Securities Business Management Semi Annual Examination: An Average Loss Of 4.38%

In the first half of this year, the securities and information management business lost the market as a whole, and at the same time, there was a huge division of performance.

Of the 223 products that had been published, 169 were performance losses, accounting for 76%, with an average return of only -4.38%, while the Shanghai Composite Index fell 1.64% while Shenzhen composite index fell 2.79%.

Reasons for performance depression

"In fact, it is not just the information management business of brokerages. In the first half of this year, the performance of funds, brokerages or sunshine private placement did not run through the market.

2009 is the bull market for the whole market. In 2010, it is a structural bull market. Only the banking sector has gained a relatively good profit this year, and the rest of the sector has no really good investment opportunities.

Li Jinsong, deputy director of Xingye securities (601377, stock bar) Asset Management Branch, told times weekly reporter.

A senior manager of a securities brokerage in Shanghai told the times weekly reporter that "the implementation rules of the securities asset management business" began to take effect in 2008, and the asset management business was officially liberalized. The time spent on securities management is short and the scale is small. Compared with the fund, some brokerages are weak in capital management. Compared with the fund, there are not many brokers in the industry who have formal investment and research system, and many brokerages have begun to make efforts in information management since last year.

Xingye Jade Kirin ranked first

Securities business information management business semi annual performance rankings, as of June 30, 2011, Societe Generale Securities

Xingye "jade Unicorn 1" was set up in January this year, "small collection" products, targeting high-end investors, the threshold of RMB 1 million yuan.

A quarterly report shows that most of its heavily loaded stocks are consumer stocks. The top three of the net value is Guizhou Moutai (600519, stock bar), Suning Appliance (002024, stock bar) and Wuliangye (000858, stock bar), which are 9.22%, 9.14% and 9.13% respectively.

In addition, at the end of the first quarter, it also held 1 million 249 thousand shares of China Merchants Bank with a net value of 5.30%.

"Our investment team has a relatively stable style of operation.

In the first half of our investment sector, we tend to choose high end manufacturing, consumer sectors and excellent enterprises in the financial sector.

For example, GREE electric (000651, stock bar) and Moutai (600519, stock bar).

We are very cautious about the choice of small and medium sized boards and GEM companies.

Li Jinsong told reporters.

Judging from past performance, Xingqi securities launched the Golden Unicorn 1 in 2009, and its performance was also good. In 2010, the annual yield reached 15.25%, ranking first in the same period yield of the securities limited set plan. In all 77, it was second in the same period yield of the bond fund.

As of June 30th, the yield of gold unicorn 1 was 1.84%, ranking first in all 26 bond collection schemes, and in 2010 and the first half of 2011.

"From the point of view of achievement stability, it is mainly reflected in the construction and management of investment teams.

After a deep understanding of the market, companies and enterprises, the researchers were selected and become investment managers after market inspection.

At the same time, the continuous improvement of the research system, that is, the breadth and depth of the research coverage of the market, industry and enterprise, is a basic guarantee for the foresight and anticipation of the market, and also a guarantee for the stability of the performance.

We have always attached great importance to talent reserves, and we have been sparing no effort in the internal training of talents. "

Li Jinsong said.

Champion of the past year

According to the statistics of WIND, in the first half of this year, 169 of the 223 brokerages' information management products with performance could be found to be in a loss, accounting for 76%.

The average return rate of all 223 products in the first half year is -4.38%.

In particular, it is a sign of regret that Zhejiang Merchants Securities, which won last year's performance by half a year, was 37.26%.

Its Zhejiang Jinhui 2 has gained -23.25% in the first half of this year.

Jinhui 1 gained third in mid year, -16.18%.

Moreover, the remaining five asset management products of Zheshang securities account for some positive gains except Huijin's big consumption in April 28, 2011, while the remaining four reported losses.

In addition, in 2009, the "Grand Slam" Guoxin system also reported a total loss of 9 financial products in the first half of this year, with an average decrease of 8.86%.

"The ups and downs of performance are mainly related to their portfolios."

CITIC Securities (600030, stock bar) senior analyst told reporters, "too high positions, excessive risk concentration is the main reason.

When the performance of a heavily loaded stock is good, its performance will be particularly prominent, otherwise, it will also fall dramatically.

In the investment management reports of many financial products such as Zhejiang Merchants Securities Jinhui 1, Jinhui 2 and Jinhui 3, the high degree of shareholding concentration has become the biggest feature of Zhejiang Merchants' securities products.

According to public information, gold seed wine (600199, stock bar), Palm Garden (002431, stock bar), Asia share (002375, stock bar), China Merchants Bank and Ping An Bank have become the heavy stock of several financial products.

Earlier, the surge in related stocks helped to win the lead in Zhejiang securities.

However, since the beginning of this year, the performance of gem and SME boards has turned to be bleak.

Focus of securities business pformation

Since this year, many brokerages have issued their first asset management products.

As of June 30th, the number of brokerages with customer equity management qualifications has reached 54, and the number of products has reached 223.

This year, 50 newly established assets totaled 128 billion 600 million yuan.

A total of 159 billion 600 million shares, representing an increase of 46% over the end of last year.

Judging from the statistics of securities companies, there are three brokerages managing assets over 10 billion.

The largest is still CITIC Securities, with a net asset value of 14 billion 400 million yuan, followed by Guotai Junan 11 billion 900 million yuan and Everbright Securities (601788, stock bar) 10 billion yuan.

Some small brokerages also joined the competition in asset management business.

"Asset management business is bound to be the focus of business pformation in the future."

Li Jinsong told reporters, "to mature foreign securities market development experience, China's current brokerage business profit model is very simple, mainly rely on commission income, plainly is a channel costs, such a model is not a great development prospect.

Therefore, the asset management business of securities firms is the focus of future development. "

It is understood that at present, the assets management business revenue of domestic brokerages accounts for nearly 1% of the total revenue, while the mature securities market usually accounts for about 20%, and the growth space is huge.

With the change of the product approval system to the newspaper preparation system, the entry threshold will be reduced, and the asset management business of the securities dealers will also be speeded up.