Voucher Industry Welcomed The Red April: 46 Tickets Business Performance Increased By 50%, CITIC "Top", Xingye Became "Lose The King".

The epidemic has gradually improved, and has led to a rapid rebound in the securities industry. Wind data show that as of May 13th, 46 brokerages released monthly reports in April, the collective performance has soared.

According to the twenty-first Century economic report reporter statistics, the total revenue of 46 brokerages totaled 33 billion 618 million yuan in April, a 52.73% increase in the ring ratio, a net profit of 14 billion 553 million yuan, an increase of 55.05%. Excluding Hongta securities and Bank of China securities listed in 2019 (no monthly data in April 2019), the remaining 44 listed brokerages increased their revenues and net profits by 84.39% and 114.96% respectively compared with April 2019.

The "reverse" market of commercial coupons is inseparable from red April's "surge of fuel." In April, the Shanghai Composite Index, Shenzhen stock index and gem index rose by 3.99%, 7.62% and 10.55% respectively. In March, the three indexes fell by 4.51%, 9.28% and 9.64% respectively.

"Securities companies basically watch" days "to eat, this" day "is the stock market trend. From the trend of April, A shares went up steadily, thereby promoting the self investment business and brokerage business income of securities companies to rise significantly. At the same time, the continuous development of registration system, normalization of A share audits, and unconventional issuance of bonds have directly brought about a substantial increase in investment income of brokerages. In May 13th, He Nanye, a special researcher at Suning Financial Research Institute, said.

Red April ending

When the red April arrived, the securities industry handed in a good answer.

In 1-4 months, 46 brokerages accumulated operating income and net profit of 103 billion 627 million yuan and 44 billion 46 million yuan respectively. After excluding Hongta securities and Bank of China Securities, the remaining 44 brokerages revenue and net profit increased 13.32% and 9.89% respectively compared with the same period last year.

From the single month of April, the top three listed brokerages with the most business scale and profitability are still CITIC Securities, Shen Wan Hongyuan and CITIC construction investment. Their revenue scale is 3 billion 316 million yuan, 2 billion 281 million yuan and 2 billion 110 million yuan respectively, with net profit of 1 billion 557 million yuan, 1 billion 520 million yuan and 1 billion 39 million yuan, respectively.

Not only is the strong and the strong, but also the performance of small and medium-sized brokerages has rapidly recovered. In March, Guosheng securities, Hongta securities, Jianghai securities, Zhongyuan securities, CAITONG securities and Xingye securities also lost their losses. Among them, the biggest loss is the Xingye securities, which lost 252 million yuan in March and 312 million yuan in April.

Societe Generale Securities did not disclose the main reason for its losses in its March monthly report. However, a quarterly report found that the net profit of the company declined more than 70% in the first quarter, mainly due to the decline in fair value of trading financial assets. The company's monthly fair value change income was -8.98 billion, compared with 1 billion 392 million yuan in the same period last year.

In addition, Societe Generale Securities also calculated the loss of credit impairment of 259 million yuan, and other assets impairment loss of 178 million yuan, which is mainly prepared by the company's futures risk subsidiary commodity inventory decline in price increase.

In addition, Changjiang Securities, which is located in the center of the epidemic area, has also been rapidly recovered in Wuhan after its release. In April 2020, Changjiang Securities realized operating income and net profit of 790 million yuan and 239 million yuan respectively, representing an increase of 282.91% and 1009.65% respectively. There are also 10 brokerages, including Western securities, Huachang securities, Soochow securities and Orient Securities, whose net profit growth is more than 100%.

"This trend is expected to continue in the first half of the year, and the performance of securities companies will maintain steady growth in the first half of the year. As the macro-control policy is further enlarged, monetary policy is moderately relaxed and foreign long-term funds continue to flow in, A shares are expected to maintain a gradual upward trend, thus forming a good support for commercial performance of the coupon. He Nanye said.

It is worth mentioning that, despite the impact of the new crown pneumonia epidemic in the beginning of the year, the stock market fluctuated significantly, many brokerages were affected by the normal exhibition industry, but the equity investment business was not affected, which greatly boosted the investment banking activities of some brokerages.

Wind data show that in 2020 1-4, the total amount of equity financing that securities firms took part in underwriting in the A share market amounted to 3 trillion and 460 billion yuan, an increase of 19.10% over the same period in 2019, and a total of 11044 participating projects, representing an increase of 23.84% over 2019.

Among them, the largest amount of equity financing is CSC, which participated in underwriting 860 projects in 1-4 months, raising a total of 461 billion 836 million yuan. CITIC Securities, which followed closely, took part in underwriting 863 projects in 1-4 months, raising a total of 457 billion 125 million yuan.

In fact, in the first quarter, in the downturn of the securities industry, CITIC investment grew by the bright investment banking business. In the 1-3 month, CITIC achieved a net income of 740 million yuan in securities underwriting business, an increase of 12.5% over the same period last year.

Dividend policy

What is worth mentioning is, along with the market warm up, as well as the gem registration system reform gradual advancement, many market personages forecast, the securities trader is expected to benefit from the liquidity relative improvement, the policy toolbox gradually opens and so on the policy bonus, the prosperity degree unceasingly rises.

On the evening of April 27th, the thirteenth session of the Shenzhen Commission on reform and development adopted the reform plan of the gem and the overall implementation plan of the registration system. On the same day, the SFC and the exchanges also announced the draft of the institutional framework for the registration system reform of the gem. The industry expects that the first batch of gem registration enterprises will soon be released in August.

Liu Wenqiang, a non banking analyst at the Great Wall securities, said: "under the successive promotion of the policy of" Chuang Chuang board "and" gem registration system ", the IPO scale is expected to reach 2900-3100 billion yuan this year. The scale of gem IPO is expected to be 400-410 billion yuan, and the IPO business of the brokerage firm is expected to have substantial positive effects this year. However, it may be affected by the epidemic situation and the rhythm will be adjusted. The concentration of IPO business will also be further mentioned. Rise. "

Luo Zuanhui, a non silver analyst at Tianfeng securities, also said that the new rules of foreign institutional investors fell in May, which is conducive to foreign investment in the domestic financial market. "The gem registration reform supporting policy is advancing rapidly. We hope that the following favorable policies for the introduction of various derivatives business will continue to land, and that the improvement of policy efficiency and liquidity improvement is expected to continue to enhance the valuation of brokerage stocks".

He Nan Ye pointed out: "the gem registration system is really profitable, and some brokerage stocks have also risen. But the gem registration system is better than the investment banking business, but investment banking is only one of the major business branches of the securities company. Therefore, it is difficult to pick up the valuation of brokerage stocks simply by the gem registration system. Fundamentally, we still need to rely on the improvement of the profitability of securities companies, which depends on the upward trend of the capital market trend, so that we can realize the rapid rise of the valuation of brokerages.

However, He Nanye further added that the securities industry did present obvious configuration opportunities. On the one hand, the valuation was at a low level, and on the other hand, the brokerage business is expected to achieve a larger explosion in the next one or two years.