年内6900多只证券类私募产品完成备案，近七成托管人“花落”四大券商

界面2025-08-12

图片来源：界面图库界面新闻记者 |龙力今年以来证券类私募产品备案升温明显。Wind数据显示，截至8月11日，今年以来已经有6928只证券类私募产品完成登记备案，同比增长72.85%。从托管人方面看，年内备案的6928只证券类私募产品共涉及到38家托管机构，其中30家券商累计托管的私募产品数量为6803只，占比98.2%；8家银行累计托管的私募产品数量仅为125只，并且除了招商银行(600036....

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|龙力今年以来证券类私募产品备案升温明显。Wind数据显示，截至8月11日，今年以来已经有6928只证券类私募产品完成登记备案，同比增长72.85%。从托管人方面看，年内备案的6928只证券类私募产品共涉及到38家托管机构，其中30家券商累计托管的私募产品数量为6803只，占比98.2%；8家银行累计托管的私募产品数量仅为125只，并且除了招商银行(600036.SH)担任102只私募产品的托管人以外，其他7家银行托管的私募产品数量均为个位数。图：今年以来备案的证券类私募产品托管人分布情况数据来源：Wind、界面新闻整理2013年12月-2014年1月，海通证券、国信证券(002736.SZ)、招商证券（600999.SH）陆续获批成为国内首批拿下证券投资基金托管资格的券商。根据证监会官网披露的信息，截至今年6月底，国内共有68家机构具备证券投资基金托管人资格，其中36家为银行、30家为券商，另有中国证券登记结算有限责任公司和中国证券金融股份有限公司两家其他机构。有业内人士对界面新闻表示，虽然与银行相比，券商的证券投资基金托管业务整体起步较晚，但是券商能够为私募提供包括主经纪商、产品设计、代销服务、投研服务等在内的“一站式服务”，满足私募的多样化需求，与银行形成差异化竞争优势，因此在证券类私募托管业务中逐步占据了较多的市场份额。中基协数据显示，截至2023年末，托管人托管的私募证券投资基金为9.62万只，资产规模为4.87万亿元。其中，商业银行托管0.19万只，托管规模0.37万亿元，证券公司托管9.43万只，托管规模4.5万亿元。就券商行业内部而言，证券类私募产品托管业务呈现出明显的分化格局。Wind数据显示，年内备案的6928只证券类私募产品中，国泰海通证券（601211.SH）以高达1769只的托管 “战绩”拔得头筹，占比25.53%；中信证券（600030.SH）和招商证券分列二、三位，担任托管人的相关产品数量分别为1155只和1061只，占比16.67%和15.31%；华泰证券（601688.SH）虽然与前三甲托管产品数量相差较大，但是也达到669只，占比9.66%。以上四家券商担任托管人的相关产品在今年以来备案的证券类私募产品总数中合计占比达67.18%此外，中信建投证券（601066.SH）、广发证券（000776.SZ）、兴业证券（601377.SH）、国信证券托管的相关产品数量分别为332只、264只、253只和220只，占比在3%-5%之间，中国银河证券(601881.SH)、申万宏源证券(000166.SZ)托管的相关产品数量也均在100只以上。托管产品数量居前的四大券商，一直在证券类私募产品托管领域占据领先优势。其中，国泰君安证券曾在2024年年报中提及，报告期内公司托管私募基金产品数量继续排名证券行业第2位、2024年新增证券类私募基金产品托管数量市场份额排名行业第1位。今年3月，国泰君安证券吸收合并海通证券正式落定，原海通证券提供的托管、运营外包服务由国泰君安继续履行。招商证券此前一直是证券类私募产品托管领域的“扛把子”。根据公司年报，截至2024年末，招商证券私募基金托管产品数量市场份额达21.72%，连续十一年保持行业第1。同样在2024年年报中，中信证券提到2024年公司聚焦重点私募基金客户，不断拓展服务广度和深度，稳步提升服务份额；华泰证券则表示，集团私募基金托管业务备案存续产品数量排名行业第四。华南地区某券商人士对界面新闻表示，私募产品托管业务本身对券商整体营收的贡献相对有限，部分券商相关业务甚至处于亏损状态，但是私募可以将托管业务作为切入点，与私募建立起合作关系，进一步拓展与相关私募在其他业务方面的合作，为公司带来盈利增长点。头部量化私募由于管理规模较大、备案产品数量较多等，成为各大券商重点争取的合作对象。界面新闻根据Wind数据统计发现，截至8月11日，今年以来共有25家证券类私募备案的产品数量不少于30只，其中23家为管理规模超过50亿元的头部量化或者主观+量化私募，另外2家为管理规模20-50亿元的量化私募。上述25家证券类私募今年以来一共备案1317只产品，涉及到29家托管机构，其中依然是国泰海通证券、中信证券、招商证券和华泰证券托管的相关产品数量居于前四位，分别为355只、259只、190只和110只，合计占比为69.4%。不过，虽然头部量化私募与头部券商之间强强联合是业内共识，但是各家头部量化私募在托管人选择方面的偏好并不完全一致。以今年以来备案产品数量居于前三名的上海宽德私募、黑翼资产和明汯投资为例。上海宽德私募年内备案的112只产品由14家机构担任托管人。其中，国泰海通证券托管产品数量为30只，占比26.79%；中信证券和招商证券托管产品数量分别为20只和18只，占比17.86%和16.07%；华泰证券、中国银河证券和国信证券托管的产品数量分别为11只、10只和6只，占比9.82%、8.93%和5.36%；以上6家券商托管产品累计占比84.82%。黑翼资产年内备案的110只产品，涉及18家托管机构。其中，国泰海通证券独占鳌头，托管产品38只，占比34.55%；中信证券托管产品19只，占比17.27%；另有中信建投证券和华泰证券分别托管9只和8只产品，占比8.18%和7.27%；以上4家券商托管产品累计占比67.27%。明汯投资合作的托管人则更为集中，今年以来备案的92只产品由8家机构担任托管人，其中国泰海通证券、中信证券、招商证券、中泰证券担任托管人的产品数量分别为35只、22只、17只和10只，占比38.04%、23.91%、18.48%和10.87%，合计占比91.3%，其余4家托管人托管的产品数量均仅为2只图：今年以来备案数量最多的三家私募相关产品托管人分布情况数据来源：Wind、界面新闻整理","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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