(Report Producer/Author: Cinda Securities, Yu Mingming, Wu Hao, Zhong Xiaotian)
First, the investment value of new energy vehicle batteries related themes
1.1. Under the background of global carbon neutrality, the new energy vehicle industry is facing development opportunities
In 2016, 178 countries around the world concluded the Paris Agreement, a climate change agreement, to make a unified plan for emission reduction targets and actions beyond 2020, with the long-term goal of controlling the increase in global average temperature within 2 degrees Celsius compared with the industrial period, and trying to control it within 1.5 degrees Celsius. Since then, China, the United States and Europe have successively issued carbon neutrality targets, of which the United States and Europe have set the carbon neutrality time point as 2050, and China has proposed to peak carbon emissions by 2030 and achieve carbon neutrality by 2060. Taking the mainland as an example, the mainland will further refine the carbon neutrality target, proposing that the energy consumption and carbon dioxide emissions per unit of GDP will be reduced by 13.5% and 18% respectively during the 14th Five-Year Plan period, and by 2030, the energy consumption per unit of GDP will drop significantly, the corresponding carbon dioxide emissions per unit of GDP will be more than 65% lower than in 2005, and the proportion of non-fossil energy consumption will reach about 25%. According to the Natural Resources Defense Association, transportation accounted for 57.7% of China's oil consumption in 2017, and reducing transportation fuel consumption has become a top priority in controlling fossil energy consumption. Under the background of global carbon neutrality, automobile electrification has become a necessary option for energy conservation and emission reduction, and the new energy automobile industry has ushered in development opportunities.
1.2, the new energy vehicle market from policy-driven to market-driven
After more than ten years of development, China's new energy vehicles have shifted from policy-driven to market-driven. Before 2012, the annual output of new energy vehicles has not exceeded 15,000 units, and the industry is in the early stage of development. From 2013 to 2015, the mainland increased its support for new energy vehicles and further increased the pilot cities for new energy vehicles, and the compound annual growth rate of new energy vehicle production and sales during this period reached 314.9% and 333.2% respectively. In 2016, the Ministry of Finance exposed the fraud incident, the industry rectification began, the central government adjusted the subsidy policy, set a new subsidy ceiling, and changed the pre-appropriation to a post-event liquidation. In 2017, new energy vehicles began to enter a new stage of development. In this period, the subsidy policy has declined year by year, and the post-subsidy era double integral policy relay, the new energy car with long mileage has high points, and the excess positive points can be transferred through transactions. In 2021, China's new energy vehicle production increased by 169.7% year-on-year, and sales volume increased by 165.1% year-on-year, entering a new stage driven by the market.
According to the mainland's energy-saving and new energy vehicle technology roadmap, new energy vehicles will account for 20%, 40% and 50% of total sales in 2025, 2030 and 2035, respectively. In contrast, the sales of new energy vehicles in 2021 will be 3.5072 million units, accounting for 13.4% of total automobile sales, and there is still broad room for growth of new energy vehicles in the future.
1.3, the power battery industry is expected to enter the Twh era
Downstream demand has driven the prosperity of the power battery industry. According to the statistics of the Ministry of Industry and Information Technology, the cost of pure electric vehicles mainly comes from the battery, motor and electronic control three-electric system, the battery drive system accounts for 30%-45% of the cost of new energy vehicles, and the power lithium battery accounts for 75%-85% of the battery drive system cost. Downstream demand for new energy vehicles has led to an increase in demand for power batteries, with global power battery installed capacity of 296.8Gwh in 2021, an increase of 117.8% year-on-year, and CAGR of 44.4% in 2017-2021. We expect the CAGR to reach 30.1% in 2022-2026, and by 2025 the global power battery will enter the Twh era.
The concentration of the power battery market is high, and the share of domestic manufacturers has increased. Power battery head manufacturers occupy a monopoly position, in 2020, the global power battery market Top5 market share totaled 81.3%, 2021 increased to 81.8%, the head manufacturers with the advantages in technology and customer resources continue to deepen the enterprise moat. The domestic new energy vehicle industry chain is complete, manufacturers continue to expand market share with engineer dividends, six of the top ten in the global power battery installed capacity in 2021 are Chinese enterprises, accounting for a total of 48.0%, of which CATL, BYD, AVIC lithium battery occupies the top three in the domestic power battery market, and the global market share increased by 6.1, 1.6 and 0.1pct respectively year-on-year.
Power battery companies continue to carry out technological innovation. In addition to the iteration of the material system, the power battery has also been upgraded in the physical structure system. Battery manufacturers continue to introduce new battery pack technologies, such as the first moduleless battery pack using CTP technology in the Cataline era, which reduces the number of battery pack parts by 40% and increases the volume utilization rate by 15%-20%; BYD launches an array-arranged blade battery with an energy density of up to 180Wh/kg, an increase of about 9%; Guoxuan Hi-Tech proposes to put the core in the module to achieve a single production of JTM technology, which can increase the efficiency of the single body to the module group to more than 90%, and increase the energy density of the system to more than 90%. 180Wh/kg。 Since then, Zhongxin Airlines and Honeycomb Energy have also launched One-Stop-Battery, short blades and other technologies, which improve energy density by simplifying the battery structure and improving the utilization of power battery space.
Upstream non-ferrous metal prices have risen, and the cost of power batteries has increased. Lithium battery industry upstream non-ferrous metals include nickel ore, cobalt ore, lithium ore, manganese ore, etc., from July 2020 to the end of 2021, the prices of the above four raw materials have risen by different magnitudes, and the price per ton of lithium carbonate, cobalt sulfate, nickel sulfate and manganese sulfate has risen by 587.5%, 123.0%, 53.8% and 78.6% respectively. We expect that about 60% of the rising cost of power batteries in January-December 2021 will come from the rise in the price of cathode materials, and it is expected that the overall price of raw materials will remain high in 2022, and the cost of power batteries will also remain high. With the gradual release of upstream raw material supply, it is expected that the cost of raw materials will decline in 2023, and the downward cost of power batteries will still be a trend in the long run.
Power batteries bear the upward pressure of some raw materials, and profitability declines in the short term. Lithium battery material expansion cycle average 1-2 years, upstream lithium mine expansion cycle in 3-5 years, coupled with the previous lithium salt prices downward, lithium ore energy utilization rate is low, some mines have stopped or broken production, Australian lithium mining giant Altura entered bankruptcy proceedings in October 2020. The mismatch between supply and demand has led to a shortage of lithium resources, and the prices of lithium carbonate and lithium hydroxide have doubled nearly 8 times so far in 2020Q3. Under the background of raw material price increases, power battery manufacturers have digested some of the price increase pressure, and the gross profit margin of second-tier manufacturers with relatively poor bargaining power in the industrial chain has declined to varying degrees. With the gradual release of lithium mineral energy, the price of raw materials is expected to gradually decline in the future, and the profitability of power battery companies is expected to be repaired.
The power battery industry chain covers upstream resources to downstream vehicle enterprises. The upstream of the power battery includes lithium ore, nickel ore, cobalt ore and other metal ore and iron ore, graphite ore, phosphate ore and other non-metallic minerals. The midstream positive electrode, negative electrode, diaphragm, electrolyte and structural parts together constitute the main part of the power battery, and then the power battery is assembled with the motor, electronic control and thermal management system into the downstream vehicle.
1.4, the demand is high, lithium battery four main materials are expected to maintain a high prosperity
1.4.1 Cathode materials: Ternary and lithium iron phosphate are expected to coexist for a long time
With the follow-up of battery material technology and battery pack technology, it is expected that the energy density of ternary batteries will still have advantages in the future. In terms of battery materials, high nickel technology increases the specific capacity of materials by increasing the proportion of nickel elements, thereby improving the energy density of the battery, and the future 4680 battery discharge will also drive the development of the ternary to the high nickel route. In terms of battery pack technology, CTP technology applied to ternary batteries will also greatly improve the energy density of ternary batteries, and the CTP 3.0 technology released by CATL can increase the energy density of ternary battery systems to 250Wh/kg. At present, the energy density of GAC Aion S Plus batteries equipped with ternary lithium batteries can reach 170Wh/kg, and the energy density of BYDHan EV equipped with blade lithium iron phosphate batteries is 140Wh/kg, which is low compared to ternary batteries.
Lithium iron phosphate has obvious cost-effective advantages over ternary low-nickel batteries. Although high nickel cathode materials reduce the cost of raw materials by reducing the cobalt content, they have high requirements for the preparation process, equipment and production environment, and the cost is still higher than that of low and medium nickel ternary materials, and the cost per ton of cathode materials with high nickel ternary materials is higher than that of other cathode enterprises. In 2021, the sales focus of the pure electric market is still in the range of less than 150,000 yuan, and the market for low-end models accounts for more than 50%. Low-end models are more sensitive to cost increases, lithium iron phosphate naturally has the advantages of easy raw materials and simple preparation, and the competitive advantage in the low-end market in the short term is still irreplaceable.
The penetration rate of lithium iron phosphate batteries has increased rapidly. The penetration rate of lithium iron phosphate continued to rise, with the installed proportion of lithium iron phosphate in 2020Q3 being 33.6%, and the proportion of lithium iron phosphate in 2021Q4 has reached 56.1%. From the perspective of the catalogue of recommended models for the promotion and application of new energy vehicles, a total of 169 passenger cars were selected in the 1-4 batch of model catalogs released in 2021, of which models equipped with lithium iron phosphate accounted for 40.24%. The main reason for the increase in the penetration rate of lithium iron batteries is that the subsidy policy has made the cost advantage of lithium iron phosphate more obvious, and the second is that lithium iron phosphate batteries have earlier applied CTP, blade, JTM and other battery pack integration technologies to narrow the energy density gap with ternary low nickel batteries.
The trend of high nickelization of ternary cathode materials is obvious. Nickel is the active substance in the cathode material, increasing the nickel content helps to improve the energy density of the cathode material, and due to the instability of the cobalt price, increasing the nickel content can reduce the cobalt content to achieve the purpose of reducing the cost of raw materials. Since 2018, the proportion of high-nickel cathode materials has continued to rise, and the proportion of NCM 8 series and NCA production in the total output of ternary cathode materials has increased from 7.7% in 2018 to 38.3% in 2021.
In addition to the mainstream ternary, lithium iron phosphate batteries, sodium batteries have the advantages of good cycle performance and low cost, and the energy density of lithium ferromanganese phosphate is obvious, and in the long run, such new battery technologies are forming a supplement to the mainstream lithium battery system.
Sodium ions have the advantage of low cost and can partially replace lithium iron phosphate. The radius of the sodium atom is 29 pm larger than that of lithium, the relative atomic mass is 23g/mol, which is greater than the 6.9g/mol of lithium, and the standard potential is 0.34v smaller than lithium, which is difficult to achieve the same performance as lithium in energy density. However, its safety is high, and the cycle life and self-discharge rate are not much different from those of lithium ions, which is suitable for energy storage scenarios that are cost sensitive and do not require high energy density. From the perspective of reserves, the surface content of Li is 0.0065%, Na is 2.75%, and the abundance of sodium resources is high, which can ensure the supply of resources.
Lithium manganese iron phosphate is one of the main technological development directions. Lithium ferromanganese phosphate is a solid solution of lithium iron phosphate and lithium manganese phosphate, with an olivine architecture, retaining the excellent safety and stability of lithium iron phosphate, while increasing the energy density by increasing the voltage, the energy density is higher than that of lithium iron phosphate. However, the conductivity of lithium ferromanganese phosphate is poor, the capacity is lost during charging and discharging, and the Mn element has a John-Teller effect, which has a low discharge specific capacity and rapid attenuation, which reduces the cycle performance and improves the processing difficulty of cathode manufacturers. In addition, lithium ferromanganese phosphate has a double charge discharge platform, which may bring the problem of power surge.
1.4.2 Anode materials: Artificial graphite dominates, and silicon carbon anodes are expected to become the mainstream direction of the next generation
The negative electrode of the four major materials of lithium batteries accounts for about 7% of the cost of the battery. Anode materials can be divided into two categories: carbon materials and non-carbon materials, carbon materials include artificial graphite, natural graphite, soft carbon, hard carbon, etc., non-carbon materials include silicon-based materials, tin-based materials, lithium titanate, lithium metal, etc. Graphite due to high conductivity, high specific capacity, structural stability, low cost and other advantages of widely used, of which artificial graphite has better consistency and recyclability, driven by the power and energy storage market, 2021H1 artificial graphite accounted for 85%.
Artificial graphite raw materials and graphitization processing fees are the main sources of costs. Taking Putailai as an example, its direct material and processing costs accounted for 39.6% and 51.2% of the total cost of anode materials in 2020, and the price fluctuations of coke raw materials and the graphitization processing fee became the key to affecting the profitability of enterprises. Graphitization belongs to the high-energy-consuming industry, since 2021, the energy consumption dual control policy has restricted the start of high-consumption enterprises, and the tight supply of graphitization capacity has led to an increase in the price of downstream anode materials.
The silicon-based anode is one of the important directions for the next generation of anode materials. The theoretical specific capacity of the silicon anode is as high as 4200mAh/g, which is about 10 times that of the graphite negative electrode, and the silicon material is abundant and environmentally friendly. At present, domestic anode material manufacturers are actively promoting the process of silicon carbon anode production. In 2014, the silicon carbon anode developed by Beiterui passed the certification of Samsung, taking the lead in reaching the industrialization standard, and in 2017, Jiangxi Zichen invested 5 billion yuan to build a diaphragm and anode material project, including a new silicon-carbon composite anode material mass-produced in cooperation with the Institute of Physics of the Chinese Academy of Sciences.
1.4.3 Electrolyte: Supply and demand tension is expected to ease, and new lithium salts are the future trend
Electrolyte is one of the four key materials of lithium batteries, in the battery between the positive and negative electrodes to play a role in the use of conduction of electrons, electrolyte is generally prepared by high-purity organic solvents, electrolyte lithium salts, necessary additives and other raw materials, lithium battery energy density, cycle life, safety performance and other aspects of the performance are important. This round of electrolyte supply is mainly limited by the electrolyte solute lithium hexafluorophosphate, since 2017Q3 with the continuous deepening of environmental protection supervision, high-risk chemical preparation industry backward production capacity gradually phased out, and in the second half of 2020 began to grow rapidly downstream demand, supply and demand imbalance under the price of lithium hexafluorophosphate has increased significantly. From August 2020 to the end of 2021, the prices of ternary cylindrical battery electrolyte and lithium iron phosphate electrolyte increased by 268.2% and 267.5% respectively year-on-year. The continuous rise in prices has stimulated enterprises to expand production, and the tight supply and demand tension in the industry is expected to be alleviated after the release of new production capacity.
The new lithium salt is one of the future development directions of the industry. Electrolyte traditional solute lithium hexafluorophosphate technology mature, but the thermal stability is poor, may cause rapid decay of battery capacity and thus bring safety problems, and the new lithium salt has better thermal stability, better low temperature discharge performance and better physical properties, can broaden the battery use temperature, improve battery cycle life and safety, is an important direction of development in the future.
1.4.4 Diaphragm: Industry barriers are high, and supply and demand are expected to maintain a tight balance
The depreciation of the diaphragm industry accounts for a large proportion of the company's total cost, taking Xingyuan material as an example, the depreciation of fixed assets in 2019 accounted for 24.3% of the total cost, compared with the depreciation of fixed assets of positive, negative and electrolyte enterprises accounted for less than 5%. Diaphragm companies have always needed to have certain scale advantages and cost control capabilities to ensure profitability. At present, the equipment of head diaphragm manufacturers mainly relies on imports, and the supply of equipment has formed a restriction on the expansion of industry capacity, and in the context of high downstream demand, the diaphragm industry as a whole is expected to maintain a tight balance between supply and demand, and the industry prosperity is expected to continue. (Source: Future Think Tank)
Second, select new energy vehicle battery related high-quality stocks: national securities new energy vehicle battery index
2.1. Basic information of the index
In order to reflect the market performance of listed companies in the new energy vehicle battery industry in the A-share market and provide investors with richer indexed investment tools, the national securities new energy vehicle battery index index (hereinafter referred to as "new energy battery") is selected to be listed and traded on the Shenzhen Stock Exchange and the Shanghai Stock Exchange, which is related to the new energy vehicle battery (cathode material, anode material, electrolyte, diaphragm, etc.), the new energy vehicle battery management system and the new energy vehicle charging pile. The index is based on December 31, 2002, based on 1000 points, and is dated February 17, 2015.
2.2, index performance: long-term performance is excellent, the return is better than similar index
And the mainstream wide-base index The new energy battery index has performed well since its inception, with an annualized yield of 16.11% and a cumulative return of 1516.46%, which is significantly better than the performance of the CSI 300 index and the Broad-based index such as Wande All A.
Compared with similar related indices, the annualized return and maximum drawdown of the new energy battery index are better than those of the same type of new energy index. Since December 31, 2014, the cumulative income of the new energy battery has reached 326.16%, which is nearly three times the cumulative income of the new energy index.
2.3. Market value distribution: The constituent stocks cover the large and medium-cap, and the large market value stocks have a large weight
Weighted average free float market capitalization of constituent stocks is approximately $154.4 billion: As of March 14, 2022, the 30 constituents of the index had a total free float market capitalization of approximately $1.81 trillion, and the weighted average free float market value of constituent stocks was approximately $154.4 billion. There are 23 stocks with a circulating market value of less than 50 billion yuan, with a weight of 40.09%; there are 4 stocks with a circulating market value of 50-100 billion yuan, with a weight of 24.99%; and 3 stocks with a circulating market value of more than 100 billion yuan, accounting for 34.92% of the weight.
2.4, industry distribution: the industry is more concentrated in the new electrical, basic chemical, non-ferrous metal industry
According to the classification of CITIC first-level industries, the weight of electric new industry accounts for the largest proportion, the number of basic chemicals accounts for the largest proportion, the weight of the two industries accounts for 33.31%, 22.13%, and the number accounts for 26.67% and 30% respectively.
2.5, index liquidity enhanced, since 2021 trading activity is relatively high
The index has been trading more actively since 2020Q1: since 2021Q3, the index volume and turnover have remained at a high level. The 2021Q3 index has an average daily turnover of 87.8 billion yuan and an average daily trading volume of 2.1 billion shares.
2.6. Index constituent stocks: selected high-quality power equipment and new energy sectors
At present, the new energy battery index has a total of 30 constituent stocks, according to the CITIC first-level industry classification, the top ten weighted stocks are concentrated in the new electric, non-ferrous metals, basic chemical sectors.
1. Ningde era
According to SNE data, CATL has a market share of 32.6% in the global power battery market in 2021, 20.3% and 12.2% ahead of LG and Panasonic, maintaining a global dominance. In addition to the power battery business, the company's energy storage battery business will also achieve rapid growth, with the global market power generation side and grid side energy storage demand growth, the company shipped a number of 100 megawatt-hour projects, driving energy storage batteries to accelerate the discharge. As a leading company in the industry, the industry chain has a strong voice and maintains a stable level of cash flow through accounts such as coping. In the context of the increase in inventory scale and cash flow, the company relies on the strong position of the industrial chain, Q3 to achieve a decline in the balance of receivables at the same time, payable increased by 18.7 billion yuan compared with the end of Q2, the cash flow pressure to the supplier, the first three quarters of the company's operating activities cash flow of 28.7 billion yuan, basically to achieve the coverage of investment cash flow expenditure.
2. BYD
The company's strong product strength supports the sales of new energy vehicles to increase significantly. In February 2022, BYD's new energy vehicle production and sales were 89136 and 88283 units, respectively, +659.6% and +752.6% year-on-year, and pure electric sales in new energy passenger cars accounted for 49.4%, and hybrid sales accounted for 50.6%. The production and sales of fuel vehicles were 2270 and 2795 units, respectively, -76.9% and 73.6% year-on-year. The company's new energy vehicles in the Dynasty system performance is eye-catching, the Qin family sold 24,503 vehicles in February, the monthly sales can basically stabilize at more than 20,000 vehicles, ranking among the top three in the sales of independent brand cars. With the launch of a variety of new vehicles such as seagulls, seals, and sea lions in the future, the company's product matrix will be further enriched.
3. Enjie shares
The company is the world's leading diaphragm company. At present, the core equipment of diaphragm production is still mainly purchased from Europe and Japan, and it often takes 2-3 years from placing an order to equipment installation and commissioning; at the same time, the diaphragm has a great impact on battery performance and safety indicators, and the certification cycle of first-line battery factories is often 2-3 years. The long cycle from capacity planning to revenue realization ensures the first-mover advantage and scale advantage of the leader. The company has entered the global leading supply system such as CATL, LG, Panasonic, Samsung, etc., and the high-quality customer structure ensures the future development of the company.
4. Ganfeng Lithium
The company is the world's leading producer of lithium compounds and lithium metal, and its products are widely used in the fields of electric vehicles, chemicals and pharmaceuticals. In 2021, the net profit attributable to the parent company was 4.76, 9.41, 10.56 and 2.702 billion yuan respectively, an increase of -31%, 98%, 12% and 155.9% respectively. In 2021, the company will actively make up for the shortcomings of resources, the ability to guarantee resources will continue to increase, and the lithium salt production capacity will continue to expand. It is expected that the lithium price hub will remain relatively high in 2022, and the company's performance is expected to increase significantly.
5, Ewell lithium energy
The company's lithium battery products are diversified. In the short term, the company will benefit from the amount of ternary soft packs, lithium iron and cylindrical lithium batteries, and in the medium and long term, the company will benefit from the ternary square, power supply system and automotive large cylindrical product volume, while the company actively promotes the technical exchange and certification of automotive large cylindrical products with global large customers, and is expected to gradually achieve fixed points in the future to support the company's sustained growth in performance. In the future, the company plans to achieve the "3 200" goal by 2025, that is, the production capacity of power storage batteries is 200GWh, the revenue of consumer batteries is 20 billion yuan and the revenue of the power supply system is 20 billion yuan, achieving another leapfrog growth. In addition to the lithium battery business, there is also a shareholding in the e-cigarette business, which is expected to bring sustained and stable investment income.
6. Putailai
The company is a leading enterprise of artificial graphite, while continuously laying out lithium battery equipment, PVDF, diaphragm, aluminum-plastic film and other links, 1) PVDF, holding subsidiary Ruyuan East Sunshine Fluororesin Co., Ltd. plans to build a new 20,000 tons / year PVDF and 45,000 tons / year R142b project on the basis of the current 0.5 million tons of PVDF production capacity. 2) Lithium battery equipment: As of the first half of 2021, the company's coating machine business (excluding internal orders) has more than 3 billion yuan in hand orders, and plans to invest 1.4 billion yuan in Zhaoqing to build lithium battery automation equipment projects; 3) Diaphragm: The company is the largest independent coating diaphragm processor in China, and the shipments of coated diaphragms and processing in the first half of 2021 accounted for 31.88% of domestic wet diaphragm shipments in the same period, and it is expected to develop into a lithium battery material platform enterprise in the future. (Source: Future Think Tank)
Third, lithium battery ETF
3.1. Product Information
ICBC Credit Suisse New Energy Vehicle Battery Trading Open Index Securities Investment Fund (subscription code: 159840.HK) SZ, hereinafter referred to as the "Lithium Battery ETF") was established on August 5, 2021, and was launched on August 20, 2021. Lithium battery ETF adopts a passive investment strategy, closely tracks the underlying index, pursues the minimization of tracking deviation and tracking error, and strives to achieve long-term investment returns consistent with the performance of the underlying index. The Fund is an equity fund, and its expected return and expected risk level are higher than those of hybrid funds, bond funds and money market funds, and are funds with higher risk and higher returns. The fund management rate is 0.45% and the escrow rate is 0.07%.
3.2. Fund Manager: Liu Weilin
Fund Manager: Ms. Liu Weilin, Ph.D. in Financial Engineering, Chinese Min University. He joined ICBC Credit Suisse in 2010 and has served as a financial engineering analyst in the risk management department, an assistant investment manager in the index investment department, an investment manager, and a fund manager in the index investment department. The investment manager has an annual limit of 7.41 years, 18 funds under management, and a total fund size of 10.498 billion yuan.
3.3. Fund Manager:
ICBC Credit Suisse Fund ICBC Credit Suisse Fund Management Co., Ltd. is a fund management company jointly established by Industrial and Commercial Bank of China and Credit Suisse, established in June 2005. The company adheres to the mission of "providing customers with excellent financial services with steady investment management", relying on a strong shareholder background, a sound business philosophy, a scientific investment research system, a strict risk control mechanism and a senior management team, based on marketization, professionalization, standardization and internationalization, adhering to "steady investment, value investment, long-term investment", and is committed to providing first-class investment management services for the majority of investors. Since its inception, ICBC Credit Suisse Fund has grown rapidly in terms of assets under management. As of March 11, 2022, the total size of the Company's public funds was 809.188 billion yuan (excluding ETF-linked funds, the same below), ranking ninth among all fund companies; the non-monetary public asset management scale was 462.604 billion yuan, ranking tenth; and the total size of ETFs was 14.408 billion yuan, ranking 15th.
(This article is for informational purposes only and does not represent any of our investment advice.) For usage information, see the original report. ）
Featured report source: [Future Think Tank].