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The securities industry urgently needs to return to the source to explore the new path of business model transformation -the top ten news in the securities industry in 2023

2024-02-13 18:37:14 338



Editor's note: "Centered on investors" is the biggest theme of the securities industry in 2023. There are specific performances.The transformation of votularity ... Only by deeply grasping the people's nature of financial work and the original intention of not forgetting to be inclusive for the people can securities firms be stable and far away.

This also forced the securities industry to return to its origin, re -examine the operation and management and service methods of the institution, abandon the practices of blindly pursuing economic interests, over -marketing, killing chickens and eggs in the past, exploring new paths for the transformation of business models, serving national strategies, and achieving high -quality development.

Picture Source | Xinhua News Agency

Public fund -raising rate reform impact securities industry

The reform of public fund -raising rates in 2023 attracted much attention.The regulatory layer directly hit the reform point, pain points, and difficulty reforms, and stimulated the securities industry. On the one hand, it practiced "finance for the people", and on the other hand, it promoted the securities industry to return to its origin.

In July of this year, the CSRC announced the "Work Plan for the Reform of the Public Fund Industry Talents", and in December, the "Regulations on Strengthening the Management of Securities Investment Fund Securities Trading Management" were solicited in December.

According to industry insiders, in the short term, brokers' income may be "three consecutive impacts": one is that the income of fund subsidiaries has declined; the other is that the fund ownership of the funds collected by the brokerage firms shall be divided into a shrinking scale; and the third is that the scale of positioning commission will be reduced by one -thirdEssenceIn the long run, the high -quality development of the securities industry will take a solid step. The business model of "fund sales and transaction commission" has been subverted for many years. Wealth management will truly return to the origin of customers.growing up.

At the same time, the seller's research business pattern will also change profound changes. In the short term, the industry's shuffle has intensified, and the living space of small and medium sellers is squeezed.In the long run, the Institute of Securities Fan Fan will pay more attention to research capabilities, reduce costs and increase efficiency, strengthen internal services, and explore more redeeming methods of research services.

The era of comprehensive registration system emphasizes "votularity"

In February 2023, the comprehensive registration system reform was officially implemented, marking the new stage of A -share issuance, and the tolerance of its system design provides more business opportunities for investment banks.

However, the comprehensive registration system, "I do n’t want to send it, how much I want to send”, it does not mean to relax the quality requirements.This requires the brokerage investment bank to deeply understand the connotation of the registration system "with information disclosure as the core" and follow the industry logic "selecting projects with investment".

In July of this year, the Shanghai and Shenzhen Exchange issued the "Implementation Measures for the Evaluation of the Quality Evaluation of Substitute of Substitutions (Trial)", which is a milestone.The document aims to speed up the concept of sponsor from focusing on "batching" to "voting".

In addition to the change of concept, investment banks should comprehensively improve their practice capabilities, seize the strategic opportunities of comprehensive registration system, improve core competitiveness such as industry research, value discovery, quality control, customer service, direct investment, etc., and promote the transition of the passage business to the comprehensive service of the full life cycle.Essence

Treatment of cost reduction and efficiency and strengthening assessment

With the changes in the market environment and the regulatory environment, cost reduction and efficiency have become the "main theme" of the securities industry this year.

It is not new for business trips to reduce files and customer entertainment fees.Some brokerage research institutes also reported a three -year taxi fee, mainly because some employees had a private car, and the company had not strictly inspected the reimbursement of reimbursement.At the same time, different business lines of brokerage companies have strengthened their performance assessment, inspected the attendance, and opened the last elimination.

In the context of "rising performance, rising salary, decline in performance, and salary", the "salary reduction tide" that has attracted much attention from the market has appeared.

According to data from the reporter's previous statistics, the "ultra -high salary" executives have become the past, and the "annual salary of 10 million" is extinct; at the same time, the average salary of employees is 4830,000 yuan, a year -on -year decrease of nearly 20%.This year, the reporter also learned that the employees of some large securities firms are facing general salary every month.

Equity financing encountered "827 New Deal"

The turning of the equity financing market in the middle of this year will undoubtedly have a impact on the income of securities firms.On August 27th, the CSRC announced that the rhythm of the IPO (starting) rhythm was tightened according to the market conditions, and the dynamic balance of both ends of investment and financing was promoted.New Deal.

After the regulatory authorities have proposed the regulation of the first and secondary markets, the scale of equity financing of A shares has declined significantly.According to Wind data, from September to November this year, the scale of A -share equity financing was 55.1 billion yuan, 40.4 billion yuan, and 48.3 billion yuan, which was equivalent to one -third of the 154.5 billion yuan in August.Essence

In the short term, the business income of brokerage investment banks was greatly affected.The performance of the third quarterly report of 43 listed brokers has shown "closer". The same flowers of the same flowers show that more than 70%of the company's investment bank business fees in the first three quarters have declined, and some large brokers have declined by more than 30%;More than 70%.

However, from the long -term perspective, my country's equity financing market still has high growth space, which is expected to increase significantly in the next five years in the future of the national strategic field.Each broker emphasized that it is necessary to further strengthen internal investment and research collaboration and human advantages, stretch the industry service chain, and fully tap the sub -sectors of key industries and potential customers in different life cycles.

Fund investment advisory pilot exploration road routine

How to help investors carry out personalized asset allocation from the perspective of customers and become a topic of exploration of all parties.Building a buyer investment model is of great significance to the transformation of the wealth management of securities firms.

The industry's exploration of this model starts with the "fund investment advisory" and has gone through the pilot of more than three years, and the fund investment advisory business has grown rapidly.On June 9, the CSRC issued the "Regulations on the Management of the Business Management of Public Funding Securities Investment Fund Investment Consultant (Draft for Opinions)", which plans to promote the pilot of fund investment consulting business to routine.Provide business grasses and mature business models.

Encourage the road to save capital

The "blood replenishment" direction of securities firms changed significantly in 2023.In January of this year, the CSRC advocated that securities firms focused on the main business of the main responsibility and followed the road of capital conservation and high -quality development.

In response to the call of the regulatory authorities, the two head securities firms have taken the initiative to terminate the tens of billions of yuan.Many brokerage firms revised a fixed increase plan, or reduced the scale of financing, or adjusted the investment direction.In terms of IPO (starting), in addition to the successful listing of Cinda Securities earlier this year, six companies planned to listed brokers have progressed slowly.Due to the difficulty of equity financing, brokers this year mainly through debt issuance.During the year, the scale of bond issuance reached a new high and exceeded trillion yuan. In 2023, it also became a big year for bond issuance of securities firms.

In addition to restricting large -scale re -financing, improving the efficiency of existing funds is also the direction of regulatory encouragement.In November 2023, the CSRC publicly solicited opinions on the amendment of the "Regulations on the Calculation Standards for Securities Company Risk Control Indicators".The opinion draft supports compliance and stable high -quality securities firms to expand capital space in moderation, improve capital use efficiency, and be better and stronger.

Passing duty and transactions are reduced by hand fees

The regulatory level introduced a package of policy to relieve market pressure and attract market attention. It has impact both the stock price performance of the brokerage sector and the brokerage exhibition industry.

It is understood that under the guidance of the CSRC, the Shanghai -Shenzhen -North Exchange further reduced the handling of securities transactions in August. Among them, the Shanghai -Shenzhen Exchange's stock transaction was reduced by 30%, and the handling fee of the Beijing Stock Exchange was reduced by 50%.Each securities dealer responded one after another, and effectively transmitted the policy effect of the securities transaction to the decline in handling fees to the majority of investors.

In the same month, the Ministry of Finance and the State Administration of Taxation announced that the implementation of the stamp duty of securities transactions was half levy, which reflects the state's determination to boost the capital market.The above policy helps to attract more investors to participate in stock market transactions and enhance market vitality.Many brokerage analysts believe that this will help boost the market performance of brokerage stocks.

Obviously, the active capital market is not a measure of authority, but has become a key step in economic construction. The role of the capital market in promoting economic growth and the role of residents' wealth creation has been further tapped and recognized.

Anti -corruption in the securities industry is unprecedented

Since the beginning of this year, the securities industry anti -corruption punch has hit, and many cadres or executives of securities regulatory systems have been taken away.Earlier, the Central Financial Work Conference pointed out that financial chaos and corruption issues have been banned.

According to reporters, some anti -corruption targets have many years of supervision work experience, followed by the subsequent "going to the sea" or the government and the management unit to serve for many years; some have worked in securities firms for a long time and eventually involved in corruption cases.In January of this year, Feng Heian, former chairman of Minsheng Securities, was expelled from the party. He had worked in the CSRC for 18 years.Subsequent Li Geping, the original general manager of CITIC Construction Investment Securities, Zhu Congzhang, vice chairman of the Zhejiang Provincial Political Consultative Conference, the former Chang An Qingsong of the China Futures Industry Association, and Liu Ye, the former deputy general manager of the Shanghai Stock Exchange, have been investigated. They all have the experience of performing their duties.In terms of enterprises, such as the former chairman of Galaxy Securities Chen Communist Party, Chen Communist Party was investigated after retirement, which also shocked the industry.

Industry insiders believe that on the long road of financial anti -corruption, the securities industry shows firm determination and continuous efforts.The investigation of a series of key figures shows that regulators' positions in power search and zero tolerance for power search and financial corruption.

M & A process accelerate

In recent years, the Matthew effect of the securities industry has been prominent, and the profitability of head securities firms and small and medium -sized securities firms is very different.In the context of the industry's profit differentiation, as regulatory policies have released their positive statements again this year, the process of the securities industry's mergers and acquisitions is expected to accelerate the pace.

In October this year, the Central Financial Work Conference mentioned "cultivating first -class investment banks and investment institutions."Subsequently, the CSRC stated that the support of head securities firms was better and stronger through business innovation, mergers and acquisitions and reorganizations, and guided small and medium -sized institutions to combine resource endowments and professional capabilities in combination with shareholders' background and regional advantages.

It is reported that the main shareholders of the CSRC approved the change of Minsheng Securities in December were Wuxi State Federation Group. The matter from the submission of application materials to approval was only 8 months.The equity of the acquisition of Pacific Securities also ushered in the latest review progress in the same month, and was given feedback from the CSRC.In December, Zhejiang Business Securities announced that the next M & A goal will be selected.

In the context of accelerating the construction of a strong financial country, the wave of mergers and acquisitions supported by regulatory departments is expected to come back.

Brokerage company's market business

On September 1, the CSRC issued the "Opinions on the Construction of the Beijing Stock Exchange of High -quality Construction", which plans to significantly improve the market scale, efficiency, quality, function, activity, stability, etc.

This reform not only opened a larger space for the high -quality development of the Peking Exchange, but also opened up new battlefields and provides new development momentum for the brokerage exhibition industry.Since September this year, a number of securities firms have stepped up in the formulation of internal work plans, accelerated preparations, increased publicity and promotion, and passed the latest systems, investment opportunities and investment logic to the market.

At the level of investment banks, securities firms actively reserve the listing projects of the Beijing Stock Exchange, and some head securities firms will compete for business.In terms of account opening, with the adjustment of the appropriate conditions of investors and the effect of making money in the secondary market of the Beijing Stock Exchange, brokers vigorously promote account opening by adjusting the assessment mechanism, compensation incentives, internal support institutions, and fintech.In terms of city, many brokers applying for the qualifications of the Bei Stock Exchange, and the city merchants are expected to expand further.In addition, there are securities firms from investment to set up the equity investment fund of the Beijing Stock Exchange.

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