The brokerage sector soared 7%. National Gold Securities rose 30% in four days. Super CITIC Securities
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Original title: The brokerage sector surged 7%. National Gold Securities rose 30% in four days. Super CITIC Securities was 北京夜网 praised as the new leader to benefit from the new rules of refinancing. After a long period of silence, the brokerage stocks finally began to exert their strength after the plotters.
On February 20, the brokerage sector rose by more than 6%, ranking first in the sector; Tianfeng Securities, Guojin Securities, Huaan Securities, Huaxin Securities, West China Securities and other eight small and medium-sized brokerages have once again raised their tide.
According to Oriental Fortune Choice, the net inflow of the main funds of the concept section of the brokerage firm on the 20th was as high as 87.
The large-scale brokerage research institute released a report that refinancing is good for brokerage stocks, pointing out that the relaxation of refinancing directly benefits the investment bank’s business flexibility. For brokerages with more project reserves, investment bank advantage brokers can break out through opportunities and promote significant growth in performance.
Under the background of supervision and guidance to create aircraft carrier-level securities firms, leading securities firms such as CITIC Securities, CITIC Construction Investment Securities, and Huatai Securities have benefited even more.
However, from the perspective of the performance of the secondary market, until February 20th, the right-hand brokerage company has not started to perform well. CITIC Construction Investment Securities rose more than 7%, CITIC Securities, Huatai Securities rose more than 5%, but the increase was far less thanAnd small and medium brokers.
Among them, China National Securities increased for four consecutive days, gradually increasing by 33.
At 73%, the eye-catching performance of two consecutive daily limits became a dark horse for brokerage stocks.
Some netizens said that their momentum and swiftness have already overtaken head companies such as CITIC Securities, and they are expected to become new head brokers after the new rules of refinancing.
According to Oriental Fortune Choice, in the inflow of funds from Shanghai and Shenzhen on February 19, China National Securities Securities took the main inflow of funds.
8.7 billion ranked first in A shares.
IFC Securities responded to a reporter from China Times that for investment banks, more listed companies have merged the conditions for refinancing, which means more business opportunities, which will have a positive impact on the development of investment banking.
The company’s investment banking business departments have strengthened communication with relevant listed companies, discussed refinancing plans and feasibility, and implemented them as soon as possible.
Taking the opportunity of this new regulation, the company will continue to consolidate and develop its advantages in the equity market and provide services to more (to be) listed companies.
New rules for refinancing help the small and medium investment bank’s new refinancing rules come on schedule on Valentine’s Day on February 14.
With the successive release of monthly data in January and 2019 results, brokerage stocks have become the focus of investors’ attention.
The new draft of the new regulations is not significantly different from the 2019 consultation draft. The main changes are to further expand the refinancing ratio limit (20% to 30%) and allow unfinished projects to adjust their plans according to the new regulations.
Around 2017 and 2018, the old refinancing rules had key changes in the pricing mechanism, investor regulations, and issuance conditions. Generally, the refinancing scale, issuance efficiency and participation will be improved.
China CITIC Securities issued a report that pointed out that for the securities industry, the current situation of the new crown epidemic, the capital market reform or accelerated, it is expected that under the optimization of relevant rules such as refinancing, the direct financing market will be greatly developed in 2020, the securities industry servicesThe capabilities of the real economy will be significantly improved.
Assume that the main underwriting amount for the refinancing of the securities industry in 2020 is 1.
8 trillion yuan, the rate is 0.
8%, then 10 years can contribute revenue of 14.4 billion US dollars, equivalent to 4.
Initially, there is still room for development on the right.
Anxin Securities believes that the intuitive impact of the new rules is that the refinancing needs of small and medium-sized enterprises have been released. It may be that small and medium-sized investment banks with richer resources and performance elasticity indicators will benefit more.
Anxin Securities pointed out that from the historical data from 2013 to 2019, the securities firms on the right have an absolute advantage in terms of refinancing business and their performance flexibility is relatively small, but the flexibility of small and medium-sized securities firms.
For example, the refinancing cost of Minsheng Securities reached 2 in 2013.
900 million yuan, accounting for 22% of revenue.
5%; In 2014, IFC Securities refinancing income reached 2.
500 million yuan, accounting for 9% of revenue.
3%; From 2015 to 2016, the average value of Southwest Securities’ refinancing business income ranked among the top five in the industry, of which the refinancing expense income accounted for 12 in 2016.
From the perspective of Anxin Securities, the advantages of small and medium-sized investment banks are that SME project resources are relatively abundant, performance is flexible, and it is easier to focus resources on refinancing business to form differentiated competitive advantages.
Therefore, after the introduction of the new refinancing regulations, the financing needs of small and medium-sized enterprises will be explored in large numbers, and they will turn to the “centralization trend” of the refinancing business of the securities firms on the right.
Dark Horse National Gold Securities has attracted attention in 2019 due to the recruitment of US initial sales. National Gold Securities has recently focused on the market again.
In the four trading days from February 17th to 20th, the secondary market broke through and rose by more than 30%, far exceeding the top brokerage firms, ranking first in the industry.
”IFC’s refinancing business ranks higher, and a series of companies’ overall rankings may be the result of speculation in hot money.
“A chief non-banking analyst at a listed securities firm told a reporter from the China Times.
He believes that the performance of the secondary market is more a result of speculation in hot money, ranking CITIC Securities, and small and medium-sized brokerage firms with small plates are better.
On the 20th, Huazi Securities, Hualin Securities, Huaan Securities and other Chinese brokerage firms also intervened and were sought after by hot money.
How is the performance of Guojin Securities?
The company’s third quarterly report for 2019 shows that the net profit of Guojin Securities is 8.
700 million, an annual increase of 23.
52%, operating income 29.
4.0 billion, an increase of 16 every year.
As of the third quarter of 2019, the investment banking business of Guojin Securities accounted for 1 of the total revenue.
78%, ranking 17th in the industry.
In the ranking of the lead underwriters of the investment bank’s additional issuance business in 2019, the underwriting and sponsorship fees of Guojin Securities were 8,226.
420,000 yuan, ranking 6th in the industry.
The company ‘s latest January results show that its January operating income was 4.
2 billion yuan, down 39% from the previous month; net profit was 1.
3.2 billion yuan, down 51% month-on-month; net assets were 205.
4.2 billion yuan, ranking 15th in the industry.
”Huaxia Times” reporter noticed that entering 2020, the company did not make many announcements.
Among them, on February 11, the announcement of National Gold Securities showed that the company was allowed to publicly issue corporate bonds with a face value of no more than RMB 8 billion to qualified investors.
How 8 billion funds will be used has aroused investors’ attention.
“Huaxia Times” reporter asked Guojin Securities that Guojin Securities did not explain the reasons for the use of bond financing and the January performance indicators.
Regarding the impact of the new refinancing rules, the company bluntly stated that the introduction of the new refinancing rules will help more companies, especially GEM listed companies, use the capital market to refinance, increase operating funds, and ease liquidity pressure.Conducive to its improvement in operating performance.
For investors participating in the fixed increase, the relaxation of the fixed increase price and the lock-up period will also increase their enthusiasm for participating in the fixed increase.
IFC Securities will urge and promote various business units to interface with relevant listed companies, provide feasible refinancing solutions based on the actual situation of listed companies, and actively and steadily advance related work.
In addition, a reporter from the Huaxia Times noted that as a private securities firm affiliated to Yongjin, Guojin Securities has always been strong, attracting securities companies and Huijin.
The two companies hold 90,000 shares and 4 of National Securities respectively.
670,000 shares, among the company’s top ten shareholders of circulating shares, with a shareholding ratio of 2.
99% and 1.