中國公募基金發(fā)展與現(xiàn)狀

中國公募基金發(fā)展與現(xiàn)狀11中國公募基金概況22中國貨幣基金概況103貨幣基金法規(guī)的發(fā)展和比較194ESG基金24Contents中國公募基金概況1中國公募基金規(guī)模持續(xù)增長252015105Jan

18Jul

18Jan

19Jul

19Jan

20Jul

20Jan

21Jul

21Jan

22Jul

22(人民幣(萬億))股票型 債券型 混合型 貨幣型30Jan

17 Jul

17來源：惠譽評級,

ICI

Global中國公募基金在世界公募基金中占比仍較小0.02.04.06.08.0010203040502018201920202021Jun22美國(LHS)4歐洲

(LHS)中國

(LHS)中國占比

(RHS)來源:

惠譽評級,

ICI

Global(美元(萬億))(%)10.0家庭財富的增加支撐公募基金資產(chǎn)持續(xù)增長300250200150100500Dec

17Dec

18Dec

19Dec

20Dec

21Oct

22住戶存款5M2公募基金來源：

惠譽評級,中國人民銀行,萬得(人民幣萬億)中國公募基金市場資產(chǎn)結(jié)構(gòu)有別于歐美100%80%60%40%20%0%美國歐洲中國股票型6債券型混合型貨幣基金來源：

惠譽評級，萬得June

2022投資人風(fēng)險偏好不同100806040200股票型混合型債券型貨幣型機構(gòu)投資人7散戶投資人來源：惠譽評級，

萬得June

2022(%)基金管理人集中度在降低Top

1Top

10Jun

208Jun

22(%)454035302520151050來源：

惠譽評級，

萬得國有企業(yè)37%民營企業(yè)33%中外合資28%外商獨資2%來源：

惠譽評級，

萬得基金管理人分類2022/09基金管理人分類9中國貨幣基金概況2中國于2022年二季度成為世界第二大貨幣基金市場0510150.01.02.03.04.05.06.02015201620172018201920202021Jun22美國

(LHS)11歐洲(LHS)中國

(LHS)中國占比

(RHS)2013 2014來源：惠譽評級，Investment

Company

Institute

(ICI)(萬億美元)(%)20貨幣基金市場仍有繼續(xù)增長的潛力1086420201320142015201620172018201920202021Jun

22(人民幣萬億)12機構(gòu)投資人 個人投資人來源：

惠譽評級，萬得個人投資人占了貨幣基金市場的大部分012510152025USEuropeChina(%)h來源：

惠譽評級，

ICI，

Crane貨幣基金占M2比重仍然較低June

2022(貨幣基金/

M2)零售互聯(lián)網(wǎng)銷售平臺成為重要銷售渠道2.52.01.51.00.50.01Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q22余額寶13理財通(CNYtrn)3.0來源：惠譽評級,

萬得中國貨幣基金收益率一直低位徘徊來源：

惠譽評級，萬得,

Crane

Data,

IMoneyNet4.03.02.01.00.0-1.0Jan

18Mar

18May

18Jul

18Sep

18Nov

18Jan

19Mar

19May

19Jul

19Sep

19Nov

19Jan

20Mar

20May

20Jul

20Sep

20Nov

20Jan

21Mar

21May

21Jul

21Sep

21Nov

21Jan

22Mar

22May

22Jul

22Sep

22Nov

22中國14US

Prime

Retail

7-Day

Net

YieldEuropeanMMF

(EUR)(%)5.0中國貨幣基金投資組合存款33%15同業(yè)存單29%逆回購26%債券5%短5%國債票

2%2022/09來源：惠譽評級中國貨幣基金市場集中度在降低20151050(%)25(%)16141210864201H20

(LHS) 1H21(LHS) 1H22(LHS) 前五

(RHS)美國 歐洲 中國來源：

惠譽評級,萬得,

ICI不同市場最大貨幣基金占比比較22%30%39%9%20%31%44%<

1bn161bn

-

10bn10bn

-

100bn>

100bn來源：

惠譽評級，

萬得平均貨幣基金規(guī)模在增長內(nèi)圈:

2022/06外圈:

2020/12(%

按基金數(shù)量)5%中國貨幣基金管理費高于歐美30252015105002461214161820美國17中國歐洲來源：惠譽評級,

萬得,

Lipper,

iMoneyNet,

Crane

Data8 10(五年復(fù)合增長率)

(%)(平均管理費(bp))中國貨幣基金普遍使用杠桿無杠桿7%185%杠桿以下56%5%-10%

杠桿24%10%-20%

杠桿13%June

2022來源：

惠譽評級，萬得貨幣基金法規(guī)的發(fā)展和比較3中國貨幣市場基金法規(guī)發(fā)展《貨幣市場基金管理暫行規(guī)定》《貨幣市場基金監(jiān)督管理辦法》《公開募集開放式證券投資基金流動性風(fēng)險管理規(guī)定》銀發(fā)(2017)302號《關(guān)于進一步規(guī)范貨幣市場基金互聯(lián)網(wǎng)銷售、贖回相關(guān)服務(wù)的指導(dǎo)意見》《重要貨幣市場基金監(jiān)管暫行規(guī)定》*CSRC

proposed

rules

in

early

202220中國貨幣市場基金法規(guī)及惠譽評級標準21MMFMMF

with

top

10investors

exceeding20%

of

total

assetsMMF

with

top

10investors

exceeding50%

of

total

assets‘Important’

MMF

with

AUM

exceedingCNY200

billion*‘Important’

MMF

withAUM

exceedingCNY500

billion*Fitch

‘AAAmmf(chn)’rated

MMFAccounting

methodAmortised

costAmortised

costAmortised

costAmortised

costAmortised

costNot

applicableValuationCNAVCNAVCNAVCNAVCNAVNot

applicableLowestcredit

rating‘AA+’on

national

scale

andminimum

90%

of

assetsat

‘AAA’AA+’on

national

scale

andminimum

90%

of

assetsat

‘AAA’‘AA+’on

national

scale

andminimum

90%

of

assetsat

‘AAA’‘AAA’

on

national

scale‘AAA’

on

national

scale‘A-’

on

internationalscaleMaximum

single

issuer

concentration

(%)1010105510Minimum

daily

liquidity

(%)5555510Minimum

weekly

liquidity

(%)102030202025Maximum

assets

with

limited

liquidity

(%)1010105520MaximumWAM

(days)1209060906075MaximumWAL

(days)240180120240240120Maximumleverage

(%)20202010NilNilMaximum

time

deposit

(%)Not

applicableNot

applicableNot

applicable5050Not

applicableMaximum

single

investor

(%)Not

applicableNot

applicableNot

applicable55Case-by-case

basisLiquidity

gateRedemptionover

10%Redemptionover

10%Redemptionover

1%ifweeklyliquiditybelow10%

and

negative

NAVdeviationRedemptionover

5%Redemptionover

5%Not

applicableRisk

provision

(management

fee)

(%)1010104040Not

applicableRisk

provision

(custodian

fee)

(%)Not

applicableNot

applicableNot

applicable2020Not

applicableRisk

provision

(distribution

fee)

(%)Not

applicableNot

applicableNot

applicable2020Not

applicableNumber

of

fund

managersNot

applicableNot

applicableNot

applicableMinimum

of

2Minimum

of

2Not

applicableNumber

of

disaster

recovery

centresNot

applicableNot

applicableNot

applicableMinimum

of

2Minimum

of

2Not

applicable*

CSRC

proposed

rules

in

early

2022Source:Fitch

Ratings歐洲監(jiān)管機構(gòu):

ESMA規(guī)模:

USD1,5trn

(17%)種類:

Short-term

(incl.

PD

CNAV,LVNAV

and

VNAV)

and

StandardMMFs中國，監(jiān)管機構(gòu):

證監(jiān)會規(guī)模:

USD1,6trn

(18%)種類:

主要為攤余成本法貨幣基金少量浮動凈值型美國監(jiān)管機構(gòu):SEC規(guī)模:

USD5trn

(55%)種類:

Government,

Prime

and

Tax-exempt

MMFs全球主要貨幣基金市場Source:

Fitch

Ratings,

Lipper,

Crane

Data,

Asset

Management

Association

of

China,

as

of

Jun

2222全球監(jiān)管新規(guī)各有側(cè)重ESMA’s

Opinion**Public

DebtSource:

Fitch

Ratings,

SEC,ESMA,

CSRCUS&

EU*:Focusing

on

Addressing

Threshold

Issues,

Enhancing

MMF

Liquidity

and

Imposing

LMTsUS:Swing

pricingRepeal

of

regulatory

thresholds

–

fees

andgatesNewliquidity

requirementsAmendments

to

regulatory

reporting

andcalculation

requirementsEU:LVNAV

-

fluctuating

NAVsRepeal

of

regulatory

thresholds

-

fees

&

gatesNew

liquidity

requirements

(daily/weekly/PD**assets)At

least

one

LMTChina:Targeting

LargeMMFsMMFswithAUMexceedingCNY200billionorwithmore

than

50

million

investors

defined

as

‘Important’Strictercredit

requirementShorter

WAMLessissuer

concentration23ESG基金4混合型基金占了ESG基金大部分Governance-focused

funds21%Social-focused

funds9%ESG

funds6%來源：

惠譽評級，萬得大部分ESG基金聚焦環(huán)境September

2022Environment-focused

funds64%三分之二的ESG基金為混合型September

2022Bond

funds11%Equity

funds24%Balanced

funds65%來源：

惠譽評級，萬得25追蹤的美國ESG貨幣基金總資產(chǎn)自2021年來相對平穩(wěn)Nov

18Jan

19Mar

19May

19Jul

19Sep

19Nov

19Jan

20Mar

20May

20Jul

20Sep

20Nov

20Jan

21Mar

21May

21Jul

21Sep

21Nov

21Jan

22Mar

22May

22Jul

22Sep

22(USDbn)121086420ESG

MMF

total

assets26ESGMMF

conversionESGMMF

launchSource:

Fitch

Ratings,

Crane

Data.ESGMMFTotal

Assets美國ESG

貨幣基金平均凈收益率比對應(yīng)的非

ESG

基金稍高0.010.00-0.01-0.02-0.03-0.04-0.05-0.06-0.07Oct

21Nov

21Dec

21Jan

22Feb

22Mar

22Apr

22May

22Jun

22Jul

22Aug

22Sep

22(%)3.53.02.52.01.51.00.50.0Gross

Yield

Spread

Between

ESG

and

Non-ESG

MMFs

(RHS)(%)Note:

Spreads

are

caculated

using

ESG

Yield

minus

Comparable

non-ESG

Yield.

DWS

non-ESG

comparablefund

was

excluded

due

to

one-off

retail

flows.Source:

Fitch

Ratings,

Crane

Data.Average

Gross

Yields

for

ESG

MMFs

and

Comparable

Non-ESG

MMFsESG

funds'

avg.

gross

yield

(LHS)Comparable

non-ESG

funds'

avg.

gross

yield

(LHS)0.010.00-0.01-0.02-0.03-0.04-0.05-0.06-0.07Oct

21Nov

21Dec

21Jan

22Feb

22Mar

22Apr

22May

22Jun

22Jul

22Aug

22Sep

22(%)3.53.02.52.01.51.00.50.0Gross

Yield

Spre