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国信证券:券商风控迎来全面优化 关注优质券商发展机会

Guosen Securities: Brokerage Risk Control Welcomes Comprehensive Optimization. Focus on the development opportunities of high-quality brokerages.

Zhitong Finance ·  Sep 24 20:13

Guosen Securities released research reports stating that the brokerage risk control indicator system has undergone comprehensive optimization, and the capital space of high-quality brokerages may be expanded.

Wisdom Financial APP learned that Guosen Securities released research reports stating that the brokerage risk control indicator system has undergone comprehensive optimization, the capital space of high-quality brokerages may be expanded, and maintaining a "better than the overall market" rating for the industry. The bank believes that the focus should now be on the two main themes of strict supervision and management. It is expected that industry concentration will further increase, institutional pricing power will deepen, asset management will be further index-linked, and regulatory requirements will be further enhanced. It is recommended to pay attention to high-quality brokerages with strong capital strength and institutional business development, recommending the comprehensive strength-leading leading brokerage Citic Securities (06030), and expect strong business synergy with shareholders for Huatai Securities (06886), Guosen Securities (601377.SH) and Oriental Securities (03958) with expectations of a bottom reversal.

Guosen Securities' main points are as follows:

The brokerage risk control indicator system has undergone comprehensive optimization, and the capital space of high-quality brokerages may be expanded. On September 20, the CSRC released revised regulations on the calculation standards for risk control indicators of securities companies, with major changes including:

1) Encouraging brokerages to deploy high-quality equity assets, reduce the capital risk occupancy of equity assets, and increase the liquidity conversion rate of equity assets. New components added to the Market Risk Capital Preparation Table include the CSI 500 Index constituents; the calculation standards for SSE 180, SZSE 100, and CSI 300 constituents have been lowered from 10% to 8%, and for general listed stocks, the calculation standard has been reduced from 30% to 25%. In the Liquidity Coverage Ratio Calculation Table, the components of the CSI 500 Index and index ETFs have been added, and the conversion rates for SSE 180, SZSE 100, CSI 300 constituents and index ETFs have been raised from 40% to 50%.

2) Encouraging brokerages to conduct market-making business to reduce the capital risk occupancy of market-making business.

3) Encouraging brokerages to strengthen business compliance management, reduce the risk capital calculation coefficient of high-quality brokerages, the total amount calculation coefficient of on and off-balance sheet assets, and increase their available net stable funding conversion rates. For three consecutive years, A-rated and above (inclusive) is 0.4 (originally 0.5), for three consecutive years, A-rated is 0.6 (originally 0.7), A-rated is 0.8, B-rated is 0.9, C-rated is 1, and D-rated is 2. Total amount calculation coefficient of on & off-balance sheet assets: for three consecutive years, A-rated and above (inclusive) is 0.7, for three consecutive years, A-rated is 0.9, and for the rest is 1.

Restricting brokerage's derivatives and non-standard investment businesses, increasing the corresponding risk capital utilization. The risk capital calculation standards for equity index futures, equity swaps, and selling options are raised from 20% to 30%. The risk capital calculation standards for single asset management/collective asset management investment in non-standard assets are raised from 0.8%/3% to 3%/5%.

The risk control indicator system is more comprehensive, guiding brokerages to participate in public REITs and other businesses in a more standardized manner.

The proportion of brokerage investment assets has increased, guiding the direction of brokerage asset allocation according to the regulations. The proportion of brokerage investment assets has been raised to over 52%. With the release of these regulations, equity asset allocation and market making businesses are encouraged, while non-standard investments and derivative businesses are restricted, leading to potential changes in the brokerage asset structure.

August Review: Market trading activities continue to be sluggish. Margin trading balances continue to decline. (1) In terms of brokerage business, the average daily trading volume of A-shares in August was 594.244 billion yuan, down 8.8% month-on-month and 27.8% year-on-year. (2) In terms of investment banking business, there were 9 IPOs in August, raising a total of 5.3314 billion yuan, up 20.0% month-on-month; the refinancing amount in August was 8.3857 billion yuan, down 57.3% month-on-month; the underwriting scale of enterprise bonds and corporate bonds in August was 341.1 billion yuan, down 12.1% month-on-month. (3) In terms of proprietary trading, the Shanghai Composite Index fell by 0.97%, the CSI 300 Index fell by 3.51%, the ChiNext Price Index fell by 6.38%, and the CSI All Share Investment & Index fell by 0.15%. (4) Looking at the margin trading balance reflecting market risk preferences, the average daily margin trading balance in August was 1413.335 billion yuan, down 2.77% month-on-month.

Risk Warning: Economic recovery falling short of expectations; intensifying market competition; innovation progress falling short of expectations, and more.

The translation is provided by third-party software.


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