In terms of financing, the science and technology innovation board and the growth enterprise market are registered, the new securities law comes into effect, and the New Third Board has set up a selection layer. The capital market's tolerance and cultivation of science and technology enterprises and small and medium-sized enterprises have been continuously enhanced, and the direct financing function has become more powerful. On the investment side, the management measures of Public Offering of Fund were revised, the management measures of custody business and fund sales institutions were introduced, and the guidance of side pocket mechanism and the pilot of infrastructure public offering REITs were launched, which promoted development, compliance and vitality simultaneously; The supervision of private equity funds needs public consultation, the reverse linkage policy of venture capital is optimized, the supervision rules are clearer and the development environment is more friendly.
At the same time, the ratio of foreign shares in fund management companies was cancelled ahead of schedule, Shenzhen-Hong Kong ETF products were launched, the latest management measures of QFII and RQFII were introduced, and a wider and higher level of opening up was taking shape.
By the end of 2020 10, the asset management business scale served by fund industry associations reached 56.68 trillion yuan, an increase of 4.45 trillion yuan or 8.5% over the end of last year; The total investment in the stock market is 8.6 trillion, accounting for11.9% of the total market value of the stock market; The investment scale of the bond market is 16 trillion yuan, accounting for 14.3% of the total market value of the bond market, which provides important financial support for the development of the real economy.
Public Offering of Fund residents hold more than 53% of shares.
Since the beginning of this year, Public Offering of Fund has developed rapidly and its structure has been optimized, effectively meeting the public's financial needs. By the end of 10, the total scale of fund offering was 18.3 1 trillion yuan, an increase of 24% over the end of last year. Equity funds have increased substantially, with equity funds and hybrid funds accounting for about 23%, an increase of 7 percentage points over the end of last year. Pension funds have continued to develop, with the cumulative number of FOF funds with the theme of healthy pension exceeding 100, with a scale of 47 billion yuan; The scale of pension funds managed by fund companies was 3.06 trillion yuan, an increase of 26.9% compared with the end of last year, and the efficiency of asset allocation for serving the elderly was further exerted. By the end of the third quarter, the proportion of middle-aged residents in Public Offering of Fund exceeded 53%, an increase of 4 percentage points over the end of last year, and the characteristics of inclusive finance were deeply rooted in the hearts of the people.
At the same time, the business structure of private equity management of securities and futures institutions has been continuously optimized, and the effect of reducing leverage and reducing channels is obvious. By the end of 10, the scale of private asset management business was 17.7 1 trillion yuan, down 9.2% from the end of last year and down 47% from the peak of 33 trillion yuan at the end of 20 16, mainly due to the decline in the scale of channel business in the banking system. Among them, the scale of active management was 10.9 trillion yuan, accounting for 62%, up by 14 percentage point from the end of last year, and the professional ability was steadily improved.
The scale of asset securitization products registered with the Association was 1.93 trillion yuan, an increase of 17.2% compared with the end of last year, which played an important role in revitalizing the existing assets and improving the efficiency of capital utilization.
In terms of private equity funds, the steady development of private equity funds has made important contributions to increasing direct financing and promoting the formation of innovative capital. By the end of 10, there were about 24,500 private fund managers registered with the association, and the management scale was 15.8 trillion yuan, an increase of10.7 trillion yuan over the end of last year; Among them, private equity investment funds grew the fastest, with a scale of about 3.68 trillion yuan, accounting for 23.2%, an increase of 43.8% over the end of last year; The scale of private equity venture capital fund is about 10.97 trillion yuan, accounting for about 69.3%, which is only 8.8% higher than the end of last year. However, private equity venture capital funds play an important role in optimizing the capital market structure and stimulating economic vitality.
The data also shows that in the first three quarters of 2020, the equity venture capital fund invested 905.5 billion yuan. By the end of the third quarter, the equity venture capital fund had invested 410.9 million in unlisted enterprises, with a principal of 5.53 trillion yuan; The number of projects invested in small and medium-sized enterprises is 6 1.9 million, accounting for 65.9%, and the principal invested is 1.92 trillion, accounting for 27.8%; The number of projects invested in high-tech enterprises is 34,500, accounting for 36.7%, and the principal invested is 1.54 trillion yuan, accounting for 22.3%.
However, from the perspective of investors' asset allocation needs, the primary and secondary markets are divided. Judging from the fund-raising situation of the industry, the private equity funds, private equity products and newly issued Public Offering of Fund registered with the Association before * * *1month this year raised 6.03 trillion yuan, up 2.48 trillion yuan and 70% year-on-year. Among them, in the first 1 1 month of fund offering, the new fund raised 2.86 trillion yuan, reaching the peak of the raised funds in the historical year, more than twice that of the same period last year. Private asset management products 1- 1 1 increased by 0.9 trillion yuan, up 21.2% year-on-year; Asset securitization products were newly filed 1.33 trillion yuan, up 48.3% year-on-year. In June, private investment funds1-1increased by 0.93 trillion yuan, up18.9% year-on-year; Among them, private equity investment funds increased by 382.04 billion yuan, with a year-on-year increase of over180%; However, the financing situation in the primary market is not optimistic. In June, the new filing scale of private equity and venture capital funds was1-1.24 billion yuan, down 15.2% over the same period.
Promote the industry to start a new journey of development
Under the high-quality development and dual-cycle pattern, industrial transformation and upgrading are urgently needed to cultivate new kinetic energy for domestic economic growth. The new path of economic development needs to match the new way of capital support. It is most important to develop direct financing and promote the formation of innovative capital, and the asset management industry plays an irreplaceable role in it.
"The development of the asset management industry is rooted in the real economy and the wealth management needs of residents. China's real economy took the lead in getting rid of the adverse effects of the COVID-19 epidemic, the long-term positive trend of the economy continued to consolidate, and the momentum of industrial development and upgrading was strong. " Huang Liping said.
According to statistics, in the first half of 2020, affected by the COVID-19 epidemic, the global foreign direct investment decreased by 49% year-on-year, and the foreign capital flowing into the United States and the European Union decreased by 6 1% and 29% respectively, but the foreign capital flowing into China only decreased by 4%, so China's economy is full of resilience and stamina. With the rapid economic development and the improvement of residents' income level, there is a strong demand for wealth management. China's GDP per capita has crossed the $654.38 +0 billion mark, and the middle-income group has exceeded 400 million. The strong demand for financial management has provided important support for the development of asset management industry.
However, Huang Liping also said that compared with the current new requirements and new development situation, there are still many problems and difficulties in China's asset management industry. It is inconsistent with the expected model of increasing the proportion of direct financing, forming innovative capital and supporting scientific and technological self-reliance. The characteristics of retail investors in China's capital market are still obvious, individual investors pursue short-term gains, and various sources of funds with long-term capital attributes such as pensions, insurance funds and family funds are insufficient; Compared with overseas mature markets, the professional investment ability, governance ability and management experience of domestic asset management institutions need to be further improved.
"The development of the industry is inseparable from a good policy environment and institutional system. As a modern industry self-regulatory organization, the fund industry association will actively integrate into the overall situation of national strategic development and multi-level capital market construction, continuously optimize self-regulatory management and services, and promote the industry to start a new development journey. " Huang Liping said.
First, promote the improvement of industry governance in Public Offering of Fund and enhance the level of specialization. The Association will implement the State Council's opinions on further improving the quality of listed companies, promote industry organizations to integrate environmental, social and corporate governance responsibilities, practice ESG investment, actively participate in the governance of listed companies, and promote the quality improvement of listed companies. Further cooperate with the promulgation of Public Offering of Fund management measures and related supporting rules, actively study the development path and experience of overseas leading asset management institutions, and promote the governance optimization, diversified development and specialization of fund companies in China. We will promote the construction of a long-term incentive and restraint mechanism for fund companies, constantly optimize incentive methods such as professional shareholding, and enhance the stability of the core talent team. Guide the long-term assessment mechanism, improve the independent director system, and strengthen the governance mechanism with the goal of maximizing the interests of holders. Focus on the pain points of new and old sales business in Public Offering of Fund, promote the dynamic monitoring and evaluation of fund sales behavior, and formulate supporting self-discipline rules in line with the Measures for the Supervision and Administration of Fund Sales Organizations of CSRC.
The second is to improve the self-discipline management and services of private equity funds to further stimulate the vitality of the industry. Actively cooperate with the promulgation of the Regulations on the Administration of Private Equity Funds, and revise the Measures for the Administration of Registration and Filing of Private Equity Funds to improve the system and transparency. Continue to improve the list of registration materials and the "road inspection separation system+spot check system" pilot, promote the transparency of classified management and audit standards, and improve service efficiency. Study and promote the performance compensation and sales behavior norms of private equity funds, study and improve the valuation method of unlisted shares, improve the net management level of private equity funds, and create favorable conditions for attracting pension and insurance funds. Actively implement the decision-making arrangements of the the State Council Finance Committee and the Party Committee of the China Securities Regulatory Commission, promote the orderly clearing of industry risks, and maintain a good order of industry development.
The third is to promote the development of the industry, optimize the ecological environment, and expand the development space of the industry. Increase the proportion of direct financing, broaden the sources of medium and long-term funds, continue to promote the active allocation of asset management products for various medium and long-term funds, especially support private equity and venture capital funds to invest in early, small and long-term technology and serve the country's innovation and development. Vigorously promote the construction of the three pillars of pensions, institutionalize residents' short-term financial management funds into long-term investable funds, and realize intertemporal allocation through asset management products including public offerings and private placements, which not only improves the level of wealth accumulation, but also provides high-quality capital for current development. Long-term capital accumulation and long-term investment activities are inseparable from the support of tax policies. The association will further promote the improvement of relevant tax guidance policies and promote the formation of long-term capital.