T+ topic of T+ has never stopped since the two sessions this year.

He Qiang, a member of Chinese People's Political Consultative Conference and a professor at the School of Finance of the Central University of Finance and Economics, submitted a proposal of "Suggesting to take the lead in piloting T+ in science and technology innovation board" at the two sessions.

many small partners have seen the hope of implementing the T+ trading system in our A-share market.

actually, the proposal of T+ was put forward by Committee member He Qiang in 212, and it has been put forward for eight years this year.

whether the final result will be adopted or not is still uncertain.

Fortunately, some progress has been made at present: Shanghai Stock Exchange responded to the proposal and explicitly stated that it would study the introduction of a single T+ transaction.

The news came out on May 29th. Then, the next trading day, brokerage stocks have risen sharply. Several brokerage stocks have direct daily limit.

It can also be seen here that the direct beneficiaries of the T+ reform are the securities firms.

We also have reason to expect that brokerage stocks will hopefully soar again when the T+ system really comes to the ground.

Next, I will give you a brief introduction to the T+ system and the logic of investing in securities firms.

At present, A shares are subject to the T+1 trading system.

the t here refers to the transaction registration date.

T+1 is the next trading day of the registration date.

under the T+1 system, we can't sell the stocks we bought on the same day directly, and we can't sell them until the next trading day.

if we change to T+ trading system, then the stocks we bought on the same day can be sold on the same day.

So, what does the Shanghai Stock Exchange mean by "single T+ transaction"?

adding "one time" in front of it means that after buying on the same day, you can sell it on the same day, but only once.

There have been two voices in the market, arguing endlessly about whether T+ is good or bad. We should look at this issue dialectically. After all, the T+ system has both advantages and disadvantages.

The advantage of implementing T+ is that on the day when people buy stocks, they can take profits and stop losses in time; The disadvantage is that it increases the speculative behavior of retail investors and easily leads to impulsive trading.

So it can be said that if you are rational enough, this system is really good for you; But if you are more emotional, then T+ may make you trade impulsively and finally cheat you.

The biggest beneficiary of the T+ trading system is the securities firm.

this has a lot to do with the profit model of securities firms.

At present, there are four main pillar businesses of securities firms: brokerage business, investment banking business, proprietary business and asset management business.

among them, brokerage business is the most traditional business of brokers, which can be called the "anchor" of brokers.

the income from this business is mainly the commission of investors' transactions, and it can also pay handling fees. The brokerage business income of many brokers accounts for more than 8% of the company's total income.

The more frequently investors buy and sell, the more commissions they will generate, and the more income the brokerage business of securities firms will generate.

The release of T+ news means that investors will trade more frequently in the future, so it will benefit brokerage stocks.

On the other hand, the T+ system will improve the activity of the market, and more funds will flow to the market, which will also be beneficial to brokers.

after the news of the Shanghai Stock Exchange was released, there has been a wave of reaction in the brokerage sector. However, after all, the system has not yet officially landed, so the response is not great.

when the system comes to the ground, the brokerage sector is expected to soar in the short term.

how to invest in the brokerage sector?

first of all, we need to clarify the relationship: the ups and downs of the brokerage sector are highly positively related to the ups and downs of the broader market.

There is a saying in the market that "brokers go first", which means that every time the stock market wants a bull, brokerage stocks always "go up first to respect".

This is actually very easy to understand:

A signal that the stock market is bullish is that more and more funds are pouring into the stock market. Once these funds enter the market for trading, they will generate a lot of commissions, and the brokerage business of securities firms will be "sesame blossoms".

this also reflects that the brokerage sector is highly dependent on the market.

When the market is depressed and few people play with stocks, the income of brokers will be less; The market is hot, everyone comes in, and the income of brokers is more.

it can be said that brokers are the deities of "depending on the weather for food".

in my opinion, if you want to invest in brokerage stocks, valuation is of little significance. As long as the market is not expensive now, it can basically be judged that brokerage stocks are not expensive.

among brokerage stocks, Huatai, CITIC and Haitong are the leading brothers in the industry; The growth of oriental wealth is better.

But I recommend that you choose the index fund of the brokerage sector.

This is because the increase of brokerage stocks has little to do with whether it is the leader or the growth. Many little-known small brokers are much more attractive than the gains of these well-known brokers when the market comes.

when the wind blows, pigs can go to heaven. This sentence is particularly appropriate in the brokerage sector.

it's very difficult to bet on which brokerage stock will go up better. However, investing in index funds can get the average income of the entire brokerage sector.

There are two index funds investing in the brokerage sector in the market, one is the brokerage ETF with code 512; The other is the securities ETF, code 51288.

There is little difference between these two funds. They track the same index and have similar returns, but they are managed by different fund companies.

If you want to gamble on the T+ system, I suggest you put your chips on the above two index funds.