Inventory of wealth management in the first half of the year: the decline in the transformation of the agency and the agency sales income

21st Century Business Herald reporter Pang Huawei Guangzhou report

On August 31, the listed securities firms were disclosed during the disclosure season.

In the first half of the year, the 41 listed brokers achieved a total of 247.53 billion yuan in operating income, a year -on -year decrease of 19.23%; the total net profit was 71.373 billion yuan, a year -on -year decrease of 27.35%.

In the 2022 interim report, many brokers disclosed wealth management business. Generally speaking, the overall performance of the wealth management business of the brokerage firm in the first half of the year was not ideal. The reason behind it was that with the increase in savings rate in the first half of the year, the investment in residents and other residents' rights and interests declined, and the overall returns of the wealth management of securities firms declined.

However, the interim report shows that the situation of the wealth management business of the head securities firms is still continuing, and each broker is vigorously developing wealth management business and forming its own characteristics.

The head effect is prominent

In recent years, securities firms have shouted "the transformation of brokerage business to wealth management" and put into action. Under the leadership of the head securities firms, many brokerage companies have adjusted the brokerage business department to the wealth management business department, such as Oriental Securities, CITIC Securities, Galaxy Securities,,,, Galaxy Securities,,,, Xingye Securities, etc.

However, for wealth management business, there are currently no uniform consensus and data for securities dealers.

In the regular report, only some brokers are listed in the wealth management business indicators, and their scope regulations are also different.

Generally speaking, the current statistical securities company wealth management business data often includes brokerage business, consignment financial product business, investment consulting business, etc.

According to the recent operation data of the first half of 2022 released by the China Securities Industry Association, in the first half of the year, 140 securities companies agreed to buy and sell the net income of securities business (including the lease of the transaction unit seat) 58.307 billion yuan (about 38.12%of the whole year in 2021) ; Net income of investment consulting business was 2.818 billion yuan (about 53.02%of the year in 2021).

However, from the data point of view, in the first half of 2022, the wealth management business of securities firms declined.

In terms of brokerage business, in the first half of the year, 41 listed brokers achieved a total of 57.847 billion yuan in net income of brokerage business in the first half of the year, a year -on -year decrease of 6.35%.

Despite the decline in the overall trend, the net income of 11 listed brokers in the first half of the year exceeded 2 billion yuan.

Specifically, CITIC Securities (5.886 billion yuan), Guotai Junan (3.905 billion yuan), Huatai Securities (3.554 billion yuan), Galaxy China (3.294 billion yuan), China Merchants Securities (3.285 billion yuan), and Guangfa Securities (3.242 billion yuan) CITIC Construction Investment Securities (3.058 billion yuan), Shen Wanhongyuan (2.788 billion yuan), Guoxin Securities (2.646 billion yuan), CICC (2.582 billion yuan), and Haitong Securities (2.474 billion yuan).

In the first half of the year, the net income of the top 11 listed brokers in the above -mentioned 11th listed brokers was as high as 36.714 billion yuan, accounting for 60%of the net income of 41 listed brokerage brokers' brokerage business, 64%.

In contrast, the net income of 10 brokerage brokerage business in the first half of the year was only 2.5 billion yuan, which is equivalent to the net income of the 11th ranking brokerage brokerage business. Essence

Overall, the brokerage brokerage business is still the situation of Hengqiang, a strong broker.

In addition, another main business of the wealth management of securities firms is to sell financial products. Affected by market fluctuations in the first half of the year, agency sales revenue also declined.

According to publicly reported data, the net revenue of financial products on behalf of securities firms in the first half of the year was 7.734 billion yuan, a year -on -year decrease of 23.19%; the share of Xinfa Public Fund was 684.94 billion yuan, a year -on -year decrease of 57.8%.

In the first half of the year, the top five brokerage agency sales of financial products were CITIC Securities (871 million yuan), CICC (608 million yuan), Huatai Securities (463 million yuan), CITIC Jiandu (441 million yuan), Guotai Junan ( 407 million yuan).

In this regard, Yang Ruyi, a partner of Chunshi Group, believes, "Overall, it is not satisfactory to see the performance of the wealth management in the first half of the year. The net income of consignment financial products has declined significantly, but there are also better performance of securities firms, such as Huatai Securities and Oriental Wealth."

The industry believes that the reason behind it is that the domestic epidemic and related risk events disturbing the market sentiment in the first half of the year affect the market emotion. The overall income has also declined.

Wealth management paths have their own characteristics

Despite the decline in wealth management business in the first half of the year, securities firms are accelerating the transformation of wealth management business and forming a path of wealth management.

For example, the wealth management of CICC adopts the "wealth management+asset allocation" method. In order to accurately match the differentiated needs of customers, the establishment of a layered product and a perfect investment advisory system is obvious.

Choice data shows that in the first half of the year, CICC's "wealth management business" operating income was 3.45 billion, revenue was 28.4%, and gross profit margin was 40.7%.

According to the 2022 interim report, in the first half of 2022, CICC's wealth management business grew steadily, emphasizing financial inclusiveness. The total assets of customers reached RMB 2.70 trillion, and the proportion of new investors in the market continued to increase. A major feature of the wealth management of another head securities company Guangfa Securities is to strengthen research on the agency sales of driving financial products.

The interim report shows that the wealth management business sector of Guangfa Securities includes brokerage and wealth management business, financing securities lending business, repurchase transaction business, and financial leasing.

Choice data shows that in the first half of the year, Guangfa Securities' wealth management business revenue was 5.8 billion yuan, a year -on -year decrease of 13.82%.

The interim report shows that as of the end of June 2022, the size of the financial products of Guangfa Securities increased by 3.24%compared with the end of the previous year; the size of non -currency market public funds for consignment ranked third among brokers; About 4%compared to the end of the previous year; the sales and transfer amount of financial products (including cash increase and gold market) of the Yingjin e -commerce platform reached 111.7 billion yuan.

In addition, from January to June 2022, the turnover of the stock fund of Guangfa Securities was 9.98 trillion yuan (bilateral statistics), an increase of 12.93%year -on -year. As of the end of June 2022, the balance of Guangfa Securities' financing and securities trading business was 83.344 billion yuan, a decrease of 11.34%from the end of 2021, and the market share was 5.20%. 100 million yuan, a decrease of 10.83%from the end of 2021.

Another head securities company Huatai Securities, the characteristics of wealth management are based on the dual -platform linkage of "Raise and Fortune" and the investment advisory cloud platform. Taking content as a traction, continuous exploration model transformation and business innovation, using the Internet's high traffic advantages to consolidate the advantages of the Internet Traditional advantages of wealth management business.

Choice data shows that in the first half of 2022, Huatai Securities' wealth management business revenue increased against the trend, achieving a wealth management business income of 8.396 billion yuan, an increase of 24.91%year -on -year.

The interim report shows that as of the end of June 2022, Huatai Securities' stock funds trading volume was 1.972 trillion yuan, ranking first in the market; 115.870 billion yuan, the market ranking is second; stocks and hybrid public funds have a scale of 126.6 billion yuan, ranking first in the market.

Regarding the wealth management model of brokerage firms in 2022, Yang Ruyi said, "It is better to be more optimistic about securities firms that are better in the reserves of investment consulting personnel and have outstanding performance in digital transformation. There are exclusive platforms, which can quickly and accurately identify differentiated products and professional investment consulting services for customers. "

Future layout direction

In the interim report, various brokers have different prospects for the development of the wealth management business in the second half of the year.

CITIC Securities said that in the second half of 2022, the company will continue to be based on the huge development space of the wealth management market. Relying on the company's comprehensive financial service advantages, take the rapid development of public fund investment consulting business as an opportunity, and take the overall solution of the entrepreneur office as the flagship brand. With the first batch of account management functions, the pilot innovation wealth management service model is used to achieve the multi -level and comprehensive upgrade of the ecology of wealth management services, highlight the value of wealth management, and further promote the steady growth of customers and their assets.

CICC believes that in the second half of the year, under the context of the continuation of domestic policy support and the turn of macro -environment, the capital market will gradually recover, providing greater market space for individual investor wealth management. CICC will continue to focus on the customer experience and enhance the customer experience of the omni -channel customer; in the solution, focus on buyers' investment advisory and product innovation, and steadily improve the quality and efficiency of solutions; Talent, continuously build a team of wealth management talents; in terms of system construction, comprehensive scientific and technological empowerment, and improving scene -based innovation service capabilities.

In an interview, Guangfa Securities stated that in terms of the transformation of wealth management, combined with the unique advantages of securities firms in the capital market, the wealth management system with a high correlation with the capital market was gradually constructed. Accelerate the transformation to the wealth management model with asset allocation as the core; establish a private wealth center to enhance the level of wealth management services of wealth and high net worth customers, and meet the diversified needs of customers; strengthen the training of professional capabilities and comprehensive service capabilities.

However, in practice, there are many difficulties in the development of securities wealth management business.

Yang Ruyi said that first of all, the internal competition in the brokerage industry was fierce. Brokerage business is generally homogeneous. Only brokers with unique advantages in professional service levels and customer experience can easily stand out. Secondly, the bank's advantage in the wealth management industry is beyond doubt. Banks have a wider -covered outlet and ground push personnel, a huge foundation customer base, high net worth customers have private banking services, and customers' trust in banks is better than securities firms. Finally, brokers are scarce in the number and types of professional investment consultants and products.

Yang Ruyi suggested that, first of all, we must give full play to the advantages of the full license of the brokerage company to form a synergy effect between different businesses.Secondly, the professional investment researchers of securities firms have sufficient reserves and excellent investment and research capabilities. They are very sensitive to the capital market. Some investment researchers can enter the investment advisory work and provide higher professionalism.At the same time, it continues to increase investment in science and technology, build a digital integration wealth management service platform, accurate portraits of customers' income and risk preferences, and deeply dig the customer service optimization investment experience.Finally, we must seize the opportunity to enter the market for personal pensions. Laying pension products is expected to bring performance increase to the company.

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