However, "long and short" is always accompanied by risks.
The reporter visited and found that the customers of these two companies lost a lot, with an average of about 80%. Cheng Daoxing, the richest man in Henan, lost 500 million yuan last year. In contrast, the sales department earned a lot of money with 8.6% stable interest and commission.
Eighty percent of customers lost money, and the richest man in Henan suffered a huge loss of 500 million.
I know the word "depressed" only when I am in the business of financial integration.
Cheng Daoxing, the richest man in Henan, is the chairman of the board of directors of local Xingya Group. He has successively established a number of investment companies such as Hongkong International Finance Group Co., Ltd. and Singapore International Finance Group Co., Ltd., and is also one of the earliest founding shareholders and founders of China Minsheng Bank.
As a financial investor, he has great interest in margin trading.
According to insiders, Cheng Daoxing made a two-way transaction in the business department of Shennan Avenue in Shenzhen of CITIC Securities. The business department of Shennan Avenue does not earn interest on large households with funds exceeding 654.38 billion yuan, and customers can get as much as they want from the headquarters. At that time, Cheng Daohang had 2 billion yuan in financing, and the interest rate given by the sales department was 7.9% (8.6% for ordinary customers).
In 2008, Cheng Daoxing cashed in 654.38 billion yuan in stocks. After the opening of two financial institutions, he was "encouraged" by the sales department of CITIC Shennan Avenue to engage in two financial institutions.
However, last year, Cheng Daoxing lost 500 million yuan in financial services.
Not just the rich. In Guangzhou, an old customer with a stock age of over 10 years and a stock market value of about 50 million told reporters that he started to raise funds twice in May of 20 13, mainly for financing. However, there are few targets to choose from. He mainly invested in financial and real estate stocks and has lost 30% so far. Old customers' buying operations are mainly in the middle line, so they lose quickly.
The reporter's investigation in the sales offices of the three places found that the customer loss of the two companies accounted for about 80%, and even the customer loss of brokers reached 90%.
A business person in South China believes that the loss is mainly due to leverage, which is generally about 2 times. At present, the market as a whole has fallen a lot, and customers have a high probability of losing money in financing business. Once they lose money, the extent of the loss will be amplified at the same time.
However, the customer churn of these two companies did not happen until 20 13.
A profit and loss analysis report of Haitong Securities margin customers from 2065438 to June 2002 obtained by the reporter shows that 82.98% loss-making customers contributed 90.65% brokerage interest income and 86.69% commission income.
During the research period, among the 6,297 credit accounts that participated in the transaction, 5,225 customers lost money, accounting for 82.98%, and the average loss of customers was 554,200 yuan.
As the credit transaction account can be used for ordinary transactions as well as credit transactions, Haitong Securities further analyzed that there were 3,248 credit transactions in the credit account, accounting for 89. 1% of the customers with losses, with an average loss of 622,800 per customer. Among them, the loss of financing customers is greater than that of securities lending customers. Among the financing customers, there are loss-making customers 1792, accounting for 93.48%. There were 128 customers who suffered losses from securities lending, accounting for 59.26%. Moreover, the amount of losses is polarized, with the highest average household profit reaching 90 1 10,000 and the highest average household loss reaching 1.25 million.
According to the survey of the sales offices in the three places, the integration scale of CITIC Shennan Avenue exceeds 3 billion.
In the financial circle, the business department of Shennan Avenue of CITIC Securities is undoubtedly among the best. According to informed sources, the size of the business department of Shennan Avenue of CITIC Securities alone is 34 billion, and the profit of the business department is about 1 100 million.
Tairan No.9 Road, Futian District, Shenzhen is famous for its large brokerage business department. The business department of Shennan Avenue of CITIC Securities is on the19th floor called Happy Year Center next to the intersection.
The reporter consulted the financial integration business as a big family. The staff said that if the business of CITIC Securities is to be carried out, the ordinary account transaction will last for more than half a year, the capital threshold will be 654.38 million yuan, the interest will be 8.6%, and the maximum leverage will be 2; The commission fee depends on the transaction volume and the amount of funds. If the amount of funds is large, it can be around 7 thousand.
In the view of staff, CITIC Securities has two advantages. First, the capital is sufficient. "After CITIC Securities opened its financial services, it attracted many customers because of its sufficient funds, which laid the foundation in the early stage." It is reported that CITIC Securities will not hesitate to fight the price war and seize the market with 7% interest.
On the other hand, we have the most coupons in the whole market. It is understood that there are fewer kinds of securities marked on the market at present, and the inventory of brokers is relatively tight. "We have an appointment service. Which stock do you want? If the company has no stock, we can get it from the market and give it to you as soon as possible. It is estimated that it will take about one day from the appointment to the customer. "
It revealed that among the two customer groups in the business department of Shennan Avenue of CITIC Securities, institutional customers account for a relatively large proportion; Some customers are engaged in refinancing business, so it is more efficient to schedule resources.
In terms of services, the business department of Shennan Avenue of CITIC Securities said that in addition to providing research reports, it also carried out offline exchange activities for large customers, such as inviting customers to investigate in listed companies.
In addition to Shennan Avenue of CITIC Securities, the reporter also went to a sales department of Galaxy Securities in Beijing for investigation. It is understood that the ordinary account transaction of 654.38+ 6 months is a hard standard. If it doesn't match, there is no way to open an account.
The account manager of the above-mentioned business department told the reporter that the financing cost is 8.6%, and the commission is generally around 1200. If the amount of funds is particularly large, it can be adjusted.
In addition, the account manager said that before opening a credit account, customers will be rated first to obtain credit. For example, there are 654.38 million yuan of funds, and then according to the amount of funds in the ordinary account and the transaction situation, the scores of transaction attributes and natural attributes are added together for rating. If it is 2A, the credit line is 654.38+10,000 yuan multiplied by 2 and then multiplied by 80%. "So, the more market value you transfer from your general account, the higher the credit limit," said the account manager.
Moreover, 1.6 million yuan is not the money you can borrow with 1 10,000 yuan, just online. "If the collateral is the stock market value of 200,000 yuan, I can only lend you 6.5438+0.6 million yuan." It represents. "The amount of cash is 100%. If it is not cash and the collateral is large-cap blue-chip stocks, it will be 20% off, while the small and medium-sized board and the Growth Enterprise Market will be even lower, such as 8.5% off. If it is cash, it will be 100%."
The securities business department of Zhaojiabang Road in orient securities is one of the eight business departments where death squads of hot money are rumored to gather, and it is known as an expert in short-term speculation. The reporter was informed that the commission of the business department's financial services is generally 1.5 million, and the asset threshold is 200,000; If the collateral is pure cash, the cash amount of RMB 6,543,800+0.6 million is RMB 6,543,800+0.6 million; If the collateral is only cash plus assets such as stocks and funds, it will only be 500,000.
Guotai Junan is also a big financial business, although the total transaction volume of Guotai Junan Shanghai Dapu Road Sales Department at the end of 2065438+2002 was 16839 billion yuan, ranking only 14 in the transaction volume of Guotai Junan Sales Department. Different from the business department of Zhaojiabang Road in orient securities, the business department has several trading terminals at the service desk on the first floor. Customers can trade independently, and customers will come to the business hall one after another after the trading hours begin. "Mainly retail investors, large households do it at home, and the commission rate of OTC transactions is lower than that of on-site transactions." A customer service staff explained.
When the reporter asked the staff of the sales department about these two financing businesses, the asset scale and interest were basically the same as those of the above brokers. According to the staff, customers can apply for 1.5 million commission after reaching a certain asset scale and transaction volume.
China Merchants CITIC illegally opened a two-way account for customers.
The reporter learned from the sales offices in many places that although the customers of the two companies generally suffered losses, the performance of both companies was excellent. In general, these two companies can contribute more than half of the profits to the total revenue of the sales department.
"When the traditional brokerage business declined, the two businesses grew rapidly; Customers' demand for funds is increasing; Customers' investment habits are long, they don't know how to short, and they want to gamble if they lose money. Therefore, from the perspective of the whole market, the customers of the two companies lose more. "The person in charge of the financial business of a large listed brokerage firm said.
It revealed to reporters that at least 30% of the company's customers lost money last year; The customer also owes 500,000 for the Changjiu biochemical incident.
According to its introduction, the company has improved the entry threshold when selecting customers. In addition to asset size and half-year transaction records, customers have to carry out more than 50 index risk tests. * * * There are four modules: cognitive ability, investment ability, risk tolerance ability and risk control ability. Each module has more than ten indicators, and each module is scored separately. The company can deny the customer's financial integration qualification by virtue of the score of a single module.
For example, if you open an account with us for half a year in order to qualify for financial integration, then the risk control capability module will be 0, because I can't find your transaction record and analyze your risk indicators, so I can refuse you to do financial integration. It is reported that some brokerage business departments have not fully implemented "ordinary account transactions for half a year or more", and they can obtain the qualification of two financing as long as they open an account for half a year.
"We will also conduct regular physical examinations for our customers. With the two-way transaction, the indicators of the four modules will change. If the score of any module is abnormal, we will communicate with customers. "
It is understood that the account manager is staring at the customer account, whether all financing only buys one target, and if so, ask the customer source. In their view, all the money is generally invested in one stock, and the customer must be an insider participant; If necessary, the account manager will reveal the risks and pay attention to whether the account should maintain collateral.
"There are many customers who ask for liquidation after excessive losses, which is a breach of contract. The disposal of breach of contract is not good for customers, and it is blacklisted in the market and has a bad credit record. As can be seen in the registration system of the exchange, customers can't open the two-in-one business in other brokers. Such examples abound. " The above-mentioned listed brokers told reporters.
It is reported that some business departments of China Merchants Securities and CITIC Securities are greedy, that is, new customers wait less than half a year, and brokers privately allow "new customers to use old customers' accounts to do the two-in-one business". The reporter did not ask the two brokers for verification.
"This involves several risks. For example, the assets of new customers are transferred to the accounts of old customers. As a brokerage firm, we should warn of risks, and the assets of new customers may not be recovered; Suspected of anti-money laundering; The agreement between the two has nothing to do with the broker. "
In the boss's view, "managing customers" is a way to make the two financial businesses develop sustainably. "Many brokers simply ignore the risk and loss of customers, but in fact, the loss of customers is not good for brokers. We hope to have a good reputation and hope that customers can grow in the investment process. "