Daily data tracking
Three major indexes: the Shanghai index closed up 2.49%, the Shenzhen composite index closed up 4.37%, the gem index closed up 5.52%, and the Shenwan class sector: electrical equipment, non-ferrous metals, national defense and military industry rose; Real estate, textile and garment, mining and mining
Concept sector: the concept of lithium ore, power battery and lithium electrolyte rose; St, duty free shop, bank concept callback
Transaction and northbound funds: the transaction between the two cities was about 917.7 billion yuan, an increase over the previous trading day; The net capital inflow from going north is about 4.359 billion yuan
Securities industry outlook and development trend
In 2021, the securities industry continued to grow, realizing an operating revenue of 502.4 billion yuan and a net profit attributable to the parent company of 191.1 billion yuan, with a year-on-year increase of + 12% and + 21% respectively. In terms of business segments, the contribution of self operation and brokerage business to income increment is 67% and 33% respectively, which is the core driving force to promote the profit growth of the industry.
From the disclosure of annual reports by listed securities companies, at present, the net profit of ten securities companies has exceeded 10 billion, five more than that in 2020, and the scale effect of head securities companies is prominent; But in terms of net profit growth, the top three are small and medium-sized securities companies, respectively Central China Securities Co.Ltd(601375) thegrowth rate also exceeded 50%, and small and medium-sized securities companies reflected strong performance flexibility.
Under the background of the full implementation of the registration system and the accelerated opening-up of the industry, the importance of the pricing and risk control ability of securities companies is becoming more and more prominent, and the head securities companies with strong comprehensive strength are expected to continue to maintain steady growth. Small and medium-sized securities companies should combine their own advantages and implement differentiated competition strategy while improving their and industry capacity.
According to the development history of foreign securities companies, China’s securities industry will eventually be divided into six types of differentiated securities companies: comprehensive aircraft carrier investment banks and local all-round investment banks, and industrial retail wealth securities companies, trading securities companies, boutique investment banks and characteristic investment banks. Chinese securities companies should realize differentiated competition according to their own business types and strategic development paths.
With the gradual advancement of the comprehensive registration system, China’s stock market is developing towards standardization and marketization as a whole. In the future, the core competitiveness of securities companies will be transferred to pricing and sales. Small and medium-sized securities companies face opportunities and no challenges. They can layout in advance, strengthen relevant capabilities, identify characteristics, focus on strong industries and take the road of high-quality products.
In the future, small and medium-sized securities companies can focus on the business development of specific investment banking business areas, such as ABS and Beijing stock exchange, and enhance the brand effect through business reputation in specific areas; Through excellent incentive mechanism and good corporate culture, attract industry talents to join, enhance their own strength and bring incremental business; In addition, we should also pay attention to the cultivation of research ability. We can enhance the investment and research ability through internal cultivation or non cooperation with external institutions, and provide characteristic research services to win the favor of customers. The establishment of the Beijing stock exchange directly benefits the securities companies that are the core participants in the capital market, especially the core business lines such as securities companies, investment banks and wealth management. The overall level of the Beijing stock exchange is to select various systems of the layer. Listed companies are generated by innovative companies, and the synchronous pilot securities issuance registration system is beneficial to broaden the investment banking business track of securities companies. Especially for some small and medium-sized securities companies that have made great efforts to layout the business of the new third board, the business discipline of listed companies of the Beijing stock exchange will bring opportunities for overtaking.
In terms of wealth management business, for a large number of small and medium-sized securities companies, we can refer to the successful experience of Jiaxin wealth management in its transformation from discount broker to comprehensive financial service provider, gather customers through technological innovation and product innovation, gradually increase customer stickiness, accumulate flow advantages, and explore ways to realize cash on the basis of flow advantages; Strengthen the accurate classification of customers, deeply tap customer needs, and provide personalized customized products and services according to customer characteristics. Regional securities companies can combine their own characteristics and resource advantages, concentrate on deep cultivation in some fields, and create brand advantages through characteristic products.
In addition, the brokerage ficc business has development prospects, innovation space and operability. Small and medium-sized brokerage companies can start from fixed income and build brand influence for gradual development. Specifically, they can start from integrating business structure, using financial leverage and optimizing product design. On the one hand, some small and medium-sized securities companies have traditional advantages in specific areas of fixed income, the trading volume of capital transactions has been at the forefront of the market for many times, and the business personnel are experienced; On the other hand, cash bond trading and derivative investment are market-oriented businesses, which focus on investment and research ability. If we can attract excellent investment and research teams in the market with a sufficiently perfect incentive mechanism without salary and remuneration, the fixed income investment (cash bond trading and Derivative Investment) of the self operated business department can generally obtain better performance and build brand influence with performance.
Risk tip: the stock market has risks, and investment should be cautious
