Securities Times reporter Xu Ying

　　On February 14, the brokerage sector slumped collectively, becoming the focus of the entire market.

As of the close, the securities index fell by more than 4%, Orient Fortune fell by more than 13%, GF Securities fell by more than 9%, Great Wall Securities, Huatai Securities, and Xiangcai Securities fell the most.

　　In hindsight, a number of factors could have explained the day's slump.

One is the overall volatility of the securities business sector; the other is that the newly issued funds have been cold since the beginning of the year, which has caused the market to worry about the long-term growth space of securities business wealth management.

In addition, Orient Fortune issued a reminder announcement on the last redemption of convertible bonds last Friday night, which may face selling pressure on convertible bonds, and there is a short-term chip game.

　　The most concerned factor is undoubtedly the cold fund issuance.

Data show that as of February 13, the number of newly issued funds this year was 165, and the issuance scale was 129.807 billion yuan, both of which were down from the same period last year.

　　It can be seen that Dongfang Wealth and GF Securities, which have fallen heavily this time, are both "top students" in the wealth management industry.

Orient Fortune is one of the securities companies with the best growth in the fund sales side. GF Securities has a stake in E Fund and GF Fund, and has outstanding business advantages in big wealth.

　　Since the trend of the brokerage sector is often related to the broader market, A-share liquidity, transaction activity, and market sentiment will all be magnified in the sector.

The continuous adjustment of the market in recent days has also exacerbated the market's anxiety, but it is precisely this emotion that may lead to misjudgment of investment.

　　Taking Oriental Fortune as an example, some non-bank analysts pointed out that the company's agency sales and commissions rely on the stock scale, and there is still a significant year-on-year effect. In the fourth quarter of last year, the company's active product agency sales reached 537.1 billion yuan, an increase of 10.95% from the previous month.

Another institution pointed out that the conversion of convertible bonds into shares only constitutes a short-term liquidity impact on the underlying shares, and does not change the long-term positive trend.

Looking over the long term, Oriental Fortune has brought rich returns to investors. Even if it is adjusted this year, its increase since 2019 is still nearly 300%.

　　In addition, from a fundamental point of view, the brokerage sector still has dazzling performance support.

At present, more than 30 securities companies have disclosed their 2021 performance forecasts, with more than 80% pre-increase, and half of the securities companies' net profit growth rate is more than 30%.

In the long run, multiple factors such as "housing and not speculating" and new regulations on asset management drive the transfer of residents' wealth to equity assets, and the wealth management business of securities firms will have better stability and growth.

　　Learning from overseas development experience, the era of wealth management is the general trend.

According to the Soochow Securities Research Report, the asset allocation of overseas developed countries pays more attention to financial assets, and financial assets such as equity, bonds, insurance and pensions occupy a major position. In 2019, equity assets accounted for 33.9% of the total assets of US residents.

　　In contrast, the overall allocation ratio of China's financial assets is only 20.4%. The financial assets are mainly deposits and bank wealth management, and financial assets such as stocks and funds account for less than 10%.

　　After the sharp drop on Monday, there are still many institutions optimistic about the brokerage sector.

Some sellers even commented after the market that some high-quality brokerage stocks have fallen out of high cost performance.

In any case, for investors, studying the fundamentals is still necessary homework.