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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 2023E EPS 2024E EPS 0.70 0.93 2.21 3.02 4.65 6.19 2.69 3.98 0.80 1.15 0.67 0.76 0.52 0.59 1.47 1.61 0.57 0.74 relatedReport 2023-09-25 2023-06-03 2023-04-22 emailAuthor S0190521060001 assAuthor summary 1 1959 2 3 8 4 2023 2022 1.3 25 2022 59.2 240 2030 30 1 2001-2022 2.4%12.3%704.1 103.2 ROE 14.7%25.5%2 AUM 2016-2022 97.5%2022 78.3%22.7%3 2012-2022 7.2%23.7 21.6 0.3%4ETF iFreeETF 50%1 1999 4 2019 2009 40%2 3 summary 1 1959 2 3 4 2023 1.3 25 59.24 240 2030 30 1 2001-2022 2.4%12.3%704.05 103.17 ROE 14.7%25.5%2 AUM+2022 78.3%21.7%3 2012-2022 7.2%23.7 21.59 0.3%4 ETF iFreeETF 75%1 1999 4 2019 2009 40%2 REITs ETF 3 2003 2008 summary 1 1959 2 3 title createTime1 2023 12 19 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-4-1.1.-4-1.2.-5-1.3.-6-1.4.-8-1.5.-8-1.6.-10-2.-13-2.1.-13-2.2.-14-2.3.-18-2.4 ETF.-21-3.-22-3.1.-22-3.2.-25-3.3.-30-4.-31-1.-5-2 2022 15.2%.-6-3 2022 51.2%.-6-4.-6-5.-8-6.-9-7 2023 240.-13-8 2023 25 AUM.-13-9.-14-10.-14-11 15.0%.-14-12 ROE 25%.-14-13.-15-14 2022 78.3%.-16-15.-17-16 AUM.-17-17 AUM.-17-18.-18-19 AUM.-18-20 AUM.-19-21 AUM.-19-22.-20-23.-20-24 62.1%.-21-25.-21-26“iFreeETF”.-22-27 AUM 60%.-23-XVEVyRqNsRqRrPpMnQqPpO8OdN8OnPqQoMpMjMrQoMeRsQnN8OoPqQxNnPnPMYtRsN 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-28.-23-29 2019 SMAM.-24-30 AUM 14.4%.-25-31 2022.-25-32 20 90.-26-33 2004-2009 ETF.-27-34 2007 1.-28-35 2007 3.-28-1.-9-2.-10-3 KPI.-11-4.-20-5 iFreeETF ETF.-22-6.-28-7.-29-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 1.1 Daiwa Securities Group Inc.1902 1942 1943 Daiwa Securities 1999 120 NEXT&Daiwa Asset Management Daiwa Real Estate Asset Management Office Daiwa Office Investment Corporation J-REIT IPO 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-Daiwa Institute of Research/Next 1 1.2 J-REIT 2009-2022 314.92 703.94 6.4%111.97 445.26 11.2%2022 15.2%2009 10.9%2022 51.2%2022 63.3%Next Business Center Facilities Office Samty Residential PI Partners 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-2 2022 15.2%3 2022 51.2%2022 428.82 2022 AUM 23.7 1.4 4 1.3 1950 1943 1951 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%-100001000200030004000500060002009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 0.0%10.0%20.0%30.0%40.0%50.0%60.0%-1000-500050010001500200025002009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 0%20%40%60%80%100%AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-1952 1959 1959-1983 1959 1961()1973 1981 1983 1984-2000 1984-1994 5 1992 Daiwa MMF Money Management Fund 1995 1997 Daiwa MRF Money Reserve Fund 1998 1999 Daiwa Securities Group 2001-2001-2005 J-REIT 2013 III ETF TOPIX Ex-Financials NISA 2014 JPX 400 JPX400-JPX 400ETF 2016 iFree 21 2005 Daiwa Asset Management Services Ltd.(Cayman)2009 2010 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-Shinsei Asset Management(India)Private Limited Shinsei Trustee Company(India)Private Limited 2015 Mirae Asset Global Investments UCITS NEXT 2019 Global X Global X Japan Co 2020 Daiwa Capital Management Silicon Valley 2023 5 1.4 100%1.5 1959 1973 1995 1999 1961 1981 Daiwa MMF”TAA100”Daiwa MRF”1992,95,97 2009-10 2020 Global X Japan Co.Ltd.2019:-225-Daiwa J-REIT open SRI 225 2001-05 1998 iFree”2016 Mirae Asset Global Investments 2015 1987-88,90 1987-88,90 1983 2005 1959-1983 1984-2000 2001-1984 1987-88,90 1987-88,90,94 2023 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-1 2 3 6 8 IT 11 8 2023 4 1 688 14 11 7 1 2022 4 2022 4 CIO 2022 10 UFJ IT 2012 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-2022 4 2023 4 Wrap ETF 2021 4 2013 2013 ESG 2017 60%10 2 4 2 2 4 2 2 2 2020 4 2022 4 2015 2018 1.6 2009 2012 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-2012-2020 Passion for the Best”Passion for the Best 1 2012-2014 2 2015-2017 3+180 2021 2030 Vision 2030 Vision 2030 Passion for the Best 2023 2030 KPI KPI ROE KPI IT 3 KPI FY2022 KPI 2000 869 ROE 10%4.60%18%21.13%50%4Q 51.20%500 450 ROE 25%52%KPI AUC 90 74.7 IT 200 92 Python3 1000 1036 CFPs CMAs 3000 3019 SDGs 1500 1305 SDG 2000 1482 25%19.90%请 务必阅读 正文之 后的信 息披露 和重要声 明-12-30%28.60%80%95%2023 2,000 400 850 500 250 0 2022 258.86 28.22 445.26 130.68 6.26 1 2023 240 2022 180.76 2023 2022 59.24 32.8%2 2023 25 AUM 2022 AUM 23.7 2023 2022 1.3 5.5%2030 30 2022 6.3 3.0%3 BCRED Global X ETF 2020-2023 Global X ETF 4.5 AUM 4 DX 2021 IT 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-7 2023 240 8 2023 25 AUM 2 2.1 2009 2001-2022 424.76 704.05 2.4%9.11 103.17 12.3%2001 2003 2003-2007 2007-2008 2009 1 2003 AUM 2003 2001 258.38 6.90 60.8%75.7%2 2003 2004-2007 2007 830.79 106.65 62.6%106.0%3 2008 2008 9 2009 637.95 59.20 2007 23.2%44.5%4 2009 2009-2014 637.95 918.58 2014 90-140 180.76 2400501001502002503002020 2021 2022202323.7250510152025302020 2021 20222023 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-9 10 2014 15%2008-2022 13.2%2008 9.6%2014 14.6%14%-17%2021 17.0%5 2008-2014 ROE 16.3%33.5%2014 2020 2021 ROE 31.6%11 15.0%12 ROE 25%2.2 AUM 2022 98.7%0.8%0.5%-60%-40%-20%0%20%40%60%80%100%010020030040050060070080090010002001A2002A2003A2004A2005A2006A2007A2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A YOY-200%-100%0%100%200%300%400%500%-200204060801001201401602001A2002A2003A2004A2005A2006A2007A2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A YOY 9.6%12.7%9.5%11.8%14.6%14.3%15.5%14.2%17.0%14.7%0%5%10%15%20%2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 15.2%24.3%20.1%27.5%33.5%28.5%31.4%24.4%31.6%25.5%0%5%10%15%20%25%30%35%40%2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022AROE 请 务必阅读 正文之 后的信 息披露 和重要声 明-15-1 AUM 2016-2022 97.6%797.47 698.45 2.2%2 2016-2022 7.27 5.59 0.8%3 2016-2022 3.81 3.31 3 11 2019 7.14 11.03 183.5%13 2016-2022 639.20 550.93 2.4%-3.1%+0.4%2022 78.3%21.7%95%96%97%98%99%100%01002003004005006007008009002016A 2017A 2018A 2019A 2020A 2021A 2022A 请 务必阅读 正文之 后的信 息披露 和重要声 明-16-14 2022 78.3%1 2 MiFID II MiFID 2016-2022 522.65 431.47 3.1%2022 68.2%22.3%2021 11.3%447.68 AUM AUM 2016-2022 AUM 0.259%0.124%13.44bps AUM 0.061%2.01bps 0.041%55.0%60.0%65.0%70.0%75.0%80.0%85.0%01002003004005006007002016A 2017A 2018A 2019A 2020A 2021A 2022A 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-15 16 AUM 17 AUM=AUM+AUM/2 2016-2022 116.55 119.46 0.4%2016-2022 71.33 61.1%AUM 2016-2022 AUM 0.046%1.58bps 0.030%0%10%20%30%40%50%60%70%80%90%01002003004005006002016A 2017A 2018A 2019A 2020A 2021A 2022A 0.259%0.243%0.206%0.184%0.143%0.135%0.124%0.000%0.050%0.100%0.150%0.200%0.250%0.300%2016A 2017A 2018A 2019A 2020A 2021A 2022A AUM 0.061%0.059%0.052%0.052%0.042%0.039%0.041%0.000%0.010%0.020%0.030%0.040%0.050%0.060%0.070%2016A 2017A 2018A 2019A 2020A 2021A 2022A AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-18 19 AUM 2.3 2012-2022 AUM 11.8 23.7 7.2%2019 AUM 2020 AUM 37.8%22.6 1 2 2019-2020 Global X ETF 3 Fund Wrap 4 2020 ETF 57%58%59%60%61%62%63%64%0204060801001201402016A 2017A 2018A 2019A 2020A 2021A 2022A 0.046%0.042%0.040%0.042%0.038%0.031%0.030%0.000%0.010%0.020%0.030%0.040%0.050%2016A 2017A 2018A 2019A 2020A 2021A 2022A AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-19-20 AUM AUM 2022 23.4 AUM 98.7%0.3 AUM 1.3%90%2000-2022 AUM 1.70 20.23 11.9%AUM 10.31 1.37 2022 21.59 92.3%2004 2005 AUM 21 AUM-10%-5%0%5%10%15%20%25%30%35%40%45%05101520252012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A AUM AUM-40%-30%-20%-10%0%10%20%30%40%50%05101520252000A2001A2002A2003A2004A2005A2006A2007A2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A2022A 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-2023 5 AUM AUM 98.0%4 AUM 92 9.3%0.33 1.3%92 9.3%0.17 0.7%184 18.7%0.50 2.0%787 79.9%22.64 91.7%14 1.4%1.54 6.2%801 81.3%24.17 98.0%985 100.0%24.67 100.0%2023 5 2023 11 30 24.98 REIT 18.31 3.67 2.06 73.3%14.7%8.3%2023 11 30 72.5%22 23 73.3%14.7%8.3%3.8%REIT 72.5%19.0%8.4%请 务必阅读 正文之 后的信 息披露 和重要声 明-21-24 62.1%2016-2022 0.51%0.30%21.92bps 25 2.4 ETF ETF iFreeETF iFree iFreeETF ETF 2023 11 30 iFreeETF 34 ETF 14.24 AUM 57.0%REIT ETF 225 JPX 400 TOPIX 62.1%9.0%7.1%4.9%4.7%3.3%2.8%2.3%3.8%REIT REIT 0.51%0.50%0.44%0.41%0.34%0.32%0.30%0.00%0.10%0.20%0.30%0.40%0.50%0.60%2016A 2017A 2018A 2019A 2020A 2021A 2022A 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-500 S&P500 100 NASDAQ100 REIT 15/-2+2 4 ESG 12 NISA iFreeETF 26 iFreeETF 2023 11 30 ETF iFreeETF TOPIX 1 2023 11 30 9.08 44.9%TOPIX 98.9%33 7 10 2024 1 1 NISA 5 iFreeETF ETF iFreeETF TOPIX 1 2001-07-11 90,803.54 TOPIX 0.07%iFreeETF 225 1 2001-07-09 42,190.43 225 0.13%iFreeETF JPX 400 2014-03-26 3,951.41 JPX 400 0.20%iFreeETF REIT REIT 2016-10-24 2,028.74 REIT 0.17%iFreeETF TOPIX 4 2020-11-09 622.92 TOPIX 0.07%iFreeETF MSCI 2016-05-18 609.67 MSCI 0.17%iFreeETF TOPIX 40 2017-09-25 390.23 TOPIX 40 0.21%iFreeETF 225 4 2020-11-09 332.61 225 0.13%iFreeETF REIT REIT 2019-02-07 257.32 REIT Core 0.22%iFreeETF TOPIX-1 2015-04-24 147.03 TOPIX-1 0.83%2023 11 30 3 3.1 Daiwa SB Investments Ltd.26 139,319.16 iFreeETF TOPIX 5 782.33 iFreeETF MSCI 1 2.35 iFreeETF 100 GBA100 2 2,286.06 iFreeETF REIT34 142,389.90REIT 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-SBIM 1999 4 1 T.Rowe.Price 10%44%2%Robert Fleming Group T.Rowe.Fleming AUM 60%R&I 27 AUM 60%28 20 3 6 Sumitomo Mitsui Financial Group SMAM 2019 4 1 DS 0%10%20%30%40%50%60%70%80%90%0.00.51.01.52.02.53.03.51999A 2000A 2001A 2002A 1 1413 3191 1 1123456789102001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011AR&I 请 务必阅读 正文之 后的信 息披露 和重要声 明-24-29 2019 SMAM 2009 AUM Daiwa Real Estate Asset Management Samty Samty Residential Investment Corp.Samty 40.2%2009 5 2022 50%34%2011-2022 AUM 0.31 1.37 14.4%请 务必阅读 正文之 后的信 息披露 和重要声 明-25-30 AUM 14.4%31 2022 1 2005 5 Wilshire Associates FOF 2 2008 7 Banco Itau Holding Financeira S.A.3 2010 3 29 Shinsei Asset Management(India)Private Limited Shinsei Trustee Company(India)Private Limited 3.2 20 90 0%10%20%30%40%50%60%70%80%0.00.20.40.60.81.01.21.41.62011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A AUM AUM AUM1.37 2023 3 0.46 Daiwa Office Investment Corp.2009 0.16 Daiwa Residential Private Investment Corp.2012 0.16Samty Samty Residential Investment Corp.20180.36 Living Daiwa Securities Living Investment Corp.20200.05 Daiwa Securities Logistics Private Investment Corp.2019 0.05 Daiwa Hotel Private Investment Corp.2018 0.11 请 务必阅读 正文之 后的信 息披露 和重要声 明-26-225 20 32 20 90 iFind 21 1947-1949 2005 4 DC Passion for the Best 2008 2006-2008 300 14 AUM 5 AUM Passion for the Best 2011 2009-2011 2011 150 50 0500010000150002000025000300003500040000450001973-071975-071977-071979-071981-071983-071985-071987-071989-071991-071993-071995-071997-071999-072001-072003-072005-072007-072009-072011-072013-072015-072017-072019-072021-072023-07 225 请 务必阅读 正文之 后的信 息披露 和重要声 明-27-MMF 2001 50%2004 1 622 1000 2007 AUM 2007 2005 7 240 3679 ETF 10%2005 7 2006 1 2006 3 7 2007 3 ETF 10.1%33 2004-2009 ETF 2.3 1.7 1.4 1.0 1.3 1.6 3.4 5.6 5.6 4.1 5.7 13.9%11.8%10.2%7.6%6.8%6.5%8.5%10.1%10.4%10.9%11.5%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%0.01.02.03.04.05.06.01999A 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009AAUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-28-A D 2007 1 3 A B 34 2007 1 35 2007 3 2007 2007 2008-01 2008 5 ETF 100 ETF 2009-1000 2007 2 2009 2 2010 6 2003Q4 622 2005Q2 240 2005Q2 470 2005Q3 130 12198302468101214161820A B C D 135 5402468101214A B C D 请 务必阅读 正文之 后的信 息披露 和重要声 明-29-2005Q4 305 2006Q2 2007 3 4720 337 2006Q4 1468 7 2003Q3 2004 258 2005Q2 521 2005Q4 693 2005Q4 313 2006Q1/1478 2006Q1 543 2006Q2 435 2006Q2 465 2006Q3 723 2007Q1 318 2007Q1 REIT 1218 2007Q1 REIT 618 2007Q2 673 2007Q3 471 2007Q4 204 2008Q1 100-2008Q2 2008-08 345 2008Q3 137 2008Q4 QFII A 295 2009Q1 TM RICI 389 2009Q2-3524 2009Q3-2014 2016 1176 2009Q4 322 2009Q4 393 2003 1 SBCM 70-80%2 call center 3 1998 12 4 DC 2001 请 务必阅读 正文之 后的信 息披露 和重要声 明-30-10“”401k 2001 DC 5 2005 8 29 2007/2009 23.5%3.3 2003 3 1 2 3 4 55 2003 2008 2003 237 269 2003 12 2003 请 务必阅读 正文之 后的信 息披露 和重要声 明-31-2006 30 50 4 1 2 3 请 务必阅读 正文之 后的信 息披露 和重要声 明-32-12 300 50 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK32 01-08 100020 5001 T2 52 518035
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