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股+混基金费率(AUM加权)具有周期性
股+混基金费率(AUM加权)具有周期性
行业数据
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图片大小:93KB
图片尺寸:1741*908
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所属报告:
证券Ⅱ行业经济复苏下券商板块选股思路:看好互联网券商和大财富管理主线投资机会-230221(24页).pdf
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行业数据
2026-06-12
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2025年资产管理规模(AuM)及2028年目标:数字资产在现有金融工具中的渗透率
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市场规模
2026-04-22
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预计数字资产组合配置将增长:2025年AUM暴露与2028年目标
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结构变化: (1)管理费率周期性凸显,个人持有的产品结构变化引发费率变化。AUM 加权后的股+混基金费率具有周期性,主要由于投资者配置偏股基金结构的变化所致。个人AUM 加权后管理费率高于总 AUM 加权的管理费率和算术平均计算下的管理费率,主要由于个人投资者配置高费率产品比例更高。2018 年由于个人持有的灵活配置型和偏股混合型基金管理费率下降导致管理费率(个人 AUM 加权)下降明显。2019-2020 年股+混基金中偏股混合型占比提升,由于偏股混合型基金费率较高,驱动股+混基金管理费率提升。2020-2021年股+混基金费率小幅下降主要由于偏债混合型基金占比提升明显。2021-2022H1股+混基金费率小幅下降主要由于被动指数型占比小幅提升。预计 2023股市反弹行情下,投资者或提升普通股票型和偏股混合型高管理费率产品的配置比例,将驱动全市场股+混基金加权平均费率的上行,从而利于提升产品端和渠道端综合费率。
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证券Ⅱ行业经济复苏下券商板块选股思路:看好互联网券商和大财富管理主线投资机会-230221(24页).pdf
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