In the first quarter, the equity market was depressed, and the proprietary income of securities companies suffered a heavy blow.
Among the 48 listed securities companies, half of the listed securities companies lost their self operated income in the first quarter, with an average income of only - 56 million yuan; Nearly 90% of the self operated earnings of listed securities companies fell year-on-year, and only 6 achieved year-on-year growth, which is mainly due to the low income base, turning losses into profits or narrowing losses; Among them, the self operated income of half of the securities companies fell by more than one time year-on-year, and that of 10 securities companies fell by more than three times year-on-year.
The self operated performance of securities companies has changed from "the first pillar business" to "the leader in the sharp decline in performance". Among the 22 securities companies with positive proprietary income, the contribution ratio of proprietary business income decreased by 10%.
Specifically, the Citic Securities Company Limited(600030) self operated income of the "first brother of the securities industry" was 3.351 billion yuan, a year-on-year decrease of only 523 million yuan, a year-on-year decrease of 14%, reflecting a strong ability to resist market fluctuations Huatai Securities Co.Ltd(601688) , China International Capital Corporation Limited(601995) 's self operating income exceeded 1 billion yuan.
He Nanye, a person in the securities industry, told the financial associated press that the main reason is the loss of equity investment, which is related to the whole market. China has allocated more A-share and Hong Kong stock assets, showing an obvious loss effect in the first quarter. Self operated securities companies, asset management of securities companies and public funds are difficult to escape, so most of them face large losses.
half of the listed securities companies have self operated losses
As of April 29, 48 listed securities companies or listed entities of securities companies have published their first quarterly reports. This year, the equity market fluctuated violently. The self operated income, once the "first pillar" of the performance of securities business, generally fell sharply, and even suffered losses.
According to the calculation caliber of "self operated income = net investment income - investment income of joint (joint) enterprises + net income from changes in fair value", the reporter of the financial Associated Press counted the self operated income (including changes in fair value, the same below) of 48 listed securities companies, of which 26 securities companies suffered losses, accounting for 54%. Overall, the average proprietary income of 48 listed securities companies in the first quarter was -56 million yuan, with a median of -18 million yuan.
Specifically, the self operated income of securities companies tends to be differentiated. Among the top 10 listed brokers with self income, the top 10 listed brokers with the top 10 self earning self income are listed on the top 10 list of self operating income: the following are the following listed brokers with the top 10 self operating income: the Tsingtao Brewery Company Limited(600600) Tsingtao Brewery Company Limited(600600) 30 500 .
The self operated income in the first quarter was RMB 1.3 billion, a year-on-year decrease of RMB 3.5 billion Huatai Securities Co.Ltd(601688) the self operated income in the first quarter was 1.837 billion yuan China International Capital Corporation Limited(601995) self operated income was 1.488 billion yuan, and the self operated income of the three securities companies exceeded 1 billion yuan in the first quarter.
Among the 22 listed securities companies with positive self operating income this year, the median contribution to operating income was 16.23%, while the median contribution to revenue last year was 26.65%. The income contribution ratio of self operation decreased by 10%.
From a loss perspective, there are eight brokers with a self run income loss of more than $500 billion in the first quarter. They are: Shanghai Jielong Industry Group Corporation Limited(600836) 00837 yes Haitong Securities Company Limited(600837) in the first quarter of this year, the loss of self operated income was 2.629 billion yuan, and the losses of China Industrial Securities Co.Ltd(601377) , Gf Securities Co.Ltd(000776) self operated business were 1.229 billion yuan and 1.137 billion yuan respectively.
In terms of the growth rate of proprietary income, among the 48 securities companies, only 6 securities companies achieved year-on-year growth of proprietary income, which is mainly due to the low income base, turning losses into profits or narrowing losses. In other words, 88% of listed securities companies' proprietary income fell year-on-year in the first quarter.
The Pacific Securities Co.Ltd(601099) securities achieved a year-on-year increase of 379% due to self operated gains First Capital Securities Co.Ltd(002797) , Everbright Securities Company Limited(601788) proprietary gains still suffered losses, but the losses narrowed. In addition, Guolian Securities Co.Ltd(601456) , China stock market news and Boc International (China) Co.Ltd(601696) first quarter proprietary income were 213 million yuan, 189 million yuan and 30 million yuan respectively, all achieving year-on-year growth in proprietary income.
Among them, half of the self-employed earnings of half of the brokerage firms have more than doubled, while the self-employed earnings of 10 brokerage firms have more than tripled, and the self-employed earnings of 10 brokerage firms have more than tripled, accounting for more than two percent, accounting for more than two percent. Among them, half of the self-employed earnings of half of the brokerage firms have more than doubled, while the self-employed earnings of 10 brokerage firms have more than tripled, accounting for more than three times, accounting for more than two percent of the total. They are Tpv Technology Co.Ltd(000727) 288 \ , Dongxing Securities Corporation Limited(601198) , Zhongtai Securities Co.Ltd(600918) .
self operated "face changing"
Proprietary income is regarded as a sign of the investment ability of securities companies. However, it can be seen from the data that this ability will "drift". Among the top 20 securities companies with self operated earnings in the first quarter of 2021, only 10 securities companies still maintained positive earnings and no losses in the first quarter of this year, and half of them suffered losses.
Specifically, in the first quarter of last year, Guotai Junan Securities Co.Ltd(601211) , which had the highest self operated income, shifted to Citic Securities Company Limited(600030) . The self operated income of Citic Securities Company Limited(600030) securities industry leader decreased by only 14%, and this year's self operated income decreased by only 523 million yuan, reflecting its strong ability to resist market fluctuations.
The self operated business has changed from a "sharp tool for increasing income" to a "leader in the sharp decline in performance", which is mainly dragged down by the secondary market. According to the data, in the first quarter of this year, the Shanghai index fell 10.65%, the Shenzhen Component Index fell 18.44% and the gem index fell 19.96%. Affected by this, the loss of proprietary equity investment of securities companies is obvious.
Securities companies, large and small, have been seriously impacted by the unilateral falling market Haitong Securities Company Limited(600837) this year's self operated income decreased by 5.505 billion yuan compared with that of last year, Guotai Junan Securities Co.Ltd(601211) decreased by 3.954 billion yuan, Gf Securities Co.Ltd(000776) self operated income decreased by 2.836 billion yuan, and China Industrial Securities Co.Ltd(601377) self operated income decreased by 2.222 billion yuan. The major decrease in self operating income of more than 1 billion also includes: China Merchants Securities Co.Ltd(600999) , Huatai Securities Co.Ltd(601688) , Shenwan Hongyuan Group Co.Ltd(000166) , Hongta Securities Co.Ltd(601236) , China International Capital Corporation Limited(601995) , Orient Securities Company Limited(600958) , Zhongtai Securities Co.Ltd(600918) .
Haitong Securities Company Limited(600837) said that the loss of investment income in the first quarter of this year was 1.511 billion yuan, mainly due to the decrease in investment income of financial instruments.
The sharp fluctuations in the capital market led to the decline in the rate of return on financial assets, making the income from investment business the first reason for the sharp decline in performance Guotai Junan Securities Co.Ltd(601211) said that the scale of Haitong Securities Company Limited(600837) financial assets decreased slightly by 1.6pct (percentage) month on month and remained at 268.15 billion yuan. Affected by the external environment, the rate of return on investment of financial assets (including interest income from other bond investment) decreased by 2.16 PCT (non annualized) year on year, which became the main factor for the sharp decline of investment business income.
China Merchants Securities Co.Ltd(600999) first quarter net investment income (including fair value) was 176 million yuan, a year-on-year increase of - 91%. Huachuang Securities said, China Merchants Securities Co.Ltd(600999) the proprietary return in the quarter was 0.08%, a year-on-year decrease of 0.55pct.
Regarding the year-on-year decline of China Merchants Securities Co.Ltd(600999) self operated income, Haitong International believes that it is mainly due to the sluggish performance of the equity market in the first quarter, and the cumulative decline of wandequan A is 14%.
Huachuang Securities said that in terms of proprietary structure, based on the risk exposure of 2021 annual report and market changes in the first quarter, it is estimated that China Merchants Securities Co.Ltd(600999) risk neutral proprietary assets are 109.3 billion yuan (accounting for 35%), directional equity assets are 10.3 billion yuan (accounting for 3.3%), and directional bonds are 192.6 billion yuan (accounting for 61.7%). After deducting equity exposures such as securities lending, follow-up investment and Lingyue plan, the proportion of self operated equity of other directional interests may be 2-2.8%, a year-on-year decrease of 2-3pct The company continued to control its risk exposure, but the main index fell sharply, the market risk appetite decreased significantly, and the significant impact of proprietary business on performance is inevitable.
