惠誉+中国公募基金发展与现状

中国公募基金发展与现状黄莉13December2022Contents1中国公募基金概况22中国货币基金概况103货币基金法规的发展和比较1942411252015105中国公募基金规模持续增长252015105股票型债券型混合型货币型0Jan17Jul17Jan18Jul18Jan19Jul19Jan20Jul20Jan21Jul21Jan22Jul22来源：惠誉评级,ICIGlobal350403020100中国公募基金在世界公募基金中占比仍较小504030201002018201920202021Jun22来源:惠誉评级,ICIGlobal10.08.06.04.02.00.04家庭财富的增加支撑公募基金资产持续增长住户存款M2公募基金300250200150100500Dec17Dec18Dec19Dec20Dec21Oct225100%80%60%40%20%0%中国公募基金市场资产结构有别于欧美100%80%60%40%20%0%June2022股票型债券型混合型货币基金美国欧洲中国6100806040200100806040200June2022机构投资人散户投资人股票型混合型债券型货币型7基金管理人集中度在降低454035302520151050Jun20Jun22Top1TopTop18基金管理人分类基金管理人分类2022/092022/092%28%28%37%33%992中国货币基金概况6.05.04.03.02.01.00.0中国于2022年二季度成为世界第二大货币基金市场6.05.04.03.02.01.00.0201320142015201620172018201920202021Jun22来源：惠誉评级，InvestmentCompanyInstitute(ICI)2015105011ChinaEurope货币基金市场仍有继续增长的潜力ChinaEurope个人投资人占了货币基金市场的大部分机构投资人个人投资人(人民币万亿)121086420201320142015201620172018201920202021Jun2货币基金占M2比重仍然较低June2022(货币基金/M2)051015202512零售互联网销售平台成为重要销售渠道(CNYtrn)3.02.52.01.51.00.50.01Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q22来源：惠誉评级,万得13中国货币基金收益率一直低位徘徊5.04.03.02.01.00.0-1.0中国USPrimeRetail7-DayNetYieldEuropeanMMF(EUR)Jan18Mar18May18Jul18Sep18Nov18Jan19Mar19May19Jul19Sep19Nov19Jan20Mar20May20Jul20Sep20Nov20Jan21Mar21May21Jul21Sep21Nov21Jan2Mar22May22Jul2Sep22Nov22来源：惠誉评级，万得,CraneData,IMoneyNet14中国货币基金投资组合2%2%5%5%5%33%26%29%来源：惠誉评级115中国货币基金市场集中度在降低不同市场最大货币基金占比比较16141210864201H20(LHS)1H21(LHS)1H22(LHS)前五(RHS)252015105044%平44%内圈:2022/06外圈:2020/12(%按基金数量)55%20%9%22%39%30%31%<1bn1bn-10bn10bn-100bn>100bn163025201510530252015105002468101214161820来源：惠誉评级,万得,Lipper,iMoneyNet,CraneData175%-10%杠杆24%5%-10%杠杆24%56%June2022110%-20%杠杆13%7%1183货币基金法规的发展和比较中国货币市场基金法规发展《货币市场基金管理暂行规定》《货币市场基金监督管理办法》《公开募集开放式证券投资基金流动性风险管理规定》银发(2017)302号《关于进一步规范货币市场基金互联网销售、赎回相关服务的指导意见》《重要货币市场基金监管暂行规定》*CSRCproposedrulesinearly202220中国货币市场基金法规及惠誉评级标准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全球主要货币基金市场美美国监管机构:SEC规模:USD5trn(55%)种类:Government,PrimeandTax-exemptMMFs监管机构:ESMA规模:USD1,5trn(17%)种类:Short-term(incl.PDCNAV,LVNAVandVNAV)andStandardMMFs监管机构:证监会规模:USD1,6trn(18%)种类:主要为摊余成本法货币基金，少量浮动净值型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基金为混合型September2022Bondfunds11%Equityfunds24%Balancedfunds65%大部分ESG基金聚焦环境ESGfundsESGfunds6%Social-focusedfunds9%Governance-focusedfunds21%Environment-focusedfunds64%25追踪的美国ESG货币基金总资产自2021年来相对平稳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欧洲近半货币基金被分类于SFDR第八条款Art6Art8Art9NotReported39%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