editor 
The latest situation of proprietary shareholding of securities firms has been newly released. Judging from the information of the top 10 shareholders in the first quarterly report of A-share listed companies, the total number of A-share companies with self-owned shares by brokerages in the first quarter of this year was 466, a sharp drop of 851 compared with the end of last year. The first quarter of this year is also a quarter in which the number of self-owned A-share holders of securities firms has decreased significantly compared with the previous quarter.
According to statistics, in the first quarter of this year, brokerages self-operated to withdraw from the top 10 shareholders of more than 970 shares, small market capitalization companies accounted for a higher proportion. In addition, compared with the past, the phenomenon of brokerages buying small-cap stocks by themselves at the end of the first quarter of this year has also decreased significantly.
However, while abandoning small-cap stocks, brokerage self-management has not given up the pursuit of hot spots, and the high dividend plate in the first quarter of this year has become the new darling of many brokerage companies.
In the first quarter, securities firms operated by themselves to reduce their positions in small-cap stocks.
As of the evening of April 29, the annual report of A-share companies in 2023 and the quarterly report in 2024 have been disclosed. According to Choice statistics, according to the information of the top ten shareholders in the quarterly report of A-share listed companies, there are a total of 466 A-share companies with self-owned positions at the end of the first quarter of this year.
In fact, since the end of 2018, the number of A-share companies with brokerage self-ownership has shown a trend of continuous growth, with a total of 164at the end of 2018, and increased to 570,775 at the end of 2021 and 2022 respectively. By the end of 2023, this number has further increased significantly to 1317, of which the number of A-share companies self-owned by brokers has increased by 542 in 2023 alone. By contrast, the first quarter of this year was the largest quarter-on-month decline in the number of self-owned A-shares held by brokerages in recent years.
According to statistics, compared with the end of last year, in the first quarter of this year, brokerages pulled out of the top 10 A-shares as many as 974, of which small and medium-sized companies accounted for a relatively high proportion.
According to Choice statistics, as of the end of March this year, 760 of the 974 stocks had a total market capitalization of less than 5 billion yuan, accounting for 78%. Among them, there were 470 small-cap stocks with a market capitalization of less than 3 billion yuan, accounting for 48%. Thus it can be seen that small-cap stocks are the object of self-centralization and reduction of positions by securities firms in the first quarter of this year.
In addition, compared with the past, the phenomenon of brokerages buying small-cap stocks by themselves at the end of the first quarter of this year also decreased significantly.
According to Choice statistics, by the end of last year, there were 143 A shares in the top 10 shareholders with not less than 4 brokerage companies, of which 6 were A shares and 7 were among the top 10 shareholders, and all of them were small market capitalization stocks.OnlinecasinofreespinsnodepositHowever, by the end of the first quarter of this year, there were only two A-shares of not less than four brokerage companies among the top ten shareholders, namely Shengtong Energy and Hongchuang Holdings (002379).
It is worth mentioning that the above 143A shares show distinct small disk characteristics, of which 121A shares have a total market capitalization of less than 4 billion yuan by the end of the first quarter of this year.
High dividend plate becomes the direction of securities firms to increase their own positions.
Judging from the above data, the small-cap style, which was a hot spot in the market last year, was once pursued by the brokerage itself, but when the heat faded, the brokerage will get out decisively. Some analysts believe that the large fluctuations in small-cap stock prices in the first quarter of this year or one of the main reasons why brokerages choose to withdraw from them.
After a substantial adjustment of positions, the content of small-cap stocks in self-owned positions by brokerages declined in the first quarter of this year. According to Choice statistics, of the 466 A shares held by securities firms at the end of the first quarter of this year, a total of 210 had a market capitalization of less than 4 billion, accounting for 45 per cent.
Specifically, of the 466 A shares mentioned above, 93 A shares were increased by brokers in the first quarter of this year, 228 A shares were reduced by brokers, and 123 A shares newly entered the top 10 shareholders in the first quarter of this year.
Among them, in the first quarter of this year, A-shares with more self-owned positions include Evergrande Hi-Tech (002591), Dongfang Tong (300379), Wanfang Development (000638), Yi Ming Medicine (002826), Haofeng Technology (300419), Huasheng shares (600156), Zhongwei Electronics (300270), ST Yi Lianzhong (300096), Hengtian Hailong (000677) and so on. These stocks are also dominated by "small votes", most of which closed on April 30 with a market capitalization of less than 2 billion yuan.
On the other hand, A-shares with more self-owned positions of securities firms in the first quarter include Hongchuang Holdings, Huangshi Group (002329), Jiaxian shares, Shaanxi State Investment A, Beijing Junzheng (300223), Yizhimi (300415), Meibang Technology and so on.
It is worth noting that after the collapse of the small microdisk, in the first quarter of this year, brokerage self-management began to chase high dividends and resources as a new hot spot.
According to Choice statistics, according to the information of the top ten shareholders of A-share listed companies, in the first quarter of this year, brokerages increased their positions (including the top ten new shareholders) or kept their holdings unchanged in a total of 238 A-shares, among which there are not a few stocks from high dividend and resource sectors. By contrast, from the institutional holdings in the fourth quarter of last year, there were few high-dividend sector stocks held by brokerages at that time.
However, the effectiveness of the substantial adjustment of securities firms' rights and interests in the first quarter has yet to be tested in the future. Judging from the quarterly reports disclosed by the listed securities firms, the proprietary sector has become a major drag on the performance of securities firms. According to the first quarterly report of listed brokerages, the investment business of most leading brokerages declined significantly in the first quarter of 2024 compared with the same period last year, but even so, the investment business still accounts for the highest proportion of these brokerages' business.
Listed head securities firms report various business indicators in the first quarter of 2024
Source of cover imageOnlinecasinofreespinsnodepositDaily economic news, photo by Liu Guomei