证券: 各流量平台上的“非持牌”财经自媒体正在被禁,金融机构的获客成本或将降低,利好正规军!影响深远!

（以下内容从天风证券《证券: 各流量平台上的“非持牌”财经自媒体正在被禁,金融机构的获客成本或将降低,利好正规军!影响深远!》研报附件原文摘录）
　　China Financial Services 各流量平台上的“非持牌”财经自媒体正在被禁，金融机构的获客成本或将降低，利好正规军！影响深远！ Big V sweep: We assess the impact of China’s action to regulate online financial advice sites with large followings OUTPERFORM (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 据人民日报，8月27日至10月26日为专项整治的第一阶段。整改期间，国家网信办等多部门，集中清理一批违规发布的财经类信息，封禁关停一批充当“黑嘴”、敲诈勒索、无资质推荐股票等金融产品、社会反映强烈的“自媒体”账号。10月26日后，国家网信办将对第一阶段专项整治情况进行评估，视情开展下一阶段专项整治。 According to People‘s Daily, in the current “first phase of rectification” over 27 Aug to 26 Oct 2021, the National Cyberspace Administration and other departments have removed several financial information articles that violated regulations, and shut down and banned financial sites that it described as "black mouths", “extortionist” and which had recommended stocks without qualification, including “self-media” accounts. Post-26 Oct, the State Information Office Network will assess what action will be necessary for the next phase of rectification. The term “self-media” is used in China to describe independently operated social media accounts that produce original content but are not officially registered with the authorities, while “big V” refers to “verified” online accounts with large followings. 根据腾讯公布的违规自媒体账号示例显示，“招财大牛猫”“财富人生”账号被永久禁言；“创业思维学社”“商才天下”“证商谋略”等13个账号被永久封停；还有多个自媒体违规账号被处以“禁言60天”或“封停60天”处罚。 此前，不受金融监管的财经自媒体大V抢占了行业话语权和流量入口，从而抢夺了证券行业、基金销售行业的利润。我们判断，部分自身“获客能力偏弱”而通过互联网平台上的大V引流金融机构，可能会因财经大V的议价权增强而导致获客成本提升和业务的利润率下降。此次监管整治符合此前一贯严格管控“非持牌机构”、“所有金融活动必须依法全面纳入监管”的导向，我们认为，“大V被禁”后证券行业、基金行业的整体获客成本有望下降，或将利好传统金融机构的盈利能力。 According to Tencent, several of its sites considered to be illegal self-media have been banned permanently, including 招财大牛猫 (Lucky Big Bulls and Cats) and 财富人生 (A Wealthy Life), while 13 accounts have been permanently suspended, including 创业思维学社 (Start-Up Academy), 商才天下 (World of Business Skills) and 证商谋略 (Securities Strategy). Several other self-media accounts were dealt 60-day bans or 60-day suspensions. 9月车市预计：8月乘用车销量同比出现两位数负增长，其中既有芯片短缺带来的供给层面因素，也有去年疫情后需求集中释放导致销量基数较高的原因。9月开始，随着东南亚疫情逐步控制，芯片产能有望持续恢复，预计9月中下旬缺芯问题将得到改善，汽车行业有望进入加库阶段，厂家生产与批发量增速有望回升。同时，汽车传统消费旺季“金九银十”即将到来，消费需求进一步释放，有助于下半年汽车销量恢复增长。 Before this, big V self-media had not been subjected to financial supervision and utilized the helm of the industry‘s media platform via their social following to seize fund sales and industry profits. In our view, part of this was due to a failure by financial institutions (FIs) to gain customers on online platforms, perhaps due to financial big Vs’ increasing influence, which led to FIs’ rising user acquisition costs and declining funds’ profitability. The current regulatory crackdown is in line with previously issued guidelines on strictly controlling "unlicensed institutions" and that "all financial activities had to be fully supervised in accordance with the law". With the banning of some big Vs, we expect customer acquisition cost for the securities and funds industries to decline, which would benefit the profitability of traditional FIs. 投资建议/Investment summary 投资建议：考虑到东方财富和同花顺对财经博主吸引力增强，我们仍然看好东方财富、同花顺在线上流量方面绝对领先的规模基础和粘性优势；此外，我们判断，未来能够引入并利用好“受监管的大V”来打造线上投顾内容的机构将赢得未来！建议关注东方财富、同花顺、华泰证券、中金公司。 With Oriental Fortune and Flush becoming more attractive for financial bloggers, we remain optimistic about their scale leadership in terms of absolute numbers and higher user traffic stickiness advantage. In addition, we believe compliant big Vs could create online investment advice content in the future. We suggest that investors look at East Money Information (300059 CH, BUY), Hithink Royalflush Information Network (300033 CH, BUY)，China International Capital Corporation (601995 CH, BUY) 风险提示：监管政策进展放缓、持牌机构流量端竞争加剧、流量成本攀升。 Risks include: relaxing regulatory policies; intensifying user traffic competition for licensed FIs; and rising user traffic cost. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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