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时时彩app源码:Innovation helps transform and upgrade Brokerage sector is expected to welcome the new machine

时间:2018/4/11 18:01:06  作者:  来源:  浏览:0  评论:0
内容摘要: affected by complex international situation, the recent A-share market continued to shock adjustment, major financial show a better defensi...

affected by complex international situation, the recent A-share market continued to shock adjustment, major financial show a better defensive today on disk Bank , , Insurance brokerage trust sector gainers.

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Industry insiders expect that after the previous period's adjustment, the valuation of the current brokerage sector has been at a historically low level. Leading individual stocks have entered an adequate safety margin. In the future, as the follow-up CDR advances, brokers' active management capability gradually improves and the main agency continues. Favored by many factors such as favor, the brokerage sector is expected to come out of the bottom and usher in new opportunities.

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Share CDR Billion Feast

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Recently, the General Office of the State Council forwarded the "Notice of the China Securities Regulatory Commission on Several Opinions on Pilot Projects for the Issuance of Domestic Shares or Depositary Receipts within the Innovative Enterprise." The "Notice" clarifies that the pilot (already listed overseas) red-chip companies can proceed with the issuance of depository receipts in the domestic capital market according to procedures. Under this background, the investment banks of securities firms have taken active actions to prepare for the CDR.

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Senior industry insiders pointed out that the CDR pilot brings three distinct opportunities to brokers: First, underwriting and sponsorship revenues brought by CDR issuance; Secondly, the transaction costs incurred during the CDR trading process will bring brokerage revenue, but the previous period The proportion will not be much, and it will be a gradual increase. In addition, there will be some investment opportunities for the self-supporting and asset management businesses of the securities companies.

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Specifically, GF Securities The non-silk team predicts that the size of the CDR landing Chinese capital market in 2018, 2019, and 2020 is 250 billion yuan, 100 billion yuan, and 100 billion yuan respectively; the underwriting fee rate is 1%. 1.5%, 2%; assuming that the daily turnover rate is 3% of the cut-off value of stock turnover, the brokerage commission is 10,000 yuan, 10,000 yuan, and 10,000 yuan. It is predicted that by 2018, 2019, and 2020, the CDR issuance will bring 2.9 billion to 5.7 billion yuan, 1.1 to 2.3 billion yuan, and 1.1 to 2 billion yuan in revenue to the securities industry.

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The international investment bank Citi also stated that Chinese brokerage firms may obtain 1.3 billion to 7.6 billion yuan in additional income from China Depositary Receipts (CDR) business through underwriting fees, depository services fees and commissions. The CDR is expected to increase the A-share market by approximately 170 billion to 500 billion yuan in financing.

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Soochow Securities pointed out that since 2016, the industry has tightened supervision, and innovation has restricted the valuation. However, since the end of 2017, the policy environment has clearly improved marginally. At the beginning of this year, CDR quickly advanced. With innovation and stability in the new environment, while innovation business is increasing, valuation pressure is expected to be released.

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Significant increase in self-operating business income

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Transformation and upgrading enhance management capabilities. The self-supporting performance of brokerage companies was good last year. Shen Wanhongyuan Securities Analyst Wang Congyun said that the increase in self-operating business revenue in 2017 had the most positive impact on the industry, at 8.9%. The stock market in 2017 was a structural bull market led by Baima Stock. The self-industry investment income rose by 51.5% year-on-year, while the Shanghai Composite Index rose 6.6% in 2017, and the index of Shanghai Composite Index 50 rose by 25.1%. The listed brokers benefited fully. Blue chip-based self-employed shares positions, in the 19 listed brokerage companies to disclose annual reports, in addition to non-coverage of the subject, the average self-employed investment rate of 4.61%, an increase of 0.75 percentage points over the previous year.

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Specifically, in the industry distribution, among the top ten tradable shareholders of listed companies, the self-supporting securities companies have the highest market value of pharmaceutical manufacturing , followed by computers, communications and other electronics, and non-metallic mineral products. , electrical machinery and equipment manufacturing.

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positions in the secondary market stock performance, to CICC column, East Fortune Choice data show that last year CICC self-drive heavily loaded with the stock amounted to 40, the number of the top five holdings of stocks have Yunlvgufen , MYS , Everbright Securities , West energy and Masson ecological , five stocks rose more than 20 percent last year, Yunlvgufen gain is as high as 151.49%. In addition, CITIC Securities, China and Thailand Securities, Huatai Securities , Orient Securities and Galaxy Securities largest holding in the number of shares are over 20, and the market performed well.

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It needs to be pointed out that the proportion of self-supported revenue of leading brokerage firms has increased significantly. Take the head CITIC Securities as an example. Last year, self-employed income has become the main source of income. CITIC Securities also sold some of its floating stocks last year. According to the annual report, CITIC Securities' equity method recognizes revenue of RMB 600 million, disposal of equity investment of RMB 760 million, and financial instrument investment income of RMB 11.1 billion.

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Won the "national team" holdings

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The “shareholdings” of the “national team” securities company has always been the focus of the market. According to the annual report, the securities company continued to increase its shareholding in brokerage stocks in the fourth quarter of 2017, and it favored the brokerage sector.

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As of the end of 2017, SGCC held shares of 18 listed securities companies and merged into its top ten tradable shareholders. The annual report also shows that in the fourth quarter of 2017, the securities company increased its holdings of a number of brokerage stocks, showing that it is concerned and optimistic about the brokerage sector. Taking the case of China Galaxy as an example, as of the end of the third quarter of 2017, there was no figure in the list of top ten circulation shareholders, and by the end of 2017, the company holding China Galaxy 2831.78 Ten thousand shares (accounting for 0.66% of outstanding shares) have become the company’s second largest shareholder of tradable shares in a new position.

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At the same time, the company also increased its holdings of Guojin Securities 4032.19 million shares in the fourth quarter of last year. The company’s shareholding ratio rose to 4.9% and became the third largest shareholder of the company’s tradable shares. In addition, in the fourth quarter of last year, the securities company also increased its holdings of 888.44 million shares of CITIC Securities, accounting for 4.91% of its outstanding shares.

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In terms of brokerage theme funds, China Shipping’s advantage featured a flexible mix of mixed configurations in the fourth quarter. Internet brokerage leading Dongfang Wealth, Guojin Securities, the net value of units rose by 6.49% in March; CITIC Securities, Huatai Securities and other comprehensive brokers appeared in UBS’s UBS Securities. A list of the top ten constituent stocks in the boom industry.

brokerage thematic funds

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Fund Code fund referred near March earnings fee operating
001508 rich new impetus Flexible Allocation A16.22% 1.50% 0.15% Buy Account Opening Purchase
393001 Zhonghai Featured Live Allocation 6.49% 1.50 % 0.15% purchase account purchase
121002 SDIC Ruiyin Jing gas industry mix 4.33% 1.50 % 0.15% purchase account to buy a new
002114 Wealth and income mix A2.26% 1.00% 0.10% Purchase Opening Account Purchase 7_89456_218_6547 3_9
Data Source: Orient Wealth Choice Data, Galaxy Securities, End Date: 2018-04-09

\u0026nbsp; Risk Warning:

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This report was compiled and published by the Oriental Wealth Securities Institute based on public market data. For reference purposes only, Eastern Fortune Securities Research Institute cannot guarantee the authenticity, accuracy and completeness of the data. The content of the report does not represent the views of the Fund of Heaven, and does not constitute investment advice. Investors should therefore handle the risks at their own risk. Market risk, the investment need to be cautious.

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Shanghai Oriental Wealth Securities Research Institute Co., Ltd.


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