China’s securities industry strategy report in 2021 From Cinda Securities
The following is the China’s securities industry strategy report in 2021 From Cinda Securities recommended by recordtrend.com. And this article belongs to the classification: Brokerage Report, Investment & Economy.
The brokerage business, which once accounted for half of the performance of securities business before 2015, due to the lack of differentiation, the price war led to the continuous decline of securities trading commission rate, from 1.67% in 2008 to 2.71% in the first half of 2021, and the proportion of brokerage business revenue also decreased from 71% in 2008 to 25% in the first half of 2021. In 2007, the average daily transaction volume was 124.3 billion yuan, bringing the industry transaction fee commission income of 154.1 billion yuan. In 2019, the average daily transaction volume was 520.4 billion yuan, four times that of 2017. However, the industry’s brokerage business income was only 78.7 billion yuan, half that of 2007. The elasticity of brokerage business revenue contribution continued to weaken, and the business was close to the breakeven point.
Poor customer stickiness in brokerage business leads to high operation risk. The traditional brokerage business has a single form, mainly providing stock trading channels. The business and services are homogeneous and have no added value. Some employees have limited comprehensive financial service ability and are difficult to obtain customer satisfaction. Therefore, customers usually choose securities companies with lower commission rate for trading, and the customer stickiness is poor.
The average income of brokerage business departments is low and the per capita efficiency is low, which affects the valuation of securities companies. Before 2013, the way for securities companies to obtain customers was mainly through offline business outlets, and customer trading services were mainly provided by brokerage business personnel. However, with the transformation of business model to online, the role of salesperson ordering has been replaced by Internet terminals. Class A and B business departments focusing on trading service functions had high cost and low efficiency, and the average revenue of each department continued to decline. By the end of 2020, The number of business departments of securities companies is nearly 11700, with 64000 brokerage business personnel. The average brokerage business income of each department decreased from 32.93 million yuan in 2015 to 9.89 million yuan, and the per capita brokerage income decreased from 4.26 million yuan in 2010 to 1.79 million yuan. The low efficiency of brokerage business departments and per capita is one of the important reasons to suppress the valuation of the sector.
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