The concept of securities stocks refers to some listed companies that hold equity in securities companies and can share the profits of securities companies. There are three main categories of brokerage concept stocks: First, direct brokerage stocks, such as CITIC Securities, Hongyuan Securities, etc. The second is holding stocks of securities companies, such as Shaanxi State Investment and Aijian Shares, etc. The third is to invest in individual stocks of securities companies, such as Liaoning Chengda, Tongcheng Holdings Jilin Aodong, Yatai Group, Yuyuan Mall and TEDA.

The stocks most affected by the brokerage conference are undoubtedly the direct brokerage stocks. Because if good news comes out, it will have a positive impact on the main business of such stocks. Individual stocks such as CITIC Securities indeed need new businesses to expand new profit growth points; for Hongyuan Securities, what is most needed at present is how to resolve its equity holdings in listed companies such as ST Xianglong and ST Longke, because If this equity is resolved well, the impact will be far greater than the impact of direct debt issuance. The reason is simple. After all, issuance of bonds has costs. By dealing with legal person shares, it not only solves the problem of asset liquidity, but also obtains considerable cash flow.

The heavy holdings of securities companies have been affected in different ways. Because the reasons for the formation of securities companies' heavy holdings are different, in the final analysis, there are two main categories: one is the formation of active investment. This is the same as a fund. It is the self-operated business of securities companies to look for opportunities in the secondary market and then wait for opportunities to intervene. The other type is passive investment formation. This includes two forms: one is from underwriting, which is the underwriting of new shares and allotment of shares or additional issuance; the other is from mergers, because some securities firms are the business departments of various trust investment companies and small securities firms merged into large securities firms. , As a result, these heavy holdings of the predecessors were also brought to the new securities firms, which is a passive and helpless investment.