The transcript of the brokerage firm is released. This article reveals which businesses are the most profitable and which brokerage firm has the greatest potential for development?
On June 18, the Securities Association of China, based on the audited data of various securities companies, conducted a statistical ranking of 38 indicators including the asset scale and various business incomes of securities companies, and released the ranking of the operating performance indicators of securities companies in 2020, among which are comparable The number of brokerage firms has increased by 4 compared to 2019.
On the whole, the scale and strength of the securities industry throughout the year have steadily improved, and the profitability has been further enhanced.
As of the end of 2020, the total assets of the industry were 8.78 trillion yuan, an increase of 22.32% over the end of the previous year.
The performance of the securities industry for the whole year reached the highest level in the past three years, with operating income of 439.815 billion yuan, a year-on-year increase of 24.93%; net profit of 170.778 billion yuan, a year-on-year increase of 39.20%; return on net assets also increased by 1.58 percentage points from the previous year.
Specifically, the brokerage industry rankings are fiercely competitive, especially the top ten brokerage companies' revenue and net profit rankings are basically "default". CITIC Securities ranks first among multiple business indicators and is firmly established as the "brokerage brother".
However, the mid-waist brokerages are affected by the differentiated development of the industry and characteristic operation, and their strengths have changed greatly, and there is plenty of room for counterattack.
Revenue: fierce competition among top brokers, small and medium brokers have great potential for counterattacks
From the perspective of operating income, the top brokerages are highly competitive.
In 2020, the top three rankings of securities companies will remain unchanged. CITIC Securities, Guotai Junan, and Huatai Securities achieved revenues of 34.140 billion yuan, 24.073 billion yuan and 21.247 billion yuan respectively.
And CITIC Construction Investment ranked fourth with a revenue of 20.153 billion yuan, moving up 4 places, and it is also the brokerage firm with the largest change in revenue among the top ten.
In addition, from the perspective of the top ten brokerage firms, China Merchants Securities moved one place to fifth, while Haitong Securities and Guangfa Securities' revenue rankings declined relatively.
The revenue rankings of CICC and Galaxy Securities are swapped. The former ranks 10th and the latter falls out of 10.
On the whole, in 2020, securities companies with at least five positions in revenue rankings are Oriental Fortune, Zheshang Securities, Guoyuan Securities, Minsheng Securities, Cinda Securities, Donghai Securities, Minmetals Securities, AVIC Securities, and Huaxin Securities. , Shengang Securities, Zhongtian Guofu, Yingda Securities, China Post Securities, etc.
Among them, Internet brokerage Oriental Wealth increased its revenue from 2.594 billion yuan to 4.598 billion yuan, and its revenue ranking rose from 33rd to 23rd.
Zheshang Securities and Guoyuan Securities ranked in the top 30 in 2020 revenue.
The revenue rankings of the rest of the brokerage companies are mostly in the 40-90th place.
Among the securities firms whose revenue rankings fell rapidly, Southwest Securities, Hengtai Securities, Centaline Securities, Pacific Securities, New Times Securities, Beijing Gaohua, and Huajin Securities fell by more than 7 rankings. Among them, Pacific Securities The revenue ranking of securities fell by 20 places.
It is worth noting that due to the differentiated development and characteristic operation of the industry, whether the ranking is up or down, the securities firms with large changes are concentrated in small and medium-sized securities firms.
In other words, there is a lot of room for counterattack among small and medium-sized securities firms.
Net profit: The ranking of the top 30 brokerage firms has not changed much, and the net profit of the top 5 brokerage firms exceeds 10 billion
2020 is a big year for the securities industry, and securities companies are also making a lot of money. CITIC Securities ranks first with a net profit of 14.902 billion yuan, followed by Guotai Junan, Haitong Securities, Huatai Securities and Guangfa Securities.
The net profits of these 5 top brokerages are all over tens of billions.
In 2019, the net profit of CITIC Securities alone exceeded 10 billion.
Even in the fiery year of industry development, 11 securities companies will experience losses in 2020, of which Pacific Securities has the largest loss of 761 million yuan.
In 2019, 8 securities companies suffered losses, of which Netcom Securities lost 1.292 billion yuan.
From the ranking point of view, the overall net profit ranking of top brokerage firms is stable. From the perspective of the top ten brokerage firms, CITIC Securities has a solid position. Guotai Junan and CITIC Construction Investment have advanced two positions respectively, ranking second and sixth respectively.
Haitong Securities, Huatai Securities, China Merchants Securities, and Shenwan Hongyuan Securities are one place behind.
During the same period, Guosen Securities fell behind in the top ten, and CICC made up for it.
In terms of lengthening the ranking, among the top 30 securities firms in terms of net profit, China Everbright Securities has changed the most, from 39th in 2019 to 18th in 2020.
The rankings of Industrial Securities and Zheshang Securities both increased by 5 positions, and the ranking of Oriental Fortune increased by 4 positions, ranking 15th.
Similarly, the net profit of small and medium-sized securities firms has changed significantly. Among them, more than ten securities companies such as Huafu Securities, Cinda Securities, Donghai Securities, Shengang Securities, Yingda Securities have increased their rankings by more than 10, Hengtai Securities, Guosheng Securities , New Era Securities, Beijing Gaohua, Pacific Securities and many other securities firms fell more than 20 places in the rankings.
Who is the leader in the traditional brokerage business? "One Brother" is not far behind in stocks
In 2020, citizens and stock investors will run into the market, and the market activity will increase significantly.
According to data from the China Securities Association, the securities industry will achieve 127.947 billion yuan in brokerage business income in 2020, a year-on-year increase of 54.82%.
Among them, CITIC Securities ranked first with 8.776 billion yuan in brokerage business, an increase of 77.51% from 4.944 billion yuan in 2019.
Guotai Junan and China Merchants Securities ranked second and third with 7.701 billion yuan and 6.215 billion yuan in brokerage business income respectively.
In 2020, there were 27 securities companies with brokerage business income exceeding 1 billion yuan, and in 2019 this number was 21.
From the perspective of investment banking business, affected by the reform of the registration system, the securities industry will firmly grasp the opportunity of the reform of the registration system in 2020. As of the end of 2020, the proportion of direct financing in my country has continued to increase, reaching 12.6%.
At the same time, the investment banking business income of the securities industry in 2020 will reach 67.67 billion yuan, a year-on-year increase of 39.76%, accounting for 15.25% of operating income.
Specifically, CITIC Construction Investment ranked first in the industry with 5.261 billion yuan in underwriting and sponsorship business income, followed by CITIC Securities, CICC, and Haitong Securities, with revenues exceeding 3 billion yuan.
In 2019, only two brokerage firms, CITIC Securities and China Securities Investment Co., Ltd., had revenues from underwriting and sponsorship exceeding RMB 3 billion.
From the perspective of asset management business, Orient Securities ranked first in terms of asset management business income with 2.365 billion yuan.
CITIC Securities and Huatai Securities followed closely behind, with asset management revenue of about 1.9 billion yuan. It is worth noting that the asset management business of small and medium-sized securities firms has not developed well, and more than 60% of the securities firms’ asset management business income is less than 100 million yuan.
From the perspective of securities investment business, it can be said that the "one brother" CITIC Securities is the most proficient in stocks. Whether it is from the ranking of securities investment income or equity investment income, CITIC Securities ranks first, and it is the only securities investment business that exceeds 10 billion Brokerage firms, reaching 10.854 billion yuan.
Oriental Wealth has good profitability, and brokerages actively invest in information technology
From the perspective of corporate profitability, there will be 11 securities companies with a return on equity of more than 10% in 2020. Among them, securities firms such as Oriental Fortune, China Securities and Hualin Securities have outstanding performance, with a return on equity of 15%. %about.
In 2019, there were only 3 securities firms with a return on equity of more than 10%, among which Oriental Wealth had the highest rate of 13.76%.
It is worth noting that since the release of the information technology investment indicators of securities companies, the securities industry has paid more and more attention to information technology, and the industry's information technology investment has increased year by year.
In 2020, the industry-wide investment in information technology was 26.287 billion yuan, an increase of 21.31% year-on-year, accounting for 7.47% of 2019 operating income.
According to data from the China Securities Association, since 2017, the securities industry has invested a total of 84.5 billion yuan in the field of information technology. The industry continues to increase investment in the field of information technology to lay a solid foundation for the industry's digital transformation and high-quality development.
Specifically, leading brokerages are actively involved. In 2020, Huatai Securities ranked first with 1.947 billion yuan in information system investment. In addition, Guotai Junan, CITIC Securities and China Merchants Securities invested more than 1 billion yuan in information systems.
17 brokerage companies invested more than 500 million yuan in information systems.
It is worth noting that from the perspective of the proportion of information technology investment in revenue, many companies such as Oriental Fortune, Ping An Securities, Zhongtai Securities, Huatai Securities, etc. have made efforts in this business.
Among them, Oriental Wealth's investment in information technology accounted for the highest proportion of revenue, reaching 17.43%, and the latter three also accounted for more than 10% of investment in information technology.
Hu Meng, Shell Financial Reporter, Beijing News