A quarterly show that the brokerage "not bad money" main business in line with the expected remuneration of the hidden universe

Brokerage first quarter of the main business in line with expectations, in its own funds on the basis of sufficient, innovative business or will become the biggest aspect of future performance. Securities Brokerage unit Overall performance in the expected, the first quarter, 9 listed securities companies net profit of 3.8 billion yuan, the chain growth of 73%, year-on-year decline of 16%, small and medium-sized brokerages flexible, in addition to the Yangtze River Securities and National Gold securities, the chain growth rate of more than 100%.　　Single company performance mixed, macro-source securities and the Northeast Securities performance growth exceeded expectations, of which the macro-source chain growth reached 975%, Citic chain grew only 7%, less than expected. The main business in line with the expected brokerage commission growth of 41% per cent, in line with expectations, the commission rate fell also within expectations, but 10% of the decline exceeded expectations. From the medium and long term trends, subject to the establishment of business outlets, the institutional structure of investors, the transaction mode is not on-site, the commission rate continues to decline inevitably, but these effects are gradual, so the commission rate will remain slow to decline trend. A sharp drop in the first quarter of the Commission, Guotai, is directly affected by the Commission market strategy and above factors, but also by brokers and other institutional factors and other random factors.　　As investors in the active market to reduce the sensitivity of the Commission, the impact of institutional change, Guotai judged that the following quarterly commission rate will remain stable, is expected to be no longer pessimistic. In the first quarter of 2009, the brokerage business grew 33%, and the differentiation was obvious, Hongyuan Securities and the Northeast Securities proprietary performance exceeded expectations. In the first quarter, most companies reduced their holdings to different levels and added shares. Citic Securities, Haitong Securities, national Yuan Securities and other investment strategy is still relatively conservative, but the first quarter significantly reduced the bond, the assets almost all to the bond strategy began to change; the Northeast Securities and Hongyuan Securities are more aggressive, especially the Northeast securities significantly increased the stock position.　　Due to timely grasp of the market opportunities, the Northeast Securities and macro-source securities investment yield of 25% and 14% respectively, far higher than other listed companies. Other brokerage business also basically meet the expectations. Underwriting, interest and other businesses are down 76%, 18% and 5%.　　The status quo of underwriting depends on the bond is difficult to change; margin growth will keep interest income stable, deregulation, market to the good of the innovation business to give a broader space for development, the 2010 innovation business to the performance of the contribution will be significantly improved, which will become one of the biggest highlights of future performance. Own funds to reserve the imagination of the main brokerage in the first quarter of the size of its own funds significantly increased. Citic Securities and other major brokerages adjusted the size and structure of proprietary positions, make the self-owned assets obviously reduce, at the same time, the scale of own capital increases markedly, among them, Citic Securities, Haitong Securities, Changjiang Securities, national Yuan Securities and national Gold securities own funds/net assets are more than 50%, which also continued to increase in the latter part of the stock assets,　　Continue to seek alternative funds to use the way to set aside imagination space. Listed securities companies in the first quarter margin recovery growth, the scale of 158.2 billion yuan,The chain growth of 18%, and the continued active market will continue to drive incremental and stock margin of rapid growth.　　Among them, the National Yuan Securities, macro-source securities faster growth rate of about 30%, Citic Securities fell more than 50%, Haitong Securities and the Yangtze River Securities fell by 15%, Hongyuan Securities, northeast Securities and national yuan securities decline in 6%~8%. Brokerage investment business can release the floating surplus limited. Last year, the accumulation of capital as a performance of the reservoir has played a huge role, but this year, the new stock purchase, targeted additional channels, such as the main channel no longer exist, water storage can only rely on the market value of assets growth. Although the market was active in the first quarter, the early stage was small and the value added rate of capital accumulation was limited.　　The growth of Changjiang Securities, Hongyuan Securities and northeast Securities is obvious. In addition, there is still room for imagination in dealing with such remuneration as CITIC Securities. At the end of the quarter, Citic payable the balance of 4.4 billion yuan, is 6.5 times times the quarterly pay, which greatly increased the cost of elasticity, which is expected to increase performance flexibility; Southwest Securities, National Yuan Securities, Changjiang Securities and northeast securities deal with more than 100%, also have the imagination space. Guotai