Securities self operating business has become the largest source of income for securities companies for three consecutive years. Although it failed to compete with brokerage business in the first quarter of this year, the proportion of self operated business income in the first half of this year returned to the top of the list. In the first half of this year, securities companies realized 70.274 billion yuan of securities investment income (including changes in fair value), an increase of 13.24% over the first half of last year, accounting for 32.93% of the total revenue, nearly 10% ahead of the brokerage business.
Under the drive of capital market reform + loose liquidity, China Securities construction investment expects that the stock market will recover significantly in the whole year, which is conducive to the year-on-year improvement of investment income in the securities industry.
In the investment banking business of securities companies this year, gem, the new third board and the science and technology innovation board provide a lot of business opportunities. In addition, under the new regulations on refinancing, it is expected that the proportion of fixed increase business in the scale of refinancing business this year will also be greatly increased, and the activity of M & A will be significantly increased. In this regard, Bohai Securities analyst Zhang Jixiu believes that under the support of the regulatory authorities to increase direct financing, securities investment banking business will benefit for a long time.
At the same time, in the first half of this year, the brokerage business transformation of leading securities companies has been effective, and its proportion in revenue has gradually decreased. The net income of Securities Dealers agency trading of securities (including the leasing of trading unit seats) was 52.31 billion yuan, an increase of 17.82% over the first half of last year, accounting for 24.51% of the total revenue.
It is worth noting that, while the major businesses of securities companies were fully blooming in the first half of the year, the net income of financial consulting business showed a downward trend, with a year-on-year decrease of 35.37%.
Net profit increased by more than 50% in the first half of the year
As of yesterdays press release, at present, five securities companies, including China Securities construction investment, Guoyuan securities, Northeast Securities, Soochow securities and Zhejiang securities, have issued performance express for the first half of 2020, with net profits of 4.578 billion yuan, 618 million yuan, 666 million yuan, 1.031 billion yuan and 658 million yuan, respectively, up 96.54%, 42.77%, 12.98%, 37.33% and 36.61% respectively.
In addition, Guohai Securities, No.1 venture capital and Hualin securities have issued performance forecasts for the first half of 2020, and it is expected that the net profit in the first half of 2020 will increase by more than 50% year on year.
The growth of the overall performance of securities companies is mainly due to the significant growth of the year-on-year growth in the income of self-employed investment business, the net income of brokerage service charges and the net income of handling charges of investment banking business. LAN Xiaofei, a non bank analyst of BOC securities, believes that the combination of favorable policies and improved liquidity will benefit the whole business of securities companies in the second half of the year. Investment banking, proprietary business and brokerage business may become the main driving force for the growth of securities companies performance in the second half of the year.
With the gradual implementation of the off-line investor mechanism of gem, Shen Juan, chief analyst of Huatai Securities big finance, believes that the supporting system for the registration system reform of GEM has been improved. On the other hand, they can fully grasp the opportunity of the reform of the capital market, on the other hand, they can fully grasp the opportunity of the reform of the capital market, and on the other hand, they can fully share the opportunity of the reform of the capital market with the investors.
Since the beginning of this year, the number of listed securities companies has been continuously expanded. Bank of China Securities and China Thailand securities have been listed successfully. Guolian securities also announced the results of initial offline allotment and online winning lots on July 22, and the 39th listed securities firm will appear on the stage.