中国股市生态变化三问

1、100%90%80%70%60%50%40%A股成交额分布市值最大的5%市值9095分位市值8090分位市值7080分位市值6070分位市值5060分位30%市值4050分位20%10%Mar-06 Nov-06 Jul-07 Mar-08 Nov-08 Jul-09 Mar-10 Nov-10 Jul-11 Mar-12 Nov-12 Jul-13 Mar-14 Nov-14 Jul-15 Mar-16 Nov-16 Jul-17 Mar-18 Nov-18 Jul-19 Mar-200%市值3040分位市值2030分位市值最小的20%OT 0 OSOFT8T 0T6T88T68t00000

2、000000009050000809+o00000I010000I0TV 8 TO?8SATZ0Z%0C%1*, 0*VSET?8SA0Z0ZY/?Z%1uTR4*DDID(%)3503002502001501005000102050亚洲除日本股票型公募基金规模分布1001502002503004005006007008009001,0001,2001,4001,6001,8002,0002,5003,0004,0005,00010,00015,00020,000R = 0.23531,000,OOO100,0001,0001001002o6oao 10010010203040506070Il

3、ave: RE.lXls6.eeeArs:30.0Hia2e: xfi.iBszTsa,HitPJaacH100.0 3.525.020.080.03.02.615.010.060.0 2.040.0 1.61.05.020.00.50.0197019881998200820180.00.0197019881998200820187025%20%15%60*% 5,0005074% 4,50040% 4,00035%3070%3,500203,00010%2,500064%2,00010% 100%90%A股各类投资者持股市值占比（自由流通市值）估算个人投资者机构投资者外资80%70%60%5

4、.4%91.4%79.9%70.9%57.1%60.8%65.6%69.1%67.8%67.9%69.6%72.4%61.5%59.5%57.5%52.5%53.5%46.4%5.6%11.0%53.6%其它机构信托企业年金950%42.9%47.5%46.5%40.5%42.5% 6.7%私募基金40%2.3% 39.2%1.5%1.7% 2.9% 34.4%38.5%2.8%3.2%5.2%8.4%8.5%券商30%29.1%9.5% 4.6% 2.9% 30.9%32.2%32.1%30.4%3.1% 3.7%7.9% 7.2% 8.8%27.6%1.3%1.5%7.6%社保基金3.9%

5、11.2% 7.3%2.9%3.8%1.4%3.9% 3.8%12.9%3.0%8.7%5.9%9.6%2.3%7.0%2.9%2.9%8.9%9.2%2.8%2.9%9.0%6.3%8.5%3.3%20%20.1% 7.1%4.1% 2.2%4.1%9.0%3.6%9.4%6.9%2.1%7.0%保险10%4.6%8.6%13.4%18.1%28.0%20.0%20.4%3.2% 2.2% 2.9% 2.8%8.7%2.7% 3.0% 2.9%7.2%13.3%14.2%16.5%8.0% 8.8% 7.3%公募基金4.6%8.6% 6.7%0%11.0% 8.5%4.9% 4.2%5.8%

6、机构投资者合计7.2%2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 () (%) Dec-11Dec-12Dec-13Dec-15Dec-17Dec-188 -un8-0 un%os dot%ot dot%oz dot%oi dot%56%0%01%0%0t%0%09%09%01%08%06%0014J8R6Be6Jf46YtMTJUfs.f1 uv=.alt X!tsl (1l:s.sav7.Te) x1vP os u.sfua/?tx -NU.6sA Q iz UIz.u () UaLJ6A 9 owz.eLJ?S41 .X af:z:X88 IN2HeasaLa.aszaaau H8s 6xaasaXu%09%08%06B UTso* BB/&9f&a :9 BIBtO8OOP OOP 009008OOOIez V5&zEt/hMiaM&s0*o* :elB(%)