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2022-05-24
建议关注持股头部公募的广发证券、东方证券；受益于行业高质量发展的头部销售机构中信证券、东方财富！
从估值的角度看看，目前哪个更理想呢
天风点评公募管理人监管新规：头部管理人及销售机构最为受益
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href=\"http://www.zhitongcaijing.com/content/detail/726987.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"300059":"东方财富","600030":"中信证券","600958":"东方证券","000776":"广发证券"},"source_url":"http://www.zhitongcaijing.com/content/detail/726987.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2237827858","content_text":"智通财经APP获悉，5月20日，证监会发布修订后的《公开募集证券投资基金管理人监督管理办法》，其配套规则也一并发布。天风非银团队点评指出，在《办法》鼓励差异化经营的导向下，头部基金公司有望凭借优秀的投研能力、综合运营能力，实现多元化业务发展，进一步提升盈利能力。天风推荐广发证券(000776.SZ)、东方财富(300059.SZ)、东方证券(600958.SH)、中信证券(600030.SH)等标的。从“准入-内控-经营-治理-退出-监管”六方面强化管理，放宽券商持牌公募并鼓励差异化经营是两大导向。1）准入：强化基金公司股权管理、优化公募基金管理人牌照制度，壮大管理人队伍。2）内控：强化投资交易行为监控、加强基金管理公司集中统一管理、突出文化建设与廉洁从业监管；3）经营：支持公司在做优做强公募基金主业的基础上实现差异化发展。4）治理：完善基金管理公司治理机制，突出长期考核机制。5）退出：增设专章明确公募基金管理人退出机制。6）监管：强化全流程管控和各方职责。我们认为，《办法》的发布将更好地满足居民财富管理需求，并服务资本市场改革发展，公募基金扩容或将进一步加速。公募牌照将扩容，券商资管持牌公募将带来新的业务增量。《办法》实质上放宽了同一主体持有公募牌照“一参一控”的数量限制。在继续坚持基金管理公司“一参一控”的前提下，允许同一集团下证券资管子公司、保险资管公司、银行理财子公司等专业资管机构申请公募牌照。我们判断，券商资管申请公募牌照将进一步提速，公募牌照扩容将为券商带来新的业务增量。差异化发展导向下头部基金公司盈利能力将持续提升，参控股大型公募基金的券商最为受益。《办法》指出，支持公募主业突出、合规运营稳健、专业能力适配的基金管理公司设立专业子公司，专门从事公募 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