According to the latest data released by
China Clearing, the number of new investor accounts in December 2020 was 1.6218 million, a year-on-year increase of 100.39%. The number of new investors for the whole year of 2020 is 18.0225 million, an increase of 36%compared with the total number of new investors for the whole year of 2019.
Shareholders are starting to run into the market again? How does the brokerage feel about this? Who are the investors who have newly opened accounts? What are the changes for the new entrants? With these questions, the reporter conducted a field visit.
The majority of the businesses in the sales department can be handled online.
In the securities sales department of China Securities in Qianjin Road, Bao’an District, Shenzhen, the reporter saw that there are three large sales departments. A staff member is on duty, but very few customers come to do business. The staff said that most of the businesses can now be handled online, and only a small number of counter-office businesses need to come to the scene. She mainly does some customer guidance and explanation work on the spot.”A lot of things, you come to the scene, I just To teach you how to operate online, there is no way to do it on the spot.”
In Guoxintai’s Jiubao’an branch, a customer is opening an account, and another customer is waiting for a third party. Change of depository account. The on-site manager on duty told reporters that in fact, the business that the two customers want to do can be done directly on the mobile phone, and there is no need to go to the scene.”There are still some customers who are not familiar with the scope of online business, thinking that if they want to come to the scene, we will explain it clearly to them, and they won’t have to run again next time.”
Has there been an increase in the number of people who handled the business at the counter recently? Most of the investment consultants interviewed by reporters said that their feelings were not particularly obvious. According to the person in charge of the customer service team of the top three brokerage firms in terms of scale, the proportion of customers who meet the two financing qualities is not high. The ones that should be opened have already been opened, and now some people will come to handle them.”Now customers are also shrewd. The interest rate of the two financial institutions is more than 8 points, and the credit loan repayment only needs more than 4 points, which is not very attractive.”
An investment consultant in the central region said that he was not in the sales department. I feel that the number of account openings is extremely hot,”I have basically opened the account. Now the hot market should not be reflected in the number of accounts, but in the fund subscription.”
On the evening of January 20th, 17 brokerage firms announced their unaudited performance for 2020. Ninety percent of brokerage firms’ net profit in 2020 has increased year-on-year. Oriental Fortune Securities, Donghai Securities and other net profits doubled year-on-year. It can be seen that the securities industry is less affected by the epidemic, and to a certain extent, this is closely related to the Internetization of brokerage businesses.
In the”Regulations on the Administration of Securities Companies Lease of Third-Party Network Platforms to Carry out Securities Business Activities (Trial)” issued by the China Securities Regulatory Commission on August 14, 2020, it is more It refers to the term”cyberspace business premises”, which affirms the online brokerage business.
“For us, where the customers are, the business premises are there. There are cyberspace business premises everywhere, and everyone is a securities business department.” Some investment consultants aptly describe the current relationship with customers.
Most of the post-90s generations who open accounts have unprecedented enthusiasm for funds
“We will show account opening data every week, and the data this year is much better than last year.” Investment research team of a large securities firm in South China The person in charge told reporters that during the period from the end of last year to the beginning of the year, it can be seen from the background that the number of customers investing in equity assets has increased significantly.
He said that the majority of the account opening population are mainly young and middle-aged people, and the post-90s generation is the majority. These young generations are characterized by unprecedented enthusiasm for funds. Even if they open a securities account, they mainly buy funds. less.”Although banks and third-party platforms can also buy funds directly, they are mainly off-exchange and cannot buy ETFs. If you want to do it on and off the market, it is still convenient to open a securities account.”
For the first generation, the reasons for abandoning stocks and buying bases are that the stocks are too complicated and many people don’t understand and worry about being cut. The second is that after most of the post-90s entered the market, the first wave of bull market encountered was in 2015. At that time, funds were already relatively developed, and some investors will have the inertia of thinking even now. The third is that 2020 is indeed a very good year for the fund market. They tasted the sweetness and strengthened their understanding of investment funds.
Some old investors no longer blindly invest in stocks on their own, but tend to move closer to funds.”For example, last year the median fund income reached about 50%. How many investors can reach this level? I am tired of trading stocks and are not making money. Old investors have learned a lot and started to allocate funds.” Senior investment consultant Mr. Hu told reporters that among the clients he is responsible for follow-up, he made a statistics. In 2020, investors who have allocated funds will have an average income of 30%-40%. If there are no clients who have allocated funds or pure stocks, the average overall profit will be It is about 10%.”The process of de-retailization is accelerating.”
Recommending fund products to customers has become a very important part of the daily work of various investment advisers. WeChat group postings and Moments are all popular Information about fund products. A circle of friends from Guosen Securities Investment Advisers showed that “In 2020, 2253 customers will allocate funds, 488 million in principal, and earn 224 million to go home.”
“Now the market is not short of money, but lack of good Products. I never recommend stocks to clients, only funds. The funds are stable and have low risk.” An investment consultant from another brokerage in the central region also said,”Young people like to buy funds now.”
Those who get institutional clients get the world
For the business department, the de-retailization of investment groups and the growth of institutional investors also means that their business methods need to be transformed and high net worth The contribution of clients and institutional clients in the brokerage business is better than that of small and medium retail clients, and the institutional clients win the world.
Some people in the industry told reporters that in the Shenzhen stock exchange market, Guoxintaijiu, who had been the boss for many years, has fallen to third place. The Shenzhen branch of CITIC Securities replaced it. The weapon for CITIC Shenzhen to win the championship is Institutional customers,”In 2020, the retail assets of CITIC Securities Shenzhen Branch will be less than 30%, and institutional assets will account for more than 70%. Institutional assets have grown rapidly, so performance is good. On the other hand, Guoxintaijiu has a relatively conservative style in recent years. Retail assets dominate, about 65%are retail, and institutions account for only about 30%.”
From the perspective of holdings, as of the end of November 2020, domestic professional institutions hold A-shares total market value of 11.50 trillion yuan, an increase of 6.26 trillion yuan from the end of 2018, more than doubled; domestic professional institutions hold a share of the market value of A shares 17.83%, an increase of 3.47 percentage points from the end of 2018.
Since the beginning of 2021, news of hot fund sales has continued to spread. The words”Sunlight Fund”,”Limited Allotment”, and”New High” all reflect the enthusiasm of investors. The hot market makes””Funds” have repeatedly rushed into hot searches. It is foreseeable that the scale of institutional investors will continue to expand.
The attention of the Hong Kong stock market has increased greatly.
Since this year, the southward capital has continued to flow into Hong Kong stocks. In just over 10 trading days, the cumulative net inflow of southward capital has reached 205.581 billion yuan. You must know that in 2020, the net purchase scale of Southbound Stock Connect is already substantial, reaching 672.125 billion Hong Kong dollars, a record annual high. The income is more than double the previous peak in 2017.
The continued hot inflow of funds from the south has also detonated the interest of many A-share investors.
“There are not many customers who have recently opened Southbound Stock Connect. After all, this coverage rate is already very high. For example, more than 90%of the eligible customers in our business department have opened. But there are more people asking for Hong Kong stock investment A lot, the attention has increased by 30%-40%. Many people have speculated in Hong Kong stocks in the early stage and speculated in the A-share way. They have not made any money, and now they want to buy it again.”ShenzhenFutian District a large brokerage investment consultant said.
According to data from Futu Securities, an Internet brokerage that focuses on Hong Kong and U.S. stock trading services, as of the third quarter of 2020, the number of customers who opened accounts reached 1.173 million, a year-on-year increase of 80%, and the net increase in the number of customers with assets reached 115,000 in the quarter , A year-on-year increase of 855%. The net addition of assets-owned customers in Q3 of 2020 is close to twice the number of net additions in 2019.
Tiger Securities, another colleague serving Hong Kong and US stocks, said in an interview with a reporter from the Securities Times that the number of account openings and consultations in the past week has increased significantly, and the throughput of telephone consultations has reached a new high. In addition, it is currently responsible for account opening. The team has arranged manpower and overtime to complete the application and review of the day. Back-office data shows that the number of Hong Kong stocks traders and the scale of transactions have also increased significantly in the past week. The number of Hong Kong stocks transactions recently is about 2.3 times the previous average, and the transaction scale is about 3 times the previous average.
Some Hong Kong stock analysts said that the southward capital mainly buys AH companies with spreads and scarce technology companies, which is quite likely to shift from A-share holdings to Hong Kong holdings.
For most of the investors who cannot meet the conditions for the opening of Southbound Stock Connect and cannot open Hong Kong stocks, they can enter the market by configuring the curve of Hong Kong stock ETFs.”Recently, there are quite a lot of clients for Hong Kong stock ETF consultations and transactions.” Xiao Wu of China Merchants Securities Investment, who is based at Bank of China, told reporters.
However, in the eyes of most investors, the main investment in Hong Kong stocks is still institutions.”The increase is large, but the total amount is not large. This market is still dominated by institutions.” Xiao Wu said.
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