Revenue accounted for 12% of brokerage business again into the coupon industry "savior"

Bear markets starve to death--for the domestic brokerage industry, which has not yet shaken off fed, the story of the past 3 months is still imperfect.　　April 30, Citic Securities (600030.SH) after the release of the 2008 Annual Report and 2009 quarterly, the brokerage industry 2008 Annual Report and the 2009 quarterly full.　　No suspense. "2008 Year performance Year-on-year decline, the first quarter of 2009, the Year-on-year rebound in the performance of large securities companies less than small and medium-sized securities companies."　　"May 5, CICC Securities industry researcher Wang Songba in the latest Securities Industry Analysis Research report.　　Statistics show that in the face of the market is still not a fundamental reversal of the premise, the brokerage business has again become the focus of the rescue broker. Compared with the 2008 Annual report, a distinct feature of the past 3 months has been the overall pick-up in brokerage income of major brokerages.　　In the face of the current IPO market is difficult to release, the overall shrinkage of self-employment, the market active transactions to ensure that brokerage business has become the first quarter of the domestic coupon industry "turn over" the key factors.　　However, by the network, brand advantages and policies, brokerage business concentration continues to rise, into the 2009, the pattern of polarization began to increase markedly. "From the first quarter of the situation, the net brokerage fee rate continues to decline, low price competition to expand market share has become the current brokerage business of the biggest characteristics."　　"Wang Songba thinks. Brokerage business income accounted for a full rebound in the first quarter, Hongyuan Securities (000562.SZ) brokerage business income of about 410 million yuan, the highest growth rate of the chain, up to 78.49%, brokerage business accounted for a large proportion of the Northeast Securities (000686.SZ), the income of about 271 million yuan, the chain growth also reached 77.3%;　　China Gold Securities (600109.SH) brokerage business accounted for about 144 million yuan, the chain rose up to 74.02%.　　The first quarter of the brokerage business income of the lowest chain for Haitong Securities, more than 1.195 billion yuan, the chain growth of 19.17%.　　Compared with the 2007 bull market, the full "baked" Coupon Industry 2008 Annual report shows that after a year of brutal market decline, the domestic 107 securities brokerage revenue structure again appeared "top-heavy" unreasonable situation.　　As one of the most basic business of the voucher industry, despite the negative influence of the daily average turnover of stock, the proportion of brokerage business income to total income has not been fully recovered since most of the securities firms ' proprietary business has declined significantly or even made a negative contribution. Wind statistics showed that in 2008, the brokerage income of 8 listed securities companies increased by 12.8% to 61.3% in 2007, while the proportion of proprietary business income decreased by 23.2% to 15.2% in 2007.　　Among them, northeast Securities, Hongyuan Securities and National Yuan Securities (000728.SZ) brokerage business accounted for more than 80%. According to theNational Securities Association issued the annual report of the brokerage, 107 securities dealers in 2008 to achieve a net profit of 48.2 billion yuan, operating income of 125.1 billion yuan.　　Among them, the main business income is: Agent sales of securities business net income of 88.2 billion yuan, securities underwriting business net income of 7.7 billion yuan, entrusted customer asset management business net income of 1.5 billion yuan. "Obviously, compared to the more qualified listed brokerages, the brokerage business of unlisted brokerages has risen even more."　　"On the evening of May 5, a large domestic brokerage business headquarters said.　　CICC's statistics show that the brokerage business of listed brokerages has increased by 12% to 73.3% per cent in the past 3 months. Although the majority of small and medium-sized listed brokerages rebounded from the stock index rebound, but affected by Citic Securities and Haitong Securities (600837.SH) two large brokerages poor performance, 8 listed securities companies accounted for the proportion of the self-employed income continued to decline 3% to 12.2%.　　In addition to Hongyuan Securities and northeast Securities because of the outstanding performance of the brokerage business revenue accounted for a decline, the remaining brokerage business income ratio of the other securities companies continue to rise. "At present, there is still no fundamental reversal in the market, and there is great flexibility in the proprietary business of brokerages." Coupled with the IPO market is still closed, investment banking is still hard to contribute more revenue. Therefore, I personally think that in the future, brokerage business will remain the focus of this year's performance.　　"These large brokerage business headquarters people believe that this is a bear market at the present stage, the inevitable characteristics of the existence of securities companies."　　The price drop rises because of the brokerage business for most brokerages profit contribution began to rise sharply, the brokerage business net fees and charges fell significantly, "price fall" has become a brokerage business in the last year to the new trend of management. CICC's statistics show that in 2008 8 listed securities companies, in addition to Haitong Securities and the Pacific (601099.SH), brokerage business net fee rates are showing a downward trend.　　The average net rate for brokerage operations of 8 listed securities companies in 2008 was 0.142%, down 0.01% per cent year-on-year. In the first quarter of 2009, the average net rate of brokerage operations of listed securities companies continued to fall by 0.021% to 0.128%, while rates diverged among companies.　　Among them, Citic Securities and Haitong securities significantly decline in the chain, only the macro-source securities rose significantly.　　Haitong Securities released data showed that in the first quarter, the company's agent for trading securities business net income of 1.195 billion yuan, compared with the same period last year 1.335 billion yuan down 10.49%.　　Citic Securities announced the first quarter of shares, funds, warrants commission rate also fell 18%, down 12% year-on-year. "There has been a rise in the market share of most of the securities companies with lower rates, which shows that the companies have adopted a policy of sacrificing rates to win market share." "Wang Songba that in the first quarter, the net brokerage fee rate continued to decline, low price competition to expand market share should be the main incentive。 "The slide will be a trend. "National Gold securities Financial industry researcher Chen Zhenzhi think.　　However, the likelihood of a sharp decline is lower. As the majority of securities companies decided on the 2009 strategy at the end of 2008, the company said that the major brokerage business headquarters　　The decline in brokerage market share in 2008 and the gloomy outlook for the 2009 brokerage business led many securities companies to adopt low-cost competition to expand market share in the first quarter of 2009.　　As the brokerage business was far better than expected in the first quarter of 2009, the person expects many securities companies to adopt a lower-priced competition strategy in the first quarter of 2009 that may face some adjustment.　　Chen Zhenzhi that trading volume is the biggest factor in brokerage business income, as long as the future volume decline "will not be too pessimistic", the decline in the commission rate will not affect the brokerage business of brokers too much.　　The concentration of the brokerage business is expected to increase gradually by the influence of network, brand and policy. January 13, China Credit International Credit Rating Co., Ltd. (hereinafter referred to as China Integrity International) issued the Securities Industry rating report shows that, as at December 24, 2008, the top 5, 10 and 20 brokerage business accumulated market share of 33.48%, 53.35% and 70.59% respectively,　　Rose by 2.97, 3.66 and 6.7%, respectively, from the end of 2007.　　At present, Citic Securities, Guotai, such as the number of top ten securities brokerage department accounted for the total number of brokerage business 38%. Wang Gangjian, an international analyst in China, believes that polarization will become a new trend of brokerage business competition in the future.　　On the one hand because large brokerages have more outlets, and in the brand building, products have more advantages, on the other hand, the SFC in 2008 issued a new business outlets of securities brokerage, but also to promote the concentration of brokerage business increased.　　These large brokerage business headquarters people believe that at present, the Securities and Futures Commission launched a broker system to encourage quality brokers to continue to optimize the network, the new network to help the policy, the brokerage business market share of brokers in spite of the saw, but the overall market share of quality brokers is a major trend. He said, "in the short term, especially in bear markets, brokerage business competition tends to become more intense will be difficult to change." Some small brokerages to compete for customers, will play a price war card, which will lead to the market share between the brokers will continue to change.　　"Statistics show that in 2008, 8 listed securities companies, Citic Securities, Hongyuan Securities, Yangtze River Securities (000783.SZ) and the Northeast securities market share has declined year-on-year, while the National Gold Securities, Pacific Securities, Haitong Securities and national securities market share has risen year-on-year." "Quality brokerage market share between the slight saw, but this does not change the overall market share of quality brokers rise."　　The above people think. In the first quarter of 2009, Citic and Haitong market share of the quarter-on-quarter increase in the range of 10%, while the macroThe increase in market share of other small and medium sized securities companies, such as Source securities, has reached more than 10%.　　The figures say the commission rate for large brokerages, represented by Citic Securities, has dropped sharply from 0.15% in the four quarter to 0.13% in the first quarter of last year, mainly because of increased market share. "At the beginning of this year, most companies will take market share as the main evaluation index of each sales department when they designate the 2009 mission." The person pointed out.