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Table_MainInfo/2023 06 20 Table_InvestInfo Table_QuoteInfo-16.07%-11.46%-6.84%-2.23%2.38%7.00%2022/6 2022/9 2022/12 2023/3 Table_ReportInfo 2023.06.12 2023 2023.05.05 2023.05.01 Table_AuthorInfo:Tel:(010)50949926 Email:S0850515040002:Tel:(021)23219634 Email:S0850516060001:Tel:(021)23185695 Email:Table_Summary A 20%80%2008 71%2022 29%+2014 2015 2008 0.166%2022 0.023%2017 2017-2021 56%3.8%2021 12.5%2023Q1 51 26 2021+2021 16%2023 22%15%18%2015 2022 10 13%11%20%2019 10 18 2022 60 29 2021 367 980 IT+2 1.6 1.1.6 1.2.8 1.2.1.8 1.2.2+.9 2.10 2.1.10 2.2.14 2.3.16 2.3.1.16 2.3.2.19 2.4.21 3.23 3.1.23 3.2.26 1ZDWzQrMoNpOpRpMtOsNqR6MdNbRsQpPtRnOfQrRoQiNsQoObRmMyQNZnRtNwMnQrN 3 1.6 2.6 3.6 4.7 5 1975-1978.8 6 1975-1978.8 7.8 8 2020 3.10 9 2019-2021.11 10 2021 top5.11 11 2017-2023 2 TOP5 APP.12 12 2017-2023 2 TOP5 APP.12 13.13 14.13 15.14 16.15 17.15 18.15 19 SWOT.16 20 2023Q1+.17 21 2023Q1.17 22 2017.17 23+.17 24.17 25 2023 2 top10 APP.18 26.18 27 2022 20.19 28 2022 20.19 29 2016-2022 10.19 30 2016-2021.19 4 31.20 32 2021.21 33 2012-2023.22 34.23 35 APP.24 36.25 37.26 38 2016-2022.26 39 2019-2022.27 40 2019-2022.27 5 1.9 2.12 3 2019-2021 Top15.19 4.21 5.22 6.22 7 APP.24 6 1.A A 20%80%2022 2.1 51 1 0%10%20%30%40%50%60%010002000300040005000200720082009201020112012201320142015201620172018201920202021)Wind 2 050001000015000200002500001020304050602015 2016 2017 2018 2019 2020 2021 2022 Wind 2008 71%2022 29%3 0%10%20%30%40%50%60%70%80%05001,0001,5002,0002,5003,000 1.1 2014 2015 4 2008 0.166%2022 0.023%7 4 0.166%0.133%0.100%0.082%0.080%0.081%0.068%0.051%0.039%0.034%0.032%0.029%0.027%0.029%0.023%0.00%0.02%0.04%0.06%0.08%0.10%0.12%0.14%0.16%0.18%Wind 1975 2014 2.5 0.2 0.487 0.2 SEC 1 1975-1978 1000-9999 10000 0.83%0.57%0.44%0.31%50%1000-9999 10000 1.38%0.76%1.1%0.48%200 2.03%2.10%1 Seha M.Tinic and Richard R.West：The Securities Industry under Negotiated Brokerage Commissions_ Changes in the Structure and Performance of New York Stock Exchange Member Firms 8 5 1975-1978 0.00%0.20%0.40%0.60%0.80%1.00%1.20%1.40%1.60%0-199 200-999 1000-999910000 SEC 1975Q1 1975 4 6 1975-1978 0.00%0.50%1.00%1.50%2.00%2.50%0-199 200-999 1000-999910000 SEC 1975Q1 1975 4 1.2 1.2.1 E-Trade Interactive Brokers 7 0.190%0.131%0.144%0.167%0.173%0.148%0.120%0.100%0.075%0.065%0.075%0.064%0.062%0.059%0.054%0.045%0.040%0.038%0.000%0.020%0.040%0.060%0.080%0.100%0.120%0.140%0.160%0.180%0.200%1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 SEC Wind 2015 3 Robinhood Robinhood Robinhood 2019 10 ETF 4.95 TD Ameritrade E-Trade ETF 9 1 2018 8(Fidelity Investments)2018 8(Vanguard Group)ETF ETF 2018 8(J.P.Morgan)APP You Invest APP 100/ETF 10 Chase Private Client 2019 10 1(Charles Schwab)ETF 2019 10 7 2019 10 2(E-Trade)2019 10 7 2019 10 4 Ally Invest 2019 10 9 2019 10 10(Fidelity Investments)2019 10 10 ETF 2019 12 11 Merrill Edge Merrill Edge 1.2.2+20 90 1994 1999“”“”SBI2020 2020 3 10 84%8 2020 3 SBI36%24%10%K9%Monex5%16%SBI 2020 SBI K Monex Matsui 2.1+2 2.1 11 APP DAU 2022+2021 8 2022 2 APP 1 IT APP 2017 APP top5 app 2017 2008 2023 2 4466 17%24%2023 2 APP e 4-7 9 2019-2021 0%5%10%15%20%25%30%35%01002003004002019 2020 2021 10 2021 top5 0%2%4%6%8%10%12%14%0510152025 12 11 2017-2023 2 TOP5 APP 0 500 1000 1500 2000 2017.01 2018.01 2019.01 2020.01 2021.01 2022.01 2023.01 e 12 2017-2023 2 TOP5 APP 0%2%4%6%8%10%2017.01 2018.01 2019.01 2020.01 2021.01 2022.01 2023.01 e 2 O2O A B C C 2 A B C 2.1.1 Charles Schwab 1971 1987+1973-1986 1987-1994 1995-2000 2001-2007 2008“+”2022 7.69 610 3340 2020 ADV Ratings AUM 13 1992 OneSource 1981 30 1992 200 1995“”Advisor Source RIAs RIAs 1 2000 2007 401(k)2011 OXPS 2 2010 Windward 2020 Motif 3 2020 TD Ameritrade USAA 13 14 RIAs RIAs Investor Services Advisor Services RIAs Registered Investment Advisors 14 15 2020 RIAs 200 20 1 2 3 2.2 2014-2020 2020 241 2018-2020 13%2020 262 2018-2020 15%15 16 0%5%10%15%20%25%30%35%40%05010015020025030035020082009201020112012201320142015201620172018201920202021E 1 2021 17 0%5%10%15%20%25%30%35%05010015020025030020082009201020112012201320142015201620172018201920202021E(2021 2021 2020 5 17;9()10;24 2;1 2 2019 2018 42%19%3 18 17%15%21%16%19%19%59%55%52%46%41%42%0%10%20%30%40%50%60%70%80%90%100%2008 2010 2012 2014 2016 2018 16 2019 2015 2017 2019 2019-2021 2019-2021 58%19 SWOT 准 入门槛 逐步降低，竞争 或加剧 监 管不确 定性 财 富管 理 需求 不断 增强 可 投资 资 产高 速增长 账 户管 理 业务 或放开 起 步晚于 商业银行 监 管环境 制约 理 财产品 同质化 产 品研发 具有优势 财 富管理 客户基础大 客 户资产 配置意愿 较强 部 门协作，提供全 方位服 务优势 劣势威胁机会 2.3 2.3.1 2002 17 2017 2023 51 26 2021+2021 16%2023 22%15%18%20 2023Q1+1%26%0%22%51%21 2023Q1 1%34%0%18%47%22 2017 25%23%24%24%24%10%8%6%6%8%62%66%65%61%57%2%2%4%8%11%0%20%40%60%80%100%2015 年 2016 年 2017 年 2018 年 2019 年 23+16%17%15%15%19%20%20%22%22%0%20%40%60%80%100%2021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q1 2017 2018 2016 14.7 60%2020 5.9 24 18 21938 21125 19137 19596 20904 36480 39407 146857 143938 109937 83830 59203 40373 33787 4315 89 31 0200004000060000800001000001200001400001600001800002000002016 2017 2018 2019 2020 2021 2022Q3 Wind 2022 926.83 APP 2022 581.65 28.3%2.76 3.44 7796.02 2266 25 2023 2 top10 APP 0%1%2%3%4%5%02004006008001000 e e 26 0%4%8%12%16%20%020040060080010002016 2017 2018 2019 2020 2021 2022 APP 2022+2017 2021 33 191 55.5%3.8%12.5%2022 17 17%12 24%5pct 30%19%16%19 27 2022 20-60.0%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%0500100015002000(Wind 28 2022 20 0%5%10%15%20%25%30%35%0500100015002000(Wind 2.3.2 2022 10 37.95 2021 5 1.97 7.7 2021 8 5500 2015 2022 10 13%11%20%2021 1.9 5 6%2021 53.75 15%4%2021 9.49 4.19 3.79 32%2019-2022 29 2016-2022 10-5%0%5%10%15%20%0102030402015 2016 2017 2018 2019 2020 2021 2022/10(22 10 30 2016-2021 0%1%2%3%4%5%01020304050602016 2017 2018 2019 2020 2021 3 2019-2021 Top15 20 2021 2020 2019 1 94920 1 67352 1 57398 2 41885 2 32274 2 38276 3 37874 3 26450 3 31045 4 23799 4 24579 4 28057 5 20216 5 23646 5 22987 6 18260 6 20493 6 12557 7 17496 7 19997 7 12159 8 17366 8 16104 8 9805 9 16232 9 15862 9 9054 10 15688 10 15068 10 8487 11 14627 11 13352 11 8154 12 12583 12 13268 12 8068 13 11575 13 10746 13 7565 14 10602 14 9424 14 7415 15 9863 15 8997 15 6328 2019 10 18 2022 6 60 29 24 3 3 2021 367 980 31 0200040006000800010000120000510152025302019 05 2019 07 2019 09 2019 11 2020 01 2020 03 2020 05 2020 07 2020 09 2020 11 2021 01 2021 03 2021 05 2021 07 2021 09 2021 11 2022 01 2022 03 2022 05 2022 07 2022 09 2022 11 2023 01 2023 03()Wind 21 4 25 29 3 3 2023 5 17 ICI 2022 2021 34%66%79%39%13%32 2021 40%39%13%8%ICI 2.4 22 5 2018 2023 5 17 1.6 2023 5 17 3220 249 ETF 2015 2020-2022 33 2012-2023 020004000600080001000012000140001600018000200002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Wind 2023 5 17 2021 12 8 ETF 6 23 2022 8 12 140 70 2022 3 28 80 20 2022 1 14 280 190 2021 12 10 85 23 2022 9 29 70 20 2022 12 27 50 15 2022 4 30 70 33 2022 2 19 84.64 50/3.IT+3.1+2009 2014+0.03%2022 38.76 2014 9+34 24 12.41 45.16 24.52 19.01 14.27 20.57 34.19 42.29 38.76 0 5 10 15 20 25 30 35 40 45 50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 APP 8.0 2022 2022 2016-2022 9.68%926.83 APP 7006.02 7 APP 8+U+35 APP 25 70%75%80%85%90%95%100%020040060080010002016 2017 2018 2019 2020 2021 2022 APP 2018 2022 243 2021 5046 93 TA 36 Wind 2022 9161 5122.84 2016-2022 29.38%2.07 9.69 2.75%10.63%26 37 0%2%4%6%8%10%12%0 2 4 6 8 10 12 2016 2017 2018 2019 2020 2021 2022 3.2 2018 2022 2021 7.17 11.6%18-21 26%2022 5.30 26%14%38 2016-2022-40%-30%-20%-10%0%10%20%30%40%50%01002003004005006007008002016 2017 2018 2019 2020 2021 2022(2014 2020 2021 7125 114%10%2022 0.19 46.10%9.07 72.21%27 39 2019-2022 2022 1948 52%40 2019-2022 28 Table_Analysts Table_Reports,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%29 Table_PeopleInfo(021)23185717(021)23185718(021)23185715(021)23219747(0755)82780398(021)23219399(010)50949926(021)23219820(021)23185645(021)23154149(021)23185643(021)23185646(021)23185641(021)23185639(021)23219732(021)23219395(021)23185653(021)23185650(021)23185659(021)23185655(021)23183109(021)23185656(021)23185657 洢(021)23219419(021)23185680(021)23219326(021)23219686(021)23219370(021)23185676(021)23185672(021)23185673(021)23185675(021)23185669(021)23185670(021)23185678(021)23185677(021)23185679 珮(021)23154121 喆(021)23185649(021)23185648(021)23185652(021)23154116(021)23185651(021)23185647(021)23185715(021)23185662(021)23219733 021-23154147(021)23185661(021)23185663(021)23185660(021)23185665(021)23219420(021)23185635(021)23185667(021)23185835(021)23185838(021)23185832(021)23185837(021)23185833(021)23185836(021)23185718(021)23154143(021)23185616(021)23185607(0755)82780398(021)23219808(010)68067998(021)23154120(010)56760096 86 10 56760096(021)23185606(021)23185619(021)23185638(010)56760096(021)23185692(021)23185699(021)23185705(021)23154145(021)23154113(021)23185698(021)23185617(021)23185741(021)23219399(021)23154125(021)23185683(021)23185703(010)58067907(021)23219104(021)23154120(021)23212208(021)23185690 02123219406(021)23185622(021)23185615(021)23185632(021)23219747(021)23185696(021)23185689 30(021)23154652 翀(021)23154139(021)23185608(021)23185630(021)23185602(010)58067998(021)23185633(021)23185628(021)23154113(021)23219692(021)23219171 02123219171(021)23185691(021)23185627(0755)82764281(021)23185611(021)23219431(021)23219392(021)23185642(021)23219392(021)23154174(021)23154174(021)23185682(021)23185700(021)23185620(010)50949926 010-56760095(021)23185681(021)23219634(010)56760090(010)50949926 010-56760090(021)23185695(021)23219382(021)23185610(010)56760091(021)23185621(021)23154510(021)23185640(021)23212081(021)23185635(021)23185636 玥(021)23219814(021)23185625(021)23185686(021)23219391 劼 18515295560(021)23185701 13718567611(010)58067998(021)23185702(021)23154172(021)23185685(021)23185613 晅(021)23185612(021)23155626(021)23154395(021)23185697(021)23185609(021)23219399(755)82900465(021)23183110 祎(021)23185687(021)23219244(021)23185618(021)23185631(021)23185637(021)23185623(021)23185629(0755)23607963(0755)82775962(0755)83253022(0755)83255933(0755)82775282(0755)23617160 0755-25597716(021)23219385(021)23219397(021)23219384(021)23219410(021)23154192 23214650 祎(021)23212268(021)23219373 祎(021)23219281(010)58067988 010-5806 7936(010)58067931 垚(010)58067851 31 689 9 021 23219000 021 23219392
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