六月份以来券商意外库存

在短短两天内,三大救市中信证券,国信证券和海通证券日前宣布,该委员会收到的调查,这也使得今年的主要救市,与的通知;国家队&被调查的人数为6。有业内人士表示,&有人说,券商股因此进入冬季,恐怕不是没有道理和。

11月26日和11月27日,三大救市中信证券,国信证券和海通证券日前宣布,该委员会收到调查通知,说因为公司被指涉嫌违反了&的,证券公司的有关规定,监督管理条例&,中国证券监督管理委员会决定进行调查。通过一系列的利空消息的打击,A股市场的大阴线天堂。 11月27日同时在上海和深圳创下了三个月的单日最大跌幅,跌幅超过5%,在券商股几乎全线限制的风暴眼。

事件

三&救援队和主要调查

中信证券,国信证券和海通证券公告,未透露为调查委员会的原因。据媒体报道,这是首次对三家券商个人稽查总队的调查,同时也是国家队的三大救市。

在八月下旬华泰证券,海通证券,方正证券和广发证券经纪业务和其他四个已立案调查,调查人员从当地检验机构。

据了解,下一次检查部门颁发的正式调查通知之前,会进行初步的证据,了解主后某些情况下将正式启动刑事调查。

在同一天,公开报道,中国证券业协会公布的证券场外交易业务发展情况的报告,在2015年四月至九月期间,共有中信证券虚增10600亿元互换规模。中国证券业协会表示,这是进一步的调查核实。有市场人士认为,膨胀的真正目的是为了掩盖资金的去向。中信证券官方回应称&提交错误&市场人士指出,到底是不是“提交错误”是相关部门进行核查。夜中信证券日前透露的大新闻是证监会的调查。

A股日到&黑色星期五&崩溃,中信证券和国信证券这两个限制;中信证券H股下跌了4.93个百分点。海通证券A股周五开盘,因为这是临时停牌,其H股的开盘短暂交易后,从9:36起停牌,暂停当股票下跌3.8%,创下历史新低,因为11月4日该公司宣布,港交所,没有内幕消息公告。

在最近的&救援队和 21券商海通证券,中高层团队的一个并没有改变这一消息的出现。那天晚上,海通证券发布公告,证实了此前媒体的猜测。海通证券昨日宣布,收到中国证券监督管理委员会&调查通知书&该公司涉嫌违反&的有关规定;证券监督管理和根据&中国证券法&的中华人民共和国;规定,委员会决定发起该公司进行调查。

追访

两位券商高管和张育军紧密

真正让市场陷入沉思,这是今年下半年,证券行业的争议。中信证券和国信证券委员会立案调查他们,他们都面临着人事动荡之前。 10多名高级总经理郑波明包括中信证券已被带走调查,其中包括最近宣布了他的退休王东明灵魂; 10月23日,陈香,国信证券总裁桥梁被发现吊死在家中。陈宏桥之所以自杀,市场传出多个版本。有消息称,两家券商关键人物,无论是救援总指挥,原主席助理张育军委员会密切调查。

9月15日,中信证券总经理程博明被带走调查,郑波明后来被指控涉嫌内幕交易,泄露内幕信息。一天后,证监会张育军的主席助理被宣布被带走,从而打通了证券行业的大地震和大屏幕。

在朋友张育军圈,张玉军和郑波明派别属于五道口传言两人私交甚好,过从甚密。双方的简历可以在张育军找到就读于中央财经银行五道口学院,后来又师从程博明主持中国证券监督管理委员会刘鸿儒第一个任期内,他们是真正的老乡同门,同在一个星期内被解雇,不能引发市场遐想。此外,中信证券程博明除了总经理,中信证券检查了执行委员会张育军徐刚的成员还校友之一。

宸鸿和张育军桥是深藏在资本圈的重要人物的交集,两人不仅是北校友,深圳证券交易所也工作了六年。公开信息显示,张育军2000至2008年担任深圳证券交易所总经理,在此期间,陈某已被其得力干将,担任副总经理。媒体援引知情消息来源张育军陈红一直是桥梁的&老领导&相称,并极力称赞张育军离开张某,陈宏桥分管日益边缘化的企业后,推动创新经纪业务的证券业在深圳,深圳证券交易所。

两家券商进行了检查相关的司

中信证券和国信证券,两家券商的交集,除了张育军,而且还因为公司的秘书和链接。

该公司在市场崩溃时的秘书成为救市的焦点,两个证券交易所在上海和深圳在七月下旬撤销申报或频繁频繁的报告涉嫌影响24的证券交易账户的价格采取限制性贸易措施,其中一个是贸易公司的秘书,而大股东的秘书是世界上最大的对冲基金城堡之一。

被告人为涉嫌存在大规模的卖空交易提供便利的国信证券部。最近,A&股指期货,&的通报国信证券异常交易;文档在线流媒体,内容是国信证券因做空股指期货和单一的促进短期销售的公司被通知司。与此前公告由于一些券商的融资问题正在调查不同,唯一的内部通信,没有透露。根据通报内容,该委员会已要求国信证券,负责主要的人的深圳证券监督管理机构,负责自营业务高管谈话,并责令公司进行内部负责人员的责任。这也是原因,市场认为陈宏桥事故之一。

中信证券事业部也被外界认为是程度有牵连。据了解,该司于2010年成立的公司,在中信年度投资公司$ 1,000,000投资部,占20%的股份。工商资料显示,金石投资中信拥有年有超过92%的股份。公安机关在对被中信证券刘伯明诚??总经理的调查,2009年后几年前,以及两家公司的金石投资中信联创公司董事长。

陈虹在国信证券桥自杀的同一天,中信证券金石投资直投机构的子公司,总经理祁曙光也被带走调查,但并没有证实是在调查或协助调查。齐书咣中信联创总经理的创始股东,负责中信证券直投业务的城堡司原全资子公司,一直参与公司的投资部。有迹象表明,市场是很难相信,中信证券完全从与公司的秘书之间的关系撇清。

犯罪嫌疑人

中信证券徐翔股票台阶?

私募巨头徐翔经过调查,徐翔,中信证券的交叉点,自然成为市场关注的焦点。

媒体调查发现,泽熙系徐翔部和中信证券操盘ST长油退市相交。 2014年6月5日,ST长油股票被上海证券交易所摘牌。 2014年8月6日,ST长油股在国内正式中小企业股份转让系统,证券简称:英寸长油3英寸;,自4月20日,在全国传输系统恢复2015年转让公司股票的股份,股票通过提到了英寸长油3英寸以英寸长油5&

公开信息显示,11月5日,& 2.49元隆油5'收盘价。而且,由于4月20日恢复交易,英寸长油5英寸股价一度达到4.17元高位。信息英寸长油3英寸(2014年8月6日至2015年4月20号的简称)公布的三季报显示,2014年,徐翔家族的四成英寸长油3,& ,前十大股东中的徐翔,应颖(徐翔的妻子),徐佰良(徐翔的父亲),郑酥贞(徐翔的母亲)四连前十名股东,持有5.5亿股英寸长油3英寸共有2200股。据行业信息,市场进入成本估计徐翔毛家大约相当于7级以上。在此转换中,根据英寸长油5英寸高值计算,持股徐翔家族的市值翻了近六倍。即使在低成本计算11月5日,总市值翻了三倍。

市场认为,徐翔的家人更希望,英寸长油5英寸回到主板上。根据2015年三季报显示的内容,该英寸长油5英寸已经实现了盈利。按照既定目标,如果在2016年继续盈利,我们就可以重新上市的2017年,当几毛钱的侵入股票英寸长油5英寸徐翔的家庭保有量,将可能实现倍的增长数量。

交易者ST长油退市转板事宜中信证券。中信证券熊退市的ST长油引起了狩猎游资,在家族中最凶猛的力量来自于徐翔。市场质疑,如果与中信证券交易相关联的徐翔有沟通,可以更好地解释徐翔的操作。

与此同时,后被逮捕徐翔,徐翔股市重挫,市场由此发现,中信证券也加紧在徐翔股票。 11月2日和3,持股徐翔郑酥臻母亲的部分表现得相当惨烈,大恒科技这两个限制,文峰股价下跌超过12%。今年三季报显示,郑苏镇持有27500股文峰股份,14.88%的股份,是该公司的第二大股东;大恒科技持有12996万股,29.75%的股份,是公司第一大股东。据媒体统计,两家上市公司,三季报显示,今年第三季度末,中信证券持有大恒科技2.091亿股,位居其第七大流通股股东;文峰股份持有3.84亿股,也位列其流通股第七大股东。

你有什么关系,市场仍持怀疑态度,两者之间。

在地图/视觉中国

财经观察

券商股进入寒冬?

周五,A股上演了一出&黑色星期五&,沪指下跌5.48%,深成指下跌6.31个百分点。券商板块提升限制潮,板块跌幅达9.76%,领涨两市行业板块。东吴证券,华泰证券,国元证券,中信证券,兴业证券,国信证券等19只个股集体极限。从资金流向,券商板块集体呈现出净流出的23个股净流出资金交易可以突破十亿大关,资金板块累计净流出达68十亿人民币。

券商股集体暴跌,业内人士认为,这是由于所造成的多重利空的压力。佣金收入证券交易暂停运营,&去杠杆化&延伸至场外衍生工具交易,而中信证券,国信证券和海通证券委员会立案调查更是成为市场下跌爆破点,此外,在11月30日新股申购,导致资金面一定的压力。

市场分析人士指出,最近发生的事件检查或会有一定的影响不同的业务券商。中信证券,国信证券和海通证券的风险更大遇到,从降级的风险后,调查可能会面临处罚和着陆带来的。

据了解,根据&证券公司分类监管规定&,100分的券商基准值的正常运行。证券公司分类的2015年业绩,中信证券,国信证券被评为最高等级AA。大同证券分析师张诚表示,如果一个经纪人受到惩罚,他们的成绩会相应降低,并有可能降级。一旦券商调降评级,这势必会对投资者产生一定的影响。券商评级低,不会开展创新业务。保证金,股票质押回购,并通过即将举行的上海和香港(包括香港,深圳)逆回购债务,以及其他服务,我们需要有一个很高的评价的证券。此外,券商评级低,需要付出更多的投资者保护基金的资金消耗大,对其他企业相同的效果。

三年券商集体调研,财经专栏作家皖南说3大券商往往存在缺陷导致事故的中国。她指出,第一,中国证券业不应该有资格&出生证英寸;其次,因为有市场,然后再有规定,干起来,说了很多东西;最后,监管者和被监管兼职彼此,为利润创造了条件。

据媒体报道,目前救援主城&国家队&有六个调查。 8月25日,&证券日报&在题为头版&摧毁了中国股市的信心也会危及整体改革,&文章指出:&一些机构几乎放弃了基本面的分析,而是集中精力在最前“使国家稳定基金的钱';.他们的做法已经成为一个重要的因素,破坏市场稳定,&到了晚上发表的文章,与中信,国信一样&海通救助国家队&,广发,中国和泰国,方正四家券商公布了证监会的调查。根据该通知当时的措辞,他正在调查&的原因;涉嫌未按审查,了解客户的身份和其他违法违规行为&。

首席市场分析师申银万国证券研究所桂浩明担心&有人借此说券商股进入冬天了,恐怕不是没有道理和。首先是利用监管的措施下跌不断,在融资融券业务保证金比例的倍后,他们停止了融资业务类收益互换,多渠道的券商收入受到抑制,而卷构成某种压力。其次,在过去的几年中,资产管理业务的券商,重点在通道上。现在,一方面是市场利率下降,而另一方面股市暴跌的一年,各行各业借出资金风险意识也越来越多,利润率渠道业务被压缩。

桂浩明认为,券商的内部管理可能更令人不安。虽然很多东西没有定论,有些事情只是一个巧合,但经纪人暴露出管理上的漏洞,以及核心管理人员,因为所造成的冲击和其他公司的问题,似乎是不可避免的。券商股现在可能是比较高的一个不确定的时期,这不能不影响其估值。文/本报记者刘慎良

Since June brokerage accident inventory

In just two days, the three main bailout CITIC Securities, Guoxin Securities and Haitong Securities has announced that the Commission received notice of investigation, which also makes the main bailout this year, "national team" being investigated by the number to 6. Insiders said, "Some people say that the brokerage stocks accordingly entered the winter, probably not without reason."

November 26 and November 27, the three main bailout CITIC Securities, Guoxin Securities and Haitong Securities has announced that the Commission received notice of investigation, have said because the company accused of alleged violation of the "Securities Company the relevant provisions of supervision and management regulations ", China Securities Regulatory Commission decided to carry out its investigation. By the series of bad news hit, A-share market a large Yinxian heaven. November 27, both Shanghai and Shenzhen hit a three-month single-day decline, decline surpassed 5%, in the eye of the storm of the brokerage stocks almost across the board limit.

Event

Three "rescue team" the main investigation

CITIC Securities, Guoxin Securities and Haitong announcement, did not disclose the reason for the investigation by the Commission. According to media reports, this is the first time personally inspection division survey of three brokerage firms, but also the national team three main bailout.

In late August Huatai Securities, Haitong Securities, Founder Securities and GF Securities brokerage and other four have been to initiate an investigation, investigators are from the local inspection agencies.

It is understood that before the next inspection department issued a notice of a formal investigation will be conducted preliminary evidence, understood that after the master certain circumstances will officially launch a criminal investigation.

On the same day, publicly reported that the Securities Association of China announced OTC securities business development situation report that in April 2015 to September, a total of CITIC Securities inflated scale of 1.06 trillion yuan swaps. Securities Association of China said it is further investigation and verification. Some market participants suggested that inflated the true purpose is to cover up the whereabouts of funds. CITIC Securities official responded that "filing error." Market participants pointed out that in the end is not 'submit error' to be relevant departments for verification. Night CITIC Securities has revealed the big news was the SFC investigation.

A-share day into a "Black Friday," the crash, CITIC Securities and Guoxin Securities both limit; H shares of CITIC Securities fell 4.93 percent. Haitong Securities A shares Friday from opening since that is the temporary suspension, its H shares after the opening short transactions, from 9:36 from the suspension, suspended when the stock fell 3.8%, a record low since November 4. The company announced that the HKEx, not for insider news bulletin.

recently as "rescue team" 21 brokerage Haitong Securities, one of the senior team did not change the appearance of the news. That night, the Hai Tong Securities announced, confirming earlier media speculation. Hai Tong Securities announced yesterday received the China Securities Regulatory Commission "investigation notice" that the company suspected of violating the relevant provisions of "Securities Supervision and Regulation." According to "People's Republic of China Securities Law" stipulates that the Commission decides to initiate an investigation of the company.

Interrupted

two brokerage executives and Zhang Yujun closely

really let the market deep in thought, it is the second half of this year, the securities industry controversy. CITIC Securities and Guoxin Securities Commission to initiate an investigation before they are, they are faced with personnel turbulence. More than 10 senior general manager Cheng Boming including CITIC Securities has been taken in for questioning, including, recently announced his retirement Wang Dongming soul; October 23, Chen Hong, president of Guoxin Securities bridge was found hanged at home. Chen Hong bridge reason for suicide, the market came in several versions. It is said that the two brokerages key figure, both with rescue commander, former assistant to the chairman Zhang Yujun Commission closely investigated.

September 15, general manager of CITIC Securities 程博明 been taken in for questioning, Cheng Boming was later accused of alleged insider trading, disclosure of inside information. After a day, the Assistant Chairman of the SFC Zhang Yujun was declared to be taken away, which opened the securities industry Earthquake and the big screen.

In Zhang Yujun circle of friends, Zhang Yujun and Cheng Boming factions belong to Wudaokou rumors the two enjoyed good personal relations, hobnobbing. From both sides resume can be found during the Zhang Yujun enrolled in Wudaokou Institute of Finance Central Bank, and later studied with 程博明 presidency China Securities Regulatory Commission Liu Hongru first term, they are the real fellow with the door, with sacked within a week , can not trigger market reverie. In addition, general manager of CITIC Securities 程博明 addition, CITIC Securities checked one of the members of the Executive Committee Zhang Yujun Xu Gang also alumni.

Chen Hong and Zhang Yujun bridge is the intersection of important figures deep in the capital circle, the two not only North alumni, the Shenzhen Stock Exchange also worked for six years. Public information display, Zhang Yujun from 2000 to 2008 served as general manager of the Shenzhen Stock Exchange, during which Chen has been its skeleton staff, served as deputy general manager. Media ed informed sources of news that Zhang Yujun Chen Hong has been the bridge to the "old leadership" proportionate, and strongly praised Zhang Yujun promote innovation brokerage business in the securities industry in Shenzhen, the Shenzhen Stock Exchange after leaving Zhang, Chen Hong bridge in charge of the business increasingly marginalized.

Follow

two brokerages were checked with the Secretary of the relevant

CITIC Securities and Guoxin Securities, the intersection of the two brokerages, in addition to Zhang Yujun, but also because the Secretary of the Company and linked.

Secretary of the company during the market crash become the focus of the bailout, the two stock exchanges in Shanghai and Shenzhen in late July to revoke the declaration or frequent frequent reporting suspected affect the price of 24 securities trading accounts taken restrictive trade measures, one of which is Secretary of the trading company, and the Secretary of the major shareholders is one of the world's largest hedge fund Citadel.

Guoxin Securities Division of the accused for the alleged existence of a large-scale short sales transactions facilitated. Recently, a "briefing Guoxin Securities abnormal trading of stock index futures," the document online streaming, the content is Guoxin Securities due to shorting index futures and single facilitate short sales for the Division of the company being notified. With the previous announcement due to a number of brokerage firms with financing problems being investigated different, the only internal communications, not disclosed. Under the notification content, the Commission has requested the Shenzhen Securities Regulatory mechanism of Guoxin Securities, the main person responsible, in charge of self-employed business executives to talk, and ordered the company to conduct an internal personnel responsible accountable. This is also one of the reasons the market that Chen Hong bridge accident.

CITIC Securities Division is also been speculation that the degree have been involved. It is understood that the Secretary for the establishment of the company in 2010, when the Year of CITIC invested $ 1,000,000 Investment Division of the company, accounting for 20% stake. Business information, Gold Stone CITIC owns the Year with more than 92% stake. Public security agencies in the investigation of being general manager of CITIC Securities Cheng Boming, after 2009 years ago, as well as stone investment CITIC Lianchuang chairman of both companies.

Chen Hong bridge in Guoxin Securities suicide the same day, a subsidiary of CITIC Securities Gold Stone direct investment institutions, general manager 祁曙光 also been taken in for questioning, it was not confirmed to be under investigation or assist in the investigation. Qi Shuguang former wholly owned subsidiary of Citadel Secretary of the founding shareholders of CITIC Lianchuang general manager, responsible for CITIC Securities direct investment business, has been involved in Investment Division of the company. There are signs the market is hard to believe, CITIC Securities totally distance themselves from the relationship with the Secretary of the Corporation.

suspect

CITIC Securities Xu Xiang stepped in stocks?

private equity giant Xu Xiang after investigation, Xu Xiang and the intersection of CITIC Securities, naturally become the focus of market attention.

The media survey found Chak Hee Department, Xu Xiang Department and CITIC Securities Trader ST long oil delisting intersect. June 5, 2014, ST long oil shares were delisted from the Shanghai Stock Exchange. August 6, 2014, ST long oil stocks in the country formally SME share transfer system, the securities referred to: "long oil 3", since April 20, 2015 transfer of shares of company stock in the national transfer system recovery, the stock referred to by the "long oil 3" to "long oil 5."

public information display, November 5, "long oil 5 'closing price of 2.49 yuan. And since April 20 to resume trading, "long oil 5" shares once reached a high of 4.17 yuan. The information "long oil 3" (August 6, 2014 to April 20, 2015 for short) published three quarterly show in 2014, Xu Xiang family of four into the "long oil 3," the top ten shareholders in. Xu Xiang, should Ying (Xu Xiang wife), Xu Bailiang (Xu Xiang father), Zheng Suzhen (Xu Xiang mother) four with the top ten shareholders, holding 550 million shares are "long oil 3", a total of 2,200 shares. According to trade information, market entry costs estimated Xu Xiang Mao family's roughly 7 above. In this conversion, in accordance with the "long oil 5" high-value calculation, the market value of holdings of Xu Xiang family turned nearly six-fold. Even under the low-cost computing November 5, the market capitalization tripled.

The market believes that Xu Xiang family more hope, "long oil 5" back to the motherboard. According to the contents of 2015 three quarterly show, the "long oil 5" has been achieved profitability. In accordance with established objectives, and if in 2016 continue to be profitable, we will be able to re-listed in 2017, when a few cents an incursion into the stock "long oil 5" Xu Xiang family holdings, will probably realize the number of times growth.

The Trader ST long oil delisting rotation plate matters CITIC Securities. CITIC Securities bear delisting ST long oil caused a hunting hot money, the most ferocious force in the family came from Xu Xiang. Market questioned if Xu Xiang associated with CITIC Securities traders have communication, you can better explain Xu Xiang operation.

At the same time, after being arrested Xu Xiang, Xu Xiang stocks tumbled, the market thus found, CITIC Securities also stepped in Xu Xiang stocks. November 2 and 3, part of the stock holdings of Xu Xiang Zheng Suzhen mother behaved quite tragic, Daheng Technology both limit, Wenfeng shares fell over 12%. Three quarterly show this year, Zheng Suzhen holds 27,500 shares Wenfeng shares, 14.88% stake, is the second largest shareholder of the company; Daheng Technology holds 12996 shares, 29.75% stake, is the company's largest shareholder. According to media statistics, the two listed companies, three quarterly show, end of the third quarter of this year, CITIC Securities holds Daheng Technology 209.1 million shares, ranking it the seventh largest tradable shareholders; Wenfeng shares held 384 million shares, Also ranked it the seventh-largest holders of tradable shares.

What Have relations, the market remains skeptical between the two.

for map / Vision China

Financial Observer

brokerage unit into the winter?

Friday, A shares staged a "Black Friday", the main stock index fell 5.48%, Shenzhen Component Index plunged 6.31 percent. Brokerage plate lift limit tide, plate fell up to 9.76%, led by the two cities the industry sector. Soochow Securities, Huatai Securities, Guoyuan Securities, CITIC Securities, Societe Generale Securities, Guoxin Securities and other 19 stocks collective limit. From capital flows, the brokerage sector collective showing a net outflow, the net outflow of 23 stocks traded funds can be surpassed billion mark, plate cumulative net outflow of funds up to 68 billion yuan.

brokerage stocks collective slump, the industry believes that this is due to the pressure caused by multiple bad. Commission income securities exchange to suspend operations, "deleveraging" extended to OTC derivative transactions, while CITIC Securities, Guoxin Securities and Haitong Securities Commission to initiate an investigation is to become the market fell blasting point, in addition, on November 30 subscription of new shares, cause some pressure on the financial side.

Market analysts pointed out that the recent events checked or will have some impact various business brokerage. Greater risk of CITIC Securities, Guoxin Securities and Hai Tong Securities encountered, from the investigation after the downgrade risk could face penalties and landing brought.

It is understood that under the "Securities companies classified regulatory requirements", the normal operation of the brokerage benchmark score of 100 points. Classification of securities companies in 2015 results, CITIC Securities, Guoxin Securities were rated highest level AA. Datong Securities analyst Zhang Cheng said that if a broker was punished, their scores will be reduced accordingly, and has the potential downgrade. Once the broker downgrades, it is bound to have some impact on investors. Broker rating low, will not carry out innovative business. Margin, stock pledge repurchase and reverse repurchase debt through the upcoming Shanghai and Hong Kong (including the Hong Kong-Shenzhen), and other services, we need to have a high rating securities. In addition, brokerage rating is low, need to pay more investor protection fund for capital consumption is large, the same effect on other businesses.

For three brokerages collective investigation, financial columnist Wannan said that three big brokerages often flawed resulting in China accident. She pointed out that, first, the Chinese securities industry should not have qualified for "birth certificate"; secondly, because there is a market first and then there are regulations, dry up and say a lot of things; and finally, regulators and the regulated part-time with each other, as profits to create the conditions.

According to media reports, the current rescue the main city "national team" has six investigation. August 25, "Securities Daily" on the front page entitled "to destroy the confidence of the Chinese stock market will jeopardize the overall reform," the article pointed out: "Some institutions almost gave up analysis of the fundamentals and instead to concentrate on 'making national stability fund money 'on top;. Their approach has become an important factor in damage market stability, "the article issued by the evening, with CITIC, the letter the same as" Haitong bailout national team ", GF, China and Thailand, Founder four brokerages announcement was SFC investigation. According to the wording of the notification at the time, he was investigating the cause of the "alleged Failing review, understand customer identity and other illegal acts."

chief market analyst at Shenyin Wanguo Securities Research Institute Gui Haoming is worried that "someone whereby said brokerage shares into the winter now, probably not without reason." The first is the measure of leverage regulators fall constantly, in a fold increase of the proportion of the margin trading business margin after they stopped the financing business class return swaps, multi-channel brokerage income was inhibited, while the volumes constitute some kind of pressure. Secondly, the past few years, the asset management business brokerage, focusing on the channel. Now on the one hand the market interest rates fall, on the other hand after the year of the stock market crash, all walks of life to lend the funds risk awareness is also increasing, profit margins channel business is being compressed.

Gui Haoming believe that brokerage internal management may be more disturbing. Although a lot of things inconclusive, some things just a coincidence, but brokers are exposed loopholes in management, as well as core management staff because the problem caused by shock and other companies, seems to be unavoidable. Brokerage stocks now is probably relatively high in a period of uncertainty, which can not but affect its valuation. Text / reporter Liu Shen-liang