美日欧资管行业研究：以摩根、MUFG、瑞银为例.pdf
Table_MainInfo Table_Title / Table_Summary 2019 88.749%27% 7%-8% 2050.87% /46.63% 34.07%0.2%-2.6%0.12%201937% 33%15%0.2%13 4 Table_CompanyFinance EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 12.80 1.54 1.64 1.86 8.32 7.82 6.89 33.90 3.62 4.23 4.87 9.35 8.00 6.95 Table_Invest Table_PicQuote -16%-11%-6%-1%4%2019/72019/82019/92019/102019/112019/122020/12020/22020/32020/42020/52020/6Table_Trend % 1M 3M 12M 0.78% 2.52% -12.06% -7.45% -11.66% -19.81% Table_IndustryMarket 36 99135 62162 3.72 0.42 50495 16727 % 91.86 Table_Report 19 1.52020-06-23 182020-06-16 2020 52020-06-11 Table_Author S0550520020001 010-63210892 wangfhnesc S0550119070037 010-68034575 chenyulunesc 2020-06-30 2 / 32Table_PageTop 1. . 41.1. 1924 1999 . 41.2. . 61.3. . 71.4. . 82. . 112.1. & . 11 2.2. . 12 2.3. . 15 2.4. . 15 2.5. 0.2%-2.6% . 19 2.6. . 20 2.7. . 21 3. MUFJ . 213.1. . 21 3.2. MUFG . 22 3.3. . 23 3.4. . 23 3.5. 0.12%. 24 3.6. . 24 3.7. . 24 4. . 244.1. . 24 4.2. . 25 4.3. . 25 4.4. 0.2%. 26 4.5. . 27 4.6. . 27 5. . 285.1. . 28 5.2. . 30 6. . 303 / 32Table_PageTop 1 IRA . 5 2 401 K . 5 3 2015-2019 . 9 4 2018-2019 . 10 5 . 13 6 . 13 7 2012-2019 AUM . 14 8 . 15 9 . 16 10 2011-2019 AUM . 17 11 % . 20 12 MUFG . 23 13 . 25 14 2015-2019 . 26 15 . 26 16 . 27 17 2015-2019 . 27 18 . 28 1 2019 20 . 8 2 . 8 3 Top20 & . 10 4 2020Q1 .11 5 2018 . 12 6 ROE . 13 7 . 15 8 . 16 9 . 18 10 . 19 11 . 20 12 . 21 13 Top10 . 21 14 . 22 15 . 29 4 / 32Table_PageTop 1. 1.1. 1924 1999 19241999 11 45 / 32Table_PageTop IC IC 2012 BettermentWealthfrornt2015 20197497.036 / 32Table_PageTop 1.2.1.2. 20 90: , 80% 1900 1921 1922 19531953 20 90 20 901900-19211922-1953, ,20 50, 1953 20 90 19537 / 32Table_PageTop 720 90 9020012005 10 120052005 2007 2008 20122012 2015 2015 11933.3 1.3. 1.177418222. 1868 1718731920 8 / 32Table_PageTop 13 1998 6 1890 12 1875 13 1816 16 1856 17 1870 18 1836 19 2000 3. 21201922.8 27%8 40% 13 2 8 14.12962% 2 1985 UCITS 2014 UCITS 2016 UCITS2007 MiFID 2014 2018 UCITSAIFMD MiFID2011 AIFMDUCITSAIFMD2013 AIFMD1.4. 9 / 32Table_PageTop 2018 20172.9% 2018 76.92017 2.3 2019 201815.34% 2019 88.73 2015-2019 2018 47% 2019 49%27% 201814% 2019 13% 8%4% 10 / 32Table_PageTop 4 2018-2019 ( ) 3 Top20 & ( ) 1 BlackRock 6,520 7.35% 2 Vanguard Group 5,600 6.31% 3 UBS Group 3,256 3.67% 4 State Street Global Advisors 2,805 3.16% 5 Fidelity Investments 2,700 3.04% 6 Allianz Group 2,357 2.66% 7 JPMorgan 2,096 2.36% 8 Capital Group 1,859 2.10% 9 Bank of New York Mellon 1,841 2.08% 10 PIMCO 1,760 1.98% 11 Goldman Sachs 1,599 1.80% 12 Amundi 1,598 1.80% 13 AXA Group 1,597 1.80% 14 Morgan Stanley 1,596 1.80%
