reporter | Ma Xiaotian
editor |
While brokerage stocks are rising rapidly, listed brokerage firms also achieved impressive results in June.
As of the evening of July 8, a total of 38 listed securities companies disclosed financial data for June. In that month, they achieved a total operating income of 29.642 billion yuan and a net profit of 11.574 billion yuan. Most securities companies achieved an increase in revenue and net profit.
Specifically, the operating income of CITIC Securities , Guotai Junan , Guangfa Securities and CITIC Construction Investment exceeded the 2 billion yuan mark in June, of which CITIC Securities ranked first with 2.5 billion yuan, 12 A listed securities firm’s monthly revenue exceeded 1 billion yuan, and Hongta Securities became the only listed securities firm with negative revenue.
Compared with the same period last year, 31 securities firms achieved positive year-on-year revenue growth in June. Among them, First Venture Capital and Orient Securities were leading the growth rate. The distribution of operating income in the month was 209 million yuan and 1.168 billion yuan, respectively increased year-on-year. In addition, the year-on-year revenue growth of CITIC Construction Investment , Huatai Securities, Industrial Securities , Changjiang Securities , Guoyuan Securities , and Huaan Securities also exceeded 60% year-on-year.
From a month-on-month perspective, only Hongta Securities and BOC Securities saw a decline in performance compared to last month. The revenue of 14 securities firms doubled month-on-month, with First Venture Capital increasing by as much as 3,684.31% month-on-month, and Huaan Securities and Northeast Securities also increasing by more than 400% month-on-month. In terms of net profit, Guotai Junan topped the list of net profits in June with 1.064 billion yuan, while GF Securities and CITIC Securities ranked second and third with 1.005 billion yuan and 947 million yuan, respectively. The net profits of 24 securities firms exceeded 100 million yuan in a single month, and two securities firms, Hongta Securities and Centaline Securities , suffered losses, with losses of 89.0025 million yuan and 3.8015 million yuan respectively.
On a year-on-year basis, CITIC Construction Investment , Huatai Securities, China Galaxy and other 14 securities firms have increased by more than 100% compared to the same period in 2019. Among them, Chinese Yuan Securities has the largest year-on-year increase of 1,458%. Haitong Securities , Caitong Securities , Centaline Securities and Pacific Securities experienced year-on-year declines. The most obvious month-on-month growth rate was Huaan Securities , whose net profit in June increased sharply by 21158.97% month-on-month. In addition, Huachuang Securities , Northeast Securities, etc. also had the highest growth rate.
Shenwan Hongyuan Ma Kunpeng's team analyzed that the improvement in all business lines of brokerage, financing, investment and investment banking in June drove the explosive growth of performance. The interim report is about to be disclosed. It is expected that the net profit of listed securities companies will grow by more than 80% year-on-year in the second quarter, and the net profit growth rate in the first half of the year will be more than double digits. The performance growth rate of leading securities companies is expected to be better than that of the industry as a whole. At the same time, market trading activity has increased rapidly since July, index weights have continued to increase, and the performance explosion of brokerage firms has just begun. The team estimates that if the market maintains its current outlook, the industry's full-year net profit is expected to be close to 250 billion yuan, doubling.
Orient Securities pointed out that since 2019, reforms at both ends of the investment and financing sides of the capital market have continued to deepen. The Science and Technology Innovation Board was established, and the registration-based pilot achieved initial results. Since the beginning of this year, the GEM registration-based reform has been advancing rapidly, marking the official start of the comprehensive registration-based reform of the A-share market. The importance of securities firms and even investment banks is expected to continue to increase. Considering that the pace of investment banking business in the first half of the year was affected by the epidemic, the performance of securities firms and investment banks is expected to accelerate in the second half of the year. In addition, many policy dividends such as the reform of the New OTC Market, optimization of the red chip return to A system, loosening of stock index option trading rules, optimization of the compilation method of the Shanghai Stock Exchange Index, and fund investment advisory pilots continue to be released. Policies such as T+0 trading arrangements and market maker systems are also expected to Accelerating the rollout, in the medium and long term, the brokerage sector will continue to enjoy policy benefits that are significantly ahead of other financial sub-sectors.
