Broker New Deal brings brand-new competition model local brokerages to encircle gold

In the face of the "encirclement and suppression" of many local brokerages and the new competition model that brokers may bring, CICC has also begun to innovate its own "gold model". At the beginning of the brokerage business qualification, CICC was only an institutional customer, but began to dabble in personal retailing around October 2007, and the threshold was gradually lowered.　　After realizing that the brokerage business was still short, CICC joined the "Happy enclosure" camp; When the primary market was limited to the market and policy environment, it merged the sales and trading department and the fixed income department, and shifted the focus to the level two market. It turns out that CICC's brokerage business strategy has been effectively adjusted. In 2008, with a 60% decline in industry-wide brokerage business, CICC only dropped 22% and its brokerage business rose 13 from 2007.　　But in the short term, the brokerage business remains CICC's short board, and its transformation may be more profound. The creation of the gold model and the domestic many old brokerages compared to the WTO opening commitment to the birth of the CICC is too young. Although its brokerage ranking is still in the middle of the industry, no one can deny its influence in the industry.　　Word, the creation of the CICC model captures the opportunity for institutional investors to grow. Since the last round of the bull market, the client structure of the brokerage has been drastically changed from individual to institutional.　　By the end of April 2009, the stock market value of various institutional investors had reached 56.8% of the current market value, raising 30多个百分点 than 2004. With the growth of institutional investors, brokerage business is no longer a simple channel. CICC has been the most successful in providing services to institutional clients, especially offshore institutions.　　Many qfii favor CICC, only Shanghai Huaihai Middle Road Sales department has at least 12 qfii stationed, the seat of the sale and purchase behavior is even seen as a a-share market vane. CITIC Securities Sales and Trading Department of a responsible person told CBN reporters, CICC, Wanguo is the first high-end customer segmentation of the securities, and then Citic, Guotai and so on.　　According to the characteristics of different types of customers, the broker will develop the organization customer database and establish the systematic service mode of the organization customer, and build a unified organization customer service platform. In the trend of customer segmentation, more brokers Rob high-end customers of the cake. "CICC's business model is our benchmark," said Zhu Jian, general manager of the Securities and stock Sales and trading department.　　"2008, the Ministry of Beijing, Shanghai, deep three flagship store sales department opened successively." The new "28 law" to promote the transition in the bull market, brokerage business is very trusting of the "28 law", that is, "a number of 20% customers to create 80% of the profit."　　However, after the bull and bear, brokerage business has presented a new "28 rules", that is, "customer assets accounted for 20% of the retail contribution of 80% of profits." A statistic from the Shanghai and Shenzhen stock exchanges shows that in 2008, the amount of funds in the equity market between 100,000 and 500,000 was the most active, contributing to the total trading volume of the stock market.Up to 67% degrees.　　Brokers analysis, customer asset size accounted for 80% of high-end customers, the profits of the securities brokerage less than 20%, but they have consumed 80% of the brokerage service costs. And CICC because has been taking the high-end route, therefore, although the sales department of the average agent trading securities business in the top net income, but the total brokerage revenue in 2008 only ranked 46 in the industry.　　and other brokers to increase high-end customer development efforts also squeezed the original space of CICC.　　A brokerage business headquarters in the head of CBN reporters, relative to the end of the bull market, many brokers use the tactics model in the low-end customer domain to achieve rapid development, CICC obviously ate a loss. Perhaps aware of this, at the end of 2007, CICC began to cut into its personal customer business.　　At first, the threshold was set at more than 2 million yuan, but at the end of 2008, the threshold was reduced to 200,000 yuan. Zhu Jian says the focus on midrange customers can be seen as a refinement of the business model after CICC has done well with high-end customers, while midrange customers can indeed provide a steady stream of business revenue. [Page] not only that, CICC also changed to "Happy rodeo" disdain, in the Sui, hang, ning three to open the Business department.　　At present, the three business departments have completed the relevant preparations.　　The joint venture even went further, in early May this year, CICC merged with the original sales and trading department and fixed Income department, integrated the two-tier marketing department, and shifted the product-centric strategy to market-centric, with the strategic focus shifting from primary to secondary and level two.　　But the head of a listed brokerage business headquarters that the brokerage business is still CICC's short board, relying on several big cities can not be with the galaxy, Guotai such companies to contend with, and the eastern city Commission war is very fierce, innovation is not a day of work.　　Followers of the joy and distress when everyone to follow the gold model, someone cut a large piece of cake, but it is inevitable that some people toil a bad harvest. Before the opening of the securities Shanghai flagship store, Zhangling, Shanghai head of the company's stock sales and trading department, declined an interview. But now, he has made a high-profile claim to only private equity.　　According to its introduction, the flagship store opened six months that is the development of nearly 10 private equity clients, these private-made structured products are concentrated in the scale of 50 million to 200 million yuan.　　The flagship store, which is hosting a private equity forum every few months, is backed by core research teams such as Gao Shanwen, Cheng, chief economist at Shun Securities.　　Zhu Jian Securities summed up its three flagship stores, said that in the normal development situation, not an outbreak, the new brokerage internal good coordination mechanism played a big role. Compared with Zhangling, a brokerage business ranked the middle manager of the stock sales and trading department is worried.　　He told the CBN reporter, after a year of groping, feel the high-end customer's business is basically a big brokerage to the monopoly. He also revealed some "unspoken rules" for high-end clients, especially private placement, and some big couponsBusiness allows the proprietary department to buy a part of the trust products of private equity, so that private equity will put the deal in the company, as for the self-management and brokerage business division is not known.　　Small and medium-sized brokerages are limited to funds or mend to supervision and can only seek other gateways. But not all brokerages Yihongershang to copy the gold model. Feng Yu, general manager of the National Union Securities brokerage Business Headquarters, claimed to be a moderate reformist.　　She believes that the model of gold is more moderate, marketing and customer service both hands are hard, can learn but to see whether the soil and water obedience, otherwise would rather go steady not impatient action. "Gold model" followers of the encounter, fully explained that a model applicable or not, the key depends on their own conditions and the face of customer demand, and the "gold model" of the transformation, it shows that the model is not immutable, with the market to become a long-term invincible.