从投资者结构变化看资本市场投资端改革——2024年投资者结构全景分析

Core Viewpoint - The optimization of the investor structure and the promotion of coordinated development among various types of investors are crucial aspects of the reform of the investment side of the capital market [1] Investor Structure Analysis - The A-share investor structure is categorized into five types: industrial capital, government holdings, professional investment institutions, individual major shareholders, and general individual investors, with their respective market value proportions at 34.4%, 7.6%, 19.2%, 6.4%, and 32.3% by the end of 2024 [1] - Industrial capital and government holdings have increased their market value share, while professional investment institutions and individual major shareholders have seen slight declines [1][2] Role of Industrial Capital and Government Holdings - Industrial capital and government holdings act as a "ballast" for the market, with their combined market value share rising from 37.4% at the end of 2021 to 42.0% by the end of 2024, reflecting their counter-cyclical adjustment role during weaker market conditions [1][2] - The number of shares held by general legal entities, including industrial capital and government holdings, reached 35.5 trillion shares, accounting for 50.9% of A-share circulating shares, marking a continuous increase over two years [2] Impact on Investment Chains - The changes in industrial capital and government holdings guide investment in the industrial chain and stabilize market expectations, particularly in strategic sectors such as public utilities and basic chemicals, where their shareholding has increased significantly [3] Growth of Professional Investment Institutions - Domestic professional investment institutions have been growing, with their shareholding proportion rising to 14.9% by the end of 2024, despite a slight decline in public fund holdings [6][7] - Public funds remain the largest category of institutional investors, with a market value of approximately 5.7 trillion yuan, although their shareholding proportion has decreased to 7.3% [7] Private Equity and Insurance Funds - Private equity funds have become significant players in the A-share market, with a shareholding proportion of 4.1% and a market value of 1.9 trillion yuan [8] - Insurance companies have seen their A-share holdings increase to 1.5 trillion yuan, with a shareholding proportion of 1.9%, reflecting a recovery trend [9] Social Security Fund and Other Institutions - The social security fund, with total assets exceeding 3 trillion yuan, has become an important channel for pension investment in the capital market, holding nearly 500 billion yuan in A-shares [10] - Other domestic investment institutions have also diversified, with their shareholding proportion rising to 0.9% by the end of 2024 [11] Foreign Investment Trends - Foreign institutional holdings have decreased, with a market value of approximately 3.4 trillion yuan, reflecting a decline from a high of 5.6% in 2021 to 4.3% by the end of 2024 [12] Individual Investor Dynamics - General individual investors maintain a shareholding proportion above 30%, with their holdings reaching 25 trillion yuan by the end of 2024, despite a slight decline [13][14] Trading Behavior and Market Impact - Public funds, quantitative private equity, and foreign institutions significantly influence A-share trading styles, with public funds accounting for 8.3% of total trading volume [15][17] - The trading behavior of individual investors has shown a slight decline, with institutional trends becoming more pronounced [16] Coordination Among Investor Types - The differing preferences of various investor types contribute to changes in A-share trading structure, with a need for better alignment and coordination among them to enhance market stability [18][19][20]