Reporter: Wang Haimin Editor: Zhao Yun
According to the "Daily Economic News" reporter, Deng Zhouyu, the former deputy director of the Shanghai Securities Research Institute and chief medicine, has recently officially joined the Shanxi Securities Research Institute as the deputy director of the institute and the head of the medical and health group. At present, Shanxi Securities Research Institute mainly focuses on sell-side business, covering nearly 20 industry research directions. From 2022 onwards, Shanxi Securities has begun to focus on sell-side business and has continuously introduced a number of core backbones.
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Recently, the second phase of the rate reform of public funds has been officially implemented. There is a view in the industry that under the guidance of the policy, the sell-side business of small and medium-sized brokerage research institutes may face more pressure. However, judging from the actual trend of the industry in the recent stage, some small and medium-sized brokerages have not only not given up the seller's business, but also continued to increase their weight, and some of these institutions have also started from the differentiated incision in recent years and walked out of some characteristic development paths.
Shanxi Securities expanded rapidly
Deng Zhouyu, former deputy director of the Shanghai Securities Research Institute and chief pharmaceutical officer, announced on social platforms on April 23 that he had officially joined the Shanxi Securities Research Institute as the deputy director of the institute and the head of the medical and health group.
Deng Zhouyu is one of the senior pharmaceutical industry analysts in the industry, and before joining Shanxi Securities, he has worked in Guosen Securities, Bank of China International Securities, Shanghai Securities and other securities firms. Just last week, he also participated in hosting the 2023 performance exchange meeting of a listed company in the pharmaceutical industry as an analyst at Shanghai Securities.
The Shanxi Securities Research Institute, which Deng Zhouyu joined this time, is one of the new sell-side forces that have risen in recent years. Although the "flow" of Shanxi Securities Research Institute in the industry is still relatively limited, its expansion rate is relatively fast. As of now, it has 53 registered analysts, which can rank in the top 30 in the industry, and at the end of 2021, the number of registered analysts in the company was only 29.
Judging from public information, 2022 is the starting point for Shanxi Securities to start its sell-side business. According to the company's previous annual report, 2022 is the first year of the transformation of Shanxi Securities' research business to "both internal and external". At present, most of the core backbones of the company's research institute will join after 2022, such as Liu Jun, the current director of the research institute, joined in early 2022, who has nearly 20 years of experience in the securities industry, and has successively worked in Everbright Securities, Essence Securities, and Huajin Securities, and has served as chief analyst, director of the research institute, and assistant to the president.
In 2005~2013, he successively engaged in sell-side strategy research at Everbright Securities, Essence Securities and Zhongtai Securities, and successively served as the head of macro strategy, chief strategy analyst and deputy director, and served as the research director of Zhuque Fund in 2018~2021, and joined Shanxi Securities Research Institute in March 2022.
In addition, Shanxi Securities Research Institute also has a number of assistant directors, who also serve as chief analysts in some industries, and 2 of them have joined the company after 2022.
At present, Shanxi Securities Research Institute covers nearly 20 industry research directions, including macro strategy, new stocks, emerging industries, financial engineering, electronics & communications, media & small and medium-sized caps, coal, chemicals, metals & new materials, agriculture & food, new energy, textiles and clothing, military industry, machinery, home appliances, automobiles, medicine, non-bank finance, financial derivatives, etc.
According to the 2023 public fund distribution data, Shanxi Securities' distribution commission income that year was 58.29 million yuan, a year-on-year increase of 88%, but the industry ranking was still outside the 40th.
It is worth mentioning that the route taken by the Shanghai Securities Research Institute, where Deng Zhouyu previously practiced, was more high-quality. Since 2023, Shanghai Securities has begun to focus on sell-side research business, about a year later than Shanxi Securities.
They have made efforts in characteristic research fields
Recently, the China Securities Regulatory Commission (CSRC) issued the Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds (hereinafter referred to as the "Regulations"), which will be officially implemented on July 1, 2024. The formal provisions are basically consistent with the draft released at the end of 2023, mainly clarifying that the upper limit of the commission distribution ratio cannot be circumvented by switching the trading model of the surviving fund. This also marks the official landing of the second phase of the rate reform of public funds.
The "Provisions" make it clear that it is strictly forbidden to link the selection of securities firms, the leasing of trading units, and the distribution of trading commissions with the scale of fund sales and holdings, and it is strictly forbidden to use trading commissions to transfer payment fees to third parties.
For the impact of the second phase of the fee reform of public funds, Shanghai Securities recently released a research report pointing out that policy-oriented, in the future, fund companies will choose securities companies with strong securities research report service capabilities as partners, while small and medium-sized securities companies have weak research strength, and in the future, the investment and research support business for public funds may be gradually eliminated by the market, and will be transformed into providing research support to more private equity funds and corporate customers, or providing services internally to achieve "research empowerment". In addition, some research institutes may become business cashing channels for business units in disguise.
The non-bank team of Haitong Securities recently released a view that after the standardization, trading commissions will be loosened from soft commissions such as fund sales, and the concentration of securities firms with strong research strength is expected to increase.
In fact, the expectation that the trading commission of public funds will drop sharply has been fermenting in the industry since mid-2023, and most of the small and medium-sized brokerage research institutes are downplayed by the market under such a trend. However, judging from the actual trend of the industry in the recent stage, many small and medium-sized brokerages have not only given up the seller's business, but also continue to increase their weight.
According to the reporter's incomplete statistics, in addition to Shanxi Securities, since 2024, securities research institutes including Western Securities, Huafu Securities, and Guojin Securities have introduced talents above the deputy director.
Compared with the wide coverage of the industry line by the head brokerage research institute, some small and medium-sized brokerage research institutes have taken some differentiated development routes in recent years. For example, AVIC Securities Research Institute focuses on building military research characteristics, and Kaiyuan Securities Research Institute has made efforts to research the Beijing Stock Exchange in recent years.
Some small and medium-sized brokerage research institutes with strong regional attributes fully tap the relevant resources of their regions to establish their own business characteristics. In May 2023, the 2023 regional characteristic research series organized by Shanxi Securities was launched in Taiyuan, which covered key industries in Shanxi, including coal, food and beverage, medicine, machinery, etc., and the listed companies involved included Shanxi Fenjiu, Guangyuyuan, Shanxi coking coal and other local characteristic enterprises. As a securities firm in Shanxi Province, these local characteristic industries and enterprises are also the resource endowment of Shanxi Securities Research Institute.
National Business Daily