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11, Behind the Ant Investor——Institutionalization of A Shares
The emergence of ant investors and the rapid development of the Internet fund agency platform have an era background-institutionalization of A shares.
From the perspective of capital institutions, if you don’t look at 2015, the trend of institutionalization of A shares is actually very obvious-from the perspective of the overall stock market value, in addition to the 2015 bull market, the shareholding ratio of retail natural persons has been declining. Channels, the increasing proportion of Shanghai Stock Connect, institutions and funds is the main theme. According to the statistics of Industrial Securities and Shen Wanhongyuan, the proportion of institutional investors in the fourth quarter of 2019 rose to the highest level in history at 30.3%. The growth rate of individual investor holdings in 2019 (39%) is far behind that of domestic institutions (53 %) and the growth rate of overseas institutions (113%).
China’s institutionalization path is likely to be “two steps and go together”, that is, combining the US “pension + fund” model that began in the 1970s with the Japanese and Korean foreign investment model, on the one hand, through pensions, insurance funds, Banking wealth management subsidiaries and other leaders expect capitalized funds to enter the market, and at the same time increase the proportion of individual investors’ financial assets in the allocation of funds. On the other hand, through the Shanghai Stock Connect and the release of QFII and other channels, the proportion of foreign shareholdings has increased.
From the perspective of the transaction structure, the number of trading accounts on the Shenzhen Stock Exchange has declined from 38.92 million to 13.76 million (a 65% drop). It did not fluctuate until the impact of the epidemic this year, but the general trend is that there are fewer and fewer retail investors. .
