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● Our reporter Zhao Zhonghao
Choice data shows that as of May 22, there were 4854 registered securities analysts, once again breaking the total number of analysts record. The number of securities analysts increased, and the research reports of securities companies also rose. Wind data shows that as of May 22, a total of more than 60 securities companies have released securities research reports in the past year, including Northeast Securities 、 citic securities More than 1000 individual shares were covered. Over 30 individual stocks were covered by analysts from several securities companies in the past year.
Industry insiders believe that the reduction of commission rate and the strict restrictions on use have a certain impact on the profitability of the research business of securities companies in the short term, but the impact on the industry as a whole is limited. Securities companies with stronger research strength are expected to benefit from this commission policy reform.
The total number of licensed analysts has hit new highs
The coverage of securities research on individual shares reflects the booming development of the seller research industry. In recent years, the seller research team is growing, and the total number of practicing analysts has reached new highs. Choice data shows that as of May 22, there were 4854 registered securities analysts, an increase of 4.68% over the end of 2023, which again broke the total number of analysts record.
In the past few years, the voice of the industry for the diversified development layout of the seller's research field, strengthening internal services and exploring new paths of transformation has continued to rise. In April this year, with the official implementation of the second stage of rate reform of public funds, significant progress has been made in this field.
In April 2024, the Administrative Provisions on Securities Trading Fees of Publicly Raised Securities Investment Funds was officially released, which lowered the trading commission rate and clarified the scope of use, reduced the upper limit of distribution ratio, prohibited transfer payments and trading commissions from being linked to fund sales assessment, and strictly prohibited circumvention of supervision through various means. In the view of insiders, for securities companies, the reduction of commission rate and the strict restrictions on use have a certain impact on the profitability of securities companies' research business in the short term, but the impact on the industry as a whole is limited. Securities companies with stronger research strength are expected to benefit from this commission policy reform.
AVIC Securities believes that the competition in the research business of securities companies will further intensify, and the overall commission distribution pattern of the industry is facing remodeling. In the future, commissions may be inclined to the following two types of securities companies: first, securities research institutes with strong research strength and differentiated competitive advantages in a certain field; The second is that the comprehensive strength is strong, and the research business is the head broker of a link of comprehensive financial services.
gf securities It is believed that with the continuous promotion of the reform of the rate of public funds, securities companies are expected to focus on improving the service ability of institutional investors, provide more high-quality securities trading, research services, etc., and optimize the industry development ecology.
Kaiyuan Securities believes that the increase in the proportion of research commission may largely hedge the decrease in the total amount of commission, and may have little impact on the research commission plate; The channel end of securities firms may accelerate the transformation to the buyer mode, and the fund investment adviser and bond settlement mode are expected to develop faster.
More than 1000 individual shares covered by two securities companies
The coverage of securities analysts on individual stocks is usually reflected in the number of research reports they publish, the number of in-depth reports and the number of listed companies covered. In recent years, with the continuous development and growth of the A-share market, the research and report output of securities analysts also shows a trend of continuous growth.
Wind data shows that as of May 22, a total of 63 securities companies have released securities research reports in the past year. Among them, the number of individual stocks covered by Northeast Securities is 1177, ranking first; The number of individual shares covered by CITIC Securities is 1101, ranking second; Huatai Securities The number of individual shares covered was 948, ranking the third. In addition, Minsheng Securities Zheshang Securities 、 industrial securities 、 Tianfeng Securities The number of individual shares covered by other securities companies also ranked top, with the number of individual shares covered exceeding 820 in the past year.
Judging from the number of analysts who have issued research reports in the past year, CITIC Securities ranks first with 54; Industrial Securities is closely followed, and 47 of its analysts have issued research reports in the past year; Guangfa Securities ranks third, with 46 analysts who have issued research reports. In addition, Haitong Securities , Zheshang Securities, Huatai Securities Guosen Securities The number of active analysts of such securities companies in the past year also ranked top.
From the perspective of the number of individual stocks per capita covered by analysts, Minsheng Securities ranked first, with 38.5 per capita covered in the past year; Soochow Securities Following closely, the number of individual shares covered per capita was 38.2; Southwest Securities It ranks third, with 36.3 individual shares per capita. In addition, Northeast Securities and Huaxin Securities cover more than 30 individual shares per capita.
"Most of the members of the industry groups of some research institutes do not have analyst qualification certificates, and the report is issued under the name of the director or the industry group leader, making the report signed by the director or the industry group leader span multiple industries and multiple targets." A securities firm research industry insider told reporters that due to compliance restrictions, analysts who have not obtained analyst qualification do not have the qualification to sign research papers, However, this does not prevent newcomers from "entering the market" in recent years, and to some extent, it has led to the high number of individual shares per capita covered by some brokers.
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