Core Insights - The report from the China Securities Association (CSA) provides a comprehensive review of the brokerage research business in 2024, highlighting trends in commission income, personnel changes, and the latest developments in research services [1][2]. Summary by Categories Commission Income and Market Trends - Institutional client commission income for brokerage research decreased to 19.865 billion yuan by the end of 2024, down 22.48% from 24.868 billion yuan at the end of 2023. The decline in income is primarily attributed to the public fund fee reduction reform [2][5]. - The average commission rate for public funds dropped from 7.37‰ in 2023 to 5.19‰ in 2024, alongside a nearly 10% decrease in stock trading volume, leading to a significant reduction in public fund commission income [2][5]. Industry Concentration and Competition - The competition in the brokerage research business intensified in 2024, with the top 30 brokerages accounting for 70.08% of the total number of analysts, indicating an increase in industry concentration [2][8]. - The top 10 brokerages in public fund commission income accounted for 47.38% of the total, reflecting a trend where fund companies prefer to concentrate their commission resources with leading brokerages for quality research services [2][5]. Research Development and Cross-Border Integration - Despite a 5% decline in domestic research reports, the number of brokerages publishing reports on overseas listed companies increased to 60, with a total of 14,732 reports published, marking a 5.37% growth [3][13]. - In 2024, 11 brokerages established industry research institutes to enhance their strategic research capabilities, focusing on areas such as artificial intelligence and regional economic development [3][14]. Analyst Workforce Dynamics - The total number of analysts increased by 20.69% to 5,628, despite an overall decline in the number of securities practitioners. Analysts now represent 58.51% of the research department workforce [8][10]. - The turnover rate for analysts rose, with 988 analysts leaving their positions in 2024, a 29.66% increase from 2023, while new hires decreased by 29.01% [10][11]. Research Report Quality and Compliance - The number of personnel responsible for quality control and compliance in research reports increased, with 314 quality auditors and 271 compliance reviewers, indicating a heightened focus on report quality and regulatory adherence [8][10]. Strategic Research Focus - Brokerages are aligning their research efforts with national strategies, focusing on areas such as technology finance, green finance, and digital finance, to enhance their role as market think tanks [14][15]. - The CSA recommends that brokerages improve the independence and professionalism of their research reports, exploring diversified revenue streams beyond transaction commissions [16][17].
监管公布券商研究业务新数据 公募佣金降两成 分析师增两成
智通财经网·2025-10-17 07:58