New list of brokerage companies: Black Ma Huafu ROE counterattack, winning the championship, CITIC, the "aircraft carrier" prototype

21st Century Business Herald reporter Wang Yuanyuan Shanghai report

The China Securities Industry Association issued a ranking of the operating performance of the securities company in 2021, and ranked statistical rankings of 38 indicators such as the scale and various business income of securities firms.

Like last year, it was measured by total asset indicators that the ranking of the top five brokers in the popular sense has not changed, and it is still: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, Shen Wanhongyuan.

However, measured by operating income indicators, the top five brokers in the industry have become: CITIC Securities, Guotai Junan, Huatai Securities, China Merchants Securities, and Haitong Securities. Compared with the operating situation in 2020, CITIC Jianzu was dropped out of 5, and 5, Haitong Securities has a substitute.

The net profit indicators are measured, and the top 5 brokers in the industry are: CITIC Securities, Guotai Junan, Huatai Securities, Haitong Securities, and China Merchants Securities. Compared with 2020, this time it was the exaltic alternative of China Merchants Securities.

In addition to the changes in head brokers in the total ranking, the sub -indicators of the operating statistics of the entire voucher industry in 2021 also reflect some new changes.

ROE's ups and downs: securities investment is "shortcut"

Since Oriental Fortune has become the highest return on the return on net assets (ROE) in the voucher industry in 2018, no matter how much big and small brokers exert their strength, this number one has been steadily sitting in Oriental Fortune for 3 years.

In particular, because of the small bases of various businesses, the adjustment of the various businesses is more flexible. When calculating the proportional indicators such as various growth rates and net asset yields, it is easier to rush to the forefront of the industry at a high ratio.

However, in the past 2018-2020, even such flexible small brokers have not surpassed Oriental Wealth-a chairman of the Internet that has been known as "the scale has been rolled out, and almost all profit". Behind this expression is the high ROE that is unable to look back.

However, in 2021, a small and medium -sized brokerage securities from Fujian, Huafu Securities, ranked first in the voucher industry with a net asset yield of 17.80%, surpassing Oriental Wealth.

Huafu Securities Registration is Fuzhou City, Fujian Province. The largest shareholder is Fujian Energy Group Co., Ltd., and the second largest shareholder is Fujian Investment and Development Group Co., Ltd.. In 2021, its total assets were 54.02 billion yuan, ranking 40th in the voucher industry; achieved total revenue of 3.094 billion yuan, ranking 34th in the voucher industry; net profit was 1.918 billion yuan, and ranked 24th in the voucher industry.

From the perspective of its various business data, Huafu Securities is not the leading head broker, so why can its net asset yields increase significantly in the past year?

People close to Huafu Securities reported to the 21st Century Business Herald that it was not because the company had made any major reforms, but the self -employed or asset management department of Huafu Securities invested in new energy projects and made a lot of money. "If it is an asset management department, it may also be a channel business. The apparent income is considered Huafu Securities. In the end, the income may be made."

In fact, due to the structural bull market in the past three years, brokers have also made a lot of money along the market. Not only are wealth management and large asset management business perform well, but the investment income of the brokerage company has also performed well.

Investment can be regarded as the lightest business of all the business of securities firms, and it is also easier to increase ROE business. So in these three years of good markets, the net asset yield (ROE) of most brokerage firms is constantly improving, especially head brokers.

However, some brokers are also "reversing".

For example, according to the data disclosed by the association, from 2019 to 2021, CITIC's net assets' yields were 10.56%, 15.30%, and 13.88%, respectively. As ROE grew too fast in 2020, it ranked second only to Oriental Wealth and was second in the voucher industry. Therefore, although the ROE level in 2021 is also relatively high, it has decreased year -on -year.

From the perspective of subdivided business indicators, compared with 2020 and 2021, CITIC's investment banks, brokerage, asset management, Liangrong and other business revenue is not much different in the industry, but securities investment income rankings rank this ranking. The gap between one indicator ranking is relatively large.

In 2019, CITIC Construction Investment's securities investment revenue ranked 10th in the industry; in 2020, CITIC Construction Investment ranked second in the industry; in 2021, CITIC Construction Investment fell back to the industry 9th.

This situation shows that at least for securities firms, wanting to improve ROE quickly, doing a good job of securities investment, or more straightforwardly, it is a shortcut.

However, the securities investment capacity of securities firms does not seem to be unstable. In the good market in the past few years, brokerage firms have made great financing. One of the main funds for investment is to develop investment business.

However, after two years of comprehensive rise in 2019 and 2020, the market performance in 2021 is more structured and differentiated. This year's securities investment business losses have become more. There are 8 industries in the industry. Brokers have suffered losses, namely: BOC International, Internet Securities, Goldman Sachs Gaosheng, Datong Securities, Hualin Securities, Intime Securities, Zhongshan Securities, Huarong Securities.

In 2019, there was no loss of securities firms in the industry. In 2020, there were only 4 losses.

Strong Hengqiang: "Voucher Industry Aircraft Carrier" first appeared in the prototype

CITIC Securities is undoubtedly a brother of the voucher industry. After the voucher industry item index in 2021, the status of this brother seemed to be more consolidated. The most prominent is the securities brokerage business.

As far as this business is concerned, in recent years, CITIC Securities and Guotai Junan have been firmly occupying the industry's first and second positions. In 2019, Guotai Junan also briefly surpassed CITIC Securities with a revenue of 5.088 billion yuan in securities brokerage business revenue, ranking first in the industry.

But in 2020, CITIC Securities chased back and seized the industry's first ranking. CITIC Securities and Guotai Junan's securities brokerage business revenue was 8.776 billion yuan and 7.701 billion yuan, respectively.

By 2021, CITIC Securities' securities brokerage business revenue was 10.957 billion yuan, while the second -ranked Guotai Junan was only 8.351 billion yuan, and the gap between the two reached 2.606 billion yuan.

The above difference is almost the total number of securities brokerage business revenue in 2021. In 2021, Oriental Securities's business revenue was 2.648 billion yuan, ranking 20th in the industry.

The same is true of the business income of the sales of financial products. CITIC Securities occupies the first place in this business all year round. However, from 2017 to 2019, the revenue difference between CITIC Securities and the second securities firms of CITIC Securities and the second securities firms of the industry was about hundreds of millions. Starting in 2020, this gap arrived. Level one billion.

In 2020, CITIC Securities 'agency sales revenue was 2.0 billion yuan, while the second leader of the industry was 934 million yuan; in 2021, CITIC Securities' agency sales revenue was 2.676 billion yuan, and the industry's second -fidth Securities was 1.173 billion yuan.

In addition, in recent years, CITIC Securities' financial leverage multiple is also increasing to obtain more capital and make the business bigger and stronger.

From 2017 to 2018, CITIC Securities and financial leverage are still more conservative, with 3.32 times and 3.47 times, respectively. The industry rankings are 14 and 11, respectively.

Beginning in 2019, its financial leverage has become more aggressive, ranking second in the industry for three consecutive years. From 2019 to 2021, its financial leverage multiple is 3.96 times, 4.34 times, and 4.62 times, respectively.

Behind financial leverage is the comprehensive leading of CITIC Securities Business.

According to Cathay Junan data, in 2021, 20 indicators including CITIC Securities, total assets, net assets, operating income, and net profit ranks first in the industry; revenue accounted for 8.40%in the industry, an increase of 0.64%year -on -year; the net profit industry accounted for 10.41 proportion of 10.41 %, A year -on -year increase of 1.68%, the leading status was further consolidated.

Various operation data that quickly opens the gap has also made the drama of the industry pattern jumping on the paper, and all this may just have just begun. How should the brokerage agencies in the middle and rear positions have no doubt that it is worthy of continuous attention.

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