Investment Rating - The report maintains a "Positive" investment rating for the multi-financial industry [4]. Core Insights - The large asset management market in the first half of 2024 shows a trend of conservative asset allocation among residents, with a steady increase in bond product issuance and a recovery in public offerings driven by bond funds [2][3]. - The insurance sector continues to perform well, with premium income growth, while regulatory efforts are focused on high-quality development frameworks and enhanced supervision of private equity [2][3][4]. Market Environment - As of June 2024, corporate deposits amounted to 77.2 trillion, down 2.0% from the beginning of the year, while personal savings reached 146.3 trillion, up 6.8% [9][10]. - The net asset value of money market funds grew to 13.7 trillion, reflecting a 21.2% increase since the start of the year [10]. Product Issuance - New bank wealth management products totaled 2.94 trillion, up 18.3% year-on-year, with fixed-income products making up 98.8% of the new issuance [12]. - The issuance of public funds rebounded, with a total of 0.66 trillion new fund shares, a year-on-year increase of 25.6%, driven primarily by bond and stock funds [14][18]. Performance - Bond products yielded returns between 1% and 3%, while equity products experienced returns ranging from -7% to -3% [4][12]. - The overall performance of the bond market remained stable, with the corporate bond index rising by 1.4% [4]. Regulatory Policies - The high-quality development framework for public funds has been implemented, emphasizing the importance of functional roles and encouraging the growth of equity products [4][12]. - New regulations for private equity have been established, enhancing oversight across all operational aspects [4][12].
多元金融2024H大资管市场回顾：债券型产品扩容提速，监管发力驱向高质量转型
长江证券·2024-07-23 13:01