The national team appeared among the top ten shareholders of 26 securities firms： increasing its holdings of CITIC Securities Everbright Securities.

As of the evening of April 26, the 2018 annual report of A-share listed brokers has been fully disclosed, and the shareholding of the "national team" in brokers has also been released.

Wind data shows that as of the end of the fourth quarter of 2018, among the 35 A-share listed brokers, 26 brokers were among the top ten shareholders, and two of them were overweight, namely CITIC Securities (600030), China Everbright Securities (601788) and Caitong Securities (601108).

The shareholding of the "national team" in A-share listed brokers. Source: Wind

The so-called "national team" usually refers to the Central Huijin Asset Management Co., Ltd. (hereinafter referred to as central huijin), China Securities Finance Co., Ltd. (hereinafter referred to as the Securities Company), the ten accounts of the CSI Financial Asset Management Plan, the buttonwood investment platform, and five "national team" funds.

By the end of the fourth quarter of 2018, securities companies appeared in the list of the top ten shareholders of 23 companies, while central huijin appeared in the list of the top ten shareholders of 18 securities firms.

Specifically, except for the top ten shareholders of Caitong Securities, the securities company has no other actions. By the end of the fourth quarter of 2018, it held 68.097 million shares of Caitong Securities, with a shareholding ratio of 1.89%. According to the latest market value calculation, the market value of the shares held was about 491 million yuan.

According to the 2018 annual report released by Caitong Securities, the operating income was 3.168 billion yuan, a year-on-year decrease of 21.13% (compared with the same period of last year); The net profit attributable to shareholders of listed companies was 819 million yuan, a year-on-year decrease of 45.55%.

Judging from the stock price performance of Caitong Securities in the fourth quarter of last year, the stock price of Caitong Securities rose steadily. In three months, the stock price rose by 10.11%, but the range amplitude was 65.11%.

Securities companies’ shareholding in A-share listed brokers. Source: Wind

The shareholding ratio of securities companies in listed securities firms is relatively stable. By the end of the fourth quarter of 2018, only china galaxy (601881) held more than 5%, while Huatai Securities (601688), Haitong Securities (600837) and China Merchants Securities (600999) held more than 4%.

However, from the market value of positions, the securities company’s position in CITIC Securities has the largest market value of 8.547 billion yuan, and its position in Huatai Securities, Guotai Junan and Haitong Securities is about 5 billion yuan.

It is worth noting that in addition to being among the top ten shareholders of CITIC Securities, the securities company’s asset management plan account is also among the top ten shareholders of CITIC Securities, and in the fourth quarter of 2018, it increased its holdings of CITIC Securities.

As of the fourth quarter of 2018, the asset management plan account of the securities company held a total of 718,016,400 shares of CITIC Securities, of which the number of shares increased by 139,589,100 shares, the shareholding ratio rose to 7.32%, and the total market value of positions was about 16.938 billion yuan.

The annual report shows that in 2018, CITIC Securities realized an operating income of about 37.221 billion yuan, down 14.02% year-on-year (compared with the same period of last year); The net profit attributable to shareholders of the parent company was 9.39 billion yuan, a year-on-year decrease of 17.87%.

Everbright Securities was also increased by the asset management plan account of the securities company. The number of shares increased was 23.1746 million shares, the total shareholding ratio rose to 1.22%, and the total market value of positions was about 608 million yuan.

Central huijin’s shareholding in A-share listed brokers. Source: Wind

Compared with the securities company, central huijin is more calm, and did not make any position change in the fourth quarter of 2018.

As of the fourth quarter of 2018, central huijin’s shareholding in CITIC Jiantou and Shenwan Hongyuan was 31.21% and 26.05% respectively. In addition, it holds 2.02% shares in CITIC Securities. For other brokers, the shareholding ratio is less than 2%.

On the disk, before the disclosure of the annual report of brokers, brokerage stocks have already ushered in a wave of rise, and the recovery of the market will also have a positive response to the performance of brokers. The performance data of brokers in March is gratifying.

In addition, with the active promotion of science and technology innovation board, the proportion of brokers’ somersaults was confirmed. Zhongtai Securities believes that higher requirements should be put forward for the capital strength+investment and research ability of securities firms, and the opportunity of institutional customer service should be grasped. First of all, according to the investment rules, capital strength+research ability has become the basis of strength, and the leading ability is relatively strong, and the follow-up attention is paid to the capital increase of subsidiaries. Secondly, to build an institutional market in science and technology innovation board, the quality and stickiness of institutional customers will become the core competitiveness. On the one hand, the issuance adopts the inquiry mechanism, and the final pricing needs to be within the range of the investment value research report with the lead underwriter. On the other hand, the issuance and underwriting measures of brokers clearly stipulate that underwriters should charge a certain percentage of brokerage commission for new share placement, and the importance of brokers’ service ability to institutional customers will continue to increase.

Orient securities also believes in the research report that improving policies and improving performance are still the main investment logic of the brokerage sector in 2019, and the logic will continue. At present, the regulatory policy has been implemented, and the substantial growth of performance has been continuously confirmed, but the favorable logic does not mean the end of the sector market. From the perspective of the whole year of 2019, there will still be continuous detailed guidance before and after the launch of science and technology innovation board, and the performance in the second quarter to the third quarter of 2018 will decline. The performance of brokers in the subsequent quarters of 2019 with a low base still has great potential, and they are still optimistic about the performance of brokers in the market outlook.