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图45、ELB挂钩资产从指数向国内个股转变
图45、ELB挂钩资产从指数向国内个股转变
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所属报告:
非银金融行业资管通鉴系列二十五:韩国篇以工具化实现更加极致的杠铃策略两端-250122(38页).pdf
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表11、ELB挂钩资产主要为韩国本土蓝筹股
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行业数据
2025-01-23
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图34、到期偿还型(ELB)收益结构
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行业数据
2025-01-23
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图35、敲出型(ELB)收益结构
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行业数据
2025-01-23
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图36、Hi-Five型(ELB)收益结构
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2025-01-23
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ELS挂钩资产始终以指数为主,ELB挂钩资产则从指数向韩国国内蓝筹股转变。从权益类结构化产品挂钩的标的资产来看,ELS主要挂钩股票指数,2013年来其每年新发产品中标的资产为指数的产品发行规模占比始终维持 80%以上,此外近年来随着美国科技股走强,挂钩海外个股的产品发行规模逐渐增加,截至 2024年发行规模占比已上升至 10.9%。ELB在 2020年前发行的产品挂钩资产同样以指数为主,发行规模占比一度高达 90%以上,但 2020年以来标的资产开始转向国内个股,2024年发行的挂钩国内个股的产品规模占比达到 75.8%,主要源于随着前期大量 ELS产品亏损对客户造成巨大损失,韩国投资者对于场外结构化产品的风险承受能力有所下降,在此背景下证券公司通过发行挂钩国内财务状况和经营前景稳定的蓝筹股提高保本产品的吸引力。
行业数据
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非银金融行业资管通鉴系列二十五:韩国篇以工具化实现更加极致的杠铃策略两端-250122(38页).pdf
2026年韩国资管行业报告:风险偏好两极分化,结构化产品转型趋势
表8、韩国基金收费结构
表7、韩国公募行业呈现出高度集中的竞争格局
表6、个人和机构投资者持有产品偏好显著分化
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