In recent years, the “research power” of securities companies has become one of the core competitiveness. As one of the main income sources of the Securities Research Institute, the sub warehouse commission income has become one of the important indicators to investigate the research ability of securities companies.
The annual report of the fund in 2021 has been fully disclosed, and the sub position income of fund trading has also been released. According to the statistics of wind, the reporter of Securities Daily found that in 2021, the transaction volume of securities companies’ fund sub warehouse stocks was about 28 trillion yuan, a year-on-year increase of 59.53%; Affected by the significant increase in turnover, securities companies realized a total of 22.015 billion yuan of fund sub warehouse Commission revenue in 2021, with a year-on-year increase of 59.75%.
For the continuous growth of brokerage fund sub position Commission, Dongxing Securities Corporation Limited(601198) non bank financial industry chief analyst Liu Jiawei said in an interview with the reporter of Securities Daily: “in the case of continuous slight decrease in the rate of sub warehouse Commission, the total amount of sub warehouse Commission of securities companies has increased continuously. On the one hand, due to the hot market trading in 2021, the overall scale of the fund has increased significantly, and the trading volume has also increased. On the other hand, securities companies pay more attention to the seller’s service and obtain commissions through multiple channels.”
top 10 cumulative sub warehouse commission income of nearly 10 billion yuan
24 companies, with a year-on-year increase of more than 100%
Among them, the commission income of fund sub positions of four securities companies in 2021 exceeded 1 billion yuan (merging the main body of the same company). Leading securities firm Citic Securities Company Limited(600030) took the lead with the commission income of RMB 1.667 billion from fund warehouse, with a year-on-year increase of 57.78%, and the Commission seats accounted for 7.49% Changjiang Securities Company Limited(000783) , Gf Securities Co.Ltd(000776) , China Securities Co.Ltd(601066) followed closely, realizing fund sub warehouse commission income of 1.181 billion yuan, 1.155 billion yuan and 1.026 billion yuan respectively, with a year-on-year increase of 59.3%, 74.37% and 47.37% respectivelyP align = “center” data source: wind prepared by: Zhou Shangyao
According to the ranking of the top ten, Gf Securities Co.Ltd(000776) surpassed China Securities Co.Ltd(601066) and ranked third. While Haitong Securities Company Limited(600837) jumped from the 10th place in 2020 to the sixth place, realizing the fund sub warehouse commission income of 862 million yuan, with a year-on-year increase of 73.96%. In addition, the fund sub warehouse commission income of the top ten securities companies amounted to 9.952 billion yuan, accounting for 45.21%.
It is noteworthy that in 2021, a total of 24 securities companies achieved a year-on-year increase of more than 100% in fund sub warehouse commission income, of which many small and medium-sized securities companies showed explosive growth, and deppon securities achieved a fund sub warehouse commission income of 69 million yuan, a year-on-year increase of 909.55%; The fund sub warehouse commission income of Wanhe securities, Jinyuan securities and Kaiyuan securities increased by more than 300% year-on-yearP align = “center” data source: wind prepared by: Zhou Shangyao
From the perspective of sub warehouse commission rate, although the sub warehouse commission income of securities companies increased significantly, the sub warehouse commission rate still decreased to less than 8 / 10000. In 2021, the average estimated sub warehouse commission rate of securities companies was 7.98 per 10000, and the estimated commission rate of 15 securities companies was lower than the industry average.
continue to increase research investment and seek characteristic “research path”
9 securities companies with more than 100 analysts
Looking back on 2021, many securities companies have included research business as one of their core competitiveness. At present, securities companies with mature investment banking team, rich project reserves and outstanding research pricing and institutional sales capabilities will usher in new profit growth points.
From the 2021 annual report of listed securities companies, we can also see the investment and output of securities companies in research and the importance of securities companies to research Gf Securities Co.Ltd(000776) establish a first-class departmental Industrial Research Institute to enable the development of the whole business chain of the company Haitong Securities Company Limited(600837) strengthened cooperation with head fund companies and achieved good results in asset management products, bond settlement funds, ETF funds, quantitative private placement funds, etc China Securities Co.Ltd(601066) further improve the research business product matrix system, vigorously strengthen the investment in human resources of research business, and continue to improve the full coverage system of research fields.
With the increasing competitive pressure in the industry, all securities dealers are looking for their own characteristic “research road” Gf Securities Co.Ltd(000776) chairman pointed out in his speech that in 2022, we will firmly focus on the main responsibility and main business, build a “research + n” business model, optimize and strengthen the core business, and adhere to the path of professional development.
In recent years, securities companies have continuously expanded their analyst team, spared no effort to spend a lot of money to dig corners and hire analysts and other researchers, and are thirsty for talents of excellent analysts. Up to now, the total number of analysts of securities companies has increased to 3485, of which the number of analysts of 9 securities companies has exceeded 100, and China International Capital Corporation Limited(601995) , Citic Securities Company Limited(600030) , Guotai Junan Securities Co.Ltd(601211) are among the top three.
At the moment of the transformation of the seller’s research, how should the brokerage research business seize the opportunity? On the other hand, Liu Jiawei told the reporter, “it is also important for securities companies to continuously expand their talent coverage. On the other hand, it is also important for securities companies to give full play to their own talent coverage.”
