國泰君安：政策東風又起，基金髮展再迎良機
本文來自格隆匯專欄：國泰君安證券研究，作者：劉欣琦、牛露晴
本報吿導讀：《意見》的發佈將大大促進公募基金行業的高質量發展，從而吸引並有效滿足居民財富管理需求，公募基金業務佔比更高的券商相對受益。
事件：4月26日，中國證監會發布《關於加快推進公募基金行業高質量發展的意見》。
點評：
《意見》推出的主要目的在於促進公募基金行業的高質量發展。近年來，公募行業規模快速增長、產品創新不斷、結構持續優化，行業整體實力顯著增強，《意見》的發佈有助於推動行業延續良好發展態勢；同時，引導行業針對快速發展中暴露的專業能力適配性不夠、文化建設薄弱、結構不平衡等問題進行補足和強化，為行業未來奠定了高質量發展的整體基調。
《意見》強調要培育專業資產管理機構、強化專業能力建設、打造行業良好發展生態並不斷提升監管轉型效能。1）積極培育專業資產管理機構，支持差異化發展、切實提升治理水平、壯大公募基金管理人隊伍、穩步推進高水平開放和強化長效激勵約束機制；2）全面強化專業能力建設，着力提升投研核心能力、持續強化合規風控能力和積極鼓勵產品及業務守正創新；3）着力打造行業良好發展生態，突出厚植行業文化理念、着力提高投資者獲得感、不斷強化行業合力、提高中長期資金佔比和積極踐行社會責任；4）不斷提升監管轉型效能，強化行業基礎設施建設、加快推進監管轉型和持續提升監管效能。
《意見》將大大有利於公募基金行業切實提升自身專業能力、增強客户互動水平，更好服務並滿足居民財富管理需求。1）有助於推動公募基金行業提升投研核心能力與合規風控能力，同時以滿足居民財富管理續期為出發點，切實加大產品和業務創新力度和豐富度；2）有助於更好實現客户的服務觸達與交互。公募基金賬户統一查詢平台、“基金E賬户”APP的推出，“一站式”基金賬户及份額信息查詢服務提供等，將顯著提升與個人投資者的互動水平；行業性直銷服務平台的推出亦將增強機構投資者的服務體驗。
投資建議：《意見》的發佈將大大促進公募基金行業的高質量發展，從而更好吸引並有效滿足居民財富管理需求。我們認為，公募基金業務佔比更高的券商相對受益，建議增持廣發、東方證券，相關受益標的為興業證券。
風險提示：居民財富管理需求增長不及預期，市場大幅下跌。
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