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上市券商业绩分化 自营业务最吸金

2017-09-01 08:16:52   中国经济网

29家上市券商中报披露完毕,总体业绩呈下滑态势。从收入结构看,经纪投行业务占比下降,自营业务收入占比大幅提升。业内人士指出,依靠多元化业务布局,综合性券商业务依然具有明显优势,中小型券商业绩分化明显,但上市券商业绩优于行业整体业绩,预计下半年营收和利润会环比增长。

上市券商业绩好于预期

根据中国证券业协会公布的数据显示,上半年证券行业实现营业收入与净利润分别为1436.96亿元与552.58亿元,分别同比下降8.52%和11.55%。129家券商总资产共计5.81万亿元,较年初略上升0.35%;资管规模18.06万亿元,较年初增长1.35%。2017年中报数据显示,29家上市券商整体营业收入1231.84亿元,较2016年中报同比下降0.31%;整体实现归母公司净利润420.15亿元,同比下降7.73%。具体来看,中信证券、海通证券、国泰君安、广发证券和华泰证券无论是从营收还是净利润均位于上市券商的前五位。

山西证券分析师刘丽表示,中报券商业绩明显分化,大型综合性券商和业务精准定位的中小券商具有明显优势。从可比的27家上市券商中报业绩来看,营业收入和归属于母公司的净利润下滑幅度均小于行业整体。整体来说,券商业绩超出预期,虽然今年出台了一系列监管举措,但对券商的整体业绩影响小于预期。

平安证券分析师檄文超认为,规模较大、资本实力较强的券商上半年业绩整体较好,体现出一定的规模和品牌优势,如海通证券、广发证券、华泰证券、招商证券等,经营状况基本优于行业;而部分中等规模券商,如东方证券、兴业证券、国元证券等,抓住市场机会,依靠自营业务使得收入大幅提升,业绩取得了大幅增长。

自营业务赶超经纪业务

川财证券分析师杨欧雯认为,由于市场交易活跃度的持续下降以及行业佣金率在竞争中不断下行,经纪业务在券商收入中的占比呈下降趋势。刘丽表示,上半年二级市场股基成交量明显下滑,沪深两市累计股基日均成交额4760.8亿元,同比下滑17.49%。

檄文超认为,由于股债投资收益的回升,上半年自营业务表现较好,成为上市券商业务中最大的收入来源。“从上半年券商经营情况来看,券商业务板块营业收入当中自营业务的占比已逐步逼近甚至超过经纪业务,对于利润的影响越来越显著。”杨欧雯说,上半年营收过百亿的券商当中,唯一一家净利润增长率为正的是广发证券,其利润保持增长的关键在于上半年自营投资收益收入42亿元,同比增幅24%,大幅提升了业绩。与之相对应,部分券商则受累于自营业绩不佳而出现利润下滑。

总体来看,杨欧雯认为,今年以来A股投资环境较去年有所改善,目前上证指数已经站上3300点,且投资风格倾向于蓝筹绩优,整体风格较为稳健,与券商自营的一贯持股风格较为吻合,同时债市出现阶段性机会,这都为券商自营业务提升提供了较为有利的条件。刘丽认为,由于7、8月二级市场出现回暖,预期下半年券商业绩比上半年有小幅提升。

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