Securities Times reporter Xu Ying

　　In the first quarter of this year, the stock market was sluggish, and the overall performance of listed brokerages was dragged down by self-operated investment and other businesses and suffered "Waterloo".

　　As of the press release of the Securities Times reporter yesterday evening, a total of 21 listed securities firms have disclosed their first quarter results in 2022.

According to the statistics of the Choice financial terminal, more than 80% of listed brokerages' revenue and net profit fell year-on-year, and nearly 60% of the first quarter's net profit fell by more than 50% or even lost.

　　From the perspective of specific business, the overall revenue of brokerage and asset management business in the first quarter was stable with some decline; the investment banking business performed well, and the overall growth of this business of the securities companies that have disclosed the first quarterly report is about 20%; The self-operated investment business became the biggest drag on the performance of securities companies in the first quarter.

　　Over 80% of listed brokerages

　　Revenue and net profit decline

　　Judging from the above-mentioned brokerage revenue data in the first quarter, CITIC Securities ranked first with revenue of 15.216 billion yuan, and China Securities Construction Investment and Haitong Securities temporarily ranked second and third with revenue of 6.332 billion yuan and 4.131 billion yuan respectively. , China Merchants Securities and Zheshang Securities also have a single-quarter revenue of more than 3 billion yuan. At present, there are 7 securities companies with a revenue of more than 1 billion yuan.

Judging from the year-on-year change in revenue, only 3 securities companies achieved positive revenue growth in the first quarter, accounting for 14%, namely China Securities Construction Investment, First Venture, and Pacific Securities.

Among them, CITIC Construction Investment's revenue in the first quarter increased by 31.83% year-on-year.

　　Judging from the net profit attributable to the parent in the first quarter, there are currently only 4 securities firms whose net profit attributable to the parent exceeds 1 billion yuan, of which CITIC Securities is far ahead with a net profit of 5.229 billion yuan.

CITIC Construction Investment, Haitong Securities, and China Merchants Securities temporarily ranked second to fourth, with net profits of 1.542 billion yuan, 1.5 billion yuan, and 1.49 billion yuan respectively.

　　Judging from the year-on-year changes in net profit, only three listed brokerages have achieved positive growth in net profit in the first quarter, and the "big brother" CITIC Securities' net profit has only increased slightly by 1.24%.

Among the small and medium-sized securities companies, First Venture and Pacific Securities also recorded year-on-year growth in revenue and net profit due to the low base in the previous year.

　　It is worth mentioning that there are currently 5 listed securities companies that have suffered losses in the first quarter, namely Western Securities, Northeast Securities, Guoyuan Securities, Huaxi Securities, and Southwest Securities.

Among the listed brokerages that have not lost money, there are currently seven net profits that have fallen by more than 50%.

　　Investment Banking Business Income

　　Contrarian growth of about 20%

　　From a business perspective, as far as the overall situation of the 21 listed securities firms that have disclosed their performance, the brokerage and asset management business revenue declined slightly in the first quarter, the investment banking business revenue increased by about 20% against the trend, and the self-operated business became the decisive factor for performance. "Winner".

　　In terms of brokerage business, the overall revenue of brokerages remained stable in the first quarter, and the brokerage fee income of 21 listed brokerages fell slightly by about 3% year-on-year.

From the perspective of market conditions, although the three major indexes all fell in the first quarter, due to factors such as new stock listings, the total turnover in the first quarter of this year increased compared with the same period last year, so the impact on the brokerage business was not great.

Among the brokerages, Zheshang Securities and China Securities Construction Investment Securities recorded a relatively high year-on-year increase in net fee income from brokerage business, both exceeding 10%.

　　In terms of investment banking business, benefiting from the active financing market, the investment banking business remained bright in the first quarter.

Judging from the above-mentioned 21 listed securities firms, the overall net investment banking fee income from the industry in the first quarter increased by about 22% year-on-year, and nearly 60% of the securities firms' investment banking business income increased.

In terms of the investment bank's revenue, CITIC Securities, Haitong Securities, and China Securities Construction Investment's single-quarter net income from investment banking business fees all exceeded 1.5 billion yuan. Among them, China Securities Construction Investment's investment banking business increased by as much as 95% year-on-year.

Among the small and medium-sized brokerages, Dongxing Securities’ investment banking business revenue increased by 220% in the first quarter, reaching 416 million yuan.

　　In terms of asset management business, the net fee income from the overall asset management business of the listed brokerages fell slightly by 3% year-on-year.

Among them, CITIC Securities’ net fee income from asset management business in the first quarter was as high as 2.776 billion yuan.

　　Compared with the past two years, the self-operated business of brokerage companies has skyrocketed in the good years, and even the self-operated income of some securities companies has surpassed that of the brokerage business and has become the largest source of revenue.

Now that the market has reversed, self-operated business has also become the biggest drag on the performance of securities companies.

　　According to the statistics of Securities Times reporters, these 21 listed securities companies achieved self-operated income of -1.745 billion yuan in the first quarter, while the profit in the same period in 2021 exceeded 10 billion yuan.

Specifically, the self-operated income of CITIC Securities in the first quarter still exceeded 3 billion yuan, which remained stable, while the self-operated income of most securities companies fell sharply, and only 40% of the securities companies’ self-operated income in the first quarter was positive.

　　Luo Zhanhui, a non-bank analyst at Western Securities, believes that trading and institutional business will be the winners and losers of securities companies' annual performance, and it is expected that the income will be significantly differentiated.

According to its judgment, under the background of market fluctuations in the first quarter of 2022, some securities companies may face greater risks of fair value fluctuations, and the disturbance of self-operated business income to the annual net profit is more obvious.

In the second quarter, data such as transaction volume and two financing fell, and the fair value of the primary and secondary markets fell, and the performance of securities companies is expected to be under pressure.