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                        Listed brokers' performance in the first three quarters was released: Which one is the most profitable? How to layout?
Source: China Securities Journal Editor: Eastern Fortune Network

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  点击查看>>>September brokerage performance monthly report Brokerage market Capital flows

On the evening of October 16, 29 monthly securities companies of the Shanghai and Shenzhen stock exchanges had all been released in September, which resulted in the operating results of major securities companies in the first three quarters. According to statistics from Eastern Fortune, Guotai Junan topped the list with revenue of 14.423 billion yuan in the first three quarters, while Huatai Securities became the most profitable listed broker in the first three quarters with a net profit of 6.902 billion yuan.

  Listed brokers' rankings in the first three quarters

Guojun’s revenue tops, Huatai’s net profit wins

The statistics of Oriental Fortune Show show that the listed brokers in the first three quarters have accumulated operating income of 145.609 billion yuan and accumulated net profit of 60.561 billion yuan.

However, among the 25 comparable brokers, only 7 securities companies have increased their operating income year-on-year, and only 4 of them have improved their net profit. It can be seen that the performance of listed securities companies with large and medium-sized brokerage companies as the main body in the first three quarters of this year is not optimistic.

  2017 listed brokerages in the first three quarters of the cumulative revenue of the top ten

Source: Eastern Fortune Choice Data

Specifically, in terms of accumulated operating income in the first three quarters, Guotai Junan, CITIC Securities, Huatai Securities and GF Securities ranked the top four respectively, and the accumulated revenues exceeded 10 billion yuan, of which Huatai Securities increased 19.92% compared with last year. Another six brokerages had revenues of more than 5 billion yuan in the first three quarters, namely Haitong Securities, China Merchants Securities, Guosen Securities, Shenwan Hongyuan, China Galaxy and Orient Securities.

  Listed brokerages with cumulative revenue growth in the first three quarters

Source: Eastern Fortune Choice Data

The largest year-on-year increase in revenue was in Orient Securities, with a growth rate of approximately 46.03%, and Shanxi Securities' revenue increased by 18.41% year-on-year. The growth rate is ahead.

  Some listed brokers with a large decline in cumulative revenue in the first three quarters

Source: Eastern Fortune Choice Data

There were four brokerage firms with a significant decline in revenue, with a drop of more than 25%, namely Guohai Securities, Southwest Securities, Northeast Securities and Founder Securities.

  The top ten accumulated net profit of the listed securities companies in the first three quarters in 2017

Source: Eastern Fortune Choice Data

In terms of accumulated net profit, Huatai Securities ranked first with a score of 6.902 billion yuan, and net profit increased by 48.02% year-on-year. Guotai Junan and CITIC Securities ranked second and third. The net profit of the first three quarters reached 6.478 billion yuan and 5.772 billion yuan respectively, followed by Haitong Securities and GF Securities.

  It should be emphasized that the monthly financial data disclosed by the A-share listed securities companies is the total value data of the parent company and the domestically-controlled securities subsidiaries. The unaudited, not strictly consolidated statement data, the final results of the listed brokers in the third quarter of 2017 Please also refer to the disclosure of the three quarterly reports.

  Prospects for listed brokerages in the third quarter

Expected to usher in marginal improvement of the income statement

  Lu Fengting, an analyst at Tianfeng Securities, believes that the market environment in the third quarter is more favorable to brokers.

In terms of transaction volume, the monthly increase in July-September, the average daily turnover of the two cities reached 506.6 billion yuan in the third quarter, and reached 545.5 billion yuan in September, a slight increase of 1.4% in the third quarter of 2016, a significant increase from the second quarter of 2017. 18.34%.

In terms of margin financing and securities lending, the net increase in the third quarter was 90 billion yuan, and the ending balance was 965.7 billion yuan, much higher than the 20.3 billion yuan and 868.6 billion yuan in the third quarter of 2016.

In terms of bond financing, it benefited from the stabilization of bond yields and the increase in the size of credit bonds. Taking corporate bonds as an example, the issuance scale in the third quarter of 2017 reached 426.7 billion yuan, higher than the sum of 410.6 billion yuan in the first half of the year. In addition, the IPO maintained a stable pace, and the securities investment banking business performed better.

In terms of policy, the stock index futures continued to relax in the third quarter. If the transaction fees for the current trading hours are released, the brokerage derivatives income is expected to benefit. Stock pledge ushered in stronger regulation, but the increase in market concentration is beneficial to listed brokers.

Lu Yunting said that from the tracked monthly financial data, the listed brokerages in the third quarter achieved a total revenue of 52.7 billion yuan, a 9% increase from the previous month and a 6% increase from the same period last year; a net profit of 21.2 billion yuan, a 12% increase from the previous month.It is expected that the performance of listed brokers in the third quarter is expected to usher in the marginal improvement of the income statement, and the large brokers with balanced business structure are more competitive.

According to the brokers, Yang Owen, an analyst at Chuan Cai Securities, believes that the differentiation of brokerage performance in the third quarter has become more obvious. The income structure is diversified, and the brokers with better cost control have achieved performance growth. The leading brokers have shown a strong and strong trend.In the fourth quarter, market risk appetite is expected to further increase, and the annual performance of brokerage firms will be first and then suppressed.

Shen Wanhongyuan analyst Wang Congyun expects that the net profit of 25 comparable listed brokers (parent company and investment bank, capital pipe company) will decrease by 8% and 9% quarter-on-quarter in the third quarter, and the total net profit in the first three quarters will decrease by 10% year-on-year. The consolidated statement performance of other subsidiaries is expected to be 6% lower than the net profit of the listed brokers.

Wang Congyun pointed out that under the general environment of the CSRC’s insistence on striving for a stable job and achieving a stable operation of the capital market,It is expected that the listed brokers' third-quarter results will improve on a quarter-on-quarter basis, and the year-on-year decline will narrow, and the annual results will continue to improve.

Looking forward to the whole year, Chen Fu, an analyst at GF Securities, believes thatThe fourth-quarter results of listed brokers will benefit from the continued good market environment and low base, and the full-year results are expected to achieve positive growth.

  How is the brokerage sector laid out in the fourth quarter?

Liu Weijie, general manager of Guangzhou Situ Equity Fund Management Co., believes that the future growth of brokerages lies in integrated financial services, such as the services of the New Third Board, the three-board to the main board and other financial innovation services. However, the financial data shows that the income is a slow process. In the case of the continuous increase in the number of IPO companies, after the enterprise IPO, the brokerage services to the enterprise have not been suspended, including the business of additional issuance and bond issuance will continue to bring profits to the brokers. .

Regarding the layout of the secondary market, Liu Weijie said that the property of the "snail" of the brokerage stocks is very obvious, and the price stability is higher than the financial blue chips such as insurance and banking.The institutions that arrange the brokerage stocks must be patient, and there is no “fear of heights” in the control of the brokerage sector.

Tan Yuli, investment director of Beijing Baoruixing Investment Co., Ltd., said that the brokerage structure is changing. In terms of brokerage business and intermediary business income, the profit of brokerages did not decline significantly, and the profit of IPO business increased slightly. However, the scale of the business of issuing bonds, stock issuance, and asset management has declined.There is no possibility of qualitative change in the fundamentals of large and medium-sized brokerage firms.

For the layout of the brokerage sector in the fourth quarter, Tan Yuli expects that some institutions will be more likely to lay out insurance, money funds and other sectors due to the fourth quarter earnings considerations. As a blue chip stock, the brokers will have a layout. If the market sentiment is neutral in the fourth quarter, the market will not significantly reduce the position, but the position will be adjusted appropriately for the layout of high-quality listed companies with good performance in the third quarter.

Some organizations also expressed different views. Yan Xiaorui, director of wealth investment of Xunzi, believes that although the commission rate of brokerages is declining, other businesses such as stock options and IPOs have contributed more profits. The overall financial data of brokerages in the fourth quarter should be flat or slightly decline.

At the same time, Ren Xiaorui further stated that the differentiation of brokerage performance may be intensified, and the pattern of “strong and strong, weak and weak” will gradually take shape.The current market sentiment is in a warmer atmosphere. There are also reports that many private placements are at high water levels. The brokerage market in the fourth quarter does not have to be too pessimistic.


  系列报道>>>

  The two brokers' net profit in the first three quarters exceeded 6.5 billion yuan. Huatai Securities is expected to win the championship.

  In the third quarter, brokerage investment banking business grew at a high scale. Bond underwriting accounted for 80%.

  The income structure of listed brokers has changed quietly.

  机构看好>>>

  The performance continues to improve. The organization is optimistic about the performance of the brokerage sector.

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                            Are all
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                            I only know that the first business is the leader, nothing else is useless.
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Source: China Securities Journal Editor: Eastern Fortune Network

K map 601688_1

K map 601211_1

  Click to view>>>September brokerage performance monthly report Brokerage market Capital flows

On the evening of October 16, 29 monthly securities companies of the Shanghai and Shenzhen stock exchanges had all been released in September, which resulted in the operating results of major securities companies in the first three quarters. According to statistics from Eastern Fortune, Guotai Junan topped the list with revenue of 14.423 billion yuan in the first three quarters, while Huatai Securities became the most profitable listed broker in the first three quarters with a net profit of 6.902 billion yuan.

  Listed brokers' rankings in the first three quarters

Guojun’s revenue tops, Huatai’s net profit wins

The statistics of Oriental Fortune Show show that the listed brokers in the first three quarters have accumulated operating income of 145.609 billion yuan and accumulated net profit of 60.561 billion yuan.

However, among the 25 comparable brokers, only 7 securities companies have increased their operating income year-on-year, and only 4 of them have improved their net profit. It can be seen that the performance of listed securities companies with large and medium-sized brokerage companies as the main body in the first three quarters of this year is not optimistic.

  2017 listed brokerages in the first three quarters of the cumulative revenue of the top ten

Source: Eastern Fortune Choice Data

Specifically, in terms of accumulated operating income in the first three quarters, Guotai Junan, CITIC Securities, Huatai Securities and GF Securities ranked the top four respectively, and the accumulated revenues exceeded 10 billion yuan, of which Huatai Securities increased 19.92% compared with last year. Another six brokerages had revenues of more than 5 billion yuan in the first three quarters, namely Haitong Securities, China Merchants Securities, Guosen Securities, Shenwan Hongyuan, China Galaxy and Orient Securities.

  Listed brokerages with cumulative revenue growth in the first three quarters

Source: Eastern Fortune Choice Data

The largest year-on-year increase in revenue was in Orient Securities, with a growth rate of approximately 46.03%, and Shanxi Securities' revenue increased by 18.41% year-on-year. The growth rate is ahead.

  Some listed brokers with a large decline in cumulative revenue in the first three quarters

Source: Eastern Fortune Choice Data

There were four brokerage firms with a significant decline in revenue, with a drop of more than 25%, namely Guohai Securities, Southwest Securities, Northeast Securities and Founder Securities.

  The top ten accumulated net profit of the listed securities companies in the first three quarters in 2017

Source: Eastern Fortune Choice Data

In terms of accumulated net profit, Huatai Securities ranked first with a score of 6.902 billion yuan, and net profit increased by 48.02% year-on-year. Guotai Junan and CITIC Securities ranked second and third. The net profit of the first three quarters reached 6.478 billion yuan and 5.772 billion yuan respectively, followed by Haitong Securities and GF Securities.

  It should be emphasized that the monthly financial data disclosed by the A-share listed securities companies is the total value data of the parent company and the domestically-controlled securities subsidiaries. The unaudited, not strictly consolidated statement data, the final results of the listed brokers in the third quarter of 2017 Please also refer to the disclosure of the three quarterly reports.

  Prospects for listed brokerages in the third quarter

Expected to usher in marginal improvement of the income statement

  Lu Fengting, an analyst at Tianfeng Securities, believes that the market environment in the third quarter is more favorable to brokers.

In terms of transaction volume, the monthly increase in July-September, the average daily turnover of the two cities reached 506.6 billion yuan in the third quarter, and reached 545.5 billion yuan in September, a slight increase of 1.4% in the third quarter of 2016, a significant increase from the second quarter of 2017. 18.34%.

In terms of margin financing and securities lending, the net increase in the third quarter was 90 billion yuan, and the ending balance was 965.7 billion yuan, much higher than the 20.3 billion yuan and 868.6 billion yuan in the third quarter of 2016.

In terms of bond financing, it benefited from the stabilization of bond yields and the increase in the size of credit bonds. Taking corporate bonds as an example, the issuance scale in the third quarter of 2017 reached 426.7 billion yuan, higher than the sum of 410.6 billion yuan in the first half of the year. In addition, the IPO maintained a stable pace, and the securities investment banking business performed better.

In terms of policy, the stock index futures continued to relax in the third quarter. If the transaction fees for the current trading hours are released, the brokerage derivatives income is expected to benefit. Stock pledge ushered in stronger regulation, but the increase in market concentration is beneficial to listed brokers.

Lu Yunting said that from the tracked monthly financial data, the listed brokerages in the third quarter achieved a total revenue of 52.7 billion yuan, a 9% increase from the previous month and a 6% increase from the same period last year; a net profit of 21.2 billion yuan, a 12% increase from the previous month.It is expected that the performance of listed brokers in the third quarter is expected to usher in the marginal improvement of the income statement, and the large brokers with balanced business structure are more competitive.

According to the brokers, Yang Owen, an analyst at Chuan Cai Securities, believes that the differentiation of brokerage performance in the third quarter has become more obvious. The income structure is diversified, and the brokers with better cost control have achieved performance growth. The leading brokers have shown a strong and strong trend.In the fourth quarter, market risk appetite is expected to further increase, and the annual performance of brokerage firms will be first and then suppressed.

Shen Wanhongyuan analyst Wang Congyun expects that the net profit of 25 comparable listed brokers (parent company and investment bank, capital pipe company) will decrease by 8% and 9% quarter-on-quarter in the third quarter, and the total net profit in the first three quarters will decrease by 10% year-on-year. The consolidated statement performance of other subsidiaries is expected to be 6% lower than the net profit of the listed brokers.

Wang Congyun pointed out that under the general environment of the CSRC’s insistence on striving for a stable job and achieving a stable operation of the capital market,It is expected that the listed brokers' third-quarter results will improve on a quarter-on-quarter basis, and the year-on-year decline will narrow, and the annual results will continue to improve.

Looking forward to the whole year, Chen Fu, an analyst at GF Securities, believes thatThe fourth-quarter results of listed brokers will benefit from the continued good market environment and low base, and the full-year results are expected to achieve positive growth.

  How is the brokerage sector laid out in the fourth quarter?

Liu Weijie, general manager of Guangzhou Situ Equity Fund Management Co., believes that the future growth of brokerages lies in integrated financial services, such as the services of the New Third Board, the three-board to the main board and other financial innovation services. However, the financial data shows that the income is a slow process. In the case of the continuous increase in the number of IPO companies, after the enterprise IPO, the brokerage services to the enterprise have not been suspended, including the business of additional issuance and bond issuance will continue to bring profits to the brokers. .

Regarding the layout of the secondary market, Liu Weijie said that the property of the "snail" of the brokerage stocks is very obvious, and the price stability is higher than the financial blue chips such as insurance and banking.The institutions that arrange the brokerage stocks must be patient, and there is no “fear of heights” in the control of the brokerage sector.

Tan Yuli, investment director of Beijing Baoruixing Investment Co., Ltd., said that the brokerage structure is changing. In terms of brokerage business and intermediary business income, the profit of brokerages did not decline significantly, and the profit of IPO business increased slightly. However, the scale of the business of issuing bonds, stock issuance, and asset management has declined.There is no possibility of qualitative change in the fundamentals of large and medium-sized brokerage firms.

For the layout of the brokerage sector in the fourth quarter, Tan Yuli expects that some institutions will be more likely to lay out insurance, money funds and other sectors due to the fourth quarter earnings considerations. As a blue chip stock, the brokers will have a layout. If the market sentiment is neutral in the fourth quarter, the market will not significantly reduce the position, but the position will be adjusted appropriately for the layout of high-quality listed companies with good performance in the third quarter.

Some organizations also expressed different views. Yan Xiaorui, director of wealth investment of Xunzi, believes that although the commission rate of brokerages is declining, other businesses such as stock options and IPOs have contributed more profits. The overall financial data of brokerages in the fourth quarter should be flat or slightly decline.

At the same time, Ren Xiaorui further stated that the differentiation of brokerage performance may be intensified, and the pattern of “strong and strong, weak and weak” will gradually take shape.The current market sentiment is in a warmer atmosphere. There are also reports that many private placements are at high water levels. The brokerage market in the fourth quarter does not have to be too pessimistic.


  Series report>>>

  The two brokers' net profit in the first three quarters exceeded 6.5 billion yuan. Huatai Securities is expected to win the championship.

  In the third quarter, brokerage investment banking business grew at a high scale. Bond underwriting accounted for 80%.

  The income structure of listed brokers has changed quietly.

  Institutions are optimistic >>>

  The performance continues to improve. The organization is optimistic about the performance of the brokerage sector.