Jul 31, 2022
In DIY Forum
According to the operating data of securities companies in the first three quarters of 2020 released by the Securities Association of China, 135 securities companies achieved an operating income of 342.381 billion yuan in the first three quarters of 2020, a net profit of 132.682 billion yuan in the first three quarters of 2020, and 126 securities companies made profits . The figure below is a graph of the revenue composition of the securities market in Q1-Q3 in 2020 and the trend of the concentration of the securities market in 2016-2019 based on the operating data of securities companies released by the Securities Association of China. In the income structure, the proportion is the first, and the second part is investment income and brokerage business income. Judging from the growth of the CSI 300 Index in the country email list past five years, there are uncertainties in investment returns, which are more related to the market; in terms of market share, the total profits of the top 10 and top 20 market leaders remain at around 60% and 75%. ; The total revenue ratio remains at around 45% and 70%. The domestic industry concentration has further increased, and new markets and differentiation are the way to break the situation. 2.4 The industrial experience of developed capitalist countries has been put there, and we can learn from it After years of intense competition in the US securities industry, the concentration of the top 10 investment banks in mature markets is over 70%. The development of the industry can be roughly divided into three stages: 1975~1990: Rates bottomed out, homogenization was serious, and new growth points were needed; 1990~2008: Mixed operation, differentiation of securities firms, increased corporate leverage, and emergence of global investment banks; 2008 to present: After the subprime mortgage crisis, companies began to deleverage, presenting a situation of comprehensive investment banks and specialized small securities firms. Looking at the market, we can see that the business models of US securities companies can be divided into: Large all-round investment banks represented by Goldman Sachs and Morgan Stanley; A boutique investment bank that serves medium and large enterprises represented by Lazard; Represented by Charles Schwab, an Internet-based wealth management institution facing the public; A specialized investment bank for the middle market, represented by Jefferies Group; A market maker that provides trading technology services represented by Citadel Securities. Obviously, this is worthy of reference for the Chinese industry. At the same time, we can also glimpse the shadow of industry segmentation, such as Futu and Tiger benchmarking Jiaxin, Huaxing Securities benchmarking boutique investment banks, Hang Seng Electronics benchmarking market makers and so on. 2.5 Who are the participants in the entire industry chain Major players in the industry include regulators, exchanges and securities settlement agencies, corporate customers, technical service providers, securities companies, individual customers, and data and information providers.