Ping An View:
TOC business of securities companies: from trading channel to comprehensive wealth management service. The income elasticity of traditional brokerage business has decreased. With the deepening of capital market reform and the upgrading of residents’ financial needs, higher requirements have been put forward for the TOC business of securities companies, and the service dimension has been continuously widened. The prototype of big wealth management has emerged, which directly or indirectly drives the linkage of a number of businesses. The TOC service dimension of securities companies has expanded from the early version 1.0 of securities trading to the version 2.0 of margin trading services and consignment financial products. In the future, mining and matching the comprehensive wealth management needs of C-end customers will move towards version 3.0, which requires the continuous improvement of securities companies’ asset management or public fund product capabilities, diversified product design expertise and investment advisory service capabilities.
In the capital market, securities companies have comparative advantages in product and service. From the perspective of three elements of wealth management: 1) products: securities companies deeply cultivate the capital market and focus on equity products. In terms of consignment products, it has a wider range of product selection and screening ability, and can provide customers with wider and better choices; In terms of self owned products, it has strong investment ability and product design ability, and can provide customers with customized products more in line with their needs. 2) Services: improve the professionalism and long-term nature of services, and change the mode of wealth management of securities companies from “seller’s sales” to “buyer’s investment adviser”. Securities companies are rich in various assets and various asset management products, which can realize customers’ large asset allocation needs in one stop, and have the comprehensive service ability of equity assets linked by the primary and secondary markets. In recent years, we have actively built a team of investment advisers, and the number of investment advisers continues to increase, but excellent investment advisers are still scarce resources. 3) Channel: the number of customers of securities companies is not dominant, but they have a relatively balanced Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channel. Online, brokerage app users are small, but more active, making it easier to realize multiple realizations of traffic. Offline, outlets in high-speed cities can better meet the deeper service needs of affluent customers. Wuxi Online Offline Communication Information Technology Co.Ltd(300959) combination to realize the touch and service of the whole customer group.
With the advent of the era of equity, the wealth management of securities companies has great prospects. 1) In the past, the development of wealth management was dominated by channels, but in the future, the importance of products and services will gradually increase, and securities companies can give play to their comparative advantages in products and services. 2) As a TOC portal business of securities companies, wealth management business can link all other business lines of securities companies. It also needs front-end customer resources, middle-level business line capabilities, back-end data and low-level scientific and technological support to achieve collaboration, build comprehensive capabilities, and finally realize the construction of comprehensive wealth management capabilities. 3) Increase investment in science and technology and lay out the future. Technology is the underlying capability of wealth management business, which can not only more accurately identify user portraits, but also empower investment advisers and business personnel. In the future, it will be more widely used in user innovation and operation, intelligent investment adviser, etc.
Investment suggestions: the era of wealth management has come, and the rapid increase in the demand for equity assets has brought historic development opportunities for securities companies, providing a soil for giving full play to the comparative advantages of products and services. It is suggested to pay attention to three types of Companies: 1) head securities companies, which have stronger comprehensive business capabilities and high net worth customer reserves, and it is suggested to pay attention to Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) ; 2) Internet securities companies have a good foundation of online traffic and have obvious advantages in the third-party consignment card of standardized products. It is recommended to pay attention to East Money Information Co.Ltd(300059) ; 3) Wealth management characteristic securities companies: companies with strong investment ability and stronger product ability. It is recommended to pay attention to Orient Securities Company Limited(600958) , Gf Securities Co.Ltd(000776) , China Industrial Securities Co.Ltd(601377) .
Risk tips: the epidemic spread beyond expectations and the risk of macroeconomic downturn, the risk of cooling down the stock exchange market and fund sales market, and stricter financial supervision.
