The first half of the Yangtze securities net profit 490 million year-on-year decline 22.8%

NetEase Finance August 9 News of the Yangtze River Securities released in the first half of the 2010 year report showed that the first half to achieve net profit of 490 million yuan, compared with the same period last year, down 22.83%.　　Earnings per share of about 0.23 yuan, the first half of the company does not distribute dividends, not to increase equity.　　The report shows that in the first half of 2010 years, the Yangtze River Securities to achieve operating income of 1.238 billion yuan, compared with the same period last year, 8.75%, operating profit of 637 million yuan, compared with the same period last year, down 23.78% The company's first half of the 4 main business of three revenue has declined, only securities underwriting assets management business income growth of 6.95%, the most decline is the proprietary business, the first half of the year's income fell 38.11%.　　Brokerage revenues fell 2.05% year-on-year. Lower commission rates led to a drop in brokerage earnings, which showed the first half of the brokerage business was 890 million yuan, down 2.05% from a year earlier, while operating profit margins were down 16.83% from the same period. Since 08, the company's brokerage business has been in the rising state, the sales department has increased, the current operating sales department 67. Although the first half of the company's market share has increased, but because of this year's sharp drop in commission rate led to a decline in brokerage income.　　The industry's average commission rate has continued to fall to 0.1% per cent, down 26%. The first half of the company's securities business income for 184 million yuan, down 38.11% year-on-year.　　The main reason for the fall in the first half of the year was the sharp losses in the second quarter, which showed that the Yangtze securities gained 381 million yuan in the 1 quarter of 2010, which could be 197 million yuan in the second quarter. Analysts say the overall match is expected analysts said that from the Yangtze River Securities semi-annual report, overall in line with expectations, in which the brokerage business is better than expected, although the first quarter commission rate was lower than the industry average, but the second quarter of the decline in commission significantly slowed, the entire first half of the market share growth offset the　　However, analysts also believe that in the short term, the probability of a decline in the rate of Commission will not be possible until the first quarter next year. In addition, he believed that the first half of the Yangtze River securities earnings than expected, the second quarter of the market had a sharp adjustment, he thought the loss is also normal phenomenon.　　Analysts said that, although the entire first half of the total income fell, but as the market rebounded in July, the Yangtze River Securities performance has increased significantly, this should come from the contribution of proprietary business, according to data shows the Yangtze River Securities July 2010 Operating income of 414 million yuan, a significant increase of 554% per cent last month. In addition, the report also showed that the first half of the Yangtze River Securities March 12 through the issuance of additional programs, the current issue of additional application materials have been submitted to the CSRC, pending approval. Analysts believe that the Yangtze River securities own funds to use more adequate, if the issue of the success of the future innovation business to help. In the current innovation business, financing margin and stock index futures Changjiang Securities are involved, but the contribution to the company's performance is still relatively small.