks have achieved positive growth in ownership scale, which is better than large joint-stock banks.
The growth rate of b-end third-party company’s consignment institutions is leading. In 2022q1, the scale of non commodity based and stock + mixed ownership of third-party consignment institutions was 2.72 trillion and 1.47 trillion, with a quarter on quarter ratio of – 4.4% and – 12.6%, and the overall performance was better than that of other fund sales channels. Ant fund, Tiantian fund and tengan fund still rank among the top three. Institutional end fund sales companies represented by Jiyu fund, yingmi fund and Huicheng Fund ranked fourth to sixth, and the non commodity base guaranteed volume scale was + 18.0%, – 4.3%, + 8.2% quarter on quarter, outperforming other institutions.
Investment advice
It is suggested to pay attention to: China stock market news with continuous leading ownership, prominent professional advantages and high customer stickiness; Related targets: Huatai Securities Co.Ltd(601688) , yingmi fund with outstanding advantages of on-site funds, and Gf Securities Co.Ltd(000776) , with stable growth of public offering ownership.
Risk tips
The covid-19 epidemic worsened, China’s economic pressure increased, and the public fund market was more depressed than expected.
