The research field of brokerage is encountering unprecedented challenge

Absrtact: The research field of brokerage is encountering unprecedented challenge. After communicating with the local government, it was found that the land was all state-owned land, which is not related to the current reform. Such a land reform concept of the public company's grassroots research information published on the Web page,

The research field of brokerage is encountering unprecedented challenge.

After communicating with the local government, it was found that the land was all state-owned land, which is not related to the current reform. "Such a land reform concept of the public company's grassroots research information published on the Web page, a senior real estate researcher has clearly felt the pressure-Internet production has spread to the research industry."

The internet is one of the strong challenges of the brokerage institute, but the head of a securities institute believes that, in addition to the Internet, Brokerage institute at least face the business model adjustment, Commission crisis and other challenges. The current pattern of the brokerage institute will be readjusted, and each broker will study the current choice, which is directly to the survival of the next 2-3 years.

Internet impact

The combination of Securities Institute and Internet has already begun. It is understood that some researchers have begun to use micro-letters and other new Internet tools to provide customers with services. "Recently to research hand tour companies, for institutional clients to establish a micro-letter group, research information can be real-time interaction, institutional feedback issues can be dealt with in a timely manner." "A medium-sized brokerage in Guangdong, TMT industry researcher said.

and a veteran broker from Beijing, a researcher on the 21st century Economic report said that this year, several of their services to establish a micro-letter group, to understand what customers want information, some good industry information can be shared by sharing links to customers. "It's like managing an online shop. Said the researcher.

Industry insiders pointed out that the current era of information explosion, through e-mail, telephone and other means of publishing research reports, and institutional exchanges and other models have become relatively outdated. Under the impact of the Internet wave, the new type of Internet carrier is bound to become the research report, information innovation and distribution channels.

"For services on the phone, as the payment function is further improved, you can also set up a pay function for some field research reports." Customers pay different fees based on the completeness of the information they need, which is a good try for the brokerage fellows. "A Shanghai brokerage real estate industry researcher thinks.

With the popularity of vertical communities such as snowball nets, the internet's genes have begun to spread to the entire brokerage field of information. On such a portal, there are not only in-depth research reports, grassroots research, as well as financial analysis, although it seems to be positioned with the brokerage Institute of Services to the buyer's business has not been a conflict, but in accordance with the speed of the Internet, when the research capacity of these institutions by the buyer's agency recognized, and even considered beyond the brokerage research institutions, The Brokerage institute lost its footing.

In addition to the impact from the Internet, brokerage research institutions also ushered in a new pattern of industrial research. On the one hand, the traditional cyclical industry in recent years lack of performance, on the other hand, some emerging industries appear unusually active. Changes in the economic situation, but also let some brokerages began to rethink the layout of industry research.

Credit securities, for example, began adjusting the research structure of the Institute at the end of last year. Reduce the steel, non-ferrous and other representative of the traditional related industries research input, focusing on the allocation of TMT, medicine, environmental protection, such as representative of the characteristics of research.

"These new industry researchers have accounted for about 60% of the population, and will certainly expand appropriately." "China Securities insiders disclosed that at the same time in the steel, non-ferrous, coal and other industries in the study, will not be considered to be equipped with relevant researchers." "When the cyclical market comes, the study of macro-strategy should take into account the relevant research." Said Insiders.

Characteristic research is the inevitable choice of industry. According to a statistic made by founder Securities insiders, at present, there are about 60 brokerages Research institute engaged in the study of the seller, but the business homogeneity of the serious; embodied in most of the research institute are engaged in the service of public offering funds in exchange for the research of the seller study business, fierce competition; many brokerage institutes devote a lot of energy to research on stocks, There is less research on bonds and derivatives, and research has covered most industries, big and small.

"Duplication of work, research has been a common problem in the industry." "said a Non-bank financial researcher at a local brokerage in Shenzhen. In addition to the research, the industry also pointed out that the Securities Research Institute of the A-share market economies or markets, the macro-economic, overseas market research is very scarce.

Business-oriented

"In fact, not only the brokerage business transformation needs research support, big investment banks, big Capital management business also needs the support of the Institute." The assistant to general manager of Wealth Management center of a medium-sized brokerage in China believes that the current securities company's business is inseparable from research business support. For example, the brokerage business needs a two-tier market research support, the big investment bank business needs the research support of pricing and valuation, the pan-finance business needs to provide research support for the project industry.

In fact, for a long time, the income of securities research institutions rely on public offering fund division. Customer service is too single, let it into a dilemma. On the one hand, as market competition intensifies, the Institute's acquisition of funds is more difficult to become a long-term stable income, on the other hand, in order to win the favor of fund companies, researchers have to strive to "please" fund managers.

Some of the Securities Institute, which has been dissatisfied with the passive status for a long time, has explored how to broaden the scope of customer service. "including insurance, private equity and other financial institutions can be the Securities Institute of potential customers." "A mainland brokerage institute related business people believe that even the government agencies or listed companies can be the Securities Institute of the service object." "The prerequisite is the research strength clearance." said the person.

Industry insiders believe that the use of research services in exchange for Commission is the international practice, in itself there is no big problem. For the Brokerage institute, only need to change the current "excessive service" state.

"We'll study what the market needs." "Credit Securities Research Institute, said that since the second half of last year, the National Credit Institute to do business adjustment, is to through business-oriented, strengthen the depth of research." In the view of the above, the Institute spent most of its energy on stock research in the two-tier market, ignoring other characteristics. such as fixed income business. These people pointed out that with the development of the capital market, the demand for fixed income research is becoming more and more obvious, and the investment of Brokerage institute in this field still needs to be strengthened.

"Now the Securities Institute so-called full coverage of the business, in fact, is not the real meaning of the ' all-inclusive ', can only say that the stock market is full coverage." "A senior researcher at a brokerage in Shanghai believes that real all-inclusive services should be based on the perspective of wealth management, in addition to the study of a single stock, the scope of the study should include macroeconomic cycles, commodities, real estate economy and fund products, bond products, derivatives and overseas markets and products, and carry out quantitative stock selection Industry configuration and large-class asset allocation.

Industry insiders said that, for a long time, brokerage research institutions in order to obtain the Division of the Commission income and analyst selection activities in the vote, so that the entire research business to the sales tilt. According to a large domestic brokerage insider, the annual evaluation of analysts, at least a researcher to spend about 3 months to do all kinds of canvassing, visit social activities, thereby reducing the time and energy of in-depth research.

With the transformation of the Institute's business, researchers should also get out of the social arena and return to the essence of research. "The vote is one-off, the warehouse is indeed true, each quarter is settled once, there is no solid foundation for the study of support, is not long." Said Insiders.

It is worth mentioning that at present, more and more Securities research Institute are new or are planning to set up a sales department, research and sales have made a barrier. Industry insiders pointed out that in the new business-oriented situation, brokerage researchers are not just writing and publishing reports, institutional sales are not only to promote research reports, between the two should form a good interaction between the services of the company's business needs.

Institute crisis

Aside from the external shocks from the Internet, the brokerage institute has been in peril for years. As the main food and clothing parents of the fund company, in the market environment continued to be depressed, unsatisfactory performance of the double pressure, the once hot brokerage business also in trading volume and Trading Commission has been a strong impact.

According to wind data statistics show that the brokerage institute from the public offering funds to obtain the transaction commission income is declining trend of the year. 2007-2012, the Fund trading Commission shrank from 6.004 billion yuan to 4.07 billion yuan. Despite the impact of the rebound this year, the first half of 2013 trading Commission amounted to 2.706 billion yuan, increased by more than 20%. The industry is still worried that once the market conditions become worse, the institute's income will be reduced.

In addition to fluctuations in trading volume, as the market becomes more and more competitive, the fund companies have always been rich and strong began to bargain with brokerages. "The current situation is that eight out of 10,000 of the commission rate is in jeopardy. "said a sales person at a medium-sized brokerage institute in Shenzhen.

Because the institute does not directly generate revenue, its indirect creation of the Fund in the stock brokerage income is also very low, often fall outside the cost of the Department, in the overall environment is not good, the institute is also one of the first to operate the department.

According to a Shanghai Securities Research Institute Insider, the majority of the current brokerage Institute of the average annual salary of 200,000-300,000, of which the new wealth analyst and the team will bring the cost of compensation as high as millions of. Such a 80-person institute team average annual labor costs will be around 30 million. Among them, back-end inputs and travel subsidies have not been calculated.

"However, most of the brokerage institutes have limited in-house research support. "In the case of the company, the assistant general manager of the Wealth Management center of a mid-sized brokerage in Guangdong said the research support needed for the brokerage business was almost entirely outsourced, and the institute was only" exposed "at the annual strategy meeting. "It is no doubt a great waste. said the person.

For the institute difficult to work with the company's internal business effective cooperation, a number of securities institute insiders believe that "this is a century of difficulties." Because the internal mechanism of the company is imperfect, the service provided by the research institution to other departments cannot measure the income. "The deepest feeling is that last year, with the brokerage department of cooperation, the original set up some of the business is divided, and later because of the market, performance and other reasons not to cash." "This is one of the reasons why the Institute lacks the incentive to provide services within the company," said a person involved in a brokerage institute in the mainland.