Original title: The trillions of incremental funds entering the market of financial subsidiaries "in hand" by securities companies
Our reporter Guo Mengdi
China Securities News reporter learned that some bank financing subsidiaries have recently invited securities analysts to train relevant knowledge of the stock market. At the same time, many securities companies regard bank financing subsidiaries as the key business breakthrough direction, and provide them with a variety of services, including investment research consulting, in order to obtain incremental business income. Industry insiders believe that this means that bank financing subsidiaries will have more capital "flowing water" to go to the equity market. In the next 10 years (2020-2029), the asset management business of bank financing subsidiaries is expected to bring about 1.34 trillion yuan of incremental capital to the A-share market.
Securities dealers' incremental business of gold digging
"Recently, I have been busy training a large state-owned bank with relevant knowledge of the stock market." Xiao Wang (a pseudonym), an analyst at a large securities firm research institute, told the China Securities Journal reporter that compared with the previous similar training for a joint-stock bank, he felt that the joint-stock bank acted faster and had more in-depth requirements for training content. When inviting analysts for training, joint-stock banks tend to focus on specific industries and individual stocks, while state-owned banks are more cautious, generally inviting analysts to explain market overview, such as the investment logic of overseas markets.
When the bank's financial management subsidiary tried to tap the equity market, the securities companies had keenly smelled the business opportunities. "Since the new asset management regulations established that banks should set up financial subsidiaries, our company's research institute and institutional sales department began to visit the asset management departments of some large banks, and in the future, we will increase urban commercial banks and rural commercial banks. The company attaches great importance to the potential incremental business income after the establishment of financial subsidiaries." Wu Ran (not his real name), the director of a southern securities firm research institute, told reporters, At present, banks mainly focus on the demand for investment research. Considering that the banks themselves still have a certain gap in investment research ability with securities companies, the specific service mode is roughly the same as that between securities companies' research institutes and public funds.
The insiders pointed out that banks generally lack research on stocks, and some small and medium-sized banks may not even have the ability to manage FOF and other products, so banks need "external brain" to support investment research.
"The channel advantage of banks is far stronger than that of securities companies. In the aspect of selling products on a commission basis, banks should not need securities companies to provide services, so the service mode is mainly investment research support." Wu Ran said.
The relevant business personnel of the asset management department of a large securities firm in the north told the reporter that his company recently took the bank financial subsidiary as one of the most important business breakthroughs, including providing investment research, entrusted investment, custody and other services for financial subsidiaries.
CSC Banking analyst Yang Rong pointed out that financial investment cooperation institutions can include public funds, private funds, trust companies, asset management companies of securities firms, insurance companies, futures and other non bank asset management companies. In the future, external cooperation institutions can participate in the investment management of bank financing in the form of investment advisers or directly in the form of fund entrusted active management.
Financial management funds can be expected to enter the market
As for the amount of incremental funds that bank financing will bring, the head of a securities research institute in the north said that the current scale of bank financing is more than 20 trillion yuan, and it is expected that 10% of the funds will be allocated to the equity market in the future, which can bring more than 2 trillion yuan of incremental funds to the equity market.
Huatai Securities According to the research report, under the neutral assumption, in the next 10 years (2020-2029), the asset management of financial subsidiaries of commercial banks is expected to bring 1.34 trillion yuan of incremental capital to the A-share market.
Industry insiders believe that most of the products released by bank financing subsidiaries are still fixed income products. Most of the customer groups of bank financial products have low risk appetite. In addition, the investment of equity products is highly professional. The previous credit investment model of bank financial products is difficult to play an advantage in the equity market, and the scale of bank financial products is far larger than public and private funds. There are few fund managers who have managed the scale of bank financial products in the market, All kinds of factors lead to the difficulty of bank financing funds entering the market overnight.
gf securities Dai Kang, the chief strategic analyst, believes that bank financing funds have entered A-share market. From the perspective of investment style, there is a large demand for large market blue chips and high-quality white horses with high dividends and high ROE, and the concentration of the industry head has further improved.
Editor in charge: Wang Jinhe
