Seven years later, the transfer fee for stock trading will be cut for the fourth time in history. From April 29, the transfer fee for stock trading will be reduced by 50% overall.

On the evening of April 28, China Securities Registration and Clearing Co., Ltd. (hereinafter referred to as "China Clearing") issued a notice saying that with effect from April 29, 2022, the stock transaction transfer fee will be charged two-way from the current Shanghai and Shenzhen A shares according to the transaction amount of 0.02 ‰, and the Beijing market A shares and listed company shares shall be charged according to the transaction amount of 0.025 ‰, which will be uniformly reduced to 0.01 ‰ of the transaction amount.

At present, the transaction fee of A-share stock trading is generally composed of commission, stamp duty and transfer fee.

Among them, the commission part is to be charged for all transactions. Generally speaking, the commission is charged according to 0.025% of the successful amount of the stock transaction, with a minimum of 5 yuan, according to the new account commission rate agreement.

The stamp duty portion, collected only when it is sold, is 0.1% of the transaction value.

The transfer fee is also charged in both directions, that is, both transactions need to be charged, and the latest adjustment is 0.001%.

Looking at the past three adjustments, what is the short-term reaction of the market?

Societe Generale Securities pointed out that three cuts in transaction transfer fees in history have boosted the short-term market.

On the adjusted day and the second trading day / the next 3 trading days / the next 7 trading days, the average rise and fall of A shares are positive.

What is the long-term impact of the reduction in stock trading transfer fees on the market?

CITIC pointed out that this move further through the direct way to stimulate the enthusiasm of investors, guide the positive expectations of the market, and promote the healthy development of the market.

1. Reduce investor transaction costs by about 1.2%

At present, the costs paid by investors in the course of the transaction mainly include: transaction handling fee (5/100000, two-way charge), securities management fee (2/100000, two-way charge), transaction transfer fee (this adjustment), stamp duty (1/1000). One-way charge for selling) and transaction commission (average 2.3 parts per million, two-way charge) It shall be collected by the exchange, the CSRC, the CSR, the tax authorities and the securities company respectively.

The adjustment of the transaction transfer fee in this adjustment accounts for about 3.1% of the buying transaction cost and 0.8% of the selling transaction cost, and the overall transaction cost of investors has dropped by about 1.2%.

two。 For the first time in history, the previous adjustment is limited to the market trend.

The transfer fee for stock trading has been adjusted four times since 2012, with the first three in May, September 2012 and July 2015, respectively.

Among the three adjustments, the rate adjustment in 2015 was relatively large. At that time, the transfer fee was collected by the Shanghai stock market according to the transaction face value of 0.3 ‰, and the Shenzhen stock market charged the buyer and seller respectively according to the transaction amount of 0.0255 ‰. The unified adjustment is that the investors of both buyers and sellers are charged separately according to the transaction amount of 0.02 ‰, and the adjustment of the Shanghai stock market rate is greater than this adjustment. After three policy launches, the market trend has not changed significantly in the short term.

3. Express positive signals and guide positive market expectations

This reform continues the reform ideas adopted by regulators since 2022 to reduce investor transaction costs and improve the service capacity and efficiency of the capital market. After improving the market liquidity through the reform of the currency bank, we will further stimulate the enthusiasm of investors and promote the healthy development of the capital market by directly yielding profits.

The previous reform is mainly focused on settlement institutions, and then it is expected to be gradually extended to more areas such as the Securities Regulatory Commission, exchanges and tax authorities, and later may further reduce investors' transaction costs and enhance market vitality by adjusting stamp duty.

4. It is estimated that the annual profit to market investors is about 5 billion, which has little impact on the earnings of securities companies.

In 2021, the turnover of stocks on the Shanghai and Shenzhen stock markets is 258 trillion yuan, which is estimated to be about 5 billion yuan a year. By the end of 2021, there were 197 million investors in the A-share market, with about 26% of customers holding positions.

The profit concession is expected to bring about 100 yuan to each A-share investor every year. Due to the different settlement models of different brokerages, a few brokerages' Shanghai trading commission fees include stock transaction transfer fees, so the income will be retained in securities companies, but the impact on the overall performance of securities companies is relatively limited.