惠譽(yù)+中國(guó)公募基金發(fā)展與現(xiàn)狀

中國(guó)公募基金發(fā)展與現(xiàn)狀黃莉13December2022Contents1中國(guó)公募基金概況22中國(guó)貨幣基金概況103貨幣基金法規(guī)的發(fā)展和比較1942411252015105中國(guó)公募基金規(guī)模持續(xù)增長(zhǎng)252015105股票型債券型混合型貨幣型0Jan17Jul17Jan18Jul18Jan19Jul19Jan20Jul20Jan21Jul21Jan22Jul22來源：惠譽(yù)評(píng)級(jí),ICIGlobal350403020100中國(guó)公募基金在世界公募基金中占比仍較小504030201002018201920202021Jun22來源:惠譽(yù)評(píng)級(jí),ICIGlobal10.08.06.04.02.00.04家庭財(cái)富的增加支撐公募基金資產(chǎn)持續(xù)增長(zhǎng)住戶存款M2公募基金300250200150100500Dec17Dec18Dec19Dec20Dec21Oct225100%80%60%40%20%0%中國(guó)公募基金市場(chǎng)資產(chǎn)結(jié)構(gòu)有別于歐美100%80%60%40%20%0%June2022股票型債券型混合型貨幣基金美國(guó)歐洲中國(guó)6100806040200100806040200June2022機(jī)構(gòu)投資人散戶投資人股票型混合型債券型貨幣型7基金管理人集中度在降低454035302520151050Jun20Jun22Top1TopTop18基金管理人分類基金管理人分類2022/092022/092%28%28%37%33%992中國(guó)貨幣基金概況6.05.04.03.02.01.00.0中國(guó)于2022年二季度成為世界第二大貨幣基金市場(chǎng)6.05.04.03.02.01.00.0201320142015201620172018201920202021Jun22來源：惠譽(yù)評(píng)級(jí)，InvestmentCompanyInstitute(ICI)2015105011ChinaEurope貨幣基金市場(chǎng)仍有繼續(xù)增長(zhǎng)的潛力ChinaEurope個(gè)人投資人占了貨幣基金市場(chǎng)的大部分機(jī)構(gòu)投資人個(gè)人投資人(人民幣萬億)121086420201320142015201620172018201920202021Jun2貨幣基金占M2比重仍然較低June2022(貨幣基金/M2)051015202512零售互聯(lián)網(wǎng)銷售平臺(tái)成為重要銷售渠道(CNYtrn)3.02.52.01.51.00.50.01Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q22來源：惠譽(yù)評(píng)級(jí),萬得13中國(guó)貨幣基金收益率一直低位徘徊5.04.03.02.01.00.0-1.0中國(guó)USPrimeRetail7-DayNetYieldEuropeanMMF(EUR)Jan18Mar18May18Jul18Sep18Nov18Jan19Mar19May19Jul19Sep19Nov19Jan20Mar20May20Jul20Sep20Nov20Jan21Mar21May21Jul21Sep21Nov21Jan2Mar22May22Jul2Sep22Nov22來源：惠譽(yù)評(píng)級(jí)，萬得,CraneData,IMoneyNet14中國(guó)貨幣基金投資組合2%2%5%5%5%33%26%29%來源：惠譽(yù)評(píng)級(jí)115中國(guó)貨幣基金市場(chǎng)集中度在降低不同市場(chǎng)最大貨幣基金占比比較16141210864201H20(LHS)1H21(LHS)1H22(LHS)前五(RHS)252015105044%平44%內(nèi)圈:2022/06外圈:2020/12(%按基金數(shù)量)55%20%9%22%39%30%31%<1bn1bn-10bn10bn-100bn>100bn163025201510530252015105002468101214161820來源：惠譽(yù)評(píng)級(jí),萬得,Lipper,iMoneyNet,CraneData175%-10%杠桿24%5%-10%杠桿24%56%June2022110%-20%杠桿13%7%1183貨幣基金法規(guī)的發(fā)展和比較中國(guó)貨幣市場(chǎng)基金法規(guī)發(fā)展《貨幣市場(chǎng)基金管理暫行規(guī)定》《貨幣市場(chǎng)基金監(jiān)督管理辦法》《公開募集開放式證券投資基金流動(dòng)性風(fēng)險(xiǎn)管理規(guī)定》銀發(fā)(2017)302號(hào)《關(guān)于進(jìn)一步規(guī)范貨幣市場(chǎng)基金互聯(lián)網(wǎng)銷售、贖回相關(guān)服務(wù)的指導(dǎo)意見》《重要貨幣市場(chǎng)基金監(jiān)管暫行規(guī)定》*CSRCproposedrulesinearly202220中國(guó)貨幣市場(chǎng)基金法規(guī)及惠譽(yù)評(píng)級(jí)標(biāo)準(zhǔn)MMFMMFwithtop10investorsexceeding20%oftotalassetsMMFwithtop10investorsexceeding50%oftotalassets‘Important’MMFwithAUMexceedingCNY200billion*‘Important’MMFwithAUMexceedingCNY500billion*Fitch‘AAAmmf(chn)’ratedMMFAccountingmethodAmortisedcostAmortisedcostAmortisedcostAmortisedcostAmortisedcostNotapplicableValuationCNAVCNAVCNAVCNAVCNAVNotapplicableLowestcreditrating‘AA+’onnationalscaleandminimum90%ofassetsat‘AAA’AA+’onnationalscaleandminimum90%ofassetsat‘AAA’‘AA+’onnationalscaleandminimum90%ofassetsat‘AAA’‘AAA’onnationalscale‘AAA’onnationalscale‘A-’oninternationalscaleMaximumsingleissuerconcentration(%)1010105510Minimumdailyliquidity(%)5555510Minimumweeklyliquidity(%)102030202025Maximumassetswithlimitedliquidity(%)1010105520MaximumWAM(days)1209060906075MaximumWAL(days)240180120240240120Maximumleverage(%)20202010Maximumtimedeposit(%)NotapplicableNotapplicableNotapplicable5050NotapplicableMaximumsingleinvestor(%)NotapplicableNotapplicableNotapplicable55Case-by-casebasisLiquiditygateRedemptionover10%Redemptionover10%Redemptionover1%ifweeklyliquiditybelow10%andnegativeNAVdeviationRedemptionover5%Redemptionover5%NotapplicableRiskprovision(managementfee)(%)1010104040NotapplicableRiskprovision(custodianfee)(%)NotapplicableNotapplicableNotapplicable2020NotapplicableRiskprovision(distributionfee)(%)NotapplicableNotapplicableNotapplicable2020NotapplicableNumberoffundmanagersNotapplicableNotapplicableNotapplicableMinimumof2Minimumof2NotapplicableNumberofdisasterrecoverycentresNotapplicableNotapplicableNotapplicableMinimumof2Minimumof2Notapplicable*CSRCproposedrulesinearly2022Source:FitchRatings221全球主要貨幣基金市場(chǎng)美美國(guó)監(jiān)管機(jī)構(gòu):SEC規(guī)模:USD5trn(55%)種類:Government,PrimeandTax-exemptMMFs監(jiān)管機(jī)構(gòu):ESMA規(guī)模:USD1,5trn(17%)種類:Short-term(incl.PDCNAV,LVNAVandVNAV)andStandardMMFs監(jiān)管機(jī)構(gòu):證監(jiān)會(huì)規(guī)模:USD1,6trn(18%)種類:主要為攤余成本法貨幣基金，少量浮動(dòng)凈值型Source:FitchRatings,Lipper,CraneData,AssetManagementAssociationofChina,asofJun2222naTargetingnaTargetingLargeMMFs1.Swingpricing2.Repealofregulatorythresholds–feesandgates3.Newliquidityrequirements4.AmendmentstoregulatoryreportingandcalculationrequirementsVNAVfluctuatingNAVs2.Repealofregulatorythresholds-fees&gates3.Newliquidityrequirements(daily/weekly/PD**assets)4.AtleastoneLMTFocusingonAddressingThresholdIssues,EnhancingMMFLiquidityandImposingLMTsChinaChina:1.MMFswithAUMexceedingCNY200billionorwithmorethan50millioninvestorsdefinedas‘Important’2.Strictercreditrequirement3.ShorterWAM4.Lessissuerconcentration5.Lowerleverage?ESMA’sOpinion**PublicDebtSource:FitchRatings,SEC,ESMA,CSRC2234混合型基金占了ESG基金大部分三分之二的ESG基金為混合型September2022Bondfunds11%Equityfunds24%Balancedfunds65%大部分ESG基金聚焦環(huán)境ESGfundsESGfunds6%Social-focusedfunds9%Governance-focusedfunds21%Environment-focusedfunds64%25追蹤的美國(guó)ESG貨幣基金總資產(chǎn)自2021年來相對(duì)平穩(wěn)ESGMMFTotalAssetsESGMMFtotalassetsESGMMFconversionESGMMFlaunch(USDbn)121086420Nov18Jan19Mar19May19Jul19Sep19Nov19Jan20Mar20May20Jul20Sep20Nov20Jan21Mar21May21Jul21Sep21Nov21Jan2Mar22May22Jul2Sep22Source:FitchRatings,CraneData.26SGAverageGrossYieldsforESGMMFsandComparableNon-ESGfunds'avg.grossyield(LHS)Comparablenon-ESGfunds'avg.grossyield(LHS)(%)GrossYieldSpreadBetweenESGandNon-ESGMMFs(RHS)(%)3.53.02.52.01.51.00.50.00.010.00-0.01-0.02-0.03-0.04-0.05-0.06-0.07Oct21Nov21Dec21Jan2Feb22Mar22Apr22May22Jun2Jul2Aug22Sep22Note:SpreadsarecaculatedusingESGYieldminusComparablenon-ESGYield.DWSnon-ESGcomparablefundwasexcludedduetoone-offretailflows.Source:FitchRatings,CraneData.AverageGrossYieldsforESGMMFsandComparableNon-ESGfunds'avg.grossyield(LHS)Comparablenon-ESGfunds'avg.grossyield(LHS)(%)GrossYieldSpreadBetweenESGandNon-ESGMMFs(RHS)(%)3.53.02.52.01.51.00.50.00.010.00-0.01-0.02-0.03-0.04-0.05-0.06-0.07Oct21Nov21Dec21Jan2Feb22Mar22Apr22May22Jun2Jul2Aug22Sep22Note:SpreadsarecalculatedusingESGYieldminusComparablenon-ESGYield.DWSnon-ESGcomparablefundwasexcludedduetoone-offretailflows.Source:FitchRatings,CraneData.27歐洲近半貨幣基金被分類于SFDR第八條款A(yù)rt6Art8Art9NotReported39%47%39%47%53%50%90%80%70%60%50%40%30%20%10%0%End-Dec2021End-Jun2022Source:FitchRatings,LipperESGFundName22616%Non-ESGFundName122884%FundclassifiedashavinganESGnameifESGmarkerspresentinfundname.Source:FitchRatings,Lipper,Sep-2228AnyQuestions229ContactLiHuangAssociateDirectorFundRatingsli.huang@MinyueWang,CFADirectorFundRatingsminyue.wang@wYork33WhitehallStreet10004London30NorthColonnadeCanaryWharfLondon,E145GN30tingsFitchcreditratingsaresubjecttocertainlimitationsanddisclaimersPleasereadtheselimitationsanddisclaimersbyfollowingthislink:/understandingcreditratings.Inaddition,thefollowing/rating-definitions-documentdetailsFitch'sratingdefinitionsforeachratingscaleandratingcategories,includingdefinitionsrelatingtodefault.Publishedratings,criteria,andmethodologiesareavailablefromthissiteatalltimes.Fitch'scodeofconduct,confidentiality,conflictsofinterest,affiliatefirewall,compliance,andotherrelevantpoliciesandproceduresarealsoavailablefromtheCodeofConductsectionofthissite.Directorsandshareholders’relevantinterestsareavailableat/site/regulatory.Fitchmayhaveprovidedanotherpermissibleorancillaryservicetotheratedentityoritsrelatedthirdparties.Detailsofpermissibleorancillaryservice(s)forwhichtheleadanalystisbasedinanESMA-orFCA-registeredFitchRatingscompany(orbranchofsuchacompany)canbefoundontheentitysummarypageforthisissuerontheFitchRatingswebsite.Inissuingandmaintainingitsratingsandinmakingotherreports(includingforecastinformation),FitchreliesonfactualinformationitreceivesfromissuersandunderwritersandfromothersourcesFitchbelievestobecredible.Fitchconductsareasonableinvestigationofthefactualinformationrelieduponbyitinaccordancewithitsratingsmethodology,andobtainsreasonableverificationofthatinformationfromindependentsources,totheextentsuchsourcesareavailableforagivensecurityorinagivenjurisdiction.ThemannerofFitch'sfactualinvestigationandthescopeofthethird-partyverificationitobtainswillvarydependingonthenatureoftheratedsecurityanditsissuer,therequirementsandpracticesinthejurisdictioninwhichtheratedsecurityisofferedandsoldand/ortheissuerislocated,theavailabilityandnatureofrelevantpublicinformation,accesstothemanagementoftheissueranditsadvisers,theavailabilityofpre-existingthird-partyverificationssuchasauditreports,agreed-uponproceduresletters,appraisals,actuarialreports,engineeringreports,legalopinionsandotherreportsprovidedbythirdparties,theavailabilityofindependentandcompetentthird-partyverificationsourceswithrespecttotheparticularsecurityorintheparticularjurisdictionoftheissuer,andavarietyofotherfactors.UsersofFitch'sratingsandreportsshouldunderstandthatneitheranenhancedfactualinvestigationnoranythird-partyverificationcanensurethatalloftheinformationFitchreliesoninconnectionwitharatingorareportwillbeaccurateandcomplete.Ultimately,theissueranditsadvisersareresponsiblefortheaccuracyoftheinformationtheyprovidetoFitchandtothemarketinofferingdocumentsandotherreports.Inissuingitsratingsanditsreports,Fitchmustrelyontheworkofexperts,includingindependentauditorswithrespecttofinancialstatementsandattorneyswithrespecttolegalandtaxmatters.Further,ratingsandforecastsoffinancialandotherinformationareinherentlyforward-lookingandembodyassumptionsandpredictionsaboutfutureeventsthatbytheirnaturecannotbeverifiedasfacts.Asaresult,despiteanyverificationofcurrentfacts,ratingsandforecastscanbeaffectedbyfutureeventsorconditionsthatwerenotanticipatedatthetimearatingorforecastwasissuedoraffirmed.Theinformationinthisreportisprovided"asis"withoutanyrepresentationorwarrantyofanykind,andFitchdoesnotrepresentorwarrantthatthereportoranyofitscontentswillmeetanyoftherequirementsofarecipientofthereport.AFitchratingisanopinionastothecreditworthinessofasecurity.ThisopinionandreportsmadebyFitcharebasedonestablishedcriteriaandmethodologiesthatFitchiscontinuouslyevaluatingandupdating.Therefore,ratingsandreportsarethecollectiveworkproductofFitchandnoindividual,orgroupofindividuals,issolelyresponsibleforaratingorareport.Theratingdoesnotaddresstheriskoflossduetorisksotherthancreditrisk,unlesssuchriskisspecificallymentioned.Fitchisnotengagedintheofferorsaleofanysecurity.AllFitchreportshavesharedauthorship.IndividualsidentifiedinaFitchreportwereinvolvedin,butarenotsolelyresponsiblefor,theopinionsstatedtherein.Theindividualsarenamedforcontactpurposesonly.AreportprovidingaFitchratingisneitheraprospectusnorasubstitutefortheinformationassembled,verifiedandpresentedtoinvestorsbytheissueranditsagentsinconnectionwiththesaleofthesecurities.RatingsmaybechangedorwithdrawnatanytimeforanyreasoninthesolediscretionofFitch.Fitchdoesnotprovideinvestmentadviceofanysort.Ratingsarenotarecommendationtobuy,sell,orholdanysecurity.Ratingsdonotcommentontheadequacyofmarketprice,thesuitabilityofanysecurityforaparticularinvestor,orthetax-exemptnatureortaxabilityofpaymentsmadeinrespecttoanysecurity.Fitchreceivesfeesfromissuers,insurers,guarantors,otherobligors,andunderwritersforratingsecurities.SuchfeesgenerallyvaryfromUS$1,000toUS$750,000(ortheapplicablecurrencyequivalent)perissue.Incertaincases,Fitchwillratealloranumberofissuesissuedbyaparticularissuer,orinsuredorguaranteedbyaparticularinsurerorguarantor,forasingleannualfee.SuchfeesareexpectedtovaryfromUS$10,000toUS$1,500,000(ortheapplicablecurrencyequivalent).Theassignment,publication,ordisseminationofaratingbyFitchshallnotconstituteaconsentbyFitchtouseitsnameasanexpertinconnectionwithanyregistrationstatementfiledundertheUnitedStatessecuritieslaws,theFinancialServicesandMarketsActof2000oftheUnitedKingdom,orthesecuriti