2.Wind data shows that the market concentration (CR 10) of stock-based transactions and balances of two companies in the securities industry decreased slightly last year, which was more obvious after excluding Huatai. The overall market share of large securities companies has not continued to increase as in previous years, which proves that the industry competition is moving towards a more intense situation.
3. Huajing Securities has five business departments: brokerage, investment banking, fixed income, asset management and research institute, and the three departments of fixed income, investment banking and asset management account for nearly 70% of the staffing. According to Huajing's business materials, the fixed income department is mainly engaged in corporate debt financing and sales and trading of fixed income products. In other words, Huajing's main business focuses on investment banking capabilities and the exploration of high value-added businesses.
1. In the long run, channel business is still the core competitiveness of securities firms.
2. Among all the business income of brokers, only the proportion of brokerage business is declining at present. In the first quarter of 20 17, the income contribution of brokerage business of listed brokers has been continuously reduced from 30% to 26%, but this does not mean that brokerage business is no longer critical.
(1) First, the role orientation of domestic securities companies is evolving from brokers to all-round investment banks, and the value of traditional brokerage business is gradually shifting to businesses with better sustainability and higher added value such as financial integration and asset management.
This means that we don't have to stare at the income details in the chart of accounts. Similarly, the stock pledge business, which has attracted much attention in the past year, is actually an extension of the investment banking ability of securities firms and is closely related to the capital strength of securities companies. It can also be said that it is the process of securities firms changing to the professional road of "operational risk".
(2) Secondly, the brokerage business itself is also undergoing some changes. For example, from the 20 16 annual report of listed brokers, it can be found that the commission rate of CITIC has increased instead of falling, and the margin scale of corporate customers has increased substantially, which means that the customer structure has changed. This gives us a revelation that the value of brokerage business to brokers has gradually changed from a business goal to a link and means to realize comprehensive business.