1) Require the controlling shareholder's total assets and net assets to be no less than 50 billion yuan and 20 billion yuan respectively and “the core main business is outstanding, and the main business has continued to make profits for the last 5 years”. At present, only 170 of the A-share listed companies meet the requirements and Basically, the central enterprises and local state-owned enterprises are the main ones. There are less than 30 civil enterprises that meet the requirements. The policy intention of regulating private brokers by promoting the entry threshold is significant;
2) For the newly established brokers, although the approval of the establishment of domestic brokerages has been restarted, the number of privately-held securities brokers is expected to remain limited in the future due to the high entry barriers for brokerage shareholders (the former private enterprises have acquired financial licenses through various means). And the behavior of creating a gold control platform is regulated);
3) For stock brokers, there are not many companies that meet the regulatory requirements of privately-held securities brokers. If they are transformed into professional brokers after the transition period of five years, the limited development of leveraged funds will drive them to accelerate the creation of traditional businesses. Differentiated competitive advantages (if the business homogenization is still serious, the market will be further competitive, the profitability will further decline, the ROE level will decrease, the operating pressure will increase, or the private shareholders will be forced to transfer the shares).
In addition, the competition in the securities industry is intensifying, and the Matthew effect is expected to be strengthened. The profitability of large brokerages will continue to expand. It is expected that leading brokers are expected to open up resource integration and rely on mergers and acquisitions to break through the endogenous growth bottleneck, and industry concentration is expected to further increase.
The new regulations tightened the supervision of shareholders of securities companies. Internet companies are basically not expected to hold securities brokers in the future. Even if Internet companies meet the requirements of total assets, net assets and profitability, the regulations stipulate that “the proportion of individual non-financial enterprises actually controlling securities companies’ equity must not exceed 50% in principle. "The acquisition of a controlling share is still subject to restrictions." The value of the technology financial platform that has obtained the license has increased.
风险提示：1）二级市场交易量急剧下降; 2）行业的合并和重组没有像预期的那样取得进展; 3）金融监管政策收紧。