23 brokerages in January lost revenue fell by 83% QoQ valuation or hit a historic low 腹黑总裁vs麻辣前妻

The 23 firms in January loss of revenue down 83% QoQ or hit a record low valuation of Level2:A shares of Sina Sina Finance client speed Kanpan: the most profitable investors are using Hong Jinping as of February 5th, A shares of 23 listed brokerage earnings announced in January this year. Most of the company’s performance year on year, a significant drop in the chain. The 23 firms monthly revenue 6 billion yuan, a decrease of 83%; the monthly net profit of 200 million yuan, a decrease of 98%; at the end of the net assets of 923 billion 300 million yuan, an increase of 9 billion 100 million, excluding industrial, Pacific, Soochow issuance of new shares to raise 20 billion yuan, the 23 companies the actual decline in the net assets of 11 billion yuan, the company industry almost facing comprehensive loss. Shanghai and Shenzhen 300 index in January by multiple negative factors continued to decline, a monthly decline of 21.04%, gem refers to the decline of 26.53%, brokerage index decline 26.94%; A shares average daily turnover of 538 billion 700 million yuan, down 32%, YueHuanBi continued shrinkage at the end of two; the financial balance of 915 billion 400 million yuan, a decrease of 22%; average daily trading volume and two financial balance showed a continued shrinking trend. By the start of "crash" effect, the brokerage industry performance in January compared to the same period, the chain were greatly reduced. In a bleak situation, the relatively strong performance is state securities, the net profit scale, year-on-year, keep relatively stable, it is rare. The second is GF Securities firms profit, in absolute size Yiqijuechen, the chain fell at least. Changjiang Securities benefited from lower base, net profit increased by 3.4 times. On the other hand, CITIC Securities, Pacific Securities, Orient Securities in January the huge loss of 601 million yuan and 523 million yuan and 513 million yuan, the Pacific Securities single loss in 2015 covering almost 4 months before the cumulative profit, Orient Securities material covering the first 2 months of 2015, the cumulative profit, CITIC slightly better. Industry companies are more likely to suffer losses than net profits. We found that, excluding 3 companies fund-raising scale, the actual net assets of 23 listed brokerages record has shrunk about 11 billion yuan. Net assets shrink in 19 companies. There are 20 companies through the net assets which may absorb Fukui, Shenwan Hong, Oriental, Huatai, monarch, Everbright 5 companies implied losses in net profit changes are over 1 billion yuan. Self operated loss should be the main reason for commercial performance. After the end of last year, the Securities Regulatory Commission announced the lifting of the net buying requirements of the proprietary rights and interests of the securities dealers. The A share index fell in January, setting a record in recent years. Reference 7 and August last year, the CSI 300 index fell 15% and 12%, respectively, corresponding to the company’s revenue fell by 46% and 30%, net profit fell by 52% and 37%, plummeted in the month of self performance of the company dragged down the phenomenon is obvious. Although the market outlook to the 1 month decline, but the short-term positive factors to guide the market to see the full or is not conducive to the current direction of self overweight brokerage. House leakage, even night rain, light turnover, two financial balance quickly reduced, shaken brokerage income base. Compared with the second half of last year

23家券商1月亏损营收环比降83% 估值或触历史新低 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   洪锦屏   截至2月5日,A股23家上市券商公布了今年1月财报。绝大部分公司业绩同比、环比出现大幅回落。23家券商单月营收60亿元,环比减少83%;单月净利2亿元,环比减少98%;月末净资产9233亿元,环比增加91亿,剔除兴业、太平洋、东吴增发配股募资200亿元,23家公司实际净资产下降110亿元,行业公司几乎面临全面亏损。   沪深300指数1月份受多重利空因素影响持续下挫,单月跌幅21.04%,创业板指跌幅26.53%,券商指数跌幅26.94%;A股日均成交额5387亿元,较上月环比下降32%,缩量持续;月末两融余额9154亿元,环比减少22%;日均交易额和两融余额均呈持续缩量趋势。   受开年“股灾”影响,券商行业1月业绩同比、环比均大降。在行业一片惨淡的情况下,表现相对较强的是国金证券,净利润规模、同比、环比均保持相对稳定,实属难得。其次是广发证券,在大券商中净利绝对规模一骑绝尘,环比降幅最少。长江证券受益于较低基数,净利环比增幅3.4倍。另一方面,中信证券、太平洋证券、东方证券1月分别巨亏6.01亿元、5.23亿元和5.13亿元,其中太平洋证券单月亏损额几乎覆盖2015年前4个月累计利润,东方证券料覆盖2015年前2个月累计利润,中信稍好。   行业公司实际亏损情况更甚于净利润缩水程度。我们测算发现,剔除3家公司募资规模,23 家上市券商实际净资产创纪录缩水约 110亿元。19 家公司净资产出现缩水。20家公司存在通过净资产吸收浮亏可能,其中申万宏源、东方、华泰、国君、光大5家公司在净利润变动外隐含亏损均超10亿元。   自营亏损应为拖累券商业绩主因。证监会去年末宣布解除券商自营权益类净买入要求后,券商仍集体表态维持自营股票仓位。A股指数 1月跌幅创近年纪录,自营裸露头寸对券商业绩形成极大冲击。参照去年7、8月沪深300指数分别下跌15%和12%,对应公司营收环比下滑46%和30%,净利环比下滑52%和37%,   暴跌月份自营对公司业绩拖累现象明显。虽然后市难现1月跌幅,但是短期难见充分积极因素引导市场向上或仍不利于当前方向性自营过重的券商。   屋漏偏逢连夜雨,成交清淡、两融余额快速降低动摇券商收入根基。与去年下半年相比,1月成交明显缩量和两融余额下降动摇券商基础业务收入部分。其中经纪业务的佣金率预计稳中微降,成交量受累于利空消息和投资者连续受挫影响,同比、环比均呈现大幅下挫;信用业务中两融余额跌穿9000亿元,创14个月以来新低,股权质押规模上升但股指下挫持续考验该业务风控。   1月市场持续下跌主要受多重利空因素连续、共同作用,但是监管迅速打补丁,熔断暂停、限售股减持新规、IPO 减速、信用业务风险辟谣均对市场构成积极作用。但仍有两方面的风险未完全释放:1.春节期间外围股市大幅下挫,美元贬值,汇率和资本流动风险仍需要关注;2.我们估算券商股权质押融资中约有1000亿元左右已经触及强平线,但由于大股东减持受限而无法处置。股权质押融资的资金来源与两融不同,主要来自场外而非券商自有资金,因而即使这部分股权有可能形成不良资产,但不会侵蚀券商的根基。   我们认为节后A股市场面临较大的不确定性,短期风险尚未完全释放,券商板块可能还会有所调整,PB估值可能冲击历史新低,建议积极关注,等待时机买入。   (作者单位:招商证券) 进入【新浪财经股吧】讨论相关的主题文章: