每經AI快訊，中國銀河08月01日發布研報稱：給予非銀行金融推薦（維持）評級。

事(shi)件：基(ji)(ji)金業(ye)協會發(fa)布2022Q2基(ji)(ji)金銷(xiao)售機構公(gong)募基(ji)(ji)金銷(xiao)售保有規模TOP100數據。

市場(chang)回暖環(huan)(huan)(huan)境下(xia)公募基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)銷(xiao)售(shou)保(bao)有(you)規模(mo)提升：依據基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)業協(xie)會數(shu)據，截至2022年5月(yue)底，全市場(chang)公募基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)凈(jing)值(zhi)(zhi)26.26萬億元(yuan)(yuan)(yuan)(yuan)，環(huan)(huan)(huan)比提升2.88%，其(qi)中(zhong)開放式基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)中(zhong)偏(pian)股型(xing)（股票型(xing)+混合(he)型(xing)）基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)凈(jing)值(zhi)(zhi)7.28萬億元(yuan)(yuan)(yuan)(yuan)，環(huan)(huan)(huan)比提升3.08%。TOP100公募基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)銷(xiao)售(shou)機構中(zhong)偏(pian)股型(xing)保(bao)有(you)規模(mo)6.34萬億元(yuan)(yuan)(yuan)(yuan),環(huan)(huan)(huan)比增加7.28%,非貨基(ji)(ji)(ji)(ji)(ji)(ji)(ji)保(bao)有(you)規模(mo)8.68萬億元(yuan)(yuan)(yuan)(yuan),環(huan)(huan)(huan)比增加10.07%。招(zhao)商銀行、螞蟻基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)以及天(tian)天(tian)基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)位居偏(pian)股型(xing)公募基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)銷(xiao)售(shou)前(qian)三(san)位，保(bao)有(you)規模(mo)分(fen)別(bie)為(wei)7095億元(yuan)(yuan)(yuan)(yuan)、6500億元(yuan)(yuan)(yuan)(yuan)以及5078億元(yuan)(yuan)(yuan)(yuan)，環(huan)(huan)(huan)比分(fen)別(bie)增長(chang)4.37%、5.83%以及9.46%。螞蟻、招(zhao)商銀行、天(tian)天(tian)基(ji)(ji)(ji)(ji)(ji)(ji)(ji)金(jin)非貨基(ji)(ji)(ji)(ji)(ji)(ji)(ji)銷(xiao)售(shou)保(bao)有(you)規模(mo)持(chi)續位居行業前(qian)三(san)名，保(bao)有(you)規模(mo)分(fen)別(bie)為(wei)13269億元(yuan)(yuan)(yuan)(yuan)、8597億元(yuan)(yuan)(yuan)(yuan)以及6695億元(yuan)(yuan)(yuan)(yuan)，環(huan)(huan)(huan)比增幅分(fen)別(bie)為(wei)10.84%、13.18%以及8.42%。

券商(shang)(shang)渠(qu)(qu)道偏股型(xing)/非(fei)貨基(ji)銷(xiao)(xiao)(xiao)售(shou)(shou)(shou)市(shi)(shi)(shi)占率持續(xu)提(ti)升：100家(jia)銷(xiao)(xiao)(xiao)售(shou)(shou)(shou)機(ji)構中(zhong)券商(shang)(shang)、銀行(xing)(xing)、第三(san)方基(ji)金(jin)銷(xiao)(xiao)(xiao)售(shou)(shou)(shou)公(gong)司家(jia)數分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)為(wei)51家(jia)、26家(jia)和18家(jia)。券商(shang)(shang)渠(qu)(qu)道偏股型(xing)/非(fei)貨基(ji)市(shi)(shi)(shi)占率環比均有(you)提(ti)升。2022Q2偏股型(xing)基(ji)金(jin)（股票+混合公(gong)募）銷(xiao)(xiao)(xiao)售(shou)(shou)(shou)中(zhong)，券商(shang)(shang)、銀行(xing)(xing)以(yi)及第三(san)方基(ji)金(jin)公(gong)司銷(xiao)(xiao)(xiao)售(shou)(shou)(shou)規(gui)模分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)為(wei)12398/34745/15682億元(yuan)，環比分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)增(zeng)長+9.08%/+7.01%/+6.44%;市(shi)(shi)(shi)占率分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)為(wei)19.56%/54.81%/24.74%，環比分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)變化(hua)+0.32/-0.14/-0.19個(ge)百分(fen)(fen)(fen)(fen)(fen)點。非(fei)貨基(ji)銷(xiao)(xiao)(xiao)售(shou)(shou)(shou)中(zhong)，券商(shang)(shang)、銀行(xing)(xing)以(yi)及第三(san)方基(ji)金(jin)公(gong)司銷(xiao)(xiao)(xiao)售(shou)(shou)(shou)規(gui)模分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)為(wei)14157/42058/29880億元(yuan)，環比分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)增(zeng)長+13.50%/+9.39%/+9.49%；市(shi)(shi)(shi)占率分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)為(wei)16.31%/48.47%/34.43%，環比分(fen)(fen)(fen)(fen)(fen)別(bie)(bie)(bie)變化(hua)+0.49/-0.30/-0.18個(ge)百分(fen)(fen)(fen)(fen)(fen)點。

華泰證(zheng)(zheng)(zheng)券(quan)(quan)/中(zhong)信(xin)(xin)證(zheng)(zheng)(zheng)券(quan)(quan)分(fen)別位(wei)居(ju)偏(pian)股(gu)(gu)(gu)型/非(fei)貨(huo)基(ji)銷(xiao)(xiao)售(shou)保(bao)(bao)(bao)有(you)(you)(you)規(gui)模(mo)(mo)市(shi)占率第一名，東(dong)方(fang)(fang)財(cai)富(fu)證(zheng)(zheng)(zheng)券(quan)(quan)增長(chang)顯著(zhu)：券(quan)(quan)商系(xi)銷(xiao)(xiao)售(shou)機構(gou)華泰、中(zhong)信(xin)(xin)、廣(guang)發(fa)、中(zhong)信(xin)(xin)建投(tou)、招商、中(zhong)國(guo)銀河、國(guo)泰君安(an)、國(guo)信(xin)(xin)、東(dong)方(fang)(fang)以(yi)及(ji)平安(an)證(zheng)(zheng)(zheng)券(quan)(quan)偏(pian)股(gu)(gu)(gu)型公(gong)募(mu)基(ji)金保(bao)(bao)(bao)有(you)(you)(you)規(gui)模(mo)(mo)位(wei)居(ju)行業TOP10，市(shi)占率分(fen)別為10.21%/10.08%/6.57%/5.69%/5.39%/4.45%/3.98%/3.87%/3.62%/3.36%。中(zhong)信(xin)(xin)、華泰、廣(guang)發(fa)、中(zhong)信(xin)(xin)建投(tou)、招商、國(guo)泰君安(an)、中(zhong)國(guo)銀河、國(guo)信(xin)(xin)、平安(an)以(yi)及(ji)東(dong)方(fang)(fang)證(zheng)(zheng)(zheng)券(quan)(quan)銷(xiao)(xiao)售(shou)的非(fei)貨(huo)基(ji)保(bao)(bao)(bao)有(you)(you)(you)規(gui)模(mo)(mo)位(wei)居(ju)行業TOP10，市(shi)占率分(fen)別為10.33%/9.94%/6.99%/5.40%/5.09%/4.19%/4.01%/3.71%/3.69%/3.25%。華泰證(zheng)(zheng)(zheng)券(quan)(quan)和中(zhong)信(xin)(xin)證(zheng)(zheng)(zheng)券(quan)(quan)是券(quan)(quan)商渠道銷(xiao)(xiao)售(shou)公(gong)募(mu)基(ji)金保(bao)(bao)(bao)有(you)(you)(you)量超越千億(yi)(yi)的機構(gou)主體,偏(pian)股(gu)(gu)(gu)型保(bao)(bao)(bao)有(you)(you)(you)規(gui)模(mo)(mo)分(fen)別為1266億(yi)(yi)元(yuan)和1250億(yi)(yi)元(yuan)，非(fei)貨(huo)基(ji)保(bao)(bao)(bao)有(you)(you)(you)規(gui)模(mo)(mo)分(fen)別為1407億(yi)(yi)元(yuan)和1462億(yi)(yi)元(yuan)。東(dong)方(fang)(fang)財(cai)富(fu)證(zheng)(zheng)(zheng)券(quan)(quan)保(bao)(bao)(bao)有(you)(you)(you)規(gui)模(mo)(mo)大幅增長(chang)，預(yu)計(ji)與東(dong)方(fang)(fang)財(cai)富(fu)APP下購買(mai)基(ji)金計(ji)入東(dong)方(fang)(fang)財(cai)富(fu)證(zheng)(zheng)(zheng)券(quan)(quan)有(you)(you)(you)關。東(dong)方(fang)(fang)財(cai)富(fu)證(zheng)(zheng)(zheng)券(quan)(quan)偏(pian)股(gu)(gu)(gu)型/非(fei)貨(huo)基(ji)銷(xiao)(xiao)售(shou)保(bao)(bao)(bao)有(you)(you)(you)規(gui)模(mo)(mo)分(fen)別為274億(yi)(yi)元(yuan)、363億(yi)(yi)元(yuan)，環比分(fen)別增長(chang)416.98%、495.08%。

投資建(jian)議：我(wo)國(guo)公(gong)募基金規模、占GDP比(bi)重(zhong)均低于海外成熟市場，未來發展空間廣闊。客戶資源優勢顯著、渠道占優、積極布局財(cai)富(fu)管理的券商將充分受益公(gong)募基金行業(ye)大(da)發展。我(wo)們持(chi)續看好財(cai)富(fu)管理龍頭(tou)東(dong)方財(cai)富(fu)（300059.SZ）。

風險提示(shi)：基金行(xing)業(ye)發展不及預期(qi)的(de)風險；業(ye)績受市場波(bo)動(dong)影響大的(de)風險。

每(mei)經頭條(tiao)（nbdtoutiao）——

(記者 王曉波)

免責聲明：本(ben)文內(nei)容與數據僅供參考，不構成投資建(jian)議，使用前請核實。據此操作，風險自擔(dan)。