It should be said that after the National Day, the favorable policies of the stock market have basically not been broken, but the market is still "three steps and two times", there is not much improvement, yesterday, the three major stocks of the A shares closed, includingShanghai indexIt is also Sanlian Yin. The bullish enthusiasm that has been bred by the continuous rise will undoubtedly be cooled a little.
Although the market is not warm, there are still many bright spots in this process. The best among them is the brokerage sector. Since October 19, the sector has soared. After the daily limit of the sector on October 22, it has been playing. The role of "Pioneer", as of yesterday's closing 14 trading days, the cumulative increase of up to 33.26%, far outperformed the 6.23% increase in the Shanghai Composite Index.
Recently, the monthly report of listed brokers in October is being announced one after another. In the face of the surge in the sector, what is the performance of brokers in October?Oriental Fortune ChoiceThe data shows that as of 8:00 last night, except for Caitong Securities, the remaining 33 have disclosed the October monthly revenue report. In addition to the newly listed Great Wall Securities and Tianfeng Securities in October, among the other 31 listed brokers, October's revenue and net profit fell more than 80% from the previous month, and the operating conditions were very bleak.
Only 5 revenues rose month-on-month, and Pacific revenues were negative
In detail, the 33 listed brokerages had a total revenue of 9.722 billion yuan in October, of which 23 brokerages had revenues of over 100 million yuan. CITIC Securities had the largest revenues of 1.25 billion yuan, making it the only company with a single monthly revenue of 1 billion. The October revenue of Pacific Securities was the only negative among listed brokers, which was 3,316,300 yuan.
Among the 31 brokers, only 5 brokers saw their revenues rise in October, accounting for 16%. Soochow Securities had the highest growth rate of 74.4%, and the other four companies increased by more than 15%.
On the contrary, in addition to Pacific Securities, there were 8 brokers in October with a waist-to-door ratio. Among them, Everbright Securities was even more swaying, with a drop of 82.07%.
From the same period of last year, the situation is also not optimistic. Of the 31 brokerages, only 4 have risen year-on-year, 1 less than the ring, including Pacific Securities, 10 of which have a year-on-year revenue, accounting for more than 30%. .
(Data Sources:Eastern Fortune Choice Data)
Accumulated revenue only Shen Wan rose year on year
Further, from the accumulated revenue in the previous October, CITIC Securities, Guotai Junan and Huatai Securities ranked among the best, with cumulative revenues exceeding 10 billion, which were 16.273 billion yuan, 14.923 billion yuan and 11.942 billion yuan respectively.
From the perspective of comparable 27 listed brokers, the situation is very chilling. Only Shen Wan Hongyuan's cumulative revenue rose year-on-year, and the increase was only 10.96%.
(Source: Eastern WealthChoice data)
Only 4 net profit rose, 9 losses
The performance of revenue is so bleak, the performance of listed brokers is not much better, Eastern wealthChoiceAccording to the data, only 4 of the 31 brokers comparable to the ring rose, accounting for only 12.9%. Among them, Zhongyuan Securities was still losing money in October, with a loss of 9.485 million yuan, which can only be regarded as a reduction in losses. It is not a real increase in the ring.
In addition to Zhongyuan Securities, there were 8 brokerages in the past month that were losing money, and basically all of them were more than 10 million yuan. Pacific Securities was close to 100 million yuan and the loss reached 87.65 million yuan.
Compared with the same period of last year, among the 28 comparable brokers, 19 have a year-on-year performance, accounting for 68%, while only 4 have risen year-on-year.
(Source: Eastern Fortune Choice data)
Accumulated net profit increased by 3 year-on-year, and the Pacific lost nearly 300 million
From the accumulated net profit of listed brokers in the previous October, only Guoyuan Securities, Shenwan Hongyuan and Founder Securities rose year-on-year, and China Yuan Securities doubled to 198.04% year-on-year, with a cumulative net profit of 179 million yuan in the first ten months.
On the contrary, among the 27 brokers, 10 of them had accumulated net profit in the first ten months of the year, and Pacific Securities is still in a loss state. The accumulated loss in the first ten months was 286 million yuan, which is the only loss among listed brokers.
(Source: Eastern Fortune Choice data)
Brokerage business is stabilizing
Since the beginning of this year, due to the market drag, the business performance of brokerages has been bleak. However, the data of Oriental Fortune shows that the average daily turnover of A shares in October was 289.6 billion yuan, +11.4% from the previous month. For this reason, Orient Securities believes that the market turnover has stabilized. The superimposed commission rate bottomed out and the brokerage business has entered a new era of wealth management competition.
Taking into account the current economic environment uncertainty, the public brokers are committed to reducing the direction of self-investment and increasing the diversification of income; in the current market volatility, the advantages of this business strategy are highlighting.
The risk of equity pledge is gradually lifted
On the other hand, as the market continues to fall during the year, the risk of stock pledge business is gradually exposed, which brings about the control of listed companies.Brokerage performanceWith the core factors of valuation.
Since mid-October, regulators, financial companies and local governments have repeatedly introduced measures to alleviate the possible harm caused by equity pledge. For example, on October 19, the Banking Regulatory Commission required banking financial institutions to comprehensively assess the actual risks and future development prospects of financing companies when stock pledges touched the liquidation line, instead of adopting simple and violent means of forcing liquidation.
On October 21, the Shanghai Stock Exchange and the Shenzhen Stock Exchange respectively announced measures to alleviate the risk of equity pledge. The Shanghai Stock Exchange indicated that it will continuously monitor the risk of equity pledge and make a response plan; improve the rules for the transfer of shareholding agreements and stock pledge repo transactions of listed companies; The company said that it will comprehensively check the risks of listed companies, optimize and improve the rules for disclosure of stock pledge information; cooperate with local governments and financial institutions to support listed companies with development prospects but temporarily in business difficulties to ease the plight of stock pledge.
At the private enterprise symposium held on November 1st, the private enterprises that have the risk of closing the equity pledge will continue to be proposed. Relevant parties and localities should pay close attention to research and adopt special measures to help enterprises tide over the difficulties and avoid the transfer of enterprise ownership. problem.
Tianfeng Securities said that since the Golden Stability Conference, the central bank, the China Securities Regulatory Commission, the China Insurance Regulatory Commission, the China Securities Association, the China Foundation, and other regulatory agencies have concentrated on a series of measures aimed at defusing the risk of equity pledge of listed companies. In this regard, Orient Securities believes that since mid-October, regulators, financial companies and local governments have introduced a number of measures to provide liquidity and resolve pledge risks. We expect this business to have less limited pressure on future impairment.
Mergers and acquisitions and science and technology board ushered in opportunities
Recently, the science and technology board proposed by the national level has also provided new opportunities for brokers. On November 5, President Xi Jinping announced that the Shanghai Stock Exchange will set up a science and technology innovation board and a pilot registration system. Orient Securities believes that the establishment of this sector is of great significance to the construction of China's capital market. In the early stage of the pilot test, the IPO reserves of securities companies will be tested. The companies with rich project sources can seize opportunities and benefit significantly.
In addition, since October 18, the CSRC has introduced a number of policies to support the development of mergers and acquisitions, launching a “small-volume” review mechanism, liberalizing supporting financing controls, allowing listed companies to supplement liquidity and repay debts, and pilot OrientationConvertible bondM&A supports the development of listed companies.
Of course, in addition to these policies closely related to brokerages are welcoming a favorable period, the Politburo meeting held on October 31 re-emphasizes “around capital market reform, strengthen system construction, stimulate market vitality, and promote long-term healthy development of capital markets”. .
And the CSRC issued three aspects of accelerated promotion: first, to improve the quality of listed companies, to encourage listed companies to carry out repurchase and mergers and acquisitions; second, to optimize transaction supervision and reduce trading resistance; third, to guide more incremental medium and long-term funds to enter the market .
All of this is paving the way for brokers, brokers fleeing the dark, and the time to greet dawn may not be far...
This article is for investors' reference only and does not constitute investment advice.