Wen | the weekly "Finance world" weekly weekend
Edited by | Yangyi
(Source: Visual China)
Just after the Qingming holiday, Qin Mou, chief analyst of fixed income of Guotai Junan Securities Research Institute, exposed a "sermon" chat record of internal employees, the content of which was "wolf", which aroused market attention.
On the evening of April 6, Qin Mou publicly issued an apology letter on this matter, saying that he had expressed improper expression and excessive rhetoric in the internal work group a few days ago, and the way and method of motivating employees was simple and rude, causing negative impacts, and also violating the industry culture and company values, which was deeply guilty.
The "chicken blood" education of the broker fixed income chief
In the chat record circulating on the Internet before, Qin Mou conducted a "chicken blood" education for team members, asking them to find their own pie points, "no matter what means, special roadshows, meals, accompaniment, research, databases, etc.", to rush to the front, "crazy work, crazy pie points". And said that his requirements for himself are to send more than 10 circles of friends every day, forward weChat group QQ group is not a problem, until WeChat limits its flow. He asked that each team member aim to reach 1% in a single-season distribution and his own personal single-quarter distribution of more than 5%, so that their group can rank first in the whole research group.
There are also some radical remarks, including reports that "you must bomb wildly and keep blowing up customers until you spit them out" and "If you can't rush, please start looking for a job after the holiday" to change careers.
In addition, in the chat record, Qin also asked employees to crush other peers, mentioning Guosheng Securities and analysts suspected of securities companies such as Huatai Securities and Guangfa Securities.
In the brokerage research institute, the so-called "dispatch point" is equivalent to the current customer service evaluation system, which is to refer to the Western research model, and give the scoring right of 100 points to the customers who receive consulting services, and they will rate the researchers who provide research consulting services.
"The distribution point is the sub-position commission, and for the brokerage research institute, the commission is almost the only income." A senior analyst at a securities fund, speaking on condition of anonymity, told Caijing Weekly.
In recent years, the brokerage research institute can be described as a "mountain of pressure". In order to seize market share, small and medium-sized securities companies have sent out the means of "reducing commissions", and on this basis, the top securities companies with high sub-position commissions are not spared. The senior senior analyst of the securities fund said that the current securities research institute also attaches great importance to the dispatch point, "In the current market environment, the competition of the securities research institute is very fierce, and the research commission of the entire public offering is also decreasing, so the internal volume of the securities research institute is becoming more and more serious." ”
In the circulating chat records, Qin also said that the team should "double what has been lost in the past few years."
The securities research institute "inner volume", research report also engaged in feng shui metaphysics
According to the 2021 Top Brokers List of Fund Sub-position Commission Income, CITIC Securities ranked first with a sub-position commission of 1.667 billion yuan, GF Securities ranked third with 1.155 billion yuan, and Guotai Junan entered the last place of the list with 757 million yuan, ranking tenth.
(Source: Snowball Net)
Wind data shows that the top ten brokers with sub-position commission income account for 45.2% of the total industry. However, with the explosive growth of the commission income of small and medium-sized brokers in recent years, the head brokers are not resting on their laurels. Wind data shows that in 2021, a total of 24 securities companies achieved a year-on-year increase of more than 100% in fund sub-position commission income, and the increase in fund sub-commission income of some small and medium-sized brokers even exceeded 200%.
In order to compete for the "cake" from the hands of the head brokers, small and medium-sized brokers have resorted to the "killer skill" - reducing commission rates. According to China Securities News, the commission rate of Debon Securities has dropped from 0.85% in 2020 to 0.68% in 2021, and the commission rate of Fed Securities has also dropped from 0.81% to 0.74% in the same period.
At the same time, the commission rates of the head brokers are also decreasing. Wind data shows that the commission rates of leading securities companies such as CITIC Securities, GF Securities, CITIC Construction Investment, and Huatai Securities, which rank high in sub-position funds, are less than 8/10,000, and eight per 10,000 is the commission rate previously common in the industry.
The competition in the brokerage industry is becoming increasingly fierce, and the pressure to survive is increasing. Under the dispatch point mechanism, the "inner volume" of analysts in the securities research institute is also difficult to avoid.
On March 31 this year, the Institutional Department of the China Securities Regulatory Commission reiterated in its regulatory circular to institutions that it would strictly investigate and deal with violations of laws and regulations in the business of publishing research reports and securities investment consulting business. Two cases of "Metaphysical Research Report" are also mentioned.
In October 2021, a "Metaphysical Research Report" of "A Preliminary Study of the Application of Heavenly Stem and Earth Branches in Timing" was screened online. The report is divided into three parts: the time period dominated by the Tiangandi branch, the application ideas of the Tiangandi branch in the timing, and the empirical exploration of the Tiangandi branch in the timing of A shares. The theory of tiangandi branch can be applied to predict the trend of A shares, and for a while the market was in an uproar, and many investors exclaimed that "stock speculation is indeed metaphysics", and the topic was once on Weibo hot search.
Internet rumors said that the research report was from a researcher at the Guosheng Securities Research Institute. Later, some media reported that the relevant person in charge of the Guosheng Securities Research Institute had said that the research report was not released through its official official channels, but the researchers did it privately, and did not know why it was circulated. But even so, Guosheng Securities and its researchers were still issued a regulatory letter by the Jiangxi Securities Regulatory Bureau.
This year, another securities institution was punished for "metaphysical research reports." In March, the Shenzhen Securities Regulatory Bureau issued a decision to take regulatory measures against analysts at Essence Securities. The analyst produced and released the "Invincible - 2022 China Stock Market Forecast" in the company's WeChat group, using analysis such as tiangandi branch and calendar effect to predict the trend of the stock market in 2022, which predicted that 2022 will be at the beginning of a five-year bull market in The year of Nongyin, and 2023-2027 will be a five-year bull market.
In addition, the "Feng Shui Research Report" is also published by CLSA. In its "2021 Year of the Ugly Cow Hang Seng Index Annual Feng Shui Guide" released in early 2021, it said that "2021 is off to a good start, and the hard work of the industrious rats will continue into the Year of the Ox, so it will not be until some point in March when people realize that the cow is not sticking to its duty".