Original title: Banks that will benefit from issuing brokerage licenses will benefit from: Financial Investment News
China Merchants BankDaily K-line chart
Everbright Bankday K-line diagram
CITIC BankDaily K-line chart
Ping An BankDaily K-line chart
Shanghai Pudong Development BankDaily K-line chart
Industrial BankDaily K-line chart
During the Dragon Boat Festival, a news triggered heated discussions in the market. It is reported that the China Securities Regulatory Commission plans to issue brokerage licenses to commercial banks, and rumors even mentioned that “or at least two pilot commercial banks will be selected from several major commercial banks.”
The spokesperson of the Securities Regulatory Commission then responded to this and said that he was concerned According to media reports, the CSRC currently has no more information to report to the market. The spokesman said that the development of high-quality investment banks is the need to implement the State Council’s decision-making and deployment of capital market development, and is also an important means to promote and expand direct financing. With regard to how to advance, there are multiple path options, which are still under discussion. No matter what method is adopted, it will not have a big impact on the existing industry pattern. Some analysts believe that the supervisory authorities have responded without clear denials or affirmations. In other words, there is such a trend.
Industrial SecuritiesAnalysis pointed out that at present, China’s commercial banks already have trust, insurance and other licenses. Obtaining a brokerage license may be considered to be a comprehensive business operation. Closed loop. This should be regarded as a policy signal for the further advancement of the mixed financial industry. But on the whole, brokerage firms have a lower contribution to the bank’s performance, and more attention should be paid to the value of participating in equity assets by using the license.
“Investment Bank-Asset Management-Wealth” mode operation under financial control This may be a solution to the business system of commercial banks and investment banks. Industrial Securities said that in the future, with greater efforts to promote the transformation of “commercial banks + investment banks”, China’s head financial institutions may consider implementing an organizational structure of financial control, that is, the establishment of an independent management entity, with securities firms and existing commercial banks as parallel subsidiaries Management, on this basis, the implementation of differentiated investment and research, incentives, middle and back office operation mode. In addition, with the help of brokerage firms and banks’ investment bank licenses, they provide integrated financing services including stocks and bonds, and realize standardized asset flow conversion, productization, and asset management. Eventually, they will sell products through commercial banks’ existing offline and online outlets. Become a “business bank + investment bank” business solution. Finally, bank-controlled securities firms should focus on tapping the incremental demand of current banking companies and high-net-worth customers, rather than on the current shortage 4000 The income from the 100 million yuan securities industry is once again “divided.”
Soochow Securitiessaid that if a leading bank of high quality obtains a brokerage license, it will further enhance its comprehensive financial model The ability to serve customers will benefit both retail and corporate business. At the same time, bank stocks were expected to be excessively pessimistic in the first half of the year.
China Merchants Bank(600036) Leading retail business of commercial banks
The company is the first joint-stock commercial bank in China that is wholly owned by a corporate legal person. There is no controlling shareholder and actual controller, and the financial license has obvious advantages. Since its establishment, the company has successfully established itself as the leading retail business of my country’s commercial banks in light of its banking business development trends and its own development characteristics. New Times Securities pointed out that the company’s profitability is strong, and its return on net assets and return on assets are in a leading position in the industry. Interest income from loans and advances is the largest component of the company’s interest income. The first advantage is that the interest spread is higher than the traditional corporate business; second, the risk is spread, and the non-performing loan rate is lower than the corporate loan; third, the customer stickiness is high, which can bring more intermediate business income to the company. Intermediate business has obvious advantages, non-interest income accounts for a relatively high proportion, and has long been at the forefront of listed banks. At the same time, the company’s management costs are relatively high, and it has long been at the top of joint-stock banks. This is mainly because the company needs to invest more in the retail business, but at the same time obtain a higher rate of return; and the company strongly supports financial technology innovation, strengthens the scientific and technological foundation, and increases investment in IT infrastructure construction and research and development personnel.
Everbright Bank (601818) Wealth Management Business Force
The company’s net profit and revenue both achieved double-digit growth, the non-performing loan ratio continued to decline, and the wealth management business was boosted.Huatai SecuritiesIt is pointed out that the company’s strategic goal is “first-class wealth management bank”, and is closely integrating the bank’s management and behavior with development strategic goals. The board of directors decided to establish a first-level private banking department, channel management department, consumer rights protection department, and international business department to serve wealth management strategies in terms of customers, channels, and international development. Retail deposit breakthrough at the end of March 2019 100 million yuan, a significant increase from the end of last year 17. 8%; retail AUM reached 1.8 trillion yuan, an increase of 5.5% over the end of the previous year; the number of individual customers and private bank customers were 1. 05 100 million households, 3. 37 Ten thousand households, higher than At the end of the year, it increased by 4.1% and 4.6%, and the wealth management business developed steadily. In the first quarter, asset management business fee income increased year-on-year 284%, cloud payment business revenue increased year-on-year 51%, although it is not large, it is in a high-speed growth channel.
CITIC Bank(601998) First quarter results Better than expected
Despite the short-term pressure on the retail banking business due to the epidemic, the company’s profit has maintained steady growth, maintaining high confidence in its retail transformation, and the current price-to-book ratio is low. It can be seen that the company’s revenue growth rate in the first quarter is more 2019Yearly decline 5 .14 percentage points. Looking at the spin-off, the net interest income in the first quarter 319 100 million yuan, 6% growth rate; non-interest income 196 100 million yuan, chain growth rate 13. 4%, the growth rate of net interest income declined significantly, and was greatly affected by the epidemic. Growth rate of net profit to the mother in the first quarter 9. 36%, instead of 2019 Year 7. 39 % Up 1. 24 percentage points, better than market expectations.Tianfeng Securities(601162) pointed out that although the company suffered an epidemic in the short term As a result, asset quality was under pressure in the first quarter, but net profit still maintained a relatively high growth rate. As the domestic epidemic continues to improve, asset quality is expected to improve in the second half of the year, retail business is expected to return to normal, and net interest income growth is expected to improve. The company’s non-interest income maintains high growth, and the future mid-income may lead to rising profits.
Ping An Bank(000001) Net profit maintains a relatively high growth rate
The company is backed by Ping An The Group has complete financial licenses and obvious advantages. In the process of interest rate marketization, the overall net interest margin of the banking industry was under pressure, and the pressure on the public business was greater. The company’s layout of the “three-step” strategy was steadily promoted. New Times Securities pointed out that the proportion of corporate personal loans in total loans has increased year by year, and its net interest margin is higher than traditional corporate business; retail business helps to diversify risks, reduce the company’s non-performing loan rate, and has high retail client stickiness. Continued advancement of integrated financial services can bring more intermediate business income to Ping An Bank. The intermediary business continued to exert strength, and the proportion of non-interest income increased. In recent years, it has been at the forefront of the industry, especially the proportion of bank card business income has continued to rise. At the same time, after the results of promoting the growth of LUM appear, the company set out to attack AUM and vigorously develop private banking business. The company’s net profit maintains a relatively high growth rate, much higher than the industry average, and is close to the level of the leading joint-stock banks. The transformation momentum is constantly being transformed into actual performance output.
Shanghai Pudong Development Bank(600000) Revenue gradually out of the trough
the company2019year Revenue out 2018 The annual trough, the growth rate increased to 11. 6%, the growth rate of net profit attributable to mother is increased to 5.4%. 880 Despite the impact of the epidemic in the first quarter of the year, revenue growth rate only declined month-on-month 0.9%, considering 319 The ultra-high base of the first quarter of the year can be It is a firm foothold. Despite the relatively weak growth rate of net interest income of 2.1%, the growth rate of mid-income reached 17. 3%, other non-interest income growth 39. 3%, strong support 2020 The performance of the first quarter of the year was “a good start”.Founder Securitiespointed out, 2020 In the first quarter of the year, the company made deferred repayments of some loans, and the new overdue pressure in the second and third quarters still exists. The asset-liability structure was continuously optimized, and it continued to return to the deposit and loan business. Cost management is very effective, and the cost-to-income ratio is reduced to 11. 6%. With the company’s assets standing on the 7 trillion level and starting from a new starting point, the management has lowered its risk appetite, and the steady operation is expected to return to the ranks of “excellent students”.
Industrial Bank(601166) Expanded return on assets advantage
The company’s profitability has stabilized. 260 Over the years, the return on assets advantage has expanded Negative adjustments are in place and the leverage tends to be stable. The future return on net assets is expected to maintain an advantage over peers.Zheshang Securities(601878) It is pointed out that the company continues to expand its mid-to-end advantage. The investment banking ecosystem continues to consolidate the revenue advantages of investment banks and FICC businesses; in the scene ecosystem, the contribution of transaction settlement business to revenue is 0.7pc lower than the average of its peers, and 3pc lower than that of leading banks, China Merchants Bank. If the revenue contribution is increased to The level of China Merchants Bank can improve the return on assets by 6bp; the investment ecosystem has an advantage in investment management capabilities. The rate, scale and net worth are ranked in the forefront of the stock market. The future net worth transformation and expansion of wealth management scale are expected to improve wealth management income. The revenue contribution rate of the agency sales business is 1.5pc lower than the average of the industry, and there is room for improvement. The company’s most difficult period has passed. “Being the best in the watch, making the strong outside the watch,” coupled with excellent strategic execution guarantees and opening up the road to sustainable development, is the most cost-effective high-quality bank.
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