Securities industry fell year on year decline in the stability of commercial performance

The securities industry: year-on-year decline controllable broker performance robustness improvement of Orient Securities Securities Industry Research Report released in September 7th, the report is as follows: the core point compared with the first half of 2015, CBBC conversion of leading brokerage revenue and net profit fell 52% and 59%. 2016 in the first half of the industry to achieve operating income of 157 billion 100 million yuan, net profit of $62 billion 500 million, founder, state sea, the country’s gold performance is relatively good, revenue fell by 20%, respectively, 33%. The overall decline in performance is mainly due to poor performance of the two markets, resulting in high Beta brokerage business revenue has shrunk dramatically. At the same time, the increase in redundant funds also makes leverage from the industry average of 4.4 in 2015 fell to 2016H of 3.9. Beta performance weakened brokerage performance, robustness enhancement. Our brokerage business is divided into two categories: one is high to two beta business, brokerage, and self oriented, the other part is low beta business, including investment banking, information management and two non-financial capital intermediary business. 2015 to the first half of 2016, high beta business accounted for decreased from 82% to 63%, the reason is that the market caused by the conversion Niuxiong brokerage business volume, two financial needs and self investment income fell sharply, while the investment bank information management business less affected. 1) Brokerage: is still the largest business sector, the commission rate down, the volume is the first decline in performance. 2016 in the first half, brokerage revenue was 55 billion 976 million yuan, down by 65%, of which turnover fell by 54%. At present, the competition between the brokerage commission price competition has shifted to integrated financial services, the commission rate down space is limited. 2) proprietary business: investment direction to the creditor class tilt. Market performance is poor, the broker actively adjust investment strategy, stock and fund investment accounted for from 32% in 2015 to $2016 in the first half of 23%, which will reduce the performance of the Beta attribute. 3) investment banking stocks: debt financing increased performance, contrarian growth of 50%. Investment banking business is the fastest growing business in the first half of 2016, the growth was mainly due to an increase in private placement and corporate debt issuance, strong regulatory environment will have a certain impact on the development of investment banking. 4) asset management: an increase of 10%, the initiative is the trend of products. 2016 in the first half of the broker to achieve information management income of 13 billion 430 million yuan, the proportion of total revenue increased from 2015 to 9.3% in. Information management growth mainly from the promotion of social financial needs, from the product structure, the proportion of directional information management up to 79%, improve the active management of the product is the direction of the transformation of brokerage information management. 5 (capital) intermediary: two financial stability, the rapid development of equity pledge. Two scale is currently about 8500-9000 billion yuan, in a reasonable position. Equity pledge period is weak, the first half of 2016, the total number of pledged shares reached 42 million 630 thousand shares, the market value of 590 billion 900 million yuan reference. Investment proposals and investment targets we choose two main lines to pick stocks: first, in accordance with the valuation of the election, the proposed attention Everbright Securities (601788, not rated), it is proposed to focus on Societe Generale Securities (601377, buy), the two P.相关的主题文章: