2023 3 1-20221208-20220810 S1060520040002 LIBINGTING S1060122070023 WEIJIWEN CR20 2012 41.4%2021 45.2%2021 AUM 20/8/9/3 1 2 3 1 2 3 4 2/26 EPS P/B 2023-3-1 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 600030 20.90 1.56 1.43 1.47 1.57 1.6 1.3 1.3 1.2 300059 21.28 0.65 0.66 0.80 0.93 6.7 4.4 3.9 3.5 000776 16.58 1.42 0.99 1.32 1.56 1.2 1.1 1.0 1.0 600958 10.36 0.63 0.35 0.54 0.64 1.4 1.1 1.1 1.1 601377 6.50 0.36 0.36 0.49 0.58 1.4 1.0 1.0 0.9 wind ZXEVyRqNtQmNsMsRqNpQqRbRcM6MnPoOtRpMlOnNoNjMnNmP9PrQtOwMqRnPuOpOoO 3/26.6.8 2.1.9 2.2.10 2.3.12.13 3.1.13 3.2+.16.19 4.1.19 4.2.20 4.3.24.24 5.1.24 5.2.25 4/26 1 TOP500 AUM.6 2 TOP500 AUM.6 3 AUM.6 4 2004-2021.6 5 AUM.7 6 AUM.7 7 20/500 AUM.7 8 AUM AUM 500.7 9 2014 2021 AUM 20.8 10.8 11.9 12 2021 AUM.10 13 2021 AUM.10 14 2021 AUM.10 15 2021 AUS.10 16 AUS.11 17 AUM.11 18 AUM.11 19 2021 AUM.12 20 KKR 2021 AUM.12 21 AUM.12 22 AUM.12 23 2021 AUM.13 24 2022 AUM.13 25.14 26 AUS AUS.14 27 AUS.15 28 AUS.15 29.15 30 ROA.16 31 ROE.16 32 2010-2021 AUS.16 33.17 5/26 34 2021 OCIO AUM TOP8 AUM.18 35 2021 TOP8 OCIO AUM.18 36.18 37.19 38.19 39.20 40.20 41.20 42.21 43 2019-2021.21 44.21 45.21 46.21 47.22 48 2022H1.22 49.23 50.23 51 2022H1.23 52 2022H1.23 53 2021.24 54 2021.24 6/26 WTW 2021 500 AUM 131.7 1999 3 AUM 60%1999 13pct AUM 1 TOP500 AUM 2 TOP500 AUM WTW WTW BCG 2008-2016 AUM 2%2019-2021 3%2005-2021 1100 2004 800 2021 2000 3 AUM 4 2004-2021 BCG 2003-2007 101 BCG 2021 WTW 139 AUM/75%/19%/6%2021 WTW 213 AUM/47%/34%/6%/7%/7%35.253.664.776.8131.702040608010012014019992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021 TOP500 AUM 43%45%52%57%60%0%10%20%30%40%50%60%70%80%90%100%19992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021 4.0%1.5%3.4%3.1%4.4%-1%0%1%2%3%4%5%2003-200720082009201020112012201320142015201620172018201920202021 7/26 5 AUM 6 AUM WTW 2017 AUM 139 WTW 2017 AUM 213 2012-2021 10 7 20 AUM 500 20 10 AUM 9.3%500 7.6%AUM CR20 CR20 AUM 20 500 AUM 2012 41.4%2021 45.2%7 20/500 A UM 8 AUM AUM 500 WTW WTW/1 2021 AUM 20/8/9/3 AUM 53%/36%/11%2014 20 16 20/2014 AUM 118.7%/75.7%/48.9%AUM 1/72%73%74%73%75%22%22%21%21%19%6%5%5%6%6%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021/UCITs43%41%43%44%47%37%38%37%37%34%7%7%7%7%7%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 REITs-10%-5%0%5%10%15%20%2012201320142015201620172018201920202021 AUM 20 AUM 500 41.4%45.2%0%10%20%30%40%50%60%70%80%90%100%2012201320142015201620172018201920202021251-500 51-250 21-50 20 8/26 9 2014 2021 AUM 20 2014 2021 AUM AUM 1 46,519 1 100,101 2 31,485 2 84,664 3 24,481 3 42,338 4 21,893 4 41,382 5 19,741 5 31,130 6 17,488 6 29,544 7 17,103 7 27,152 8 14,914 8 24,700 9 13,968 9 24,343 10 12,629 10 23,325 11 11,780 11 21,240 12 11,759 12 19,175 13 11,588 13 17,423 14 11,146 14 16,878 15 10,774 15 16,109 16 10,526 16 16,071 17 9,540 17 15,781 18 9,341 18 14,928 19 9,137 19 14,393 20 8,900 20 14,255 WTW 10 KKR 9/26 2.1/11 2021 AUM/25%/13%/30%/32%AUM/25%/22%/6%/24%/23%10/26 12 2021 AUM 13 2021 AUM 2021 AUM 26%28%46%2021 AUS Asset Under Supervision 2.5 1.3 50%14 2021 AUM 15 2021 AUS 2.2 2022 AUM 49%25%25%13%30%32%权益固收另类与多资产流动性25%22%6%24%23%权益固收另类多资产流动性26%28%46%私人银行其他零售客户机构客户55%33%13%独立账户共同基金私募基金及其他 11/26 16 AUS 1 2022 AUM 64%36%ETFs 2021 AUM ETFs 10%57%33%17 AUM 18 AUM 2 KKR 2021 KKR AUM 14%86%59%57%54%52%49%11%26%27%26%25%30%17%19%22%26%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 53%28%8%3%8%0%52%13%31%3%0%10%20%30%40%50%60%()AUM 普信2022 年 贝莱德2021 年15%49%25%10%10%57%33%0%10%20%30%40%50%60%ETFsAUM 普信2022 年 贝莱德2021 年 12/26 19 2021 AUM 20 KKR 2021 AUM KKR AUM 2021 Global Atlantic AUM 2.3 2021 AUM 27%73%AUM 58.5%21 AUM 22 AUM 2021 AUM/75%/10%/11%/4%2022 AUM/63%/12%/11%/8%/6%50%32%30%9%29%房地产私募股权对冲基金解决办法信用和保险48%17%14%12%6%3%公共养老金和机构保险家族办公室/高净值金融机构公司客户其他机构客户27%26%28%27%73%74%72%73%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 59.3%58.8%57.9%58.5%40.7%41.2%42.1%41.5%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 13/26 23 2021 AUM 24 2022 A UM AUM 1869 2014-2021 AUM 11 8 5 3 AUM 11.2%3 3.1 1999 5 2008 2019 2022 75%10%11%4%固收权益多资产另类63%12%11%8%6%固收权益房地产信贷和其他另类资产多资产 14/26 25 Goldman Sachs Asset Management L.p.1988 110 2021 AUS 1.7 AUS 2.5 26 AUS AUS 2019 AUS 2016-2021 6 AUS 55%AUS 40%1.301.531.720.35 0.370.450.530.680.870.780.870.92 0.900.971.041.181.251.381.491.541.862.152.470.00.51.01.52.02.53.020022003200420052006200720082009201020112012201320142015201620172018201920202021&15/26 27 AUS 28 AUS 2019 AUM 20 AUM 2008 2010 29 2002-2009 2010-2018 2019-2021 ROE 2012-2018 ROA 40%2019 ROA ROE 2019 2017-2021 5 4 ROE 2020 ROE ROE 55%57%56%58%55%55%0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 44%44%44%42%42%38%0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 010020030040050060070002040608010012014016020022003200420052006200720082009201020112012201320142015201620172018201920202021 16/26 30 ROA 31 ROE 2019 ROE 3.2+2010-2021 AUS 9550 2.15 AUS 2010-2021 AUS 51%38%12%-1%32 2010-2021 AUS 1 2018 David M Solomon CEO 2022 10 0%10%20%30%40%50%60%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ROA ROA0%5%10%15%20%25%30%2017 2018 2019 2020 2021 ROE ROE 17/26 Marc Nachmann 100 2 1980s 33 ETF OCIO Charles Skorina 2021 OCIO 2390 6.4%4 15.07%8 2 2006 ESG 40 ESG ESG 18/26 34 2021 OCIO AUM TOP8 AUM 35 2021 TOP8 OCIO AUM Charles Skorina&Company Charles Skorina&Company 1980s 5 2021 2360 37%11%7%30%16%IPE 2019 9 36 1997 Commodities Corporation 20 AUM 2021 NN Investment Group 0%2%4%6%8%10%12%05001,0001,5002,0002,5003,0003,5004,0004,500美世贝莱德罗素高盛SEI怡安翰威 特SSgA韬睿惠悦OCIO 资产（亿美 元）OCIO 资 产 市 场 份 额0%5%10%15%20%25%SEI SSgA OCIO 19/26 37 3+2019 83%50%38 4.1 2000 32.0 2019 575.0 2000 43.3%2019 56.9%70.0%20/26 39 Wind 2021 2016 36%2020 38%81%2021 27%42%40 41&BCG 2021&BCG 2021 4.2 2021 26%22%8.2 6%2019-2021 22%17%15%-15%0%10%20%30%40%50%60%70%80%90%100%20002001200220032004200520062007200820092010201120122013201420152016201720182019 36%38%81%64%62%19%0%10%20%30%40%50%60%70%80%90%100%2016 2020 2020 27%42%0%10%20%30%40%50%60%70%80%90%100%2021 2021 21/26 42 43 2019-2021&BCG 2021&BCG 2021 1 2018 ABS 2022 10 ABS 560 44 45 Wind Wind 46 1 1(1);397(397);2 1 29.015.023.934.620.38.202040608010012014016020142015201620172018201920202021-40%-30%-20%-10%0%10%20%30%40%2019 2020 20210246810121416182017 2018 2019 2020 2021 2022 0%10%20%30%40%50%60%70%80%90%100%2015 2016 22/26 2 1 2 3 2022 7.9%2017 5.6pct 2022H1 10%90%47 48 2022H1 Wind 2 20 2022 9%19%30%41%2022 52%48%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 2022 12%9%0%10%88%91%100%90%0%10%20%30%40%50%60%70%80%90%100%23/26 49 50 Wind Wind 3 2021 87%2022H1 99%1%2022H1 89%51 2022H1 52 2022H1 4 2022 8 33 2021 76%2021 40%54%7%6%6%8%9%9%9%23%18%11%14%24%24%19%20%14%19%27%25%27%30%49%62%63%50%40%37%41%0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 2022 0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 2022H1 99%1%个人投资者机构投资者53.3%14.6%14.1%7.1%4.0%3.2%3.0%0.6%0.1%债券同业存单现金及银行存款非标准化债权类资产公募基金权益类资产拆放同业及债券买入返售代客境外理财投资QDII金融衍生品及另类资产 24/26 53 2021 54 2021 4.3 1 FOF 2+ABS 3+2015 5 5.1 76.47%7.52%6.75%0.89%3.27%1.51%3.59%系统内保险资金第三方保险资金银行资金基本养老金企业年金职业年金其他资金40.81%15.46%13.79%7.54%6.02%4.60%3.67%8.11%债券金融产品银行存款股票组合类保险资管证券投资基金股权投资其他 25/26 5.2 1 2 3 4 :6 20%6 10%20%6 10%6 10%:6 5%6 5%6 5%2023 4008866338 5023 B 25 518033 1333 26 200120 9 15 100033 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告