国君非银|权益投资空间大,公募入市正当时——中长期机构资金入市专题报告之公募篇

Investment Rating - The report suggests an "overweight" rating for brokerage firms, financial information service providers, and pure life insurance companies with greater elasticity in equity investments [3] Core Insights - The proportion of equity assets held by domestic public funds has continuously declined from 64% in 2006 to 19% in 2023, significantly lower than the levels in the US (71%), Japan (60%), and Europe (41%) [1] - The capital market reforms in China are expected to drive both institutional and individual investors to increase their allocation to equity assets, with index funds being a crucial tool for market entry [2] - It is anticipated that public funds will achieve an annual inflow of over 500 billion yuan into the market over the next three years, with the goal of increasing the proportion of stock assets held to 21% [2] Summary by Sections Section 1: Equity Asset Allocation - Domestic public funds' equity asset allocation has decreased significantly, indicating a shift in investment preferences [1] - In contrast, the US and Europe have seen growth in equity fund investments driven by pension plans [1] Section 2: Capital Market Reforms - The current low-interest-rate environment in China is expected to enhance the demand for equity asset allocation [2] - The report highlights the need for public fund companies to innovate around index products and improve the assessment mechanisms for active products [2] Section 3: Investment Recommendations - The report recommends increasing investments in brokerage firms, financial information service providers, and life insurance companies with more flexible equity investment strategies [3]