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从券商降佣观察证券行业转型
Zheng Quan Ri Bao· 2025-08-04 16:27
■李文 上海市证券同业公会近期发布的数据显示,今年上半年,上海地区A股平均佣金率为0.201‰,同比下降8.2%。这一数据并 非短期波动,而是延续了近年来佣金率持续下行趋势,成为当下证券行业发展过程中一个不可逆转的显著特征。佣金率的每一 次下探,都在催促行业从"通道依赖"向"价值创造"转型。 笔者认为,券商佣金率持续下降,是市场竞争加剧、技术进步以及行业转型等多重因素共同作用的结果。传统经纪业务深 陷同质化困局,这是"价格战"的根源所在。在服务内容与质量差异不大的情况下,降低佣金已成为券商争夺客户最直接、最有 效的手段。为了抢占市场份额,券商主动发起或被动卷入"价格战",从而不断压低行业佣金率底线。 金融科技的深度渗透也为低佣金模式提供了可行性。在线开户、移动交易、自动化处理等技术的普及以及金融科技的赋 能,大幅降低了券商单笔交易的业务成本。这使得券商可在维持一定利润水平的前提下,有能力降低面向客户的佣金费率。特 别是大型券商或互联网优势显著的券商,凭借庞大的客户基础和交易量,通过"以量补价"的方式摊薄了运营成本,为其佣金的 降低提供了空间。此外,近年来不少券商也在战略性降佣践行责任担当,助力活跃资本市场、提 ...
IPO受理提速,头部券商持续加码北交所
Zhong Guo Ji Jin Bao· 2025-06-08 13:37
Core Viewpoint - The A-share IPO market in China showed signs of warming in May, with a total of 16 IPO applications accepted, surpassing the total of the first four months of the year [1] Group 1: IPO Market Dynamics - In May, the Beijing Stock Exchange (BSE) accepted 18 IPO applications, accounting for nearly 70% of the total [1] - The acceleration in IPO approvals is attributed to the implementation of the "19 reform measures" and seasonal factors, as many companies resumed their applications after updating their financial reports [1] - The top three securities firms in terms of projects under review at the BSE in the first five months were CITIC Securities, Guotai Junan, and Kaiyuan Securities, each with 11 projects [2] Group 2: Securities Firms' Strategies - Mid-sized securities firms are adopting unique strategies to differentiate themselves, such as creating specialized funds to nurture early-stage projects [2] - Leading securities firms are increasingly focusing on the BSE, with a notable rise in their underwriting amounts, indicating a shift in market dynamics [5] - The top ten underwriters for BSE IPOs in 2023 included six leading firms, compared to four in 2022, highlighting the growing presence of larger firms in this space [5] Group 3: Market Trends and Future Outlook - The BSE is becoming a battleground for both mid-sized and leading securities firms, with a focus on serving innovative and growth-oriented companies [4] - The quality and liquidity of companies listed on the BSE are improving, with a significant expansion in high-quality listings expected [7] - The number of securities firms participating in the New Third Board recommendation and listing business has increased, indicating a growing interest in this market segment [6]