Recently, Bohai Securities, Dongguan Securities, Aijian Securities, Kaiyuan Securities and other securities companies have announced that they will adjust the annual interest rate of customer margin demand deposits to 0.2%.
In fact, in the past two years, the margin interest rate of the brokerage has been adjusted many times, and the interest rate has gradually decreased. In June last year, CITIC Securities, CICC, Shenwan Hongyuan and many other leading brokerages and small and medium-sized brokerages have taken the lead in adjusting the funding rate to 0.2%. In September last year, brokerages such as CICC and Guotai Junan also followed up with adjustments.
The so-called customer margin refers to the available funds in the investor's stock account, if there is no stock, the brokerage will settle the interest to the investor at a certain current interest rate, and the brokerage will concentrate the funds into the bank custody to earn a certain interest margin. Therefore, the recent "interest rate cut" of brokerages is more to follow up the reduction of commercial bank deposit interest rates to protect their own interest margin income.
Analysts pointed out that the interest rate reduction is limited, and has little impact on a single brokerage customer; but the performance of the brokerage itself should not be underestimated, and the margin scale of some brokerage customers is as high as tens of billions.
In the context of intensified competition in the industry and sluggish growth of traditional business, the contribution of margin spread income to the profit of brokerages cannot be ignored. The general "interest rate cut" is undoubtedly a good thing for the industry, which will help brokerages further control the cost of capital and ensure the stability of interest rate spread income.
In the secondary market, yesterday's brokerage sector fluctuated in the red throughout the day, and the representative ETF of the sector - brokerage ETF (512000) continued to have a wide intraday premium, indicating a positive attitude towards buying funds.
Image source: Wind
According to the data of the Shanghai Stock Exchange, the latest single-day net inflow of funds from the brokerage ETF (512000) was 30.33 million yuan, and in the long run, the cumulative net inflow of funds in the past 10 days and 20 days was 257 million yuan and 304 million yuan respectively, and the funds were intensively increased.
Image source: Wind
Haitong Securities said that the 2023 annual report shows that the industry is operating steadily, superimposed on the current low valuation, and the industry development policy is positive, waiting for the market to blow.
Ping An Securities believes that for the brokerage industry, the regulator will continue to pay attention to the high-quality development of the capital market and attach importance to the improvement of investors' sense of gain, and the importance of the capital market and securities companies will increase. Policies related to the improvement of the quality of listed companies and dividends have continued to increase, and the market trading activity has improved, which is expected to drive the improvement of the fundamentals and valuation of brokerages.
As of the close of trading on April 8, the price-to-book ratio of the CSI All-Index Securities Company Index of the underlying index of the brokerage ETF (512000) was 1.19 times, located at the historical bottom of the 1.76% quantile in the past 10 years.
Image source: Wind
Investors who are optimistic about the valuation repair market of the brokerage sector, related products are noted in the brokerage ETF (512000). According to public information, the brokerage ETF (512000) tracks the CSI All-Index Securities Company Index, including 50 listed brokerage stocks with one click, of which nearly 6 percent of the positions are concentrated in the top ten leading brokerages, and the leaders of "big asset management" + "big investment banks" gather;
Data source: Shanghai and Shenzhen Stock Exchanges, Wind, etc., as of April 9, 2024.
Risk Warning: Brokerage ETF passively tracks the CSI All-Index Securities Company Index, which is based on 2007.6.29 and released on 2013.7.15. The composition of the index constituents will be adjusted in accordance with the rules of the index. The index constituents in this article are for illustration purposes only, and the individual stock descriptions are not intended as investment advice of any kind, nor do they represent the position information and trading trends of any fund under the manager. The risk level of the Fund assessed by the fund manager is R3-medium risk, which is suitable for investors with balanced (C3) and above. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors shall be responsible for any investment behavior determined independently. In addition, any opinions, analysis and forecasts in this article do not constitute any form of investment advice to the reader, nor do they assume any responsibility for any direct or indirect losses arising from the use of the content of this article. Fund investment is risky, the past performance of the fund is not indicative of its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund, so fund investment should be cautious.
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