China** newspaper reporter Li Shuchao's latest public offering ** holding data is released, and the brokerage department continues to rise! On February 2, AMAC announced the data on the scale of public offering of sales agencies in the fourth quarter of 2023. In the fourth quarter of last year, the trend of ** and the bond market diverged, the overall scale of equity holdings shrank, but the scale of non-stock holdings continued to rise. In the scale of equity holdings, benefiting from the contrarian upward trend of the scale of ETF holdings, the brokerage department surpassed the third-party sales agencies for the first time, especially Shenwan Hongyuan** surged by 130%, with a single-quarter increase of 49 billion yuan in equity holdings, and ranked among the top three in the brokerage industry for the first time, and the scale of equity holdings was second only to CITIC ** and Huatai**. China Merchants Bank and Ant ** are still the leadersShenwan Hongyuan** surged by 130%.In the fourth quarter of last year, under the background of the adjustment of the equity market and the bullish bond market, all kinds of first-class sales agencies also showed the same trend. According to the data, as of the end of the fourth quarter of 2023, among the top 100 public offerings in the whole market, the scale of equity holdings has reached 502 trillion yuan, a decrease of 295 billion yuan from the previous month, and the scale shrank by 6%; In the same period, the scale of non-public offering was 855 trillion yuan, an increase of 122.2 billion yuan or 1% month-on-month. Judging from the data of leading institutions, the market leading positions of China Merchants Bank and Ant ** are still stable. Among them, China Merchants Bank's "first-class mixed" public offering scale is 502.8 billion yuan, which is 500 billion yuan, still ranking first in the industry; Ant ** followed with 459.2 billion yuan, and the equity holdings of the two leading institutions increased by % month-on-month; The equity category of Tiantian also held the 400 billion yuan mark, and the scale shrank by 6% month-on-month. In the data on the scale of equity **, the top 10 institutions have all shrunk in scale, and the number of equity ** holdings of Shenwan Hongyuan of the brokerage department has surged by 130% against the trend, and the scale has increased from 37.7 billion yuan to 86.7 billion yuan in the same period, and the scale of holdings has increased by 49 billion yuan in a single quarter, ranking first in the top 100 list. With the surge in scale, Shenwan Hongyuan** ranked in the scale of equity holding, and also jumped from 33 in the previous period to 12, second only to CITIC ** and Huatai ** among brokerage institutions, ranking among the top three in the industry. 
In addition to Shenwan Hongyuan**, on the list of equity ** holding scale growth, Chinese Life Insurance shares*** held 6.2 billion yuan, ranking second; Investment promotion** increased by 4.9 billion yuan in the same period, ranking third. In addition, many brokerages such as Ping An**, Oriental Fortune**, and China Galaxy ** have also increased their equity holdings by more than 1.8 billion yuan. Talking about the phenomenon of the surge in the number of equity holdings of a number of brokerage institutions, a senior person from a leading brokerage told reporters that there is a high probability that the above-mentioned institutions will make efforts in the field of **ETF and become an important starting point for brokerages to expand the scale of equity holdings. At the same time, banks and third-party agencies have more active equity **, and the net value of such products will be adjusted, which will drag down the scale of such institutions. In fact, during the downturn in the fourth quarter of last year, all kinds of funds rushed into ETFs, pushing up the scale of brokerage holdings in equity. Wind data shows that as of the end of the fourth quarter of 2023, the total scale of 833 equity ETFs (including cross-border ETFs) in the whole market has reached 174 trillion yuan, a single-quarter growth of more than 55 billion yuan, a scale increase of 3%. The scale of non-stock holdings increasedThe scale of ownership by many banks and third parties has increased by more than 10 billion yuanAlthough in the first adjustment, the number of third-party and bank equity holdings is under pressure, the scale of non-stock holdings is a bright spot. According to data from the AMAC, as of the fourth quarter of last year, the scale of Ant's ** non-stock public offering was 127 trillion yuan, ranking first, with a single-quarter increase of 18.2 billion yuan; In the same period, the Postal Savings Bank and the Industrial Bank both had a non-cargo growth of 25 billion yuan, and the Ping An Bank increased by 19.4 billion yuan in the same period. 
Among the brokerage institutions, benefiting from the surge in the scale of equity holdings, Shenwan Hongyuan's ** non-goods increased by 49.4 billion yuan, ranking first in the growth list; China Merchants and Guotai Junan have also increased the scale of non-goods holdings with a volume of 10 billion yuan. Among the third-party institutions, in addition to Ant**, Shanghai Wind**Sales***Shanghai Lead**Sales***Non-Cargo Ownership Scale has also increased by more than 12 billion yuan, and the growth is also relatively rapid. Among the top 50 equity holdingsFor the first time, the brokerage system surpassed the third partyUnder the "seesaw" effect of stocks and bonds, banks, brokers, third parties and other three types of first-class sales agencies are also facing the trade-off of the scale of ownership. From the perspective of the structure of the holdings of the top 50 institutions, the scale of equity public offerings, the brokerage system has reached 121 trillion yuan, more than 116 trillion yuan, ranking second among the three categories of institutions for the first time. The scale of equity holdings in the quarter increased by 35%, and non-goods increased by 7% month-on-month. 
The leading position of the banking system is still unshakable, and the scale of equity public offering has reached 223 trillion yuan, which is still more than 1 trillion yuan higher than the brokerage system, and the non-goods are even more than 369 trillion yuan, far more than the other two types of institutions. Although the third party has declined in the scale of equity **, the number of non-goods holdings is still as high as 269 trillion yuan, compared with the brokerage department, still occupies a strong dominant position. According to the analysis of a person from a company, the differentiation of the holdings of the above-mentioned sales agencies mainly shows two major trends: on the one hand, under the "stocks, bears, bonds, and bulls", the overall equity assets have shrunk significantly, and assets such as bonds and currencies have risen. Under the trade-off, the scale of non-stock holdings of various institutions has not changed much, and the scale of equity has been sharply differentiated. On the other hand, in the equity category, banks and third-party institutions with a holding scale dominated by active equity ** have seen a significant decline in the holding scale in the case of **net worth**; The **ETF "buys more and more", and the scale of the ETF goes up against the trend, which makes the brokerage companies with the scale of **ETF mainly expand against the market and the market share continues to grow. "Among the top 50 equity ** holdings, it is a landmark event that the brokerage system surpasses the third party. The above-mentioned head brokerage veteran added that there are many long-tail ETFs of brokerages, and there are more than 1 ETFs on the floor7 trillion yuan. At the same time, the increase in the number of non-stock public offerings can also see that brokerages are also paying more attention to the retention of bond products. 
Editor: Captain Review: Xu Wen.