Brokerage stocks' abnormal move last Thursday (22nd) made the market excited, but the strong performance was short-lived.

In the two trading days from this week to the present, although good news of the three quarterly results have been heard frequently, the performance of the sector is still weak.

　　As of the close of the 27th, Founder Securities (601901.SH) rose 3.22%, leading the brokerage sector.

Nearly 20 stocks including China Securities (601066.SH) and Guolian Securities (601456.SH) rose slightly.

China Everbright Securities (601788.SH), Shenwan Hongyuan (000166.SZ) and other stocks closed down, but the decline did not exceed 1%.

　　At the time when the third quarterly report of the securities firm disclosed the peak, in addition to being affected by the overall market environment, is the lack of performance of the sector related to the market's judgment on performance?

The reporter combed and found that, so far, nearly 10 securities firms including China Securities, Founder Securities, and Oriental Fortune (300059.SZ) have disclosed their three quarterly reports. On the whole, the revenue and net profit of securities firms have achieved positive year-on-year growth.

　　"Affected by market sentiment, the recent collective decline in securities stocks can be regarded as compensating to a certain extent." An analyst from a medium-sized securities company in Beijing told reporters.

　　Market analysts believe that the current valuation of brokerage stocks is in the relative historical average, but the valuation of individual stocks does not show a significant advantage, and there is still uncertainty in the performance of brokerage companies.

Combining multiple factors, individual stock adjustments are within market expectations.

Performance continues high growth

　　The third quarterly report of the brokerage company disclosed that it entered the peak period this week.

　　According to Wind, a number of securities firms such as China Securities Investment and Founder Securities have disclosed their three quarterly reports.

On the whole, the vast majority of securities firms have achieved positive year-on-year growth in revenue and net profit attributable to their parent companies. Only Shanxi Securities saw a decline in revenue.

The third quarter report shows that Shanxi Securities' revenue in the first three quarters of this year was approximately 2.703 billion yuan, a year-on-year decrease of 37.89%.

　　The revenue of CITIC Construction Investment exceeded 10 billion.

The third quarter report shows that the company achieved 15.859 billion yuan in revenue in the first three quarters of this year, a year-on-year increase of 63.55%; net profit attributable to the parent was 7.491 billion yuan, a year-on-year increase of 96.11%.

　　In terms of year-on-year growth in performance, Internet brokerage Oriental Fortune achieved a revenue of 5.946 billion yuan in the first three quarters, a year-on-year increase of 92%; net profit was 3.398 billion yuan, a year-on-year increase of 143.66%; of which, the company achieved a net profit of 1.589 billion yuan in the third quarter, a year-on-year increase 203.47%.

The year-on-year increase in revenue and net profit currently ranks first in the industry.

The net profit of Great Wall Securities (002939.SZ), Hualin Securities (002945.SZ) and Western Securities (002673.SZ) also increased by more than 50% year-on-year.

　　A number of three quarterly reports of listed brokers will arrive this week.

Judging from the previous performance forecasts, the overall performance of brokerage firms is expected to increase, and the lower limit of the net profit growth of many brokerage companies is over 40%.

Classified layout, focusing on the leading low-valued companies

　　Most of the performance is expected to increase, and the policy is also good.

Recently, there have been frequent signals of deepening reform of the capital market, and the China Securities Regulatory Commission has clarified the six major directions for the construction of the capital market infrastructure, and the future incremental policies can be expected.

　　However, despite multiple positives, the recent performance of brokerage stocks has been relatively flat.

Last week, in the context of the decline in market activity, the non-silver sector also fell.

　　According to market data, last week (October 19-23), the average daily transaction volume of the two cities was 692.7 billion yuan, a decrease of 13% from the previous month; the non-silver sector fell 1.04%, and the brokerage fell 2.72%.

　　Last Thursday (22nd) brokerage stocks pulled up in a straight line in late trading, making the market full of expectations for the sector again.

However, the strong performance could not be continued. This Monday (26th) the situation took a turn for the worse. Brokerage stocks opened weaker. China Everbright Securities hit the limit of intraday trading. CITIC Construction Investment and China Merchants Securities (600999.SH) all fell more than 5%.

　　At the same time, the reporter paid attention to the rotation of leading stocks in the sector.

Judging from the situation last week, CITIC Construction Investment and China Everbright Securities, which led the previous gains, were among the top three decliners.

　　Xia Lijun, chief investment adviser of Hexun Information, told reporters that due to the market's expectations for the growth of brokerage stocks, many brokerage stocks experienced technical corrections after excessive gains, and some funds were sold in cash.

　　"From this phenomenon, the current market capital does not have the motivation to continue to do more in this sector. From the perspective of valuation and other factors, the brokerage sector does not have the strength to continue to rise in the short term." Xia Lijun suggested that the layout of the brokerage sector can be "Divided into categories", leading brokerage firms still have a low-lying effect on valuation.

　　In the medium and long term, the industry believes that under the background of the deepening reform of the capital market, the securities industry will still benefit significantly.

　　The non-bank team of Huatai Securities believes that listed securities companies will continue to disclose their performance in the first three quarters of 2020, and that companies that have disclosed three quarterly reports or performance bulletins have reported a year-on-year growth rate of 20% to 80% in net profit attributable to the parent company, still maintaining a relatively high growth rate.

　　"Industry leaders preferentially benefit from industry development dividends, and the Matthew effect is expected to intensify." He said.

　　Author: Zhou Nan