The former chief securities broker's strategy turned to banks.
According to the information disclosed by the Securities Industry Association, Zhu Junchun's analyst career began on 20 10, during which he moved to a number of brokers. His three recent brokers are Great Wall Securities, Guosen Securities and Yuekai Securities. And Yuekai Securities is also his last brokerage in the industry.
In this article, Zhu Junchun once said frankly, "For some ambitious directors of seller research institutes, I really want to say that there is no need for small sellers to engage in strategic research. What strategic research should we do if the industry is incomplete? "
In recent years, analysts have become chief executives, and there are generally three career development paths in the future:
First, make horizontal selection in the seller's industry.
Second, go to various buyer's institutions to engage in investment or research.
Third, many industry leaders will also choose to switch to listed companies as secretaries and other executives.
The size of securities analysts in Guangdong has shrunk.
It is worth mentioning that, unlike many small and medium-sized brokerage research institutes in recent years, the analyst scale of Yuekai Securities has shrunk.
Judging from the financial statements, since Guangkai Holdings took office, in recent years, the operating income of Yuekai Securities has recovered synchronously with the industry, but the growth of performance has not kept up with the growth of revenue.
On May 19 this year, Yuekai Securities announced that it intends to terminate the directional issuance of company shares. According to the original plan, the financing scale of the company's directional issuance does not exceed 654.38+0.5 billion yuan.
Regarding the planning after the termination of the financing plan, recently, Yuekai Securities told the media that at present, the company is applying for terminating the original administrative license for private placement, replacing the original plan with an optimized fixed-income plan to re-declare, and strive to achieve the capital increase goal as soon as possible, paving the way for a successful listing.
In addition, the company also issues corporate bonds for financing. According to the progress information of the Shenzhen Stock Exchange project, the status of the 3 billion yuan small public offering project of Yuekai Securities was updated to "Pass".
It is worth mentioning that in May this year, GF Securities officially released a three-year development action plan for 2022-2024. According to the plan, Yuekai Securities plans to officially declare IPO in 2023.
It is worth noting that after Guangkai Holdings took over, Guangdong Securities Research Institute experienced many personnel changes.
Li Qilin, former chief economist and dean of research institute of Yuekai Securities, left his post two years ago and later joined Hongta Securities.
People familiar with the matter said that after Zhu Junchun left, Kang Chongli succeeded as the chief strategy officer. After Li Qilin left office, Kang Chongli succeeded as the director of Guangdong Securities Research Institute. But now Kang Chongli has also left the institute and may have joined the self-operated department.
According to the information disclosed by the Securities Industry Association, Kang Chongli still works in Guangdong Securities, but his practice position has changed from analyst to general securities business.
At the same time, in recent years, the loss of analysts in company research institutes is also more prominent. According to the disclosure of the Securities Industry Association, in most of 2065438+2009, there were more than 20 analysts in GF Securities, but now there are only four, and many of them have lost their jobs.
According to the statistics of Choice, in 20021year, Yuekai Securities realized brokerage income of nearly 70 million yuan, a substantial increase of 176.6% year-on-year. From 2065438 to 2009, the commission income of the company's warehouse division was less than 6 million yuan.
Guangdong Securities Research Institute turned to "think tank mode"
On the evening of February 24th, Yuekai Securities disclosed 20021Annual Report. In 20021year, the company realized operating income of 654.38+204 million yuan, up by 26.84% year-on-year; The net profit attributable to shareholders of the parent company was 65.438+0.06 billion yuan, down 30.54% year-on-year. Among them, the company's non-operating expenditure increased from 20.21to 207 million yuan.
The company also pointed out in its annual report that Guangdong Development Research Institute should constantly upgrade its brand and form three characteristics: macro, strategic and industrial research. Macro-research should strengthen overseas economic and Guangdong-Hong Kong-Macao Greater Bay Area series research, consolidate fiscal and taxation brands, economic data comments and policy interpretations, and continue to expand the relationship between the government and the media; The research strategy should keep the market hot, keep making a sound, strengthen the research on carbon-neutral green finance and North Exchange, and form the breadth and depth of communication; The industry should realize the linkage between primary and secondary investment and research, provide advice and support for investment banks and research, and pay attention to improving the value transformation ability of investment and research.
NBD: What is the company's current positioning of the institute?
Luo Zhiheng: The goal of Guangdong Securities Research Institute is to build Greater Bay Area into a "top think tank" and a "pearl at the top of the bay". Based on the macro-economy, international situation and national policies, this paper studies the financial and industrial development of the Bay Area. Under this positioning, we are based on the integration and unity of the triple values of "serving the overall situation of the country, promoting social progress and helping the company develop".
In terms of serving the overall situation of the country, we actively carry out research around national key strategies, including digital economy, dual-carbon economy, rural revitalization, and prosperity with the same prosperity. At the same time, we will also cooperate with ministries, provinces and cities to make timely suggestions and give play to the role of think tank staff assistants.
In the cohesion of social knowledge, when there are misunderstandings and differences on some issues, professional voices should be given in time to create a good public opinion environment for reform. For example, when the society misunderstood land finance and real estate tax, we released the Five Misunderstandings of Land Finance in time.
In promoting the development of the company, it is mainly reflected in the linkage of investment, investment bank and investment research. Investment is the strength of our group and company, and investment research mainly serves the depth and accuracy of investment. More specifically, the research institute can provide all-round research support for the company's income collection, equity, asset management and industry investment, and help allocate large categories of assets; Provide research support for the company's investment banking business, such as the new third board, professional and characteristic services, and drain the investment banking business.
Therefore, our hospital is equivalent to both "rotation" and "revolution", serving the company's own business development and social responsibility as well as
The overall situation of the country, which is very different from other sellers.
NBD: What's the difference between the think tank model and the traditional seller research?
Luo Zhiheng: At present, the research business on the market is basically divided into these two categories. One is to do seller research. The seller model relies on commissions and distribution points to earn more income, thus generating income for the company. This is its main goal. Think tank mode is more about pursuing social value and influence and enhancing brand value. The former is a profit-making organization, pursuing economic benefits; The latter pursues social benefits more, which is the difference between the two goals.
In addition, the ways and paths to achieve the goal will be different. For example, to do seller's research, it is necessary to cover as many industries as possible, for example, it is best to cover more than 30 major industries, because only in this way can analysts have more roadshows and service opportunities, and seller's institutions will cover more institutions and fund managers, thus obtaining more commissions and distribution points. However, the think tank model cannot rely on the number of people and piles. It must give full play to its comparative advantages, and then play its own value on the track of concentrated advantages.
As far as we are concerned, our advantage lies in the relatively strong macro-research strength, especially the industry-leading fiscal and taxation system and policy research. At present, we have launched and are continuing to study the financial map of China, studying the economic situation, financial system and financial situation of each province by province, which is very popular.
In terms of research content, we are divided into macro research, strategic research, industrial research and regional economic research. The research on regional economy is mainly about Guangdong-Hong Kong-Macao Greater Bay Area, but other brokers may not. We have done a lot of research in Guangdong-Hong Kong-Macao Greater Bay Area. For the seller's research institutions, such research can not bring them commissions. They may think it is meaningless, but it is very meaningful to us, because we are state-owned securities firms, rooted in Guangzhou, and we should give full play to the role of state-owned enterprises and actively make suggestions.
NBD: How does the current size of the company's analysts support the company's research business planning?
If the seller is targeted and the commission and distribution are targeted, the more analysts, the better; Under the positioning of the think tank, with the research quality as the goal, the effective output is assessed, that is, whether it inspires readers, gives effective decision-making reference to government departments, and obtains instructions and affirmation from leading comrades. This is the difference between business and socialism.
If the seller is targeted and the commission and distribution are targeted, the more analysts, the better; Under the positioning of the think tank, with the research quality as the goal, the effective output is assessed, that is, whether it inspires readers, gives effective decision-making reference to government departments, and obtains instructions and affirmation from leading comrades. This is the difference between business and socialism.
If desired, we can do these things by concentrating superior forces and taking the lead in breaking through the superior track. Some people who have been working in research institutes now have rich experience in industrial research and policy research. After they are transferred to securities companies, they will be required to obtain the qualification of independent analysts for two years.
At present, some talents in our team come from Guangdong New Energy Automobile Company and policy research institutions of relevant ministries and commissions, so our actual personnel have not been significantly reduced. By this time next year, everyone can be an analyst according to the regulations. But in fact, our personnel have not changed much. On the contrary, our research strength has been strengthened compared with the past.
National business daily
National business daily
Related question and answer: How much is the commission of Minsheng Securities? The commission stipulated by the exchange is not higher than 3 ‰. At present, the market commission is generally low, generally between 6 ‰ and 3 ‰. The level of commission will be related to the amount of funds and services required. The larger the amount of funds, the lower the commission ratio. Commission refers to the fees paid by investors to brokers according to a certain proportion of the transaction amount after the entrusted securities are closed. This fee is generally composed of brokerage commissions of securities companies, transaction fees of stock exchanges and supervision fees of management institutions. The charging standard of commission is: (1) Shanghai Stock Exchange, and the commission of A shares is 0.3‰ of the transaction amount, starting from 5 yuan; The bond commission is 0. 1‰ of the transaction amount, starting from 5 yuan; The commission of the fund is 0.3‰ of the transaction amount, starting from 5 yuan; The commission of the securities investment fund is 0.3‰ of the transaction amount, starting from 5 yuan; The commission standards for the repurchase business are: 3 days, 7 days, 14 days, 28 days and above, which fluctuate according to the turnover of 0.65, 438+05 ‰, 0.25 ‰, 0.5 ‰, 1‰ and 1.5‰ respectively. (2) For Shenzhen Stock Exchange, the A-share commission is 0.3‰ of the transaction amount, starting from 5 yuan; The bond commission is 1‰ (upper limit) of the transaction amount, starting from 5 yuan; The commission of the fund is 3‰ of the transaction amount, starting from 5 yuan; The commission of the securities investment fund is 3‰ of the transaction amount, starting from 5 yuan; The commission standard for repurchase business is: 3 days, 4 days, 7 days, 14 days, 28 days, 63 days, 9 1 day, 182 days and 273 days, respectively, according to the transaction amount of 0. 1 ‰ and 0./kloc-.
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