Recently, with the disclosure of the annual report of the fund in 2021, the ranking of the trading revenue of public funds by securities companies has been released.
With the continuous expansion of the asset management scale of public funds in recent years, the sub warehouse Commission cake of securities companies has grown year after year. According to the data, the overall position division Commission of public funds of securities companies increased from 7.7 billion yuan in 2019 to 13.9 billion yuan in 2020, and then reached 22.25 billion yuan in 2021, realizing explosive growth.
In 2021, a total of 18 securities companies received more than 500 million yuan of commissions from public offering funds, of which 4 securities companies, including Citic Securities Company Limited(600030) , Changjiang Securities Company Limited(000783) , Gf Securities Co.Ltd(000776) , China Securities Co.Ltd(601066) and others, received more than 1 billion yuan of commissions.
sub warehouse commission income increased by nearly 60%
On the whole, in 2021, the total sub warehouse Commission of public fund transactions in the whole market reached 22.25 billion yuan, a year-on-year increase of 59.6%. There are four securities companies with a total commission income of more than 1 billion yuan in 2021, namely Citic Securities Company Limited(600030) , Changjiang Securities Company Limited(000783) , Gf Securities Co.Ltd(000776) , China Securities Co.Ltd(601066) , compared with 6 Jiangsu Eastern Shenghong Co.Ltd(000301) in 2020. In 2021, there were 37 securities companies with sub warehouse commissions of more than 100 million yuan, compared with 31 in 2020.
From the perspective of industry concentration, with the expansion of the total Commission sector, all cutting-edge research institutions have joined the competition, and the proportion of commission seats of head brokerage research institutions has also decreased slightly. In 2021, the total commission income of the top 10 and top 20 securities companies accounted for 44.83% and 71.36% respectively, while in 2020, the figures were 45.99% and 73.93% respectively.
The reporter noted that among the top 20 securities companies in the Commission ranking, 19 securities companies are “old faces” in 2020, and only Soochow Securities Co.Ltd(601555) rose from 21 to 19. The ranking competition among the top 20 securities companies is particularly fierce. The commissions of Zhongtai Securities Co.Ltd(600918) , Guotai Junan Securities Co.Ltd(601211) , Huatai Securities Co.Ltd(601688) , Founder Securities Co.Ltd(601901) , Galaxy Securities increased by more than 30% year-on-year, but their ranking decreased. In 2021, the sub warehouse Commission of 18 securities companies exceeded 500 million yuan, a significant expansion compared with 11 in 2020.
The ranking of sub warehouse commission income is one of the indicators to measure the service capacity of the research institutes of securities companies, but the data is also disturbed by the consignment data, which is not a pure “Research Commission”. A senior researcher said that the sub warehouse Commission is actually divided into Research Commission and Market Commission. When the market is particularly good, the market Commission (consignment of financial products) accounts for a relatively high proportion, which is generally difficult for small and medium-sized securities companies to expand. In addition, the data only includes the Commission of public funds, not from insurance and private placement.
Dong Guangyang, director of Huachuang Securities Research Institute, said that the trend of decentralization of the past pattern of the Research Institute began to turn. Some head securities research institutes began to significantly increase their research strength and use the comprehensive advantages of investment banking and retail to strengthen the acquisition of institutional commissions. While head securities research institutes reduced the disadvantages of serving small institutions in the past and concentrated resources to improve the output of serving head institutions. The advantages of flexible mechanism of small and medium-sized securities companies and high output of serving small and medium-sized institutions are weakening now, but there is still a lot of space in the next few years.
4 securities companies with commissions exceeding 1 billion yuan
In terms of ranking, Citic Securities Company Limited(600030) , Changjiang Securities Company Limited(000783) won the first and second place in succession. In 2021, the Commission revenue was 1.667 billion yuan and 1.18 billion yuan respectively Gf Securities Co.Ltd(000776) will surpass China Securities Co.Ltd(601066) , the third in 2020, with a commission of 1.155 billion yuan China Securities Co.Ltd(601066) ranked fourth, with a commission of 1.026 billion yuan.
China Merchants Securities Co.Ltd(600999) , Haitong Securities Company Limited(600837) , China Industrial Securities Co.Ltd(601377) etc. are between 800 million yuan and 900 million yuan. The ranking of Haitong Securities Company Limited(600837) 2021 rose 4 places to No. 6, and the Commission reached 862 million yuan, with a year-on-year increase of 74%, the highest growth rate among the top ten.
It is worth mentioning that in 19952021, the sub warehouse Commission increased significantly, realizing a commission income of 695 million yuan, a year-on-year increase of 109.41%, ranking up 7 places, and now ranking 12th in the industry. Meanwhile, CICC wealth securities achieved a commission income of 80.686 million yuan last year, a year-on-year increase of 19.51%.
The reporter noted that among the securities companies with a commission of more than 40 million yuan in 2021, 14 securities companies had a year-on-year growth rate of more than 100%.
Among them, the Commission of Debang securities increased by more than 900% in 2021, the open source securities increased by more than 350% year-on-year, and Xiangcai securities, Huaan Securities Co.Ltd(600909) , Jianghai securities increased by more than 200% year-on-year. In addition, Zheshang Securities Co.Ltd(601878) , Cinda securities, YueKai securities, Hualong securities, Bohai Securities, Sealand Securities Co.Ltd(000750) , Huafu securities, China International Capital Corporation Limited(601995) , Hengtai securities also doubled.
In 2021, when the brokerage commission sub warehouse group made great progress, some brokerage companies encountered “Waterloo”, the scale of sub warehouse Commission contracted and the ranking decreased. For example, the Commission of UBS Securities last year was 82.27 million yuan, a year-on-year decrease of 10.81%, ranking down 7 places to No. 40. The commission income of Minsheng securities also decreased last year, to 56.99 million yuan, a year-on-year decrease of 4.19%, ranking down 10 places.
