In 2020, The Medium And Small Securities Companies' Performance Will Soar And The Reform Will Deepen The Investment Banking Business Or Shine Brilliantly

With the market gradually hot, the securities industry ushered in the outbreak of performance.

Up to now, 38 listed securities companies have disclosed all the operating data of June: the total revenue was 28.955 billion yuan, up 84% month on month, and the total net profit was 11.070 billion yuan, up 122% from May.

In the first half of the year, despite the impact of the new crown pneumonia epidemic, the exhibition industry of intermediary agencies was temporarily affected. Under a series of favorable waves such as the registration system reform of the gem, all the businesses of securities companies performed well.

From January to June 2020, the total revenue of 36 comparable listed securities companies was 133.884 billion yuan, an increase of 19.70% over the same period of last year, and the net profit was 55.860 billion yuan, an increase of 19.58% over the same period of last year.

Among them, the listed securities companies Guohai Securities, first venture, Hualin securities, Northeast Securities, Guoyuan securities, etc. also disclosed the forecast or express report of the mid-term report in 2020, and their performance all showed a substantial growth. Among the unlisted securities companies, Minmetals securities and Guodu securities disclosed the parent company's unaudited financial statements in the half year of 2020. The former's net profit decreased by 4.42% year-on-year due to the increase of personnel size, while the latter realized a net profit of 377 million yuan, a year-on-year increase of 4.94%.

"From the operating data of listed securities companies in June, listed securities companies have better realized the risk control of fixed income proprietary business, equity proprietary business has perfectly hedged the further cooling of fixed income self operating business, and the overall self operating business has improved month on month." Zhongyuan securities non bank financial analyst Zhang Yang pointed out.

Securities companies welcome the outbreak of performance

On July 15, Guohai Securities, first venture capital, Northeast Securities and other small and medium-sized listed securities companies successively issued semi annual report forecast or semi annual report express in 2020, which opened a corner of the news tide among securities companies.

Since 2020, the Shanghai Composite Index, Shenzhen Composite Index and gem index have risen by 10.20%, 31.67% and 56.44% respectively, with active trading, which has led to a significant improvement in the performance of securities companies.

The company's net profit increased by RMB 39 million to RMB 106 million on a year-on-year basis; the company's net profit increased by RMB 39 million to RMB 106 million on a year-on-year basis, indicating that the company's net profit increased by RMB 39 million to RMB 106 million on a year-on-year basis, indicating that the company's net profit increased by RMB 39 million to RMB 106 million on a year-on-year basis; Hualin securities is expected to make a profit of 275 million yuan to 285 million yuan, with a year-on-year increase of 50.27% to 55.74%.

Compared with the same period of the previous year, the net income of stock brokerage companies decreased by RMB 6.6 billion compared with that in the same period of last year, which was mainly due to the decrease of net income from securities business and futures business of northeast investment companies, which was RMB 66.6 billion lower than that of the previous year The increase of income and the decrease of interest expense. The net profit attributable to the parent company was 666 million yuan, with a year-on-year increase of 12.98%.

In addition to the above-mentioned opportunities, the small and medium-sized securities companies also maintained a stable growth in the first half of the year, thanks to the steady growth of the securities market.

According to the data of the same period of last year, the total transaction volume of B shares was 283.84 trillion yuan (including 283.84 trillion yuan) in the same period of last year. According to the industry's average net commission rate of 3.49% last year, the net commission income of brokerage business in the first half of the year was about 99.059 billion yuan, an increase of 16.221 billion yuan compared with 82.838 billion yuan in the same period of last year.

This is just one part of the current wave of coupon trading.

According to the financial data bulletin of 36 listed securities companies with comparable data from January to June 2020, the reporter of 21st century economic report found that the net profit of 27 securities companies increased year on year, and the cumulative net profit of 15 listed securities companies increased by more than 30%. From January to June 2020, Hongta securities realized a total net profit of 731 million yuan, with a year-on-year increase of 147.11%. Galaxy Securities, Orient Securities, China Securities construction investment and other securities companies accumulated net profit growth of more than 45% from January to June.

But there are also listed securities companies due to the provision of impairment losses, poor management and other effects, performance decline is serious.

For example, Guosheng financial holding expects a loss of RMB 100 million-145 million in the first half of the year, which is mainly due to the year-on-year decrease in the income from stock proprietary business (the total income from changes in fair value and investment income), and the long-term equity investment accounting of QD equity held since December 13, 2019, while the fair value change income of a large amount was accounted and recognized according to trading financial assets in the same period of last year.

The accumulated net profit of Pacific Securities from January to June in 2020 is only 30.5815 million yuan, down more than 90% from last year. Among them, the capital market adjusted again in May, and Pacific Securities lost 155 million yuan, which directly brought down the company's performance in the first half of the year.

"Generally speaking, under the accelerated reform of the capital market, opportunities for securities and active transactions in the secondary market are the two most important aspects that determine the performance of the securities sector. At the current time point, the performance of these two aspects is conducive to the continuation of the securities market. The top securities companies that benefit from the reform dividend, comprehensive business development and strong risk control ability have investment value, while the secondary new and small and medium-sized securities companies have greater flexibility, and are more likely to be favored by funds. " Shanxi securities non bank team pointed out.

Investment banking business is expected to remain active

Active trading has played a strong role in promoting the commercial performance of listed bonds. However, with the deepening of the reform of the new capital market and the rapid recovery of the new capital market, journalists have also laid a good foundation for the reform of the new capital market.

According to wind data, the scale of IPO raised in June was 26.656 billion yuan, up 63% month on month and 148% year on year. The financing scale increased by RMB 715 million, up by RMB 810.6 billion.

In the first half of this year, the total amount of IPO fund-raising reached 139.274 billion yuan, an increase of 131% over the same period of last year, and the total amount of additional issuance reached 356.094 billion yuan, up 19% year-on-year.

In June, the scale of bonds underwritten by securities companies also remained stable, reaching 663.308 billion yuan, up 0.61% month on month. Among them, local bond underwriting was 56.378 billion yuan, down 70% month on month; ABS issued 157.117 billion yuan, up 125% month on month; in addition, the issuance scale of corporate bonds and corporate bonds were 248.13 billion yuan and 25.41 billion yuan, respectively, with a 43% and 92% increase on a month on month basis.

The underwriting income of investment banks in the first half of last year was RMB 11.37 billion, an increase of RMB 1.37 billion compared with the first half of last year. Among them, only the IPO income, 43 securities companies achieved a total of 6.467 billion yuan of underwriting expenses in the first half of the year.

Among the securities companies that have disclosed their performance, Hualin securities directly pointed out that the income of brokerage business and investment banking business in the half year of 2020 will achieve a substantial increase compared with the same period of last year; Minsheng securities also said that the net profit in the first half of the year was 406 million yuan, a 56.76% increase, of which the net income from investment banking service was 512 million yuan, with a year-on-year increase of nearly 90%.

In fact, with the continuous promotion of the registration system reform of gem, the boom of securities investment banking business is expected to continue in the second half of the year.

According to the statistics of 21st century economic report, as of July 15, there were 287 queuing enterprises under the gem registration system, involving 54 intermediary agencies, including 24 and 21 recommendation projects of CITIC Securities and CITIC construction investment, and more than 10 recommendation projects of 7 securities companies including Minsheng, Guojin and Huatai United.

Liu Wenqiang, non bank financial analyst of Great Wall Securities, said: "the development of high-level capital market and the implementation of the new securities law, and the promotion of the pilot registration system of gem, it is expected that the CSRC will further accelerate the introduction and implementation of relevant supporting policies. The regulatory authorities have repeatedly said that the 12 key tasks of comprehensively deepening the reform of the capital market at present and in the future will be well implemented, and the mature one will be promoted one by one. For example, the recent regulation indicates that the scientific and Technological Innovation Board will consider introducing the "t + 0" trading system and market maker system, securities companies' equity management measures and new regulations on the issuance of subordinated bonds. The era of equity has opened. "

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