Public offering sales of the three giants show weak agencies to explore the "Gu" service

Securities Times reporter Chen Shuyu

With the successive disclosure of the semi -annual report, the latest changes in fund sales have also surfaced. There are two phenomena that attracted the attention of the industry. One is that the fund selling "three giants" China Merchants Bank, Ant Fund and Tiantian Fund's revenue have declined in the first half of the year. , And insurance and wealth management agency sales have increased significantly.

In this regard, some analysts believe that this is mainly due to the influence of the capital market fluctuations in the first half of the year. The enthusiasm of residents' purchase of funds has dropped sharply and turned to bank wealth management, insurance and other products with less volatility, which led to the general shrinkage of the income of agency funds.

In this context, how should agencies work?

"Three Giants" revenue downward

In the first half of 2022, the revenue of the top three fund agencies in the rankings of the three -ranking set of fund agencies has settled, causing market attention.

According to data from the official website of the China Securities Investment Fund Industry Association, as of the end of the second quarter of 2022, the "stock+mixed" public funds with the top three sales institutions were China Merchants Bank, Ant Fund, and Tiantian Fund, respectively. Yuan, 650 billion yuan, 507.8 billion yuan. With the successive disclosure of the semi -annual report, the three -year -old sales institutions in the first half of 2022 have declined; in terms of net profit, Ant Fund has fallen by more than 70 %, which has been surpassed by the Tiantian Fund.

Specifically, according to Hang Seng Electronics in the semi -annual report of 2022, the operating income of Ant Fund in the first half of 2022 was 5.397 billion yuan, a decrease of 6.63%from 5.78 billion yuan in the same period last year; net profit was 82.858 million yuan, a decrease of 325 million yuan in the same period last year. 74.53%.

According to the semi -annual report of Oriental Fortune in 2022, the Tiantian Fund achieved operating income of 2.207 billion yuan in the first half of the year and a net profit of 102 million yuan. In the first half of the year, Oriental Fortune's operating income of financial e -commerce services was 2.202 billion yuan, a decrease of 8.16%from 2.397 billion yuan in the first half of last year, which was in sharp contrast to the 109.77%increase in the same period last year. From the perspective of the daily average daily visits to the Tiantian Fund Service Platform, the first half of this year reached 2.3285 million, a decrease of 30 % compared with the 3.3799 million in the same period last year, and the number of active visits to non -trading daily decreased to 1.0741 million.

According to the half -year report of China Merchants Bank in 2022, the revenue of the bank sales fund in the first half of the year was 3.474 billion yuan, a year -on -year decrease of 46.95%.

In response to the decline in the revenue of the first half of the first year of the first year of the first year, Kai Shi Fortune, a third -party fund sales agency, believes that the market experienced a shock in the first half of 2022, and investors prefer a relatively stable solid -income product. Low, which affects the overall revenue performance of the fund sales institution.

Bank turning to low fluctuation products

"The configuration of customer equity products is reduced under market fluctuations." In this semi -annual report, China Merchants Bank explained the decline in fund sales revenue. In fact, not only China Merchants Bank, but most of the listed banks that have been released in the half -year report of 2022, the fund sales revenue has declined year -on -year, and the sales revenue of low -volatility products such as insurance and wealth management has increased significantly.

China Merchants Bank's 2022 semi -annual report showed that the bank's wealth management fee and commission revenue was 18.873 billion yuan, a year -on -year decrease of 8.13%. Among them, the proxy insurance income was 8.984 billion yuan, an increase of 61.61%year -on -year, mainly due to the sharp fluctuation of the capital market. Customers' risk aversion emotions and demand rose. Yuan, a year -on -year increase of 22.60%, is mainly due to the construction and product organization of open platforms. The scale of retail wealth management has increased well; the revenue of agency funds is 3.474 billion yuan, a year -on -year decrease of 46.95%, mainly due to the decrease in the configuration of customer equity products under market fluctuations; The revenue of the agency trust plan was 2.287 billion yuan, a year -on -year decrease of 49.49%, mainly because the bank took the initiative to adjust the business direction, and the agency trust business decreased; the transaction revenue of agency securities was 468 million yuan, a year -on -year decrease of 38.50%, mainly due to the decline in the Hong Kong capital market activity declined , Decreased stock transaction volume.

According to the half -year report of Bank of Communications 2022, the net income of agency funds (including brokers, special accounts) in the first half of the year was 1.623 billion yuan, a decrease of 16.88%compared with the net income of 1.897 billion yuan in the same period last year, and the increase in the first half of last year was 100.73%. In the first half of the year, the Bank of Communications realized an agency insurance net income of 1.855 billion yuan, an increase of 41.17%year -on -year from 1.314 billion yuan in the first half of last year.

In the semi -annual report, Minsheng Bank mentioned that due to the fluctuation of the capital market price, the company's sales fund business scale and investment valuation decreased, resulting in the agency fees and commission income and fair value changes of the profit and loss of 1.565 billion yuan and 3.829 billion yuan respectively year -on -year, respectively. Essence

Ping An Bank also mentioned in the semi -annual report that the agency fund revenue was 1.683 billion yuan in the first half of this year, a year -on -year decrease of 29.3%, which was mainly affected by the market and other factors. 424 million yuan, a year -on -year increase of 29.3%.

Regarding the changes in bank sales business income structure, Yu Baicheng, Dean of the Research Institute, said that from the perspective of some bank's wealth management income, the biggest influence was that the fund issuance in the first half of the year and the real estate trust were compressed. The decline in its wealth management income has a great impact. At the same time, due to the rise in risk aversion of customers, the income of agency insurance and consignment wealth management has increased significantly. Xue Hongyan, deputy dean of the Star Financial Research Institute, said that the changes in bank sales business income structure are related to the changes in resident wealth configuration structure in the first half of the year. In the first half of this year, due to the fluctuations in the capital market, the enthusiasm of residents' purchase of funds decreased significantly, resulting in the general shrinkage of bank sales fund income. At the same time, bank wealth management and life insurance products with smaller volatility have begun to be favored, especially the increased lifelong life insurance products, which has been popularized, driving bank agency insurance income generally rising.

Explore the "Gu" service of agencies

Since 2022, the market has a large fluctuation, and the products of equity funds have not performed well. In this context, fund sales agencies need to provide more high -quality services to better do investor services and companionship, and use the investment advisory business as the starting point or find a new breakthrough.

At present, agency sales agencies have begun new explorations. For example, since this year, banks, securities firms, and third -party Internet sales platforms have "showed their skills" in reducing their rates. Ant Fund can be described as "frequent action". It has improved the ranking logic of the "weekly sales" list of the Gold Selection Fund, the list of the cancellation of multiple sales dimensions, the sharp revision of the gold selection service, the upgrade of the setting investment zone, etc., and increased investment. Education and companionship.

The co -director, researcher Pan, and Lin, the Digital Economy and Financial Innovation Research Center of Zhejiang University International Commercial School, believes that the short -term performance fluctuations of agency sales institutions do not affect the long -term development trend of the industry. "The agency sales agency has deepened the exploration of the‘ Gu ’service to enhance the investor’ s holding experience and retain investors. This will help form a virtuous circle and continue to do the scale of large -scale fundraising funds. "

- END -