中国财富管理行业数说影 响格局的“一二三”

1、123456786,00025%23%21%68,00019%13%10%10%7%15,80010,7151,7001,4901,4491,090369365%3%100,000（万人）2020年代表金融机构财富管理客户数及增速30%80,00025%60,00040,00020%15%10%20,0005%00%农业银行工商银行平安银行华泰证券陆金所国泰君安中信证券中金诺亚财富客户数增速1 202031%28%25%22%20%17%10%10%7.0%（2020年）35%代表金融机构大众零售及广义财富客户AUM增速对比30%25%20%15%10%5%0%代表财富管理机构客户资产占中国个

2、人金融资产规模比重2502020年客户资产规模（万亿元）及对应市占率2057.8%1651821521341174.4%4.1%2.4%2.3%1.3%1.3%0.5%0.2%0.1%0.02%20015010050022020年代表金融机构财富管理客户AUM及增速57%16.047%45%41%40%32%8.98.523%4.94.72.62.61.00.40.319%10%1860%1550%1240%930%620%310%00%工商银行中信证券蚂蚁集团华泰证券平安银行中金公司东方财富陆金所诺亚财富6客户AUM增速 2020AUM2,7751,9701,9581,3311,2091,1

3、073,0002,5002,0001,5001,000500061%12%,r.16%n+(0251US1mn)13%47%160(Basis point)80120112804940122803913188492,0001,8001,6001,4001,2001,0008006004002000五线20%新一线27%二线30%一线10%四线7%三线46%新一线60%（个）35%1,8181,8281,8201,8321,8761,7161,43022%1,05620%8.29.2%5.4%5.9%3103383373273312862152622.4%1.2%2.2%0.-0.2-0.4%0

4、.7%6%20132014201520162017201820192020头部券商平均网点数营业网点数头部券商平均网点数YoY（右轴）网点数YoY（右轴）40%35%30%25%20%15%10%5%0%-5%2015年国君新增营业部/分公司分布2020年国君新增营业部/分公司分布 银行网上银行App MAU趋势券商股票交易App MAU趋势10,0001,8009,0008,0007,0006,0005,0004,0003,0002,0001,00001,6001,4001,2001,0008006004002000建设银行农业银行工商银行中国银行邮储银行交通银行中信银行东方财富国信证券华泰

5、证券国泰君安广发证券中信证券中国银河海通证券100%95%90%85%80%75%70%65%60%4598.5%98.2% 99.7%96.894.3%91.2%90.0%90.587.385.3%81.972.9%4035302520151050华泰证券移动终端开户数占比华泰证券移动终端交易客户占比2015 2016 2017 2018 2019 20202017201820192020App理财投资销售金额App交易金额App理财销售金额占比（右轴）90%（万亿元）4179%72%333159%43%1810.16.37.94.480%70%60%50%40%30%20%10%0%=+/

6、202010,0009,0008,0007,0006,0009,44788%7,0887,0535,4825,0165,0004,2724,00033%39%4,11837%3,6653,0002,0001,00002,66421%25%23%12%7%2020 100%80%60%40%20%0%28024020016012080400（亿元）招商银行零售财富管理手续费及佣金收入172818475021145567211.621751.4219451285851472421325551481.234361.5331.8291.2641.0572712013201420152016201720

7、1820192020代理基金收入代理保险收入受托理财收入代理信托计划收入代理贵金属收入 20162Q18 31,8001,6001,4001,2001,0008006004002000201420152016201720182019202050%45%46%42%41%41%43%42%45%40%35%30%25%20%15%10%5%0%512021 422021 232021 542021代表性零售金融机构科技投入及占营收比例（2020年）5.6%2382214.1%1831673.5%2.9%3.0%3.0%2.7%2.8%1194718123006%2505%2004%1503%10

8、02%501%00%建设银行 工商银行 农业银行 中国银行 平安银行 华泰证券 国泰君安科技投入（亿元）占营收比例（右轴） (CCB)(CIB)each: ata:kaxifi714.u. &aN 1&P1ifaDltsJtB(Jumbo mortgages)6 (Trading) ff% (Custody)Na39: 66Sffitnt7i%ifii6IRes2021E 2021E 2020A2021E2022E2020A2021E2022E2020A202E2022E 202INBX.USD0 KKRUS KKR300059.SZ Lfi4 “LISD LISD 73.57 898,313

9、 5,702 18,061 28.9 23.3 21.53.02.62.410.8 11.6 12.01.0898,313 5,702 18,061 28.9 23.3 21.53.02.62.4 10.8 11.6 12.01.0898,313 5,702 18,061 28.9 23.3 21.53.02.62.4 10.8 11.6 12.01.0USD USD 92.031,108,37212,680 56,086 11.8 13.3 13.11.71.71.614.713.0 12.31.8USD USD 157.083,077,920 39,792121,226 12.2 12.0

10、 13.11.91.81.816.2 15.9 13.92.4USD USD 41.15 2,282,557 26,456 88,414 16.8 13.6 13.21.41.41.38.310.4 10.21.9USD USD 15.41 369,313 6,307 32,842 N.M.8.78.7N.M.0.90.811.89.69.92.5USD USD 374.16 858,247 15,891 50,600 7.98.310.41.41.41.317.1 18.1 13.41.5USD USD 45.411,215,018 15,470 71,235 27.3 12.1 12.91

11、.11.11.03.79.38.31.31,485,23819,433 70,067 15.2 11.3 11.91.51.41.312.0 12.7 11.31.91,161,69515,680 63,661 12.2 12.0 13.01.41.41.313.2 11.7 11.31.8USD USD 879.23 873,568 5,750 18,862 26.1 23.5 20.53.83.63.415.6 15.9 17.21.9HKD HKD 4.827,4536371,6546.514.0 11.81.71.61.428.1 11.4 12.73.2USD USD 26.95 8

12、0,499 1,304 7,459 11.29.59.00.90.90.85.110.4 10.42.5USD USD 32.26 105,312 1,579 8,213 10.5 10.19.41.51.41.210.6 13.9 16.83.5USD USD 46.77 30,4233363,939 15.2 13.8 12.62.9N.M.N.M. 19.07.58.67.3USD USD199.94 293,599 2,877 7,542 17.0 16.0 15.55.75.14.537.4 34.1 31.32.4231,809 2,081 7,945 14.4 14.5 13.1

13、 2.72.52.3 19.3 15.5 16.23.592,906 1,441 7,500 13.2 13.9 12.22.31.61.4 17.3 12.6 14.72.9USD USD 97.65 758,744 4,396 8,426 17.0 27.1 24.3 15.09.18.758.4 34.2 35.43.2USD USD 59.79 337,544 2,769 5,0677.319.2 17.02.62.21.944.5 12.9 12.61.0548,144 3,582 6,747 12.2 23.1 20.78.85.65.351.4 23.6 24.02.1548,1

14、44 3,582 6,747 12.2 23.1 20.78.85.65.351.4 23.6 24.02.1CNYCNY 53.05 1,341,939113,338325,09414.012.010.12.11.91.614.414.715.42.8CNYCNY 5.09218,85254,277 215,3935.14.64.20.50.50.49.09.49.55.4CNYCNY 21.81423,24335,001174,06114.612.110.21.41.31.28.59.210.01.0CNYCNY 20.79431,89575,010 223,2336.86.05.30.8

15、0.70.711.311.511.74.0CNYCNY 4.39181,40743,233199,0695.64.43.10.40.40.46.47.710.46.7519,46764,172 227,3709.27.86.6I.I0.90.99.910.511.44.0423,24354,277 215,3936.86.05.30.80.70.79.09.410.44.0CNYCNY 54.33190,7329,482 29,708N.M.28.122.6N.M.3.32.912.512.013.11.5CNYCNY 15.55130,43013,558 36,78113.010.49.21

16、.11.00.98.610.110.73.4CNYCNY 23.65287,99219,951 61,26720.515.313.71.71.61.48.710.611.02.6CNYCNY 16.64137,72113,653 40,41213.310.99.81.11.01.08.19.610.03.7CNYCNY 14.73101,40411,999 34,46811.29.48.21.11.11.010.611.712.33.7CNYCNY 9.6362,1585,039 23,79424.713.411.91.11.11.04.88.18.63.0CNYCNY 18.28146,76

17、512,010 29,03316.713.211.81.51.41.310.011.111.73.9151,02912,242 36,49516.614.412.51.31.51.49.010.511.03.1137,72112,010 34,46815.013.211.8I.II.I1.08.710.611.03.4CNY CNY 29.72 307,179 7,072 11,167 52.8 36. 2 27.37.76.45.217.8 19.3 21.00.1300033.SZrJ11xCNY CNY108.77 58,4752,1753,63533.926.919.511.28.76

18、.537.436.338.21.4FUTU.US&HKD USD162.20 153,9944,1779,146135.144.430.622.27.96.325.126.222.80.0TIGR.US WNil*USD USD 25.57 26,87666316162.147.630.815.311.68.410.027.831.70.0NOAH.USA fi1 CNY USD 41.25 16,6021,3964,30714.311.99.62.21.91.615.917.417.90.02112,6252,9775,71479.633.423.611.77.35.621.225.426.30.