证券Ⅱ行业深度分析：日本资管行业的起伏与转型

Investment Rating - The industry rating for the securities sector is "Buy" [1] Core Insights - The Japanese asset management industry has experienced significant fluctuations and transformations, particularly influenced by economic cycles and policy reforms. The industry saw a compound annual growth rate (CAGR) of 29% from 1983 to 1989, followed by a decline of -1% from 1990 to 2003. However, from 2006 to 2023, the public securities investment trust scale grew at a CAGR of 6.4% to reach 197 trillion yen [1][7][51] - The aging population in Japan has increased demand for pension-related investment products, with the proportion of pension funds allocated to investment trusts rising from 35% in 2013 to 49% in 2023. This shift reflects a broader trend of residents moving from savings to investments, supported by government policies and tax incentives [1][51][45] - The introduction of flexible fee structures and the decline in management fees have made investment products more attractive to investors. For instance, the management fee for actively managed funds decreased from 1.20% to 1.12% between 2016 and 2023 [1][74][76] Summary by Sections Economic Background - The Japanese asset management industry is closely tied to the country's economic history, marked by periods of boom and stagnation. The industry began with the establishment of the first securities investment trust in 1941 and saw rapid growth until the asset bubble burst in the early 1990s, leading to a prolonged economic downturn [7][49] Policy Environment - The "Big Bang" reforms initiated in 1997 aimed to liberalize and globalize the financial sector, enhancing the competitiveness of financial institutions. These reforms included changes to the Securities Investment Trust Law, which relaxed restrictions on sales and investment, and the introduction of the Financial Instruments and Exchange Act, which unified regulation across financial products [1][31][39] Product Development - The growth of ETFs and J-REITs has been significantly supported by government policies, with the Bank of Japan purchasing ETFs since 2010 to inject liquidity into the market. As of 2023, Japan's ETF market is the largest in Asia, with over 284 ETFs listed [1][65][71] Fee Structure - The long-term trend of declining fees in public and private investment trusts has made these products more accessible. The introduction of tiered fee structures has allowed for more competitive pricing, benefiting both investors and fund managers [1][73][76] Investment Trends - There has been a notable increase in the allocation of funds to overseas assets, particularly in actively managed funds. The proportion of overseas assets in Japanese public mixed funds rose from 19.7% in 2000 to 56.9% in 2009 [1][79]