Topic: The first half of the market is coming to an end. The institutions are still optimistic about the future market
◎ Reporter Sun Yue and Zhu Yan
From July 1, the Regulations on the Administration of Securities Trading Fees for Publicly Offered Securities Investment Funds will come into force. According to the commission reduction standard issued by the regulator, the transaction commission rate of passive equity fund products shall not exceed 2.62%.., Other types shall not exceed 5.24%...
The reporter of Shanghai Securities News learned that public fund companies and securities dealers are stepping up to promote the signing of new rate agreements recently. From the perspective of progress, small fund companies have made rapid progress due to the relatively small number of products and cooperative brokers; Although large companies have a large number of products and a long process, most of the work of re signing agreements has also come to an end. In addition, the China Securities Fund Industry Association carried out internal training for fund companies on May 10, emphasizing strict supervision, and planned to carry out regular special inspection at the end of this year and the beginning of next year.
Industry insiders believe that, on the whole, the reduction of trading commission may reshape the cooperation mode between public funds and securities dealers. In the future, securities companies that return to the source of investment, attach importance to research capability and system construction, and pay attention to long-term return of investors may benefit.
Fund companies and securities companies re sign agreements
"After the document on commission reduction was issued, we started to promote it. The compliance and trading departments were mainly responsible for the promotion. Brokers and fund companies both attached great importance to this, and both sides also had a tacit understanding. So far, we have not encountered any problems, and the promotion is very smooth. There is no problem to complete the task before July 1." A person from a fund company in Shanghai said.
On May 10, the China Securities Fund Industry Association conducted internal training for fund companies. People from the fund company told the reporter that the training was mainly aimed at the management regulations on securities trading fees of publicly offered securities investment funds, and they also answered the implementation steps and details of the new regulations on commission reduction. "This training has clarified the regulatory tone, so everyone is strictly implementing this rate reform," said the above person.
"We have basically completed it. First, there are not many brokers we have cooperated with; second, they are also very cooperative, and the communication efficiency between the two sides is relatively high." A person from a small fund company in Shanghai said.
Another large fund company said that at present, the re signing of the agreement has reached 80% and can be completed before this week.
A public fund person in South China said that although it is only the adjustment of the commission rate, it also means that the cooperation relationship between public funds and securities companies and even the industry ecology are being reconstructed, the original interest pattern has been broken, and new cooperation models are being explored. In the short term, it may have some impact on the new development and continuous marketing of ETF products, but in the long term, Only by finding a way to serve investors' sense of gain, can the cooperation between the two sides be healthy and sustainable.
The scale of transaction commission shows a downward trend
"As far as we know, the current commission standard issued by the regulators is adjusted according to the data in 2022, and it is not excluded that it will be adjusted according to the latest data later." The relevant person in charge of a securities firm research institute in South China said.
Researchers of securities companies said that the reduction of commission would affect the revenue of research business of securities companies in the short term, but from the perspective of long-term high-quality development of the industry, it would help promote the transformation of securities companies.
Huatai Securities The non syndicated team said that the first commission reduction will be completed before July 1, 2024. Based on the static data of 2023, it will save investors 3.2 billion yuan and 6.4 billion yuan in 2024 and 2025 respectively. The CICC non bank and financial technology team estimated that the transaction commission rate decreased by 40%, and the corresponding annualized profit giving investors exceeded 6 billion yuan.
Launch of marketization of public fund commission
Some analysts believe that after the implementation of the commission reduction, the "gray" operation space in the past has disappeared, and the public funds should adjust the "commission" thinking in the past, open their eyes, and take a more healthy development path. The head of strategic research of a securities firm in Shanghai believes that this is the beginning of marketization of public fund commission.
CSC Zhao Ran, chief analyst of the non bank financial industry, said that in the past, securities firms' research institutes could help fund companies purchase expert consulting services, financial terminals and database services, and the fees generated were still paid by transaction commissions, commonly known as "soft commission". After the implementation of this reduction, the soft commission may "disappear".
"Public funds can use a portion of management fees as channel marketing fees, make efforts to continue marketing to achieve scale growth, and then feed back management fees through scale growth to form a virtuous circle. Now, many fund companies are unwilling to spend too much management fees and move shareholders' 'cheese', but this is actually worth trying in the industry." The person said.
Promote the construction of securities research service capacity
The reform of the commission rate of publicly offered funds will have a profound impact on securities companies. How should securities companies respond to the industry reform?
industrial securities He said that in the future, the positioning of securities firms for research business will evolve from external service to both internal and external training. On the basis of continuing to do a good job in industry and company research, they will provide customers with comprehensive financial services, build a real moat, and realize the growth of self identification.
CICC The non bank and FinTech team said that: on the one hand, securities companies can expand the breadth and depth of research by expanding coverage of markets, categories, themes and other ways to create differentiated investment research services; On the other hand, it can cooperate with wealth management, IT and other departments to provide comprehensive financial services for fund companies. For example, the securities settlement model can not only exempt the upper limit of commission distribution, but also leverage integrated services such as investment research, consignment sales and securities lending, which will help securities firms extend the public offering industry chain and increase comprehensive service income. In addition, the digital transformation of wealth management and seller investment research of leading securities firms is also expected to usher in development opportunities.
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Editor in charge: Wei Yihan
