连续两天发布券商创新政策，从资管新政到代销松绑，证监会此举不仅打开证券公司盈利天花板，更是改变了未来财富管理市场的格局。

Two successive days issued securities trader innovation policy，From the New Deal to sell goods on a commission basis information tube relax，Securities regulatory commission this not only open the securities company earnings ceiling，But also changed the pattern of the future wealth management market。

　　资管新政最大的亮点是改审批制为注册备案制，资管的内涵超越此前狭隘的炒股范畴：对于投资范围一般的资管产品，投资范围增加中期票据、保证收益及保本浮动收益商业银行理财计划；对于面向高端客户的限额特定资产管理计划，允许其投资商品期货等品种；门槛最高的定向资产管理由于其一对一性质，由客户和证券公司自愿协商，合同约定投资范围。

The biggest bright spot new information tube is changed ShenPiZhi for registration records，The connotation of information tube after beyond narrow fry category：For the investment scope general endowment tube product，The investment scope increase middle notes、Ensure that income and break-even floating income commercial bank financing plan；For the high-end customer limit specific asset management plan，To allow the value of its investment commodity futures varieties, etc；The threshold of the highest directional asset management due to its one-on-one properties，By the customer and securities companies voluntary consultation，The contract scope of investment。

　　以往，投资者较多依赖银行渠道购买理财产品，并且形成了低风险产品找银行、投资股票类产品找基金，其他产品找私募、信托等机构的格局，大量资金甚至绕过专业理财机构通过个人渠道进入PE或非阳光私募的盘子之中。而门槛高、同质化严重的券商资管成为投资品中的“鸡肋”，多年来规模一直远远落后于银行及基金产品。

In the past，Investors more dependent on bank channel purchase financial products，And formed the low risk product looking for a bank、Invest in stocks products find funds，Other products for private、The pattern of trust institution, etc，A lot of money and even around the professional financial institutions through the personal channels into PE or non sunshine private dish in。And high threshold、Homogenization serious brokers endowment tube become the investment“'t-hurt-you-but-can 't-help-you”，For many years the scale have been far behind Banks and fund products。

　　未来，券商资管有望提供覆盖面最全的产品线。从股票、债券、期货乃至一级市场、一对一的另类投资，诸多银行及基金、信托等难以提供的产品均将出现在券商的“菜单”上。且不用等待审批，可以契合市场需求快速发行。

The future，Brokers endowment tube is expected to provide coverage of the most product line。From the stock、bonds、Futures and primary market、One-to-one alternative investment，Many Banks and fund、Trust and difficult to provide products will appear in the securities“menu”on。And don't wait for examination and approval，Can fit the market demand rapid issue。

　　代销新规则使券商在产品全覆盖之下有望实现“一站式”产品销售。以往券商渠道仅能购买资管及基金产品，未来银行理财产品、保险、信托计划等将纳入券商销售渠道，券商有望成为真正的财富管理终端。

Sell new rules that brokers in the product under complete coverage is expected to achieve“one-stop”Product sales。Previous brokers channel can only buy endowment tube and the fund products，The future bank financing products、insurance、The trust plan will be into the dealer sales channels，Securities trader is expected to become the real wealth management terminal。

　　从对券商的业绩影响来看，两道新政的作用不可小视。除提供创新产品外，诸多创新业务有望展开。券商人士指出，新政允许资管购买、营业部代销银行系产品，这意味着没有融资功能的券商可以借道银行为自己的客户发行融资类产品，并通过自身渠道消化，客户的黏性有望大大增加。

From the securities trader performance influence to see，Two New Deal role can not be ignored。In addition to providing innovative products outside，Many innovative business is expected to spread。Brokers personage points out，The New Deal to allow endowment tube to buy、The sales department of banking products on a commission basis，This means that no financing function of the securities trader can borrow word bank for his own customer issue financing products，And through their own channels digestion，Customer's viscosity is expected to increase greatly。

　　而代销新政的意义更为深远：不仅新增券商代销金融产品种类，还打开了券商投行和资管业务转型的通道，也是经纪业务转型的关键。长江证券(000783,股吧)测算的数据显示，在美国市场，券商金融产品销售占收入的比重达12%。预计新规实施后，券商金融产品销售规模有望突破万亿元，将为券商带来150亿元增量收入。

Sell goods on a commission basis and the meaning of the New Deal more profound significance：Not only new brokers sell financial product species，Also opened the securities trader investment Banks and endowment pipe business transformation of the channel，Is the key to transformation of the brokerage business。Yangtze river securities(000783,guba)Measurement data show，In the American market，Brokers financial products sales accounted for the proportion of income 12%。Is expected to new gauge after implementation，Brokers financial products sales scale is expected to exceed one trillion yuan，Will 15 billion yuan for brokers bring incremental revenue。