国君非银|股债市场行情震荡,居民增配避险资产

Investment Rating - The report suggests a positive outlook for brokers with strong online customer acquisition, asset allocation capabilities, and comprehensive ETF services, indicating potential growth in retail business [2]. Core Insights - The report highlights an increase in residents' demand for equity allocation, driven by the implementation of capital market reform policies and the influx of medium to long-term institutional funds [2]. - It notes a significant decline in the total share of public funds, with a decrease of 3,558.51 million shares, representing a 1.21% decline, and a notable drop in equity and bond fund shares [5]. - The report emphasizes the importance of brokers that excel in online customer acquisition and ETF services, as they are expected to achieve high growth in client asset scale, particularly in the context of public fund fee rate reforms [2]. Summary by Sections Market Overview - As of October 2024, the bond market remains volatile with a 10-year government bond yield at 2.14%, while equity markets are also experiencing fluctuations [1]. - The overall public fund market saw a reduction in equity and bond fund shares, with equity funds down by 427.38 million shares (0.68%) and bond funds down by 7,001.5 million shares (12.03%) [5]. Fund Performance - In October 2024, the performance of stock and bond products declined, with stock fund indices showing a decrease of 1.33% and mixed fund indices down by 1.35% [6]. - Conversely, money market fund indices experienced a slight recovery, increasing by 0.0072% compared to September [6]. Private Fund Trends - There was a slight increase in the scale of private fund allocations by residents, although new private fund issuance saw a minor decline [5]. - The report indicates a decrease in the scale of equity private asset management, down by 405.81 million yuan (2.12%), and a more significant drop in fixed income private asset management, down by 2,233.45 million yuan (2.4%) [5].