中國券商提前發佈亮麗中期業績 Chinese brokerages report surging profits

China’s biggest brokers, including Citic Securitiesand Haitong Securities, have rushed out glowing interim results — fruits of the country’s year-long bull run — in a bid to stave off concerns over their financial strength as the rally unravelled.

中信證券(Citic Securities)、海通證券(Haitong Securities)等中國最大的幾家券商紛紛提前發佈亮麗的中期業績，這是長達一年A股牛市的果實。隨着牛市逆轉，各券商急於化解外界對於其財務實力的擔心。

Brokers began releasing headline revenue and profit numbers over the past fortnight, about a month before full numbers are due out, as their own share prices were ravaged amid a stock market rout.

過去兩週券商開始發佈整體收入和利潤，比完整數字預定出爐的日期早了大約一個月。隨着A股大盤暴跌，券商股票受損嚴重。

Shares in the bigger Hong Kong-listed brokers halved amid fears over the damage wrought by China’s recent market collapse and the role played by brokers.

在市場擔心中國近期股市崩盤所造成的損害以及券商所起的作用，在香港上市的較大券商的股價已減半。

Most brokers’ shares have rebounded by a fifth since bottoming out this month. While that beats the 14 per cent recovery in the broader market, the sector fell harder and more heavily than others in the collapse.

自本月A股市場觸底以來，多數券商股票已反彈五分之一，雖然跑贏了大盤14%的回升率，但在這輪崩盤中，券商板塊比其他板塊跌得更慘。

Several brokers, including Citic, Haitong, Huatai and GF Securities have also announced buybacks and share purchases by employees and big investors.

包括中信、海通、華泰證券(Huatai Securities)以及廣發證券(GF Securities)在內的多家券商也紛紛宣佈回購以及員工和大投資者購買股票的行爲。

The sector’s shares peaked in late April as investors began fretting about the scale of China’s rally and the sector’s role in financing it through margin loans. Of the $20bn raised in equity by Hong Kong-listed mainland brokers this year — four times the amount raised in the previous four years combined — more than half was earmarked for fresh lending.

券商板塊股票在4月下旬見頂，原因是投資者開始擔心中國股市上漲幅度，以及券商通過保證金貸款在助燃漲勢方面起到的作用。今年在港上市的內地券商募資200億美元，是此前4年融資總和的四倍，其中一半以上募資所得被用於發放新貸款。

Official efforts to steady the markets during their slump this month included curbs on margin lending and a block on initial public offerings — denting key sources of broker income. Brokers were also forced to put a combined $19bn into a market stabilisation fund.

中國政府本月竭盡全力在A股暴跌時穩住市場，具體措施包括抑制保證金貸款和暫停首次公開發行(IPO)，從而削弱了券商收入的主要來源。券商還被迫貢獻190億美元資金建立一隻平準基金。

“Right now investors are trying to reassess what this means for the brokers and it isn’t clear,” said Richard Xu, China financials analyst at Morgan Stanley, adding that views were polarised between weighing the cost of intervention against the benefits of calmer markets.

摩根士丹利(Morgan Stanley)中國金融業分析師徐然(Richard Xu)表示：“投資者現在正試圖重新評估這對券商的影響，目前尚不明朗。”他還說，對於干預市場的代價與較平靜市場之間的得失，各方的觀點兩極分化。

“It comes down to balance sheet risk and having more stable markets will also protect them in that respect.”

“這歸根結底在於資產負債表風險，就此而言更穩定的市場也會保護他們。”

China’s listed securities companies netted Rmb80.8bn ($13bn) in first-half profits — a 337 per cent surge, according to unaudited figures from the Securities Association of China.

根據中國證券業協會(Securities Association of China)未經審計的數字，今年上半年中國上市證券公司實現808億元人民幣（約合130億美元）利潤，比去年暴漲337%。

GF Securities, which floated in Hong Kong in April with a 30 per cent pop on its debut, reported a fivefold rise in net profits.

廣發證券報告淨利潤上升5倍，今年4月它在香港上市首日股價飆升30%。

Huatai Securities, which floated in May near the peak of the market, will report headline figures on Tuesday. Its shares have rallied a quarter from their nadir but remain a quarter below their debut price, leaving cornerstone investors such as Tencent and Sequoia Capital heavily in the red. Cornerstones accept six-month lock-ups in return for guaranteed share allocation.

華泰證券將於週二發佈整體數字，其在5月市場快要見頂時上市。該公司股價已從谷底反彈了四分之一，但仍比發行價低四分之一，令騰訊(Tencent)和紅杉資本(Sequoia Capital)等基石投資者蒙受慘重賬目虧損。基石投資者接受爲期半年的禁售期，以換取保證的股票分配額度。

The booming markets had provided brokers with a respite from the pressures of falling commissions, which have slipped from 0.082 per cent in 2013 to 0.062 per cent in the first quarter of this year, according to FT Confidential research. Rising competition from online brokers, and rules allowing investors to open more than one account, have added to the pressure.

牛市也減緩了券商佣金下降的壓力，根據《金融時報》“投資參考”(FT Confidential Research)的數據，中國券商佣金從2013年的0.082%下滑至今年一季度的0.062%。在線券商的競爭加劇，再加上允許投資者開設多個賬戶，都增加了券商的壓力。