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Wind data show that as of 20:00 on April 29th, 37 A-share listed brokerages have disclosed their first quarterly results. Affected by market fluctuations and other factors, the performance of most securities firms in the first quarter of this year is under pressure, while some securities firms have achieved growth against the trend by virtue of the increase in investment business income.

In addition to the quarterly performance report, the recent restructuring and integration of League of Nations Securities and Minsheng Securities has become another major topic that investors pay close attention to in the securities industry. In the view of people in the industry, the heating up of the expectation of mergers and acquisitions in the industry and the re-clarity of regulatory positioning for the strengthening and optimization of the industry are expected to bring catalysis to the securities sector, leading securities firms with strong comprehensive strength and benefiting from the deepening of capital market reform, as well as the targets expected by mergers and acquisitions are worth paying attention to.

Only seven net profits increased year-on-year.

From the 37 listed securities firms that have disclosed the quarterly report, the differentiation trend of the three major A-share indexes in the first quarter has brought no small challenge to the securities firms' proprietary business, and the phased tightening of IPO has reduced the scale of securities firms' investment banking business. On the whole, the performance of listed securities firms in the first quarter is obviously under pressure.

According to Wind data, of the 37 listed brokerages, only six have increased revenue over the same period last year, and only seven have seen year-on-year increase in net profit. Of the declining brokerages, 29 have suffered a decline in revenue and return net profit, with most falling by more than 10 per cent.

For the decline in performance, most brokerages attribute it to the reduction of investment income in the first quarterly report, and the decline of fair value change income even from profit to loss has become an important drag on the performance of many brokerages. However, it is worth noting that in the face of the same market situation, some securities firms have achieved performance growth by virtue of the increase in investment business income. From a volume point of view, most of these securities firms are small and medium-sized securities firms.

Take Dongxing Securities as an example. In the first quarter of this year, the company achieved revenue of 19%.Seagame80 billion yuan, up 112.56 percent over the same period last year, and the net profit was 360 million yuan, an increase of 64.28 percent over the same period last year. In this regard, Dongxing Securities told the China Securities News that the company has established a relatively perfect investment and research system and a rigorous and effective internal control mechanism, adhered to a long-term and sound investment concept, and took fixed-income securities investment as the core. Better grasp the bond market in the first quarter; equity investment focuses on the distribution of listed companies with solid performance and stable dividends, and achieves excellent investment returns. "in 2024, the company will continue to adhere to the concept of absolute income, strengthen the ability to invest in research, maintain its research advantages in the fields of macro-economy and industrial cycle, enhance the ability of asset allocation in large categories, enrich and refine multi-asset trading strategies, and promote the diversification of investment income structure."

In the view of Liu Jiawei, chief analyst of Dongxing Securities and non-Bank, the intensified volatility in the secondary market increases the uncertainty and difficulty of forecasting the performance of securities firms, and the business structure and investment strategy in the industry have a certain forward-looking performance of securities firms or the possibility of passing through the cycle.

Actively respond to market changes

In the face of market fluctuations and other challenges, some securities firms are frankly speaking about the operating pressure, but also actively seek how to deal with market changes and further improve their management level.

"the decline in the company's operating performance during the reporting period was mainly due to the contraction of the derivatives business and the floating losses of Science and Technology Innovation Board and investment, as well as the decline in investment banking revenue compared with the same period last year. The company's performance in the first quarter is under pressure in stages, but it is also actively responding to market changes, focusing on increasing revenue and reducing expenditure and improving operational efficiency. " Citic Construction Investment said.

It is understood that in the first quarter, CITIC Construction and Investment, on the one hand, deeply tapped the potential of increasing existing business income, and actively expanded new income growth points such as mergers and acquisitions, strategic customer comprehensive services, and wealth management product allocation; on the other hand, it carried out in-depth special work of "reducing fees and expenditure, lean efficiency and efficiency", while increasing the optimal allocation of personnel and improving the efficiency of resource utilization. Looking to the future, CITIC Construction Investment said that the company will face the practical challenges of business development more actively and strive to play a greater role in the great cause of building a financial power.

At the same time of announcing the quarterly report, Guotai Junan also issued an action plan of "improving quality, efficiency and return" in 2024, putting forward a series of goals, such as "comprehensively improving business competitiveness, speeding up the building of a first-class investment bank", "strengthening management, improving quality and efficiency through fine management", "strengthening communication, paying attention to shareholders' demands and investors' voices" and so on, and said that the company focused on business development and reducing costs and efficiency. Strive to fulfill the responsibilities and obligations of listed companies, repay investors' trust, maintain the company's market image, and jointly promote the smooth operation of the capital market through good performance, standardized corporate governance and sound investor returns.

Pay attention to the head securities firms and the targets of mergers and acquisitions

From the perspective of investment, the current fundamental pressure of the brokerage plate has been expected by the institutions, and the future investment value comes more from the protection of policies, as well as the heating up of the industry's own expectations of mergers and acquisitions, which has also become the layout main line that institutions pay more attention to.

A few days ago, the news that the reorganization and integration of Guolian Securities and Minsheng Securities ushered in new progress pushed the brokerage plate up sharply. On April 29, the A-share brokerage index rose again. Liu Jiawei believes that mergers and acquisitions, stronger and better will become the theme of the medium-and long-term development of the financial industry, but also the main line of investment in various financial sectors. "as the League of Nations Securities accelerates the integration of Minsheng Securities, superimpose itsSeagameWith the promotion of the restructuring of his securities firms, the successful cases of integration in the securities industry are expected to gradually increase, and the volume of mergers and acquisitions in the industry is expected to be raised to a new height. "

Zhou Yating, an analyst at Western Securities, judged that M & An in the securities industry is expected to enter an accelerated period, and it is expected that the head securities firms will obtain policy support in terms of group coordination and resource integration to further become stronger and better. Some small and medium-sized securities firms are expected to overtake in the corners in terms of scale effect and business development through mergers and acquisitions. From the point of view of configuration, the heating up of the expectation of M & An in the industry and the re-definition of the supervision of the industry to strengthen and optimize the industry are expected to bring catalysis to the securities sector and recommend leading securities firms with strong comprehensive strength and benefiting from the deepening of capital market reform. as well as the target of M & An expectation.