the first half of this year, especially since April, A shares experienced a longer period of mid-level adjustment. For brokers who rely on the market to eat, as if the bear market back in 2008, the torment of being big.
As widely expected interim results are not satisfactory the securities industry, brokerage plate has become the hardest hit by recent share price slump. 13 brokerage stocks in the second quarter decline of 30% or more generally, Hai Tong Securities or nearly 50% decline. In February this year, only listed shares Huatai break even become king, and now the market price than the issue price discount of nearly 40%.
into July, the securities company performance \A number of unlisted securities firms started in a semi-annual report published inter-bank market, only broker in the market, Hongyuan Securities, securities of states have also announced the results notice. \Such as the Orient Securities, Hai Tong Securities, etc. down there year, the British securities also big losses; and if Hongyuan Securities, securities of state and self-style sound with a regional brokerage firms have sprung up everywhere monopolistic advantages, Hongyuan Securities in the first half net profit growth even as high as 40%, far ahead in the industry.
broker in the first half net profit of 29.3 billion
7 14, the Securities Association of China announced the first half of 2010, the operating company’s preliminary results: 106 securities companies in the first half operating income of 73.142 billion yuan, respectively, the main business income securities trading agency net operating income of 48.275 billion yuan, securities underwriting and financial advisory business sponsors and 11.595 billion yuan net income, customer asset management business entrusted 778 million yuan net income, portfolio investment income (including changes in fair value) 396 million, first half of the accumulated net profit of 29.302 billion yuan. 98 companies achieve profitability, the industry-wide 92.45% of the total number of securities companies.
the middle of last year despite the Securities Industry Association does not publish statistics on the industry overall operation, but only published the semiannual reports of 68 securities companies net profit 39.55 billion yuan, compared with the medium-term industry-wide this year more than the 10.248 billion net profit element.
Merchants Securities analyst Luo Yi’s study of the just released report of Zhong pointed out, the second quarter, a sharp drop in A-share market, the transaction commission Lvye be more Yali, brokers this year Zhongqijingji business and self-service are Jiang Zaoshoujutai test. At the same time, margin trading and stock index futures business has just come into the overall scale of weak, short-term performance will not make much contribution to the broker. He expects the interim results will be listed brokerage up 20% to 25% down.
self error into the main drag
Wind information statistics, as of week four, 24 have been released in the first half financial data broker (listing broker only released some of the parent data), total net profit of 10.362 billion yuan.
old-time brokerage monopoly in the industry is still unshakable. Hai Tong Securities, GF Securities, Guoxin Securities in the first half net profit of 1.779 billion yuan, respectively, 1.491 billion yuan and 1.255 billion yuan (Hai Tong and widely distributed data for the parent company), ranked the top three; China Merchants Securities, Orient Investment to 1.235 billion yuan and 681 million yuan, followed. 5 Total net profit of 6.441 billion yuan broker, representing the published results of the 24 brokers in 62%. However, compared with the mid-2009, this five large brokerage business this year and it’s not beautiful, there are varying degrees profit decline. Hai Tong Securities parent company in the first half revenues of 3.662 billion yuan, down 4.33% year on year; while net profit was up 27.21 percent decline, higher than the level of revenue decline. GF Securities has more than 20% decline in net profit to reach 21.98 percent.
some small brokerage market in the fall suffered greater damage. In the 24 brokerage firms in great Britain and the Securities and Gao Hua Securities interim results were a loss, net profits were -2056.62 and -885.50 million yuan, the worst performance.
Shun securities that, and in 2008 similar to that in the adjustment market, the self-service brokerage firms in the first half of this year good or bad will be an important factor in the performance division. In fact, the first half of a huge loss of self is a major drag on the British big reason for the securities. 1 to 6 months, the company earnings and changes in fair value of investment income were -3283.68 and -460.71 million yuan, total deficit of 37.4439 million yuan.
Although the British did not release its six largest securities holdings at the end of detail, but can be seen from the semiannual reports, too much configuration heavyweight largest securities in the first half of Britain’s important reason for a loss. By the end of June, British holders of the stock market value of major securities was 3.77 billion, of which the value of 244 million yuan stock index, accounting for 64%. The first half of the heavyweight impact of weakness by a variety of reasons, six months in Shanghai and Shenzhen 300 Index fell 28.32%, higher than the Shanghai Composite Index 26.82% decline, resulting in the first half of the British big securities losses.
Hongyuan contrarian growth performance of state
Despite the severe business environment facing the industry as a whole, there is still a small number of brokers to achieve a net profit growth for investors to produce a satisfactory report card in the test. These brokers are also more strongly with risk awareness, self-care features of style.
Hongyuan Securities in the securities industry this year is no doubt a \July 8, the company released results of Express, said 1 to 6 months the Company realized operating income of 1.709 billion yuan, up 30.32%; net profit attributable to shareholders of the parent 730 million yuan, up 40.01 percent. The company did not explain the specific reasons for business growth, only in general terms that the reason the performance up there, mainly because \\But the transcripts are still attracted industry attention.
an industry analyst that Hongyuan Securities in Ruoshi achieved impressive results, the first self-style is more cautious, use a quarter of the market opportunity for high vibration cast, to honor the floating profit. One end of the quarter Hongyuan Securities trading financial assets and financial assets available for sale beginning of the year decreased by 18% and 11.50%, while investment income reflecting the self-two subjects – changes in fair value of investment income and earnings were up 90% and 46%. In addition, Hongyuan Securities brokerage business in Xinjiang, a relative monopolistic right to speak, slow decline in commission rates, which is the company increased its interim results to one of the reasons.
the results of another have increased for the first half of the listed securities of state and Hongyuan Securities brokerage compared to some similarities. 1 to 6 months, the parent stock of state revenue and net profit is 9.03 billion and 411 million yuan, up 19.29% and 3.27%.
the great bear market in 2008, the securities of state is because there is no stop in time, a huge loss of self, resulting in full year net profit fell nearly eight percent year on year. Perhaps it was because of the lesson, the country element style securities since becoming self-care. The first quarter of this year, state securities self-investment income per year into the black, semi-annual results for the company to achieve growth and lay a good foundation. In addition, the country element securities brokerage market, mainly in Anhui Province, in the first half of this year in the brokerage industry, the impact on commission war relatively small, stable performance of the company is also an important reason. (Wang Yan-Dan)
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