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Increased concentration of investment banking business of securities firms
Reporter Wang Jian Xi reporter Li Mengyang
In the first three quarters of 2022, 41 listed securities firms realized a net fee income of 42.998 billion yuan from investment banking business, a year-on-year increase of 5.35%.CITIC Securities、CICC、CITIC Construction Investment、Haitong Securities、Guotai Junan5 brokerages came out on top. On the whole, the concentration of investment banking business in the securities industry has been further improved, and the growth rate of related business income of leading securities companies is higher than that of medium-sized securities companies. Institutional sources believe that investment banking business, as a port to reach institutional clients and high-net-worth clients, is gaining momentum for the development of institutional and wealth management businesses of securities firms, and its strategic position is becoming more and more critical.The investment banking business of securities firms will usher in more policy dividends and become the main driver of industry growthdriving force。
Concentrate resources to head agencies
straight flushAccording to iFinD data, in the first three quarters, CITIC Securities’ investment banking business had the highest net fee income of 6.271 billion yuan, followed by CICC with 4.657 billion yuan; China Securities Construction Investment ranked third with 4.566 billion yuan; Haitong Securities, Guotai Junan,Huatai SecuritiesIt was followed by 3.757 billion yuan, 3.073 billion yuan and 2.905 billion yuan respectively.
In the first three quarters of the above-mentioned six securities companies, the net investment banking fee income totaled 25.229 billion yuan, accounting for 58.68% of the net income of the 41 listed securities companies’ investment banking business. obvious. Among the 41 listed brokerages, 12 of them have a net fee income of more than 1 billion yuan from investment banking business, and 10 of them have achieved year-on-year growth.
Among the top brokers in terms of net income from investment banking business,Sinolink SecuritiesCITIC Construction Investment, Guotai Junan in the first three quarters of investment banking business fee net income increased significantly year-on-year, respectively, 32.40%, 31.62%, 28.61%.
On October 24, CITIC Construction Investment announced that from January to September this year, the company completed 2,306 lead underwriting projects for stocks and bonds, with a lead underwriting amount of 1,079.3 billion yuan. Some research reports believe that China Securities Investment Banking has outstanding business performance and abundant investment banking projects. Up to now, the company has 24 unissued projects that have passed the IPO review, and 68 projects that have been declared for review, all of which are second in the industry.
Sinolink Securities’ net investment banking fee income in the first three quarters was 1.379 billion yuan, of which the third quarter investment banking fee net fee income was 710 million yuan, an increase of about 80% year-on-year and a month-on-month increase of about 122%. Gao Chao, chief analyst of the non-banking financial industry of Kaiyuan Securities, said that the above-mentioned business growth of Sinolink Securities was mainly due to the IPO business. The company’s IPO underwriting and sponsorship income in the first three quarters was 869 million yuan, an increase of about 55% year-on-year.
Capital market reform promotes industry growth
According to industry analysts, the investment banking business can continue to attract high-quality customers for securities companies, and has a good synergy and leading role in various securities businesses such as wealth management and investment.
“The investment banking business has broad development potential, and business synergy is the long-term development direction.” Xu Kang, head of the non-banking group of Huachuang Securities, said that the international investment bank Goldman Sachs has formed a relatively mature “investment banking + transaction” and “investment banking + investment” synergy model. The domestic brokerage business synergy model is being explored. The brokerages that have begun to coordinate their layout and have business advantages are more likely to achieve strong alliances and demonstrate synergy advantages in the long-term development.
“In the context of the continuous strengthening of financial services for the real economy, the investment banking business of securities companies will usher in more policy dividends and become the main driving force for industry growth.” Liu Xinqi, chief analyst of Guotai Junan Non-Banking Finance, said that this will promote the investment banking business of securities companies to be better. Provide direct financing support and other financial services for strategic emerging industries, small and medium-sized enterprises, etc.
From a performance perspective,BOC SecuritiesSaid that he is optimistic about the logic of the continuous reform of the capital market to promote the long-term growth of the securities industry. Market fluctuations may lead to continuous differentiation of securities companies’ performance. The leader is more certain, and the business of leading securities companies is highly integrated and diversified, which helps to diversify risks and resist cycles. The ability is stronger, so the performance stability is relatively better.
From the perspective of valuation, Shen Juan, chief analyst of the big financial team of Huatai Securities, said that the valuation of the A-share brokerage sector is low, the downside of the sector is limited, and the price-performance ratio is outstanding. Recently, reform policies such as the marketization of refinancing and the expansion of margin financing and securities lending have been implemented frequently. In the future, as the market stabilizes and the follow-up capital market reform measures continue to advance, the brokerage sector is expected to usher in valuation repairs.
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Responsible editor: Chang Fuqiang