Core Insights - The traditional brokerage offline outlets are undergoing significant structural adjustments due to the deepening of digital transformation, with over 100 branches closed by more than 20 brokerages this year [1][3] - Brokerages are consolidating branches and focusing resources on core areas and high-potential businesses, transitioning from "extensive expansion" to "refined operations" [1][3] Summary by Sections Current Trends - As of this year, 25 brokerages have closed a total of 116 branches, with a noticeable acceleration in consolidation since September [3] - Notably, some brokerages are closing branches in major cities, breaking the previous trend of focusing on lower-tier cities [3] Challenges Faced - Brokerages face three main challenges: high customer acquisition costs, outdated service models, and homogenized services that weaken customer loyalty [4] - Traditional branches struggle to meet the growing demand for personalized services and wealth management, leading to a need for redefined value propositions and operational efficiency [4] Shift to Centralized Operations - A growing number of brokerages are adopting a centralized strategy for branch operations, emphasizing platform empowerment and resource integration [6] - The industry is shifting from a scale-driven model to a quality-driven approach, with a focus on enhancing customer service through technology and data [6][7] Future Outlook - In the next 3 to 5 years, brokerages are expected to see three major trends: an upgrade in service models, a shift towards centralized operations, and an expansion of branch functions to include diversified services [6] - The transition from traditional brokerage to wealth management is accelerating, with brokerages enhancing service efficiency and customer experience through the closure of inefficient branches and a focus on high-value businesses [7]

Core Insights - The traditional brokerage offline outlets are undergoing significant structural adjustments due to the deepening digital transformation in the industry [2][3] - Over 25 brokerages have announced the closure of 116 branches this year, with a notable acceleration in optimization efforts [2][3] - The shift from extensive expansion to refined operations is evident as brokerages consolidate resources towards core areas and high-potential businesses [2][3] Industry Trends - The continuous integration of offline outlets is primarily driven by the need to enhance operational efficiency and control costs amid rising competition and declining transaction commissions [3][4] - Brokerages face three main challenges: high customer acquisition costs, outdated service models, and homogenized services that weaken customer loyalty [3][4] - The traditional brokerage model is struggling to meet the growing demand for personalized services and asset allocation from retail investors [4][5] Strategic Shifts - A growing number of brokerages are adopting a centralized strategy for branch layout, emphasizing platform empowerment and resource integration [5][6] - The industry is transitioning from a scale-driven approach to a quality-driven model, with a focus on enhancing wealth management capabilities [5][6] - Future trends include the upgrade of service models, optimization of branch layouts, and diversification of branch functions to strengthen comprehensive financial service capabilities [5][6] Customer Service Evolution - The centralized model is expected to shift customer service logic from static grading to dynamic adaptation, enhancing service strategies through data integration [6] - As the industry accelerates its transition from traditional brokerage to wealth management, the focus on high-value services and customer experience is becoming increasingly important [6]

Core Viewpoint - The traditional offline brokerage network in China is undergoing significant structural adjustments due to the deepening of digital transformation, with over 100 branches closed this year as firms consolidate resources towards core areas and high-potential businesses [2][4]. Summary by Sections Current Status of Brokerage Offline Outlets - More than 25 brokerages have announced the closure of 116 branches this year, with a notable acceleration in consolidation, particularly in September [4]. - Some brokerages are breaking the trend of closing branches in lower-tier cities by shutting down offices in core areas of first-tier cities, such as Shanxi Securities closing its Beijing Guomao branch [4]. Challenges Faced by Brokerage Outlets - Brokerages face three main challenges: high customer acquisition costs, outdated service models focused on traditional brokerage, and a lack of differentiation leading to diminished customer loyalty [5]. - Traditional brokerage offices are struggling to meet the growing demand for personalized services and wealth management, necessitating a shift in value positioning and operational efficiency [5]. Shift Towards Centralized Operations - A growing number of brokerages are adopting a centralized strategy for branch layout, emphasizing platform empowerment and resource integration to provide more precise and higher-quality services [7]. - The industry is transitioning from a scale-driven model to a quality-driven approach, with a focus on enhancing customer service through data-driven strategies [7][8]. Future Trends in Brokerage Operations - Over the next 3 to 5 years, brokerage branches are expected to see three major trends: an upgrade in service models combining platform and human resources, a shift towards centralized operations, and an expansion of branch functions to include diversified services [8]. - The move towards centralized operations is anticipated to enhance service efficiency and customer experience, laying a solid foundation for the high-quality development of wealth management services [8].

Core Viewpoint - The brokerage industry is transitioning from extensive expansion to intensive management, with over 20 brokerages closing more than 60 branches this year to address operational challenges and enhance efficiency through digital transformation and optimized network layout [1][3]. Group 1: Shift from Extensive Expansion - Historically, brokerages adopted an expansion strategy focusing on quantity over quality, leading to high customer acquisition costs and severe business homogenization [3]. - The traditional model's reliance on increasing branch numbers has resulted in diminishing returns as client needs evolve and the market becomes more competitive [3][4]. - As of July 30, over 20 brokerages have decided to close more than 60 branches, including 8 subsidiaries and over 50 business offices, to optimize resource allocation [3]. Group 2: Emergence of Intensive Management - Intensive management is becoming a consensus among brokerages, characterized by the integration of resources across branches to enhance service efficiency [5][6]. - Brokerages are transforming physical branches into "wealth centers" and "business hubs," focusing on high-net-worth clients and utilizing technology to streamline service processes [6][7]. - The shift involves reducing reliance on commission-based income and prioritizing wealth management revenue, with a focus on high-value clients and digital service delivery [7][8]. Group 3: Future Outlook and Strategic Adjustments - In the next 3 to 5 years, brokerage branches are expected to evolve from mere transaction points to strategic hubs for comprehensive financial solutions [8]. - Brokerages are encouraged to break away from traditional practices, leveraging technology to enhance service quality and employee capabilities [8][9]. - Recommendations include reallocating resources from low-efficiency branches to high-potential areas and reforming performance metrics to focus on client retention and advisory service income [8][9].

【导读】从粗放式扩张转向集约化经营，券商分支机构破解经营困局 见习记者 舍梨 券商正加速告别 "跑马圈地"时代。今年以来，已有超20家券商撤销60余家分支机构，一场从粗放式扩张向集约化经营的深刻转型正在行业 上演。通过优化网点布局、强化平台赋能并拥抱数字化转型，券商分支机构力图破解传统经营困局。 告别粗放式扩张 过去，券商布局分支机构时，多采取扩张策略以覆盖更多区域，呈现出重数量、轻质量的粗放式扩张特点。 他介绍道，经营模式的变化体现在多个方面，例如，收入结构重塑，对佣金依赖度逐渐降低，转向财富管理收入为主的收入模式；服务重 心转移，核心服务对象聚焦高净值客户和机构客户，对零售客户通过线上服务、智能化工具覆盖基础服务；物理网点功能转型，减少传统 大型分支网点，在若干核心城市设立 "旗舰"分支，在其他地区以轻型网点为主。 多举措建立长效发展机制 一位券商经纪业务负责人分析道，这一传统的经营模式有多重问题：一是客户获取成本高，券商每年线上投入的广告、平台推广费用及线 下讲座路演、营销费用持续攀升；二是业务同质化严重，同质竞争导致行业陷入 "增收不增利"困局，资源过度消耗在新客户争夺中；三是 重"开户量"，轻"活跃 ...