Recently, data on the holding scale of fund agency sales in the second quarter, which has attracted much attention from the market, has been released. Brokers have continued to perform well. However, in the crowded fund agency market, the competition among banks, brokerages, and independent fund sales agencies is becoming more and more fierce.
Mixed holdings of bank stocks have a market share of scale
Falls below 50% for the first time
On July 21, the China Foundation Association released the list of the top 100 sales agencies of public offering funds in the second quarter of 2023 (hereinafter referred to as the “top 100 list of fund agency sales”), which showed that in the second quarter, the total holding scale of “stock + mixed public offering funds” was 5.6012 trillion yuan, a decrease of 3.34% from the previous quarter;
In this regard, Liu Yuchen, a non-bank analyst at Guolian Securities, said, “The scale of equity mixed funds in the second quarter failed to continue the growth trend of the first quarter, while the scale of non-money funds continued to grow, indicating that the current risk appetite of residents is still low.”
“Securities Daily” reporter sorted out the top 100 fund agency sales list and noticed that in the second quarter of the top 100 agency sales agency list, brokerages accounted for 51, which was the same as the first quarter; banks accounted for 25, a decrease of one from the first quarter; independent fund sales agencies accounted for 22, an increase of one from the first quarter; insurance and agency agencies accounted for 2, and the number remained unchanged.
From the perspective of “stock + mixed public fund holding scale”, in the second quarter, the total holding scale of securities firms was 1.316 trillion yuan, an increase of 2.38% from the previous quarter; the total holding scale of banks was 2.7746 trillion yuan, a decrease of 5.64% from the previous quarter; the total holding scale of independent fund sales agencies was 1.4385 trillion yuan, a decrease of 4.41% from the previous quarter;
From the perspective of market share, the competition among major institutions was fierce in the second quarter. The proportion of “stock + hybrid public offering funds” held by securities firms increased from 22.18% in the first quarter to 23.49%; the proportion of banks’ retained scale decreased from 50.74% in the first quarter to 49.54%; the proportion of independent fund sales agencies decreased slightly from 25.97% in the first quarter to 25.68%. It can be seen that the market share of brokerages has continued to increase, while the market share of banks has dropped below 50% for the first time.
In terms of “non-monetary market public offering funds”, in the second quarter, the holding scale of securities firms was 1.5308 trillion yuan, an increase of 4.72% from the previous quarter, and the market share increased to 18.01%. 87%; the scale of insurance and agency agencies was 93 billion yuan, compared with 77.9 billion yuan in the first quarter.
In the second quarter, with regard to the new highs in the holding scale of securities companies and the continuous increase in market share, a brokerage person who did not want to be named said in an interview with a reporter from the Securities Daily, “It was mainly driven by the increase in ETFs.
CITIC Securities in the third quarter
Consecutively awarded the “No. 1 Agency Broker” by brokers
For a long time, due to the low degree of concentration, the competition among securities companies has been extremely fierce, especially the competition for “the first brother in consignment sales”. At present, CITIC Securities has been the “No. 1 Brokerage Broker” for three quarters (the fourth quarter of 2022, the first quarter of 2023, and the second quarter of 2023). In the first, second, and third quarters of 2022, the “No. 1 Brokerage Broker” at that time was Huatai Securities.
In the second quarter of this year, CITIC Securities ranked first among brokerages in terms of “stock + mixed public fund holding scale” and “non-monetary market public offering fund holding scale”, with 137.2 billion yuan and 170.8 billion yuan respectively, an increase of 4.81% and 8.51% month-on-month, ranking ninth in the top 100; Ranked 10th on the Top 100 list.
In addition, small and medium securities firms such as Ping An Securities and Orient Fortune Securities also performed well. The list of the top 100 fund agency sales shows that among the “stock + hybrid public offering fund holding scale”, 9 brokerages including Ping An Securities, Orient Fortune Securities, China International Finance Securities, Huabao Securities, Guoyuan Securities, Minsheng Securities, Shanghai Securities, Huaan Securities, and Donghai Securities have a month-on-month increase of more than 10%. In terms of “maintaining scale of non-monetary market public offering funds”, Ping An Securities, Orient Fortune Securities, China International Finance Securities, Huabao Securities, Minsheng Securities, Shanghai Securities, and Donghai Securities all saw a month-on-month increase of more than 10%.
On the other hand, on July 8, according to the actual development of the industry and the needs of investors, the China Securities Regulatory Commission formulated a work plan for the reform of the fee rate of the public offering fund industry, combining regulatory guidance and promotion with the industry’s initiative, guiding the public offering fund industry to carry out the reform of the fee rate mechanism in a stable and orderly manner, and supporting public offering fund managers and other industry organizations to reasonably reduce the fund fee rate.
Regarding the impact of the reduction of public offering fees on brokerage sales channels, the above-mentioned brokerage person told the reporter, “Currently there is uncertainty about the overall impact on brokerage sales revenue, and it will not bring about direct and definite impacts such as transaction commissions and tail commissions like fund fee reductions. If the ‘cake’ can be enlarged after the fee reduction, so as to achieve ‘quantity supplementation’, the overall impact may be positive, which will further drive the development of securities firms’ public offering business.”
(Article source: Securities Daily)
Article source: Securities Daily
Author of the article: Zhou Shangtong
Original title: Brokerage agency sales funds have both increased in size and market share
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2023-07-23 17:40:27
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