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2023年亚太地区股票挂钩结构化产品标的资产板块的发展趋势

中证报价

2024-06-06

Product issuance and estimated sales volume from main Asia Pacific (Apac) markets comprising Hong Kong SAR, Taiwan region of China, Japan, South Korea, and Thailand, rose in 2023 compared with the previous year, SRP data shows.

SRP数据显示，2023年，亚太地区主要市场（包括中国香港特别行政区、中国台湾地区、日本、韩国和泰国）的产品发行量和预计销售量与上一年相比有所增长。

The five major Asia markets recorded an issuance of over 93,000 non-flow structured products, which collected an estimated US$226.5 billion in sales last year, up 21% year-on-year (YoY) by estimated sales.

五个主要亚洲市场共发行了超过93,000个non-flow结构化产品，去年销售额估计达到2,265亿美元，按预估销售额计算同比增长21%。

Yield enhancement products continued to lead the Apac market as the most sold product type, with estimated sales jumping by 26% YoY to US$147 billion in 2023. On the other hand, capital protection products also edged up 14% compared with the prior year selling US$76 billion.

收益增强型产品继续引领亚太地区市场，成为销量最大的产品类型，预计2023年销售额同比增长26%，达到1,470亿美元。另一方面，资本保护类型的产品与去年相比也增长了14%，销售额为760亿美元。

Breaking down by underlying sectors, the IT-focused underlying sector made up 42% of the market share of single stock-linked products sales in 2023.

按标的资产细分，2023年IT作为主要标的资产占单一股票挂钩类结构化产品市场销量份额的42%。

The most popular underlying stocks included Samsung Electronics, Nvidia and AMO, which were widely used in Taiwan region of China's structured notes and South Korea's equity-linked bonds (ELBs). Both products have seen astonishing sales over the past year as investors in Taiwan region of China and South Korea have been relatively receptive to US tech and IT-focused stocks.

最受欢迎的标的股票包括三星电子（Samsung Electronics）、英伟达（Nvidia）和AMO，它们在中国台湾地区的结构性票据和韩国的股票挂钩债券（ELBs）中广泛使用。由于中国台湾地区和韩国的投资者对美国科技和IT类股票的接受度相对较高，这两种产品在过去一年里都取得了惊人的销量。

Consumer discretionary consisting of Chinese stock giants Alibaba and Meituan was the second most prolific sector, making up 16% of the market share in single stock-linked product sales in 2023.

包括中国股票巨头阿里巴巴和美团在内的非必需消费品板块是第二大多产板块，在2023年单一股票挂钩产品销量中占据了16%的市场份额。

The utilities sector including stocks like Korea Electric Power Corporation amounted to 13% market share.

包括韩国电力公司（Korea Electric Power Corporation）等股票在内的公用事业板块占据了13%的市场份额。

The communication services sector was led by Tencent, KT and Netflix which captured six percent of the market share, while financial sectors with representative stocks like Hong Kong Exchanges and Clearing and Ping An Insurance took up five percent.

通信服务板块以腾讯、KT和Netflix为首，占据了6%的市场份额，而以香港交易及结算所有限公司和平安保险为代表的金融板块则占据了5%的市场份额。

Products tracking basket of equity shares were mostly comprised by mixed sectors, followed by IT and financials.

跟踪一篮子股票的产品主要由综合行业构成，其次是IT和金融行业。

China also saw a similar trend in 2023, with IT, the financial industry and mixed underlying sectors seeing the most sales among equity-linked structured deposits. Each sector took 29%, 18% and 18% market share, respectively, per estimated sales volume.

中国在2023年也出现了类似的趋势，IT、金融行业和混合标的板块在股票挂钩结构性存款中销售最多。根据预估的销售量，每个板块分别占有29%、18%和18%的市场份额。

Among these equity-linked structured deposits, the autocall was the most common payoff structure, making up around 72% of the market share per estimated sales in 2023, followed by digital (20%), shark fin (five percent) and twin win (three percent).

在这些股票挂钩结构性存款中，Autocall是最常见的产品收益类型，约占2023年预计销售额市场份额的72%，其次是Digital（20%）、Shark Fin（5%）和Twin Win（3%）。

文章来源：SRP网站5月3日报告

https://www.structuredretailproducts.com/news

【免责声明】本文信息仅用于投资者教育之目的，不构成对投资者的任何投资建议，投资者不应当以该等信息取代其独立判断或仅根据该等信息作出决策。本文信息力求准确可靠，但对这些信息的准确性或完整性不作保证，亦不对因使用该等信息而引发或可能引发的损失承担任何责任。

【声明】内容源于网络

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中证报价中证机构间报价系统股份有限公司是经中国证监会批准设立并授权中国证券业协会管理的金融机构，作为我国多层次资本市场中的重要金融基础设施，坚守服务场外市场建设的初心使命，致力于场外证券业务监测监控体系建设、行业数据服务和场外衍生品市场综合服务。

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