20230205_兴业证券_非银金融行业证券研究报告：法国篇从母行协同到零售转型的东方汇理_32页.pdf

请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion(investSuggestionChange 2022E 2023E 0.30 0.41 0.67 0.80 0.80 0.95 1.38 1.78 0.86 1.13 0.86 1.13 relatedReport 2022-12-05 AMG 2022-08-02 ETF 2022-06-22 2022-06-09 2022-04-21 2022-03-22 emailAuthor S0190521060001 S0190521060002 assAuthor summary 1 2015-2022 13.7%SBF120 2 2022 12 30 108.05 3 2016-2022 PE 22 PE P/AUM 0.75%1 2010 2 3 4 1 2010-2021 6.4%10.7%ROE 43.6%13.4%2 AUM 2014-2021 9.8%27.85 85%60%3 AUM 2010-2021 AUM 9.4%2.06 2014-2021 20.1%0.91 4 577 183 1 2 2025 1.5 3 title createTime1 2023 02 05 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-4-1.1.-4-1.2 22.-4-2.-5-2.1.-5-2.2.-7-2.3.-7-2.4 ESG.-9-3.-11-3.1.-11-3.2.-12-3.3.-14-3.4.-21-4.-22-4.1.-22-4.2.-24-4.3.-27-1.-4-2 2016-2021 PE 22.-5-3 2016-2021 P/AUM 0.75%.-5-4.-8-5.-10-6 Amundi Technology.-10-7.-11-8.-12-9.-12-10.-13-11.-14-12 AUM.-14-13 AUM.-14-14 AUM.-15-15.-16-16.-16-17 55%.-17-18 AUM.-18-19 AUM.-19-20 AUM.-20-21 2014-2021.-20-22.-20-23.-20-24.-21-1ZCXxOmRtQoPpRpMmRpQrQbRbP9PmOnNoMoNiNmMoMiNqQsM8OmNnRxNoNnPNZrMrN 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-25.-24-26.-24-27.-24-28.-25-29 AUM.-26-30 ALTO.-27-31.-27-32 2021 CEO.-29-33 CEO.-29-34 CEO.-30-1 2021.-7-2.-8-3.-19-4.-21-5.-23-6 2014-2020 CEO.-28-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 1.1 SBF120 2015 2022 13.7%SBF120 17 2016-2017 29.5%SBF120 20.5 2018 2020-2021 2021 8 81.9 2022 1 Wind 1.2 22 PE PE 22 2016-2022 PE 2016 14.1 2021 29.2 2022 12 30 19.0 P/AUM 2015 2021 P/AUM 0.75%2017 Pioneer Investments P/AUM 2018 20304050607080902015-12-012016-06-012016-12-012017-06-012017-12-012018-06-012018-12-012019-06-012019-12-012020-06-012020-12-012021-06-012021-12-012022-06-012022-12-01 Amundi SBF Amundi 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-2 2016-2021 PE 22 3 2016-2021 P/AUM 0.75%Bloomberg Bloomberg 2 2.1 Amundi 1950 2010 1950-2009 1950 1964 1997 Banque Indosuez Indocam 2001 Indocam Indocam CAAM 2003 2004 CAAM 2009 CAAM Amundi 2009 12 31 2010-2015 2010 1 1 State Bank of India the Banque Commerciale du Marocco the Agricultural Bank of China 1015202530352016-12-012017-06-012017-12-012018-06-012018-12-012019-06-012019-12-012020-06-012020-12-012021-06-012021-12-012022-06-012022-12-01 PE0.5%0.6%0.7%0.8%0.9%1.0%1.1%1.2%0204060801001201401601802015/12/012016/06/012016/12/012017/06/012017/12/012018/06/012018/12/012019/06/012019/12/012020/06/012020/12/012021/06/012021/12/01 P/AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-NongHyup 2012 TOBAM 2013 Smith-Brieden 100%2014 2015 IPO 2016-2016 Kleinwort Benson Investors KBI Global Investors Cr dit Agricole Immobilier Investors 100%2017 Pioneer Investments 1400 6 2018 ESG Environment,Social,Governance ESG 2020 Banco Sabadell Sabadell Asset Management 2021 Soci t G n rale Group Lyxor Asset Management ETF 2010 IT 2020 Amundi Technology ALTO Amundi Leading Technologies&Operations 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-2.2 2015 20%2%2.25%75.5%2017 Pioneer Investment 70.0%2021 29.7%0.8%1 2021 1.412 69.5%0.602 29.7%0.015 0.8%0.003 0.1%2.032 100%2.3 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-4 2021 12 31 14 9 Val rie Baudson 2007 Yves Perrier 1995 2 Val rie Baudson 2021 5 10 1995 Indosuez 2007 2008 ETF 2016 CPR AM Managing Director 2020 Yves Perrier 2021 5 10 2007 CAAM 2009 CAAM Soci t G n rale 2015 2021 Cr dit Agricole S.A.Vincent Mortier 2022 2 1996 2012 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-2015 Guillaume Lesage 1992 IT 2016 Dominique Carrel-Billiard 1987 Credit Commercial de France 2006 AXA Investment Managers Group 2016 12 Stanislas Cuny 1998 2008 3i Pictet Pictet Asset Management LBO 2011 Fannie Wurtz ETF Smart Beta 2003-2008 Fidelity Investments 2008 CA Cheuvreux ETF Amundi ETF 2011 ETF Beta 2016 ETF Beta Arnaud Fricaudet Amundi Technology 1993 SUNGARD IT 1997 CLAM IT IT IT Didier Borowski 2009 2010 2011 2017 2019 2.4 ESG 2022 2025 1 2022 9 30 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-7690 2025 ESG 2 2010-2021 AUM 24%52%2025 4000 2025 50%4200 900 2025 5000 3 2020 Amundi Technology ALTO 2021 Amundi Technology 3600 B2B 2025 1.5 4 3 10%5 6 Amundi Technology Amundi-Investors Presentation 2022 9 Amundi-Investors Presentation 2022 9 4403240400005001,0001,5002,0002,5003,0003,5004,0004,5002010 2021 2025e7 AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-3 3.1 2010 2021 14.84 31.36 4.04 13.69 6.4%10.7%2017 Pioneer Investments 2021 Lyxor Asset Management 7 AUM 2010-2021 27.3%16.3 43.6%31%-34%2011-2021 ROE 7.9%5.5 13.4%2017 2021 ROE-20%-10%0%10%20%30%40%50%60%051015202530352010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A yoy yoy 请 务必阅读 正文之 后的信 息披露 和重要声 明-12-8 9 3.2 AUM 2021 88.8%13.6%0.04%-2.4%1 2014-2021 13.20 27.85 9.8%2021 14.4%85%AUM 2 2014 2021 12.2%1.70 4.27 2021 113.3%AUM 3 2021 0.01 0.04%4 IT 2014-2021 2021-0.76 27.3%30.4%33.5%31.4%31.9%31.4%33.9%30.2%34.1%36.4%36.0%43.6%25%27%29%31%33%35%37%39%41%43%45%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A 7.9%8.7%7.8%8.2%8.3%8.7%9.2%10.2%11.0%9.8%13.4%5%6%7%8%9%10%11%12%13%14%2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021AROE 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-10 2021 10.46 5.04 67.5%32.5%16.6%13.6%2017 2021 Pioneer investments Lyxor Asset Management 1 2014-2021 5.09 10.46 9.4%60%AUM 2014 2014-2021 0.058%0.051%0.7BP 2017 2 2014-2021 2.96 5.04 6.9%75%80%85%90%95%100%105%-5051015202530352014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-11 12 AUM 3.3 2010-2021 AUM 9.4%0.71 2.06 2021 2 13 AUM AUM AUM 2015-2021 420-1080 2017 Pioneer Investments 2460 2021 Lyxor 40%45%50%55%60%65%70%0246810121416182014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 0.040%0.045%0.050%0.055%0.060%0.065%2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM-10%-5%0%5%10%15%20%25%30%35%40%0.00.51.01.52.02.52010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-15-Asset Management 1480 2015-2021 11868 4680 4336 14 AUM AUM 2021 0.52 0.35 0.85 0.12 0.23 AUM 25%17%41%6%11%1 2014-2021 0.11 21.6%0.52 AUM 12%25%AUM 2022 6 30 2 2014 0.10 16.8%2021 0.35 AUM 12%17%2022 6 30 3 2014-2021 0.46 7.8%0.85 AUM 53%41%2022 6 30-1,000-50005001,0001,5002,0002,5003,0003,5004,0002015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-16-4 2014 0.06 9.5%2021 0.12 AUM 2022 6 30 5 2014-2021 5.9%0.14 0.23 16%11%2022 6 30 15 16 AUM 2021 AUM 0.91 0.47 0.68 AUM 44%23%33%2014-2021 AUM 20.1%2.6%11.8%0.00.51.01.52.02.52014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 0%20%40%60%80%100%2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-17 55%1 AUM 55%AUM 2014-2021 7.1%0.67 1.16 20.1%0.39 0.47 44.1%23.0%0.21 0.50 AUM 23.6%24.0%AUM 0.07 0.19 AUM 8.3%9.0%AUM 2014 AUM 44.1%AUM 23%0.00.51.01.52.02.52014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-18 AUM 2 2014-2021 AUM 0.21 20.1%0.91 AUM AUM 2014 BAWAG PSK BAW AG PSK Invest BAW AG PSK BAWAG PSK 2020 2021 600 AUM 15.7%40%45%50%55%60%65%70%75%80%0.00.20.40.60.81.01.21.42014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A&AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-19-19 AUM AUM 2014-2021 AUM 30.2%0.07 0.58 4.3%0.71 0.99 AUM 48%2017 Pioneer Investments 2018-2021 4.6%2021 Lyxor Asset Management 2014-2021 AUM 21.9%0.08 0.37 State Bank of India the Agricultural Bank of China NongHyup 2020 3 SBI Funds Management 2003 Fund Channel SA 2020.12 2005 Wafa Gestion 2005 ABC-CA Fund Management Co Ltd 2008 NH-CA Asset Management Co Ltd 2011 Amundi ACBA Asset Management 2013 20%25%30%35%40%45%50%0.00.20.40.60.81.02014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-Amundi Transition Energ tique 2016 Amundi-BOC WMC Ltd 2020 20 AUM 21 2014-2021 2014-2021 0.161%-0.197%2017 1 2014-20210.033%-0.038%1.38 1.62 2.0%2 0.125%0.100%7.1%3.42 5.94 3 2014 0.512%2021 0.417%63%22 23 0.00.51.01.52.02.52014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 0%20%40%60%80%100%2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 58%60%62%64%66%68%70%72%74%76%0510152025302014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 16.4 16.119.719.1 18.8 18.417.4 17.951.2 49.4 49.046.044.843.941.5 41.73.83.6 3.5 3.4 3.4 3.3 3.3 3.512.511.511.2 10.9 10.4 10.6 10.4 10.001020304050602014A 2015A 2016A 2017A 2018A 2019A 2020A 2021Abps 请 务必阅读 正文之 后的信 息披露 和重要声 明-21-3.4 2021 Morningstar Direct 1 67%50%3 71%50%5 74%50%2021 577 183 77%1 87%3 86%5 84%10 24 2023 1 24 659 783 21 253 133 120 6 8 9 2 1 2021 2022 1 3 5 4 AUM 1 3 5 Amundi Funds Emerging Markets Bond-A EUR 33.95 2019-06-07-5.17%-9.74%7.59%Amundi Funds Global Aggregate Bond-A EUR 29.02 2010-11-22-2.35%-5.95%13.85%Amundi Funds US Pioneer fund 36.12 2019-06-14-5.97%28.04%71.90%请 务必阅读 正文之 后的信 息披露 和重要声 明-22-A EUR Amundi Funds European Equity Value-A EUR 37.50 2019-06-07 2.50%12.34%10.27%Amundi Euro Liquidity SRI-R 550.47 2017-12-01 0.13%-0.30%-0.32%Amundi Euro Liquidity-Rated SRI-I 309.44 1999-10-29 0.17%-0.26%-0.28%First Eagle Amundi International Fund-AE 52.78 2010-12-02 1.62%13.53%29.75%Amundi Funds Global Multi-Asset Conservative A EUR 40.85 2019-06-14-7.10%0.95%5.77%Amundi Funds Absolute Return Multi-Strategy E2 EUR 16.65 2019-06-07-4.87%-0.83%-2.03%Amundi Funds Multi-Strategy Growth-E2 EUR 12.70 2019-06-07-5.96%3.79%3.37%Amundi Ultra Short Term Bond SRI-I 67.61 2011-10-03-0.01%-0.74%-1.22%Amundi Enhanced Ultra Short Term Bond SRI-I 32.56 2010-01-21-0.04%-0.69%-0.85%Lyxor/Tiedemann Arbitrage Strategy Fund-CLASS A EUR 16.10 2013-08-06-0.90%3.11%6.02%2023.1.24 4 4.1 2013 Smith Breeden 2014 BAWAG PSK BAW AG PSK Invest BAW AG PSK KAF 2016 KBI Global Investors 2017 Pioneer Investments 2017 6 Pioneer Investments 2430 14000 2020 Banco Sabadell Sabadell AM 2021 Lyxor Asset Management ETF 2020 Lyxor Asset Management 1240 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-770 ETF 470 Lyxor Asset Management ETF 7%ETF ETF Lyxor Asset Management 5 2013 Smith Breeden 2014 BAW AG PSK Invest 2014 KAF 2016 KBI Global Investors 2017 Pioneer Investments AUM 2020 Sabadell AM 2021 Lyxor Asset Management ETF 2015 2003 2005 2008 2011 State Bank of India the Banque Commerciale du Marocco the Agricultural Bank of China NongHyup 2020 2012 2022 9 30 34 43 请 务必阅读 正文之 后的信 息披露 和重要声 明-24-25 26 4.2 2010 2016 ALTO 2020 Amundi Technology 2022 3 31 Amundi Technology 19 900 IT 9 42 2021 Amundi Technology 3600 2025 1.5 27 Amundi Investor Day 请 务必阅读 正文之 后的信 息披露 和重要声 明-25-2020 Amundi Technology Amundi Technology 1 ALTO 2 ALTO 3 ALTO 4 ALTO 28 Amundi Investor Day 16 10%ALTO ALTO 1 AUM 2014 2014-2021 0.058%0.051%0.7 BP 2017 2 AUM 2014-2021 0.092%1.7 bp 0.075%2017 请 务必阅读 正文之 后的信 息披露 和重要声 明-26-29 AUM 5 34 ALTO 2021 ALTO Investment Product Roadmap ALTO ALTO*ALTO*ALTO*ALTO IT ALTO 0.00%0.02%0.04%0.06%0.08%0.10%0.12%2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-27-30 ALTO 31 ALTO Product Roadmap ALTO Product Roadmap 2021 6 Amundi Technology-Cloud open source Innovation ALTO 2020 ALTO 70%ALTO Banco Sabadell Sabadell AM 4.3 CEO 26.1%-38.9%请 务必阅读 正文之 后的信 息披露 和重要声 明-28-60.7%-73.2%1%6 2014-2020 CEO 2014 2015 2016 2017 2018 2019 2020 70 70 80 86 100 100 100 196 194 126 187 174 185 157 45 42 42 48 52 60 30 15 14 15 19 16 22 9 137 139 69 120 107 103 118 2 3 2 1 3 1 1 268 267 208 274 276 286 257 26.1%26.3%38.5%31.4%36.2%35.0%38.9%73.2%72.9%60.7%68.4%63.0%64.8%60.9%0.7%0.9%0.7%0.2%0.8%0.2%0.2%2021 70%30%70%70%10%70%60%1 70%10 3.33%3.33%3.33%2 9%9%12%30%2020 22.5%2021 30%30%30%10%30%20%1 ESG 2 CEO 2021 5 CEO ESG 请 务必阅读 正文之 后的信 息披露 和重要声 明-29-32 2021 CEO 2021 CEO 80%20%30%6%30%5.9%0.1%33 CEO 80%请 务必阅读 正文之 后的信 息披露 和重要声 明-30-20%5.9%20.1%34 CEO 5 1 AUM AUM 2 3 0501001502002503000510152025302014A 2015A 2016A 2017A 2018A 2019A 2020A AUM CEO 请 务必阅读 正文之 后的信 息披露 和重要声 明-31-12 A 300 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035 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