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请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion investSuggestionChange 2022E 2023E 0.30 0.41 0.67 0.80 0.80 0.95 1.38 1.78 0.86 1.13 0.86 1.13 relatedReport 2023-02-05 2022-12-05 AMG 2022-08-02 ETF 2022-06-22 2022-06-09 2022-04-21 emailAuthor S0190521060001 S0190521060002 assAuthor summary DWS 1)2022 12 31-8.2%DAX30 17.1%DWS 25.4 2 DWS PE 15 DWS PE 10 P/AUM 0.8%DWS DWS 1956 DWS DWS DB Beteiligungs-Holding DWS DWS Management GmbH 100%2018 IPO DWS 2015-2021 DWS 0.9%9.3%ROE 22.0%8.1%AUM 2018-2021 4.3%23.7 5.4pct 87.2%2015-2021 AUM 7.8%9.7bps 2013-2021 AUM 6.0%9280 AUM DWS Xtrackers 2022 Xtrackers ETF 1300 DWS 1 DWS kGaA DB DWS DWS 2 DWS 2018-2021 72.3%60.1%3 title createTime1 2023 02 09 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1 DWS.-4-1.1.-4-1.2 10.-4-2.-5-2.1.-5-2.2.-6-2.3.-7-2.4.-8-3.-10-3.1.-10-3.2.-11-3.3.-13-3.4 ETF.-18-4.-19-4.1.-19-4.2.-21-4.3.-23-5.-26-1 DWS.-4-2 DWS PE.-5-3 DWS P/AUM 0.8%.-5-4 DWS.-8-5 DWS.-9-6 2018.-10-7 DWS.-11-8 ROE 8.1%.-11-9 DWS.-12-10 DWS.-12-11 AUM.-13-12 AUM.-13-13 2021 DWS AUM 9280.-14-14 AUM.-14-15.-15-16.-15-17 2014-2021 DWS.-15-18.-16-19.-16-20 AUM.-17-21.-17-22.-18-23 2015 2021.-18-24 DWS Xtrackers ETFs.-18-25 DWS.-20-WUBYuNmRpMmNoQnOqNqPrQaQaO9PmOqQmOtQlOqQpNfQpOqQ6MpOrMMYtQnRNZmMoM 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-26 DB.-21-27 DWS.-22-28.-22-29 AUM.-22-30 2021.-22-31 2021 DWS.-24-32 2021 DWS.-25-33 DWS.-26-1 DWS.-7-2.-8-3 KPI.-9-4.-11-5 DWS bps.-17-6 Xtrackers 5.-19-7 2021.-23-8 2021 ESG.-24-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 DWS 1.1 DWS DAX30 DWS DAX30 2022 12 31-8.2%DAX30 17.1%500 27.8%DWS 25.4 36.1 DWS 2018 30%2019 2020 50%2021 8 2022 6 1 DWS iFind,2022 12 31 1.2 10 DWS PE 10 DWS PE 15 PE 2022 8 2018-2022 DWS PE 12.2 2021 2 20.4 2022 10 6.5 2022 12 31 DWS PE 7.8 P/AUM DWS P/AUM 0.8%P/AUM 0.6%-0.9%-60%-50%-40%-30%-20%-10%0%10%20%30%40%50%2018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-11DWS DAX30 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-05101520252019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-10 0.0%0.2%0.4%0.6%0.8%1.0%1.2%01020304050607080902019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-10/AUM 2020 P/AUM 2022 12 31 P/AUM 0.73%2 DWS PE 3 DWS P/AUM 0.8%iFind iFind 2 2.1 1956 Deutsche Gesellschaft f r wertpaperiersparen mbH 60 DWS 2018 DWS 1956-2002 70 DWS 80 90 1999 AXA Scudder Investments RREEF RREEF DWS Scudder Investments DWS Scudder 2002 2003-2018 IPO 2007 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-DWS DWS Xtrackers ETF ETF 2008 DWS Scudder DWS Investments DWS Investments DWS ETF 2012 2013 DWS Investments 2014 DWS 2014 8 2016 DWS 2017 DWS 2019 2018 DWS KGaA DWS DWS 2018 DWS DWS Xtrackers ETF 11 1340 DWS SCOPE 2021 2022 9 1260 2020 DWS Arabesque AI 24.9%ETF BlackFin Capital Partners 2020 DWS ESG 2022 DWS 2.2 DWS DB Beteiligungs-Holding DWS DWS 100%79.5%DWS 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-DWS Management GmbH 100%DWS DWS Management GmbH DWS DWS 5%15.51%DWS 1 DWS DB Beteiligungs-Holding GmbH 1.5898 79.49%0.1 5%1.6898 84.49%2022 12 31 2.3 DWS KGaA DWS DWS joint committee 2022 12 DWS 5 DWS DWS Dr Stefan Hoops 2003 Claire Peel 1997 2012 CB&S DWS DWS 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-4 DWS 2 Dr Stefan Hoops Stefan 2003 2006 2007 2008 2018 10 2019 2022 CEO Asoka Woehrmann Dr Stefan Hoops CEO Claire Peel Claire Peel 1997 Peel 2005 Peel GTB 2012 Peel CB&S Dr.Karen Kuder Karen Kuder 2001(Deutsche Bank AG)2014 2015 2018 2020(Deutsche Bank AG)2020 2022 Dirk Goergen Dirk Goergen 2018 DWS Dirk Dirk Bain&Company Manfred Bauer Manfred Bauer 2001 IT DWS 2017 DWS EMEA 2022 12 31 2.4 2018 IPO 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-(CIR)2021 DWS 5 DWS 2018 DWS 1 AUM 3%2 30bps 3 CIR 65%4 65-75%2021 DWS 6%27.8bps 58.1%51.2%AUM CIR 2021 DWS 2024 AUM 4%CIR 60%DWS ESG DWS KPI ESG ESG 3 KPI KPI ESG ESG ESG ESG ESG ESG AUM 4%2025 2019 20%2025 100%2022 85%2022 2019 25%2024(CDP)B 2024 33%2024 1.5 2024 475 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-50%-40%-30%-20%-10%0%10%20%30%40%50%0510152025302015A 2016A 2017A 2018A 2019A 2020A 2021A yoy yoy 3 3.1 DWS 2015-2021 DWS 25.8 27.2 0.9%4.6 7.8 9.3%2018 2018 DWS 6 2018 DWS ROE 2015-2021 22.0%2018 2021 28.8%2015 2021 ROE 8.1%2021 74.5 ROE 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-18%19%25%17%21%25%29%0%5%10%15%20%25%30%35%2015A 2016A 2017A 2018A 2019A 2020A 2021A7.4%7.0%10.0%6.0%7.5%8.3%10.5%0%2%4%6%8%10%12%2015A 2016A 2017A 2018A 2019A 2020A 2021AROE 7 DWS 8 ROE 8.1%4 2018 2019 2020 2021 1.37 1.67 1.81 2.00 1.96 2.56 2.79 3.91 70.1%65.2%64.9%51.2%3.2 AUM DWS 2021 87.2%7.8%5.0%1 AUM 2018-2021 20.9 23.7 4.3%92.6%87.2%2021+17%9280+11.1%2 DWS 2021 DWS 1.22 136%2018-2021 33.6%1 2 3/请 务必阅读 正文之 后的信 息披露 和重要声 明-12-2021 1.37 2020 1.24 DWS 9 DWS DWS 2016 2017 2021 48.9%51.1%10 DWS 1 82.0%84.0%86.0%88.0%90.0%92.0%94.0%96.0%98.0%0510152025302015A 2016A 2017A 2018A 2019A 2020A 2021A 30%35%40%45%50%55%051015202015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-2015-2021 7-8-1.2%2021+9.2%7.99 2015-2021 AUM 12.5bps 9.3bps 10.7bps-4.9%2 2015-2021 10.84 8.36-4.2%2021+12.7%8.36 IT AUM 2015-2021 AUM 15.8bps 9.7bps 12.7bps-7.8%11 AUM 12 AUM AUM AUM 3.3 DWS 2013-2021 AUM 5820 9280 6.0%7.8%2021 AUM 17.0%12.9%600 480 260 33.0%0.13%0.10%0.11%0.11%0.12%0.09%0.09%0.06%0.08%0.10%0.12%0.14%0.16%2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM 0.16%0.14%0.14%0.14%0.12%0.10%0.10%0.06%0.08%0.10%0.12%0.14%0.16%0.18%2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-13 2021 DWS AUM 9280 AUM AUM DWS AUM 2015-2021 AUM 2700 1,780 780 230-90 65.9%28.9%8.5-3.3%AUM AUM AUM 14 AUM-10%-5%0%5%10%15%20%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,0002013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM AUM(750)(500)(250)02505007501,0001,2501,5002015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-15-02,0004,0006,0008,00010,0002014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 15 16 DWS Xtrackers 2021 DWS 5,740 2,380 1,150 61.9%25.6%12.4%2014 1.8%17.7%6.1%1 2021 1160 700 770 2270 840 12.5%7.5%8.3%24.5%9.1%2014 5.1%10.9%6.4%-2.4%2.6%2 ETF ETC 2022 6 ETF 2070 3 2022 9 30 729 151 339 25 13 58%12%27%2%1%17 2014-2021 DWS(200)(100)01002003004005006002015A 2016A 2017A 2018A 2019A 2020A 2021A(500)(400)(300)(200)(100)01002003004005006002015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-16-ETF AUM 2014-2021 AUM 2700 1620 680 390 AUM 60.0%25.2%14.4%ETF AUM 12.6%13.3%10.0%-15.9%5.2%2700 2270 AUM 41.0%24.5%18 19 AUM AUM DWS 2015 2660 2021 4051 AUM 37.3%43.7%7.3%AUM 4.5%2021 2015 24.8%EMEA AUM 26.4%5.1%5.4%3.4%DWS 2021 AUM 5066 4210 AUM 54.6%45.4%2017-2021 AUM 7.4%7.2%12%15%14%16%17%20%23%26%77%75%75%73%71%67%66%62%0%10%20%30%40%50%60%70%80%90%2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A-10%0%10%20%30%40%2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-20 AUM 21 DWS 2015-2021 DWS 31.7bps 27.8bps 2021 2021 72.5 47.9 32.2 28.1 18.1 12.6 2.4bps 2015-2021 3.3 10.5 8.5 3.2 11.4 4.3 5.9 1 2020 68.2bps 72 79bps 2 2015 58.4bps 18%2021 47.9bps 3 2015 29.5bps 40%2021 18.1bps 5 DWS bps 2015 2016 2017 2018 2019 2020 2021 75.8 75.6 75.8 79.0 78.2 68.2 72.5 40.7 44.4 42.0 35.1 35.0 32.0 32.2 31.3 27.7 29.0 30.0 27.3 26.7 28.1 16.9 15.0 14.2 13.4 12.6 12.7 12.6 8.3 7.8 8.6 6.2 4.3 4.5 2.4 29.5 26.8 24.3 23.6 21.4 17.9 18.1 58.4 55.9 58.2 54.0 54.3 49.1 47.9 31.7 30.9 31.5 30.7 29.6 28.3 27.8 AUM AUM 2021 32.6%21.0%-17.9%-7.3%5.6%0%10%20%30%40%50%60%02,0004,0006,0008,00010,0002017A 2018A 2019A 2020A 2021A AUM AUM AUM AUM 02,0004,0006,0008,00010,0002015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-22 23 2015 2021 2015 2021 3.4 ETF DWS Xtrackers ETF 2022 Xtrackers 11 190(ETF)6(ETC)ETF 1300 Xtrackers ESG ETF MSCI DAX Nikkei Stoxx 50 FTSE 100 ETF Xtrackers 24 DWS Xtrackers ETFs 2022 11 30 05101520252015A 2016A 2017A 2018A 2019A 2020A 2021A 29%7%8%19%3%13%19%2%32%9%9%12%1%16%21%0%请 务必阅读 正文之 后的信 息披露 和重要声 明-19-DWS ETF MSCI World UCITS Eurozone Government Bond UCITS 2022 12 30 93 22 5 34.9-11.7 MSCI MSCI Total Return Net World Index 67.82%iBoxx Euro Sovereigns Eurozone Index 79.6%12 19 29bps 9 15 20bps 1 3 5-18.1%5.1%6.2%-18.5%-6.3%-2.5%6 Xtrackers 5 MSCI World UCITS ETF MSCI Total Return Net World Index 80.2 0.19%multiple S&P 500 Swap UCITS ETF S&P 500 Index 52.2 0.15%USD MSCI USA UCITS ETF MSCI Total Return Net USA Index 48.8 0.07%USD Euro Stoxx 50 UCITS ETF Euro STOXX 50 Index 45.1 0.09%EUR MSCI USA ESG UCITS ETF MSCI USA Low Carbon SRI Leaders Index 41.2 0.15%USD US Treasuries UCITS ETF iBoxx$Treasuries Index 21.8 0.07%USD EUR Corporate Bond UCITS ETF Bloomberg Euro Corporate Bond Index 21.2 0.12%EUR Eurozone Government Bond UCITS ETF iBoxx Euro Sovereigns Eurozone Index 20.4 0.15%EUR Global Government Bond UCITS ETF FTSE World Government Bond Index-Developed Markets in EUR terms 18.2 0.20%multiple Global Inflation-Linked Bond UCITS ETF Bloomberg World Government Inflation-Linked Bond Index 12.0 0.2%multiple 2023 1 27 4 4.1 2018 DWS DWS kGaA KGaA DWS DWS Management GmbH DWS 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-DWS DWS DWS DWS DWS DWS 25 DWS 2018 4 1 DWS“”Relationship Agreement 1 DWS DB 2 DB DB DWS DWS DB DB DWS DWS DB DWS DWS DB DWS DB DWS DB DWS 2017“Master Service Agreement”MSA,DB DWS 10 2018 DWS DB 2.3 25%DB DWS 请 务必阅读 正文之 后的信 息披露 和重要声 明-21-DWS DWS 2021 1.6 19%DB DWS 26 DB 4.2 DWS 2018 72.3%2021 60.1%CIR 65%2018-2020 9.5 7.4 20%2018-2021 1.0 1.4 2018 2021 DWS 0%5%10%15%20%25%30%35%01234567891011122015A 2016A 2017A 2018A 2019A 2020A 2021A DB DB 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-27 DWS 28 29 AUM 30 2021 DWS 1 2017 DWS WISE DWS WISE 2018 VOLKSWOHL BUND DWS WISE 2021 Mirai Chokin WISE Mirai Navi 2018 DWS IKS IKS 2.0 IKS 2.0 IKS 2018 150 1000 3,0003,2003,4003,6003,8004,0002015 2016 2017 2018 2019 2020 2021 0%5%10%15%20%25%30%02004006008001,0002018 2019 2020 2021 192 191 1912166164 64690501001502002502018 2019 2020 2021/6.37.0 7.07.91.92.32.42.701234567892018 2019 2020 2021 AUM/AUM/请 务必阅读 正文之 后的信 息披露 和重要声 明-23-DWS WISE B2B2C Edison B2C DWS Direct IKS 2.0 2 2020 DWS Arabesque AI 24.9%Arabesque AI AI AI 2021 DWS BlackFin Capital Partners BlackFin IKS IKS DWS 30%DWS retiretech Smart Pension Limited API 4.3 DWS DWS STA LTA STA LTA 40%60%STA LTA 0-150%DWS 2:1 7 2021 STA LTA 240 166 289 695 1.89 38 10 16 64 0.69 125 79 124 328 1.63 48 26 39 112 1.34 请 务必阅读 正文之 后的信 息披露 和重要声 明-24-50 32 56 138 1.77 120 41 64 225 0.88 621 354 588 1563 1.52 STA STA 20%31 2021 DWS CEO 1 2021 DWS Dr Asoka Woehrmann DWS DWS Stefan kreuzkamp ESG Dirk Goergen ESG 8 2021 ESG Dr Asoka Woehrmann DWS DWS Manfred Bauer ESG 请 务必阅读 正文之 后的信 息披露 和重要声 明-25-Mark Cullen CIR Dirk Goergen ESG Stefan Kreuzkamp ESG ESG Claire Peel CFO 2 Balanced Scorecard 40%20%10%10%20%2021 STA 100%124.6%32 2021 DWS LTA DWS LTA DWS 50%10%1 DWS 2021 DWS LTA(CIR)AUM ESG 25%10%15%50%DWS ESG AUM 2021 请 务必阅读 正文之 后的信 息披露 和重要声 明-26-DWS 150%150%134%145%2 DWS(RoTE)2.5%10%2021 77.5%DWS LTA 133.75%40%60%1 50%50%2 50%33 DWS 5 1 DWS AUM AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-27-2 DWS 3 DWS 4 ETF DWS 请 务必阅读 正文之 后的信 息披露 和重要声 明-28-12 A 300 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
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