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Original title: The stock business sees negative performance growth again! The net profit of 133 brokers fell 11.69% year-on-year in the first quarter and 15 losses.
On the afternoon of April 23,China Securities AssociationReleased securities companies operating data for Q1 2020. Unaudited according to securities companiesFinancial stateStatistics show 133 securities companies achieved in the first quarter of 2020Operating income98,333 million yuan, 3.50% less year-on-year; accomplishedNet profit38,872 million yuan, a year-on-year decrease of 11.69%, 118 securities companies achieved profitability.
2018 and 2019RunnerIndustry carried out for two consecutive yearsperformancePositive growth year by year. Among them, the net profit of the entire industry increased by 85% year-on-year in 2019. The latest data released by the China Securities Association shows that although the overall performance of the securities industry remained stable in the first quarter of this year the industry returned to negative growth year after year and there were 15 brokersLost. Although brokers took the lead in the epidemic to resume work, in an unprecedented situation, it is particularly difficult for the brokerage industry to be independent.
In trade statistics, self-employment fell 43% year-on-year, the biggest obstacle to performance
According to the China Securities Association disclosure, 133 securities companies achieved operating income of 98.333 billion yuan in the first quarter of 2020, eachMain business incomeNet income from agency trading in the securities business (including seat leasing) was 29.467 billion yuan, net income from the securities underwriting and sponsorship business was 9.658 billion yuan, net income from the securities business financial consulting was 1,361 million yuan, net income from the investment consulting business was 923 million yuan, and net asset management business was net Income of 6,673 billion yuan, net interest income of 12,932 thousand million yuan,Investment in securitiesRevenue (including changes in fair value) was 29,192 million yuan; In the first quarter of 2020, net profit was 38.872 billion yuan, and 118 securities companies made profit.
According to statistics, as of March 31, 2020, the total assets of 133 securities companies were 7.89 trillion yuan, net assets were 2.09 trillion yuan, and net capital was 1.67 trillion yuan. yuan.Transaction settlementThe balance of the funds (including the credit transaction funds) is 1.57 trillion yuan, and the total capital of the entrusted management funds is 12.02 trillion yuan.
“Daily Economic News” reporter calculated from data released by the China Securities Association in the first quarter of last year, and the business lines of the first quarter of 2020Brokerage performanceThe changes were: the net income of the agency’s securities sales business (including seat leasing) increased by 33.04%, the net income of the securities subscription and sponsorship business increased by 44.73%, the net income of the financial consulting business decreased by 35.03%, net income from investment consulting business increased by 29.09%, assets Net income from management business increased by 16.40%, net interest income increased by 87, 31% and investment income from securities (including changes in fair value) fell 43.21%.
This means that the biggest hurdle to the broker’s first quarter results is the self-operated business, and this is where the firm’s performance elasticity is greatest in 2019. Plus, benefiting from the actions of the “home owner” “, the A-share marketStock baseThe increase in the volume of transactions brought positive growth in the interannual income of the brokerage business;New ActionsStandardized issuance generates huge profits for investment banks.
Several brokers mentioned in the quarterly or quarterly report report that their self-trading performance has decreased significantly
Currently, there are not many brokers releasing the quarterly report. The first to disclose isHuaxi values. April 20,Huaxi valuesThe revealed quarterly report shows that the company achieved a total operating income of 915 million yuan in the first quarter, a year-on-year decrease of 12.26%;ShareholdersNet profit of 375 million yuan, a year-on-year decrease of 20.72%; Basic earnings per share of 0.14 yuan. Among them, due to market influence, changes in the fair value of the company’s financial investment and derivative investment decreased in the first quarter, and earnings from changes in fair value changed from 239 million yuan in the same period last year to a loss of 109 million yuan.
Western valuesFirst-quarter earnings are expected to be 241 million to 266 million yuan, a year-over-year decrease from 58.59% to 54.23%.Western valuesIn the first quarter of 2020, due to the fluctuation of the national stock market and the epidemic situation, the company’s operating income is said to have decreased significantly compared to the same period last year, mainly due to the sharp decrease in self-managed business incomeBankBusiness income has steadily increased. Due to the decrease in operating income, the net profit attributable to shareholders of listed companies in this period decreased compared to the same period of the previous year.
Guosheng FinancialThere was a loss in the first quarter. On the afternoon of April 15, the company released a performance forecast: First-quarter net profit is expected to be a loss of 82 million to 162 million yuan, and a profit of 442 million yuan in the same period of last year. The change in performance was primarily due to the year-over-year decrease in the change in fair value of self-managed securities businesses.
However, there are also riders whose performance is increasing year after year.Hualin valuesFirst-quarter earnings are expected to be 156 million to 166 million yuan, an increase from 68.97% to 79.77% year-on-year.Hualin valuesHe said that in the first quarter of 2020, the stock market fluctuated strongly, and trade between the two cities was active. The company actively takes advantage of market opportunities, adheres to constant operations and constantly develops various businesses. Brokerage business, investment in the first quarter of 2020BankCorporate and other business revenues achieved substantial growth during the same period last year and achieved good operating results.
Quarterly Report Reveals Clues: Nonstop Brokers Have Higher Losses
Given that the company’s first-quarter report release is still in progress, it’s difficult to find the trajectory of the brokerage’s self-managed first-quarter operation from the top ten list of shareholders in late March. But there are still clues that may reveal the reasons for some runners’ performance losses.
Such as Guosheng Securities appeared in September last yearZhongke JincaiIn the list of the top ten shareholders, there were 6.7 million shares. According toZhongke JincaiIn the quarterly report released on the night of April 23, Guosheng Securities remained unchanged for half a year. Since the first quarter of this yearZhongke JincaiThe decrease reached 22.82%, and the market value of Zhongke Jincai shares held by Guosheng Securities decreased by 28.34 million yuan.
Zhongke Jincai used to be a great bull in the market. The highest price in 2015 reached 185 yuan (recovered price), but in the last two years, the scenario has disappeared. In the first quarter of this year, Zhongke Financial suffered a loss of 20.412 million yuan, and in 2019 it lost 282 million yuan. Its market price is currently only 15 yuan, more than 90% of the 2015 peak.
PeacefulValues held in the first quarterFashionable energy. On the afternoon of April 19,Fashionable energy8 consecutive burstsAd, Uncovering grudges between some minority shareholders and the current board of directors. Even ifFashionable energyNet profit in the first quarter reached 750 million yuan, but due to internal confrontations, the share price was seriously affected and fell by 16.19% in the first quarter, and the absolute value of the price of the shares. shares is currently less than two yuan.PeacefulThe number of shares held by the securities reached 90.109 million shares, an increase of 30.66 million yuan in the first quarter.
Although the self-operated business of each securities firm has formulated strict operating strategies and risk control standards, it can be seen that even a professional securities firm, faced with market uncertainty, there is still a high possibility of judgment error and premature loss May cause more damage. Therefore, self-employment is often one of the most flexible factors for their performance.
The brokerage business and the growth of the investment bank business are highlights of the quarterly report
But in general, the brokerage business, the investment banking business, etc. compensated for the losses of some brokers in their own business.Eastern fortuneChoice dataStatistics show that in the first quarter of 2020, the average daily trade volume of the Shanghai and Shenzhen markets was 860.1 billion yuan, up 47.18% year-on-year. In addition, data from the Ministry of Finance show that from January to MarchNational tax revenueAmong them, the stamp duty on securities transactions reached 45.3 billion yuan, a year-on-year increase of 14.1%.
In terms of investment banking,Eastern fortuneFinancial terminal of choiceStatistics show that in the first quarter of 2020, brokerage subscription totaled 2.12 trillion yuan, of which capital subscription totaled 256.3 billion yuan, up 2.4% year-over-year . The amount of the bond subscription was 1.87 trillion, 15.4% more year-over-year.
Image Source:Eastern fortuneChoiceFinancial terminal
Market ranking,CICC,Investment in construction CITIC,GF SecuritiesThe number of insurers ranked in the top three.CICC8 insurers, obtained subscription and sponsorship income of 449 million yuan.Investment in construction CITICSubscribing 6 companies, earning subscription and sponsorship income of 332 million yuan, ranking second. The third isGF Securities, Subscribing 6 companies, obtaining subscription and sponsorship income of 227 million yuan.
Furthermore, from the perspective of IPO approval rate statistics, the current approval rate has increased significantly, which is also a major benefit for investment banks. In the first roomMeetingOf the top 30 subscribers, 28 of them have a 100% approval rate.
However, while the performance of the broker’s first quarter report is not as good as last year’s, some market participants have expressed optimism about the brokerage sector.
BOC valuesAnalystLan Xiaofei noted that short-term macroeconomic downward pressure is increasing, market volatility intensifies under the dual impact of the global epidemic and counter-cyclical policy adjustment, and the sector’s short-term uncertainty under high Beta attributes increases, but countercyclical policy can accelerate the capital market Reform process on both sides of supply and demand. In the long term, the securities industry has a clear political advantage over other financial sub-industries. Since 2019, the deepening reform of the end of capital market financing has continued to deepen and the expansion of development measures has been continuously promoted. Subsequent investment-side policies are also expected to be substantially liberalized and promoted by the CSRC. In the context of creating carrier-class brokerage companies, the main brokerage firms will focus on benefiting and will not change the centralized trend towards long term. We insist that the long-term leading logic remains unchanged, and it is recommended to focus on leading brokers with stable performance and strong comprehensive strength.CITIC values,Huatai Values,Haitong valuesAs well as Oriental Fortune, a growth-oriented internet broker that has fully benefited from the recovery in activity and accelerated performance.
(Editor in charge: DF522)
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