Investment securities in the first half of the period of active participation in the establishment of nearly 1.3 billion hedging positions

Yesterday (August 24), listed Securities Merchants Securities (600999, closing price of 21.42 Yuan) announced 2010 years, the company achieved a net profit of 1.369 billion yuan in the first half of the year, an increase of 0.61%; Basic earnings per share is 0.38 yuan. It is noteworthy that China Merchants Securities to participate in stock index futures hedging business, the end of the first half, its derivative financial assets amounted to 1.286 billion yuan.　　This part of the data changes, it is precisely because of the development of stock index futures business, this is the first time listed companies to publish stock index futures participation. Brokerage business decline in the first half of this year, merchants Securities to achieve brokerage business net income of 1.622 billion yuan, down 23.5% year-on-year.　　However, the company's investment banking business growth exceeded market expectations, the current period to achieve the underwriting business net income of 693 million yuan, 12.41 times times the year-on-year increase in the implementation of the sponsorship business net income of 55.47 million yuan, the year-on-year growth of 26.72 times times. Data show that the first half of China Merchants securities stocks, bonds, funds and warrants four total turnover of 2.1 trillion yuan, of which the stock turnover of 1.82 trillion yuan, share trading market share of 4.036%, compared with the 2009 annual market share has slipped. In wind information statistics of the 102 brokerages, China Merchants securities market share in the first half of the 6th, ranked 5th in 13 listed securities companies. The average net commission rate in the first half fell 18.42% from the 2009 average.　　The Commission level of investment securities is at the low-end of the industry, and the price pressure of brokerage business is relatively weaker with the intensification of industry competition. Period refers to cover or hold 1700 hand blank list from the newspaper, investment in the first half of this year investment securities did not get rid of the fate of losses.　　China reported that the first half of the company's securities investment operating income of 196 million yuan, operating profit of 215 million yuan.　　It is noteworthy that China Merchants securities to hedge the risk of the stock market, the first half of this year to actively use stock index futures hedging transactions, to a certain extent, reduce the loss margin. As a result of the development of stock index futures business, the company reported that at the end of the total holdings of derivative financial assets of 1.286 billion yuan, the initial investment cost of 1.31 billion yuan.　　If the contract is calculated at 2,550 points per hand on June 30, the stock index futures contract held by China Merchants securities at that time amounted to about 1700 hand empty sheets. And through the stock index futures, China Merchants securities to achieve a total of 7.895 million yuan investment income and 17.193 million yuan of fair value changes in profit and loss. Industry insiders pointed out that, of these 7.895 million yuan investment income, for the period has been closed to cover hedging transactions, and fair value change profit and loss of 17.193 million yuan, is not yet closed the period of the contract generated by the profit.