Second, because there are too many retail investors lurking in brokerage stocks, with the A-shares ushered in two rounds of phased pull-up in the past two years, especially after the market broke through 3587 points, more people think that A-shares are in a bull market.
Third, because brokers are in troubled times, in fact, brokerage stocks, as intermediaries, will always step on thunder and be dragged down by various violations of some restless listed companies.
1. The concept of brokerage shares refers to some listed companies that hold the equity of securities companies and can share the income of securities companies. There are three main types of brokerage concept stocks: first, direct brokerage stocks. The second is to control the stock of brokers. The third is to participate in the stocks of brokers.
2. The stock most affected by the brokerage meeting is undoubtedly the direct brokerage stock. Because if there is good news, it will have a positive impact on the main business of such stocks. Citic Securities and other stocks really need new business to expand new profit growth points; For Hongyuan Securities, the most important thing is how to solve the equity of listed companies such as st Xianglong and ST Longke, because this equity is solved, which will far outweigh the impact of direct bond issuance. There is a simple reason. After all, there is a cost in issuing bonds. By dealing with legal person shares, not only the liquidity problem of assets is solved, but also considerable cash flow will be obtained.
3. The influence of heavy stocks of brokers is different. Due to the different reasons for the formation of heavy stocks, there are two main types in the final analysis: one is formed by active investment. This is the same as the fund, looking for fighters from the secondary market and then waiting for opportunities to intervene, which belongs to the self-operated business of brokers. The other is the formation of passive investment. This includes two forms: one is underwriting, underwriting new shares and allotment or issuance; There is also merger, because some brokers are the business departments of various trust and investment companies and small brokers merged into large brokers. In this way, these previous heavy stocks have also been brought to new brokers, which is a passive and helpless investment.
For commercial banks, 5% are insurance companies, and only about 2% are securities companies. Judging from the concentration of banking, securities and insurance industries in China, the total assets of the top five institutions account for the proportion of the whole industry, with banks accounting for 52%, insurance accounting for more than 70% and securities accounting for 26%. As you can imagine, the development potential and space of China securities firms is huge. By the end of 20111,the total assets of CITIC Jiantou in the whole industry were less than one third of that of Goldman Sachs, and its net profit was equivalent to that of Morgan Stanley.