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Self support power, performance month on month increase

2020-05-13

　　As of May 12,2020,the monthly operating revenue of 33 listed securities companies was 31.78 billion yuan,a 45%increase;the net profit was 13.708 billion yuan,a 51%increase.


　　

　　The cumulative net profit of comparable securities companies increased by 14%year-on-year

　　In April 2020,the net profit of listed securities companies increased by 14%year on year.Excluding BOC securities and Hongta securities,by April 2020,31 comparable securities companies had accumulated operating revenue of 97.481 billion yuan,up 17%year on year;net profit of 41.271 billion yuan,up 14%year on year..monthly revenue in April totaled 31.1 billion yuan,up 77%year on year;net profit of 13.4 billion yuan,up 95%year on year

　　Multiple bond businesses doubled on a month on month basis,leading companies in the industry

　　Five of the comparable securities companies have achieved a year-on-year price increase of more than 50%in net profit revenue in the first four months.The top three growth rates in the world are Hualin securities(+81%),Guohai Securities(+81%)and CSCI(+63%).In April,all the online securities companies analyzed their profitability.The net profit of 26 securities companies increased on a month on month basis,with Hongta securities(+587%),Western securities(+585%)and CAITONG securities(+530%).The top three net profits in a single month are through CITIC Securities,Shenwan Hongyuan and CSC.

　　Increase in equity underwriting and index

　　In April,the amount of equity underwriting was increased,and the index rose in favor of proprietary investment.The volume of A-share trading continued to decline in April,with a monthly turnover of 13 trillion yuan and daily turnover of 626.6 billion yuan,a 28%drop,down 22%year-on-year,the lowest level since 2020.At the end of the month,the balance of the two financial institutions was 1043.053 billion yuan,with a month on month ratio of-2%.In April,the amount of A-share equity financing was 121.510 billion yuan,with a month on month ratio of+15%,of which the amount of IPO was 18.6 billion yuan,with a month on month ratio of+87%;the amount of bond underwriting in April was 959.6 billion yuan,with a month on month ratio of-14%.Shanghai and Shenzhen 300 index rose 6.14%in April,while China Securities composite bond index rose 1.41%,directly benefiting self investment of securities companies.

　　Investment proposal

　　At present,the valuation of the securities sector is 1.4x times the market to book ratio,which is at a low historical valuation.At present,China's monetary policy can maintain a relatively loose trend,and the regulatory counter cyclical regulation effect is significant.The gem registration system reform continues to advance.The implementation of the new securities law needs to further establish the theoretical basis management system of China's securities market,and the industry's opening up to the outside world improves the service level.It is suggested to pay attention to CITIC Securities,a top-quality securities firm,and China construction investment,which has a large increase in performance.

　　Risk tips

　　Risk of market fluctuation,sharp decline in trading volume and risk of regulatory policy change

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