(Original title: The comprehensive registration system is coming, and brokers are upgrading their apps non-stop. What changes will happen to trading software? Involving investment advisory products, investment education activities…)
Recently, with the release of relevant rules and regulations for the full implementation of the stock issuance registration system, the wealth management business of securities firms is also making intensive preparations.
A reporter from the Securities Times learned that recently, many brokerages have been updating and upgrading their APPs in accordance with relevant rules and regulations. At the sales department and investment advisory level, securities industry personnel are busy earnestly studying the trading rules under the comprehensive registration system, carrying out various investment advisory trainings, and preparing to launch new related investment advisory products. In addition, doing a good job in interpreting and advocating the rules and carrying out investor education is also the top priority of the recent work of securities companies.
Brokers are upgrading their APP non-stop, what changes will happen?
“With the implementation of the comprehensive registration system reform, the trading rules of new shares on the main board have changed, and brokerages need to adjust the relevant functions of the trading APP according to the changes in the rules. For investors, there is a process of adaptation, and brokerages need to be fully disclosed. To avoid the influence of investors on investment behavior due to unfamiliarity with the rules.” The relevant person in charge of Nanjing Securities told reporters.
A reporter from the Securities Times learned that with the advent of the comprehensive registration system, many brokerages have updated and upgraded their APPs, mainly including functions such as new registration, trading, market quotations, and account opening, as well as prompting customers to sign the “Main Board Investor Risk Disclosure Statement” etc. to adapt to the changes in the rules under the comprehensive registration system.
For example, Guotai Junan made a new design for the main business scenarios such as the new mark of Junhong APP market, new share purchase, price cage, protection price limit, refinancing service, etc., to improve the efficiency of customers’ order placement and assist customers in investment decision-making; at the same time, it launched a comprehensive registration in information services Customize special topics, and provide investment consulting and accompanying services in a man-machine combination.
According to Everbright Securities, the company’s optimization of APP is mainly reflected in aspects that investors can intuitively feel, such as risk disclosure, information disclosure, market price protection, and optimization of entrustment types. For example, in terms of market conditions, more attention is paid to the information display of individual stocks, and information such as whether they are profitable, voting rights differences, etc. are added to the main board stocks issued under the registration system.
Huaan Securities has worked hard on the details of the trading experience to ensure that the trading process is stable and reliable, the information displayed is concise and clear, and the interactive experience is convenient and fast. Specifically include: in the self-selected stocks and market openings, it will be specially marked whether it is a registered stock, whether it is profitable, the difference in voting rights, the status of the agreement control structure, etc., and the stocks that are temporarily suspended during the session will be distinguished from the normal stock prices. , the transaction link directly provides customers with a reference to the scope of valid declarations, and provides instructions for filling in relevant parameters, etc.
Soochow Securities mentioned that the self-developed app Soochow Xiucai will usher in a new version. For example, after the implementation of the registration system, the individual stock market display interface, when investors use the individual stock page to view the stocks on the main board of the Shenzhen Stock Exchange, they can view them on the individual stock tab. The labels “Note, U, W, V” respectively represent whether the registration system, whether to achieve profitability, whether there is a difference in voting rights, whether there is an agreement control structure, and the corresponding data can also be queried after the market; investors can check the Shenzhen Stock Exchange on the individual stock market page When listing on the GEM, the words “voting rights” on the label previously seen will be updated to “voting rights”.
According to Nanjing Securities, according to the trading rules of the comprehensive registration system, the APP mainly needs to be adjusted in terms of the type of declaration order, the price limit and the effective price declaration range: First, the details of individual stocks are added to reveal whether the stock is a registration system. , whether it is not yet profitable, and whether there is a difference in voting rights. Second, when placing price limit orders in the continuous auction stage of stocks, the purchase order price and sell order price shall comply with the requirements of the exchange’s trading rules. The third is to add support for the best market price of the party and the best market price of the counterparty when trading stocks on the Shanghai Stock Exchange, and the protection limit price needs to be input. Fourth, on the first five days of listing of new shares, there is no price limit. Each subscription unit for new share subscriptions is 500 shares, and the number of subscriptions should be 500 shares or an integer multiple thereof.
It is worth mentioning that while the functions are optimized, brokerages also pay great attention to reducing the learning costs of investors and maintaining the continuity of users’ trading habits.
According to Minsheng Securities, their original transaction process on the APP will not be changed, and the new logo, entrustment method, and price cage are all based on existing functions and pages for data augmentation. For investors, there is no switching cost.
China National Finance Securities also stated that after the comprehensive registration system, the stock suspension rules, new stock listing and issuance rules, and appropriateness management methods will all change. Keep abreast of the changes after the comprehensive registration system, obtain investment opportunities after the comprehensive registration system, and maintain the continuity of trading habits and the convenience of trading operations as much as possible.
Investing in “practicing internal strength” welcomes the full registration system
The comprehensive registration system is an important measure for the reform of my country’s capital market, and it also brings broad opportunities for the wealth management business of securities firms. A reporter from the Securities Times learned that in the business departments and investment advisory levels of various securities firms, practitioners are also busy earnestly studying the trading rules under the comprehensive registration system, carrying out various investment advisory trainings to improve their professional capabilities, and preparing for investment advisory services under the comprehensive registration system. Gu service products, etc.
According to Minsheng Securities, the comprehensive registration system will increase the number of listed companies, and the corresponding system changes will also put forward higher requirements for the professional capabilities of investment consultants. Recently, the company’s investment consultants have conducted an in-depth study of the documents of the comprehensive registration system, and mastered the relevant systems as soon as possible to respond to investors’ questions.
Minsheng Securities also stated that the investment advisory department is responsible for conveying the values of medium and long-term investment to market investors, and must convey the positive energy of the comprehensive registration system to investors. “Some investors are worried that the increase in IPOs under the registration system will affect the market trend. In this regard, the investment advisory department has collected and compiled relevant information on the comprehensive registration system. Under the comprehensive registration system, the pace of IPOs will remain relatively stable. At the same time, under the registration system Delisting efforts have been intensified, and the A-share market has formed a virtuous cycle of survival of the fittest and entry and exit. It is expected that after the implementation of the comprehensive registration system, the issuance scale will increase by about 10%, and the impact on the capital side of the short-term A-share market will be limited.”
It is worth mentioning that under the comprehensive registration system, the market valuation system will change, which will also test the professional ability of investment consultants. For example, Soochow Securities mentioned that the comprehensive registration system has brought challenges to the research and judgment of the overall market valuation system, which will be different from the traditional valuation analysis methods in the past, and more will use the discounted cash flow model to price growth loss stocks. ; Combined with traditional PE/PB and PEG indicators for comprehensive evaluation.
China International Finance Securities stated that the company relies on research institute researchers, analysts and other professional forces to actively analyze and tap possible investment opportunities after the full registration system, and provide investors with explanations through live video broadcasts, investment consultants and other services to guide investors to seize Take advantage of the investment opportunities in the comprehensive registration system reform, so that the results of the comprehensive registration system reform can benefit investors more quickly.
The reporter noticed that under the comprehensive registration system, “closing your eyes to make money” may become a thing of the past, and many brokerages are also actively launching new investment advisory products. For example, Soochow Securities will launch investment advisory service products such as new share purchase advice, conduct a comprehensive analysis of new shares, and solve the problem of how small and medium investors can create new stocks in the era of registration system.
“After the implementation of the comprehensive registration system, there is a certain risk of breaking shares when investors participate in the subscription of new shares on the main board. With the service ability and experience in related businesses, and achieved good service results, I believe that the company’s existing investment consulting business can further highlight the professional value after the full registration system.” The relevant person in charge of Huaan Securities said.
In addition, Huaan Securities also mentioned that the implementation of the comprehensive registration system will bring more business opportunities such as stock custody, equity pledge, and cash wealth management to the business departments of securities companies, and the business departments need to improve their comprehensive financial service capabilities and levels.
The teaching form is “rolled up”
A reporter from the Securities Times learned that in preparation for the full A-share registration system, various securities firms have also actively planned a variety of original investment education works, including investment education graphics, videos, live broadcasts, answering questions, offline lectures, etc. . In addition, Guotai Junan also plans to plan short costume mini-dramas in the future, and create an IP animation image and physical objects of investment education exclusively for the company under the comprehensive registration system.
It is reported that since February, Guotai Junan Investment Education Base has timely produced and released a series of videos and graphic content of “School of Voting Numbers: Comprehensive Registration System”. The company will also conduct an interpretation of the business rules of the comprehensive registration system on the first trading day Teaching activities. “The investment and education work done by the company in the reform of the comprehensive registration system has been praised and forwarded by the majority of investors. Some investors are looking forward to the arrival of the registration system, and will leave messages in the backstage of the official account to ask about the time of the comprehensive registration system.”
In the future, Guotai Junan Investment Education Base will have two major actions: first, it will tell about the birth, function and significance of the registration system, embody the people-centered thought, and plan the ancient costume mini-drama “God’s Journey”. Through a form that people like to hear and see, combined with traditional Chinese financial and business wisdom, it tells more than 20 investment education knowledge and promotes the registration system. The second action is: combining the socialist capital market with Chinese characteristics with the quintessence of Peking Opera, planning to create a comprehensive registration-based exclusive company investment education IP animation image and investment education objects for registration-based publicity.
According to the introduction of Sinolink Securities, investment education will be carried out progressively from the three dimensions of advocacy of new regulations, improvement of investment capabilities, and interpretation of information. The company will also vigorously carry out activities for small and medium-sized investors to enter listed companies this year, guide investors to understand the comprehensive registration system through on-site visits or cloud visits, and advocate rational investment and value investment.
“As of February 20, China International Finance Securities has promoted the registration-based policy publicity, new delisting regulations publicity, and digital reading IPO series of investment education content, with more than 4 million people reading or watching, and achieved good results.” The person in charge of securities said.
According to Nanjing Securities, the company carried out themed investor education activities for the first time, produced an investment education graphic work titled “The Era of the Comprehensive Registration System Is Coming”, and launched a series of long graphic works and For the production of small video works, a live broadcast with the theme of “the era of comprehensive registration system is coming – how individual investors should face it” was broadcast simultaneously on the company’s Internet investment education base and other platforms, attracting about 50,000 views in total. At the same time, the company’s branches take advantage of being close to customers, forward to investors the comprehensive registration-based investment education works produced by the exchange and the company, carry out offline lectures, and promote and popularize knowledge face-to-face.
Minsheng Securities stated that the company is actively carrying out investment education work. First, make full use of the Internet platform to actively guide investors to objectively and correctly understand the highlights of the comprehensive registration system reform; In-depth understanding of the content of the reform of the comprehensive registration system; the third is to organize branches across the country to carry out various investment and education activities on the theme of “comprehensive registration system reform” through multiple channels and forms, and expand investment by going deep into communities, streets, and enterprises to carry out various lectures and salons. Teach advocacy coverage.
Proofreading: Su Huanwen
Disclaimer: The Securities Times strives for truthful and accurate information, and the content mentioned in the article is for reference only and does not constitute substantive investment advice, so operate at your own risk
Download the “Securities Times” official APP, or follow the official WeChat public account, you can keep abreast of stock market trends, gain insights into policy information, and seize wealth opportunities.