Brokerage plate pre-afternoon contraction shock, as of midday close, the brokerage index fell 0.37%, failed to stand firm annual line, turnover is only 10.6 billion yuan. Zhongtai Securities led the rise, while Oriental Securities, Bank of China Securities and GF Securities Co., LTD. rose slightly.
Market sentiment wind direction brokerage ETF (512000) fell 0.28% in the afternoon to 292 million yuan, with a significant premium in the process of weak shock. Level-2 market shows that the net purchase amount of brokerage ETF (512000) reached 40 million yuan in the afternoon.
[bank of China Securities: insisting on being optimistic about the growth of the brokerage plate]
The performance of listed securities firms continued to grow strongly.In the first three quarters of 2021, the operating income of listed securities firms totaled 479.5 billion yuan, an increase of 23 percent over the same period last year, and the return net profit was 154.7 billion yuan, an increase of 25 percent over the same period last year.
1) the income side drives the growth of net profit, and the growth rate of capital management, brokerage and interest income related to financial management is the highest, which is 25%, 19% and 15%, respectively. The total income increment accounts for 33% of the total income increment, which is the main driving force of performance.
2) the amount of cost-side credit impairment loss decreased significantly from 17.5 billion yuan to 3.6 billion yuan, which significantly alleviated the drag on performance. In addition, the level of operating cost control has also been effectively improved, and the proportion of business and management fees in total revenue has decreased by 150BP.
3) listed securities firms raise funds through various channels of stock and debt, with total assets totaling 10.3 trillion yuan, an increase of 15% over the beginning of the year. The leverage ratio rose steadily to 3.84 times, driving ROE higher together with profit growth, and annualized ROE increased 80BP to 10.3% compared with the same period last year.
Under the differentiation of the industry, large securities firms highlight the characteristics of both growth and stability, and the degree of concentration increases slightly. Industry differentiation continued in the first three quarters, with 32 of the 42 listed securities firms increasing their net profit and 23 increasing their annualized ROE.The performance of large securities firms is brighter, highlighting the characteristics of both growth and robustness:
1. In terms of wealth business that drives growth, some large and medium-sized securities firms take the lead in showing a significant growth trend. The scale of net income of asset management of securities firms and characteristic brokerages with asset management characteristics ranks first and the growth rate is 25 percentage points higher than that of small and medium-sized securities firms.
2. In terms of investment banking business, head brokerages maintain a high degree of concentration, and their income growth rate is 3 percentage points higher than that of small and medium-sized brokerages.
3. In terms of proprietary business, the growth rate of income of large securities firms is 30 percentage points higher than that of small and medium-sized ones. The net profit of the top 11 major brokerages accounted for 69% of the 42 listed brokerages, up 1 percentage point from the same period last year.
Insist on the continuous reform on the supply side of the capital market and superimpose the residents' wealth management demand under the background of the growth of the securities sector, which has a higher investment value in the structural market that fluctuates with the market range.At present, the price-to-book ratio of securities firms is 1.66 times, which is only in the historical range of 30%, 40% percentile, and the low valuation deviates from the high magnificent demeanor. In the future, wealth management is expected to be the main driving force for the growth of securities firms' performance.Continue to recommend wealth management-driven securities firms with high wealth characteristics and leading securities firms with both robustness and growth in the context of performance differentiation.
[brokerage ETF (512000) financing balance is at an all-time high]
According to the latest data released by the Shanghai Stock Exchange on November 24th, the latest fund share of the brokerage ETF (512000) reached 22.383 billion on that day.The latest estimated size is 24.243 billion yuan, ranking second in the ETF scale of all industries in the Shanghai and Shenzhen stock markets.The latest daily net inflow of funds reached 35.45 million yuan!
On November 24th, the latest daily financing purchases of brokerage ETF (512000) reached 139 million yuan, and the latest financing balance of ETF reached 1.911 billion yuan on that day, which is at an all-time high.
[risk Tip] the underlying index tracked by the brokerage ETF is the CSI all Index Securities Company Index (399975). The base date of the CSI Securities Company Index is June 29, 2007, released on July 15, 2013. the historical performance of the index is based on the simulation of the current component stock structure of the index. Its index stocks may change, and its historical performance does not predict the future performance of the index. Any information that appears in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only and the investor is responsible for any discretionary investment behavior. In addition, any views, analyses and forecasts in this article do not constitute any form of investment advice to the reader, and the Company is not responsible for any direct or indirect losses arising from the use of the contents of this article. The investment of the fund is risky, and the past performance of the fund does not represent its future performance. Money fund investment is not the same as bank deposits, does not guarantee a certain profit, nor does it guarantee the minimum return.